{"id":34788,"date":"2024-11-05T16:00:26","date_gmt":"2024-11-05T15:00:26","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=34788"},"modified":"2024-11-06T15:27:23","modified_gmt":"2024-11-06T14:27:23","slug":"no-clear-exit-japans-resistance-to-a-real-coal-phaseout","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2024\/11\/05\/no-clear-exit-japans-resistance-to-a-real-coal-phaseout\/","title":{"rendered":"No Clear Exit: Japan\u2019s resistance to a real coal phaseout"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 fusion-flex-container has-pattern-background has-mask-background nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-right:0px;--awb-padding-left:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"max-width:1216.8px;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-bottom:20px;--awb-bg-size:cover;--awb-border-color:#8ac56b;--awb-border-style:solid;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-1\" style=\"--awb-content-alignment:justify;--awb-text-color:var(--awb-color4);\"><p><strong>Japan\u2019s recent general election and the upcoming revision of its Strategic Energy Plan offer the important opportunity for Japan\u2019s governments and banks to reset their current misguided direction on coal. Japan is the only G7 country without a coal power phaseout deadline. Instead of transitioning from coal to renewables, the Japanese government is promoting, both domestically and internationally, expensive and likely ineffective technologies that aim to extend the lifespan of coal plants.<\/strong><\/p>\n<p><strong>This report by Reclaim Finance and Kiko Network, endorsed by 24 organizations, shows how the Japanese government&rsquo;s misguided coal policies have influenced the financing practices of the country\u2019s three megabanks and risks derailing Asia\u2019s energy transition.<\/strong><\/p>\n<\/div><div class=\"fusion-title title fusion-title-1 fusion-title-text fusion-title-size-two\" style=\"--awb-margin-bottom:10px;--awb-font-size:20px;\"><div class=\"title-sep-container title-sep-container-left fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><span class=\"awb-title-spacer fusion-no-large-visibility fusion-no-medium-visibility fusion-no-small-visibility\"><\/span><h2 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"font-family:&quot;Montserrat&quot;;font-style:normal;font-weight:600;margin:0;font-size:1em;--fontSize:20;--minFontSize:20;line-height:1.5;\">Key findings:<\/h2><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container title-sep-container-right\"><div class=\"title-sep sep- sep-solid\" style=\"border-color:#3e3e3e;\"><\/div><\/div><\/div><div class=\"fusion-separator\" style=\"align-self: flex-start;margin-right:auto;margin-bottom:20px;width:100%;max-width:10%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;--awb-sep-color:var(--awb-color4);border-color:var(--awb-color4);border-top-width:5px;\"><\/div><\/div><div class=\"fusion-builder-row fusion-builder-row-inner fusion-row fusion-flex-align-items-flex-start fusion-flex-content-wrap\" style=\"width:104% !important;max-width:104% !important;margin-left: calc(-4% \/ 2 );margin-right: calc(-4% \/ 2 );\"><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-0 awb-sticky awb-sticky-small awb-sticky-medium awb-sticky-large fusion_builder_column_inner_1_3 1_3 fusion-flex-column fusion-flex-align-self-flex-start\" style=\"--awb-bg-size:cover;--awb-border-color:var(--awb-color1);--awb-border-style:solid;--awb-width-large:33.333333333333%;--awb-margin-top-large:0px;--awb-spacing-right-large:5.76%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:5.76%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;--awb-sticky-offset:120px;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-center fusion-content-layout-column\"><div class=\"fusion-text fusion-text-2\" style=\"--awb-content-alignment:center;\"><p>Japanese banks provided <\/p>\n<\/div><div class=\"fusion-counters-box counters-box row fusion-clearfix fusion-columns-1\" style=\"--awb-margin-bottom:0px;--awb-body-color:#dd2c2c;--awb-body-size:20;--awb-border-color:rgba(138,197,107,0);--awb-color:#dd2c2c;--awb-title-size:60;--awb-border-color:rgba(138,197,107,0);\"><div class=\"fusion-counter-box fusion-column col-counter-box counter-box-wrapper col-lg-12 col-md-12 col-sm-12\" data-animationOffset=\"top-into-view\"><div class=\"counter-box-container\"><div class=\"content-box-percentage content-box-counter\"><span class=\"unit\">US$<\/span><span class=\"display-counter\" data-value=\"23.5\" data-direction=\"up\" data-decimals=\"1\">0<\/span><\/div><div class=\"counter-box-content\">billion<\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-3\" style=\"--awb-content-alignment:center;\"><p>in coal finance between 2021 and 2023.