Japan’s Nippon Life to end lending for new coal projects

first_imgJapan’s Nippon Life to end lending for new coal projects FacebookTwitterLinkedInEmailPrint分享The Asahi Shimbun:Nippon Life Insurance Co. plans to become the first leading Japanese financial institution to reject investments and loans into new coal-fired power generation projects at home and abroad, a company source said July 12.The decision, made by Japan’s largest life insurance company, may have a domino effect across the financial industry.“It was difficult,” said a Nippon Life executive. “But we, as a life insurance company, which is supposed to offer society a huge public benefit, decided not to do that.”After the Paris Agreement against global warming took effect in 2016, many financial and other institutions in the United States and European countries ended their investments and loans to coal-fired power projects.As for Japanese companies, three mega-banks intend to set stricter standards when deciding on investments toward coal-fired power generation. Dai-Ichi Life Insurance Co. announced in May that it would not invest in construction of coal-fired power plants overseas.More: Nippon Life won’t invest in coal-fired power plant projectslast_img

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