Japan: Insurers consider backing off from loans and investments to coal sector
Source: Asia Insurance Review | Jun 2018
Japanese insurance companies are mulling limits on coal-fired power financing, reported Bloomberg.
So far, two major Japanese insurers have made moves in this direction. Dai-Ichi Life Insurance won’t provide financing for overseas projects dependent on the fuel, the company said in May. That followed comments in April by an executive at Nippon Life Insurance who said the company was mulling ending new loans and investment in ventures that contribute to climate change.
While these steps by two insurers appear small in the light of Japan’s role as a global leader in coal project funding, they have been highlighted by environmental groups as a milestone in the fight against climate change.
“As far as we know this is the first time that a Japanese financial institution has announced such a policy,” groups including Greenpeace Japan said in a statement, referring to Dai-Ichi Life Insurance.