The Kansai Electric Power Company, Incorporated | Partial Amendment to Articles of Incorporation of Company (5)_Abolish coal-fired plants at The Kansai Electric Power Company, Incorporated

Status
4.70% votes in favour
AGM date
Previous AGM date
Proposal number
9
Resolution details
Company ticker
9503
Lead filer
Resolution ask
Adopt or amend a policy
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
Supporting statement
In August 2021, the Intergovernmental Panel on Climate Change (IPCC) warned in its Working Group I Sixth Assessment Report that climate change had already progressed and the world urgently needs to accelerate its efforts toward decarbonization. More countries and regions throughout the world have declared their stance of zero coal-fired thermal power generation. Not only the insurance and financial industries but also trading companies are regarding coal-fired thermal power generation as a management risk, thereby creating a growing trend to withdraw investment. Rising coal prices caused by international disputes, including the Russian invasion into Ukraine, and litigations over pollution across the country, etc., are increasing the risk of making them stranded assets. Moreover, climate change itself is a factor of costs required for preventing and recovering from disasters, as it increases disaster risks. The Company, at group-wide level, is building coal-fired thermal power plants in Japan and overseas and continues to purchase electricity derived from coal-fired thermal power plants. The Company’s management contradicts the Sustainable Development Goals (SDGs) and the philosophy to hold back climate change, which are not only a target the world aims to achieve, but also for which the Company has itself set an objective. Young people are criticizing them: “Do not take away our future.” The Company should drastically change its management policy to aim for decarbonization using the current technology.

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