Japan:Sompo Japan to halt insuring new domestic construction of coal-fired plants

Source : https://www.asiainsurancereview.com/News/View-NewsLetter-Article/id/73825/Type/eDaily/Japan-Sompo-Japan-to-halt-insuring-new-domestic-construction-of-coal-fired-plants#

 

Sompo Holdings has said that Sompo Japan Insurance will not insure and invest in new construction of coal-fired power plants in Japan, except for projects for which underwriting, investment and financing have already been announced.

In doing this, Sompo is billed as the first among Japanese insurers to adopt a coal policy.

However, the policy, effective from December, does not prevent Sompo from insuring coal projects in other countries.

Sompo Holdings also said that in the case of a power generation with power efficiency exceeding the certain level in accordance with the energy strategy of the Japanese government, Sompo Japan Insurance might consider insuring or investing with a careful thought confirming measures to reduce the environmental impact, such as reduction of greenhouse gas emissions and alternative means.

Since coal-fired power generation emits more greenhouse gases than other power generation methods, there is a growing voice calling for a shift to energy with less environmental impact, such as renewable energy. Under these circumstances, the Group will continue to provide insurance products and related services for renewable energy businesses such as solar power and wind power, and actively support innovation by companies working to reduce CO2 emissions, said Sompo Holdings.

In other measures, the Sompo Group has established its "Group CSR Vision" to actively incorporate environmental issues such as climate change and biodiversity, human rights and diversity and inclusion, and consideration for local communities into its business processes, while actively engaging with stakeholders. The Group has also strengthened its structure by establishing the "Sustainability/CSR Council" chaired by the Group COO.

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