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New investor club pushes Asian electric utilities to slash emissions
(Eco Business, 7 Jun 2021) The initiative will back firms in their emissions reduction efforts, nudge them towards improved disclosure, and pressure them to support policies consistent with the Paris Agreement.
A new investor-led engagement programme has been launched to set Asian electric utilities on a path towards net-zero emissions by 2050.
The initiative, called the Asian Utilities Engagement Program, will work with five utility firms in its first year to lower emissions and enhance disclosure and governance of climate-related risks. It is backed by 13 institutional investors and stewardship service providers responsible for US$8.8 trillion in assets under management or advice.
Focus companies were chosen due to their substantial greenhouse gas emissions, vast coal fleets, or strategic role in curbing emissions. The five firms selected collectively emitted about as much carbon dioxide as Spain in 2019.
They include China Resources Power Holdings (China), CLP Holdings (Hong Kong), Chubu Electric Power Co. (Japan), Electric Power Development Co. (J-Power) (Japan) and Tenaga Nasional Berhad (Malaysia).
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Eco Business, 7 Jun 2021: New investor club pushes Asian electric utilities to slash emissions
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