Amundi, HSBC Asset file joint climate resolution at J-Power again

TOKYO (Reuters) -Two major European asset managers have jointly filed a shareholder resolution at Japanese electricity generator Electric Power Development Co Ltd, known as J-Power, for the second consecutive year in a row.

Amundi and HSBC Asset Management filed the resolution with the Australasian Centre for Corporate Responsibility (ACCR), the non-profit climate group said in a statement on Tuesday.

The resolution is supported by Man Group, the world’s largest publicly traded hedge fund, ACCR said. Amundi, Man Group, and HSBC Asset Management have nearly $3 trillion in assets combined under management.

J-Power is Japan’s largest operator of coal-fired power stations.

The asset managers are calling on J-Power to set and disclose credible short and medium-term emissions reduction targets, aligned with the goals of the Paris Agreement.

J-Power “has presented no indicative schedule for retirement of its coal-fired power assets – instead presenting a plan that involves capital expenditure into speculative technology such as ammonia co-firing prolonging the life of these assets,” the statement said.

Last year, Man, Amundi and HSBC filed a similar shareholder resolution, which they say was the first climate-related proposals by an institutional investor group to a Japanese firm. One of their proposals received support from 26% of shareholders.