J-POWER | Align company's capital expenditure with its GHG emissions reduction target

Status
18.10% votes in favour
AGM date
Proposal number
2
Resolution details
Lead filer
ACCR
Co-filers
Man Group, HSBC Asset Management, Amundi
Resolution ask
Set targets or plans
ESG theme
  • Environment
ESG sub-theme
  • Net Zero / Paris aligned
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Utilities
Company HQ country
Japan
Resolved clause
The Company shall disclose, in its annual report, details of how it assesses the alignment of the Company’s capital expenditure with its GHG emissions reduction targets.
Supporting statement
Long-term institutional investors in the Company see its corporate value depending upon a credible decarbonization strategy and science-based short-, medium- and long-term GHG emissions reduction targets aligned with the goals of the Paris Agreement and investor expectations. Capital expenditure aligned with such targets is of particular significance for the Company’s corporate value given the high GHG emissions from its coal-fired power generation business, and the low level of economic rationality and feasibility certainty attaching to the decarbonization technologies of thermal power detailed in the Company’s “BLUE MISSION 2020.” We consider that corporate value would be protected with greater disclosure of how the Company assesses the alignment of its capital expenditure with GHG emissions reduction targets.

How other organisations have declared their voting intentions

Organisation name Declared voting intentions Rationale
Universities Superannuation Scheme - USS For We would welcome enhanced reporting of climate related risks and the adoption of greenhouse gas emissions reduction targets.

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