For Immediate Release

Major insurer Nippon Life sets new benchmark in Japan by dropping coal power project finance

– NGOs welcome “blanket restriction”-

July 13, 2018 Tokyo, Japan — In response to the news of Nippon Life Insurance Company purporting to restrict new project finance for coal plant projects regardless of their location, a group of Environmental NGOs – Japan Center for a Sustainable Environment and Society (JACSES), Friends of the Earth Japan (FoE Japan), Kiko Network, 350.org Japan, Greenpeace Japan, and Rainforest Action Network issued the following statement:

“The news that Nippon Life Insurance Company decided it will cease project finance for new coal-fired power plants is the most progressive policy yet among Japanese financial institutions as it purports to restrict new finance for coal plant projects regardless of their location. Nippon Life Insurance Company’s decision is unprecedented within Japan and significant given the company is the biggest life insurer by revenue in Japan.

We applaud Nippon Life Insurance Company for adopting this blanket restriction on project finance for new coal plant projects. At the same time, we urge the company to catch up with its global insurance industry peers, such as AXA and Allianz, by moving to divest from companies dependent on coal power and mining.  

Nippon Life Insurance Company’s new policy should provide a new benchmark for Japanese banks and insurance majors to strengthen their commitment to the Paris Agreement, which necessitates ceasing new lending and investment in new coal fired power projects and companies involved in coal fired power expansion both domestically and overseas.”

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CONTACT:

Shin Furuno, 350.org Japan: [email protected]

+81(0)3 3230 7600 / +81(0)70-2793-3648