Mizuho to End Loans to Coal-Fired Plant Projects by FY 2040

Economy

Tokyo, June 25 (Jiji Press)--Japan's Mizuho Financial Group Inc. <8411> said Thursday that it expects to meet its goal of cutting its outstanding loans to coal-fired power plant projects to zero by fiscal 2040.

At a general meeting of shareholders, the megabank group expressed its confidence to reach the goal 10 years earlier than planned in its new investment and loan policy for such plants with high carbon dioxide emissions announced in April this year.

"It is our mission as a financial institution to encourage power and energy companies to undergo structural transformation," Managing Executive Officer Naoshi Inomata said in response to a question from a shareholder.

He said that the company will aim for the realization of a carbon-free society through dialogue with clients.

A shareholder proposal by nonprofit organization Kiko Network that Mizuho revise its articles of incorporation to make it mandatory to disclose its investment and loan plan for a carbon-free society every year was voted down. However, it was backed by a third of participating shareholders, only from advance votes.

[Copyright The Jiji Press, Ltd.]

Jiji Press