J - Power Shareholders' De - Carbonization Review Proposal Fails
Green investors in Japan's largest coal-fired power generator have failed in a bid to force the company to review its de-carbonization plan which they say is inadequate.
Tokyo-based Electric Power Development, or J-Power, aims to reduce its carbon dioxide emissions in the country by 40 percent by 2030. They would fall to effectively zero by 2050.
An Australian environmental group, together with British and French institutional investors, submitted a proposal requiring the company to review the plan. They said at a shareholders' meeting on Tuesday that it lacks details and faces serious financial risks as well as technological uncertainty.
J-Power's management explained the company has drawn up and announced concrete plans, including short- to long-term targets for emissions reduction, and has issued updates on progress.
The investors' proposal was put to a shareholder vote but failed to gain the two-thirds majority needed to pass.
J-Power officials said they will continue to aim at ensuring a stable energy supply while addressing climate change to contribute to the creation of a carbon neutral society.