Sompo becomes first Japanese insurer to adopt position on coal

Written by Adam Cadle

23/09/2020

Sompo has become the first Japanese insurance company to adopt a position on coal.

According to the position, Sompo “will not insure and invest in new construction of coal-fired power plants in Japan, except for projects for which underwriting, investment and financing has already been expressed”.

Takayoshi Yokoyama, team leader of 350 Japan said: “Sompo’s announcement of the coal policy is appreciated as the first one in Japan’s general insurers.

“We, however, urge Sompo to increase its commitment to complete abolishment of coal fired power plants that is required to meet the 1.5 degree goal of the Paris Agreement as a responsible insurance company.”

Program director at the Japan Centre for a Sustainable Environment and Society (JACSES) Yuki Tanabe added: “The new policy is not applicable for overseas plants including the Vung Ang 2 coal-fired power project in Vietnam, which may be in the pipeline of SOMPO’s underwriting. SOMPO should completely stop its underwritings for coal projects, without any exceptions.”

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