J-POWER is Japan’s largest coal power operator, reporting 64.88 million tonnes of CO2 emissions in FY2020 (equating to 5.6% of Japan’s total emissions). The company’s long-term corporate value will depend upon successful decarbonisation in line with Japan’s legislated target to reach net zero GHG emissions by 2050.

ACCR and a US$3 trillion investor group including Man Group, HSBC Asset Management and Amundi have filed three shareholder proposals for consideration at J-POWER’s ordinary general meeting of shareholders to be held on 28 June 2022.

ACCR and the investor group have been engaging privately with J-POWER on its decarbonisation commitments and strategy since January 2022. Individual members of the investor group have also been engaging with the company before then. The company response to the concerns raised during engagement has been inadequate.