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Tokyo, 13 July 2018 – In response to the news of Nippon Life Insurance Company purporting to restrict new 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 comes as unprecedented and significant with the company being the biggest life insurer by revenue in Japan.

We applaud Nippon Life Insurance Company for adopting this blanket restriction on 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 the benchmark for Japanese banks and insurance majors to strengthen their commitment to the Paris Agreement by ceasing new lending and investment in new coal fired power projects and companies involved in coal fired power expansion both domestically and overseas.”

Chisato Jono, Communications Officer, Greenpeace Japan, [email protected], +81 (0) 80-6558-4446

*Updated on 18:00 on 17 July 2018