More investors are publicly backing a resolution to curb coal project lending that shareholders of Mizuho Financial Group are expected to consider this week, the first time such a step is to figure at the annual meeting of a Japanese listed company.
FILE PHOTO: Mizuho Financial Group logo is seen at the company's headquarters in Tokyo, Japan August 20, 2018. Picture taken August 20, 2018. REUTERS/Toru Hanai/advisory groups such as the Institutional Shareholder Services group and Glass Lewis, which advise funds worth more than $35 trillion, back the proposal in recommendations seen by Reuters.
“This is a pivotal moment for companies to show their dedication to the future financial and climate-related sustainability of their business models,” said Dewi Dylander of Danish pension fund PKA. Swedish pension fund manager AP7, with $64 billion in assets under management, also supports the resolution, spokesman Mikael Hök told Reuters. It joins three investors who reiterated their support.
Similar shareholder resolutions have succeeded in getting banks to stop financing coal and other fossil fuels and funding is slowly drying up for coal, at least, as the dirtiest and most polluting of such fuels.
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