<\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-1 fusion_builder_column_inner_2_3 2_3 fusion-flex-column fusion-flex-align-self-center\" style=\"--awb-bg-size:cover;--awb-width-large:66.666666666667%;--awb-margin-top-large:0px;--awb-spacing-right-large:2.88%;--awb-margin-bottom-large:0px;--awb-spacing-left-large:2.88%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-4\" style=\"--awb-content-alignment:justify;\"><ol>\n<li>Japan lacks a clear and credible coal phaseout plan or deadline. This contradicts the global trend of governments committing to phasing out coal power. Instead, the government is promoting the retrofitting of coal plants with carbon capture and storage and co-firing with ammonia. These technologies are aimed at extending the life of coal plants and carry significant doubts regarding their technical feasibility, ability to reduce emissions, and economic viability.<\/li>\n<li>Without government pressure to exit coal, Japanese corporations and financiers remain heavily invested in the industry. Japan\u2019s banking sector was the world\u2019s third largest financier to the thermal coal industry after US banks from 2021 and 2023. Eighty percent of this financing was provided by Japan&rsquo;s three megabanks \u2014 Mizuho Financial Group (US$8.1 billion), Mitsubishi UFJ Financial Group (MUFG) (US$6.1 billion) and Sumitomo Mitsui Banking Corporation (SMBC) (US$4.7 billion).<\/li>\n<li>The megabanks\u2019 coal policies are ineffective and incomplete, especially because they set no restrictions on corporate financing for existing coal company clients. This allows Japanese banks to continue their financing relationships with Japanese coal companies as well as major non-Japanese miners and power producers like Adani and Glencore.<\/li>\n<li>Japan can achieve a full coal phaseout by 2030 through a massive scale-up in investments in clean and renewable energy, energy efficiency, and grid infrastructure improvements.<\/li>\n<\/ol>\n<\/div><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-flex-column\" style=\"--awb-padding-right:0px;--awb-padding-left:0px;--awb-bg-size:cover;--awb-width-large:100%;--awb-margin-top-large:0px;--awb-spacing-right-large:1.92%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:1.92%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div class=\"fusion-text fusion-text-5\" style=\"--awb-content-alignment:justify;\"><p>Reclaim Finance and Kiko Network are highlighting the opportunity of the recent general election and the revision of the Strategic Energy Plan to set an urgent course correction. Japan must commit to a coal phaseout by 2030, and to dismantle policies and market incentives that prop up coal, while Japan\u2019s megabanks must adopt robust coal exclusion policies and redirect their resources towards sustainable power. <\/p>\n<\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div style=\"text-align:center;\"><a class=\"fusion-button button-flat button-medium button-custom fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_border_color:var(--awb-color4);--button_accent_hover_color:#ffffff;--button_border_hover_color:#8fc84c;--button_border_width-top:2px;--button_border_width-right:2px;--button_border_width-bottom:2px;--button_border_width-left:2px;--button_gradient_top_color:rgba(138,197,107,0);--button_gradient_bottom_color:rgba(138,197,107,0);--button_gradient_top_color_hover:#8fc84c;--button_gradient_bottom_color_hover:#8fc84c;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/reclaimfinance.org\/site\/wp-content\/uploads\/2024\/10\/No-Clear-Exit-Japans-resistance-to-a-real-coal-phaseout.pdf\"><span class=\"fusion-button-text\">Read the report (English version)<\/span><\/a><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_2 1_2 fusion-flex-column\" style=\"--awb-bg-size:cover;--awb-width-large:50%;--awb-margin-top-large:0px;--awb-spacing-right-large:3.84%;--awb-margin-bottom-large:20px;--awb-spacing-left-large:3.84%;--awb-width-medium:100%;--awb-order-medium:0;--awb-spacing-right-medium:1.92%;--awb-spacing-left-medium:1.92%;--awb-width-small:100%;--awb-order-small:0;--awb-spacing-right-small:1.92%;--awb-spacing-left-small:1.92%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-justify-content-flex-start fusion-content-layout-column\"><div style=\"text-align:center;\"><a class=\"fusion-button button-flat button-medium button-custom fusion-button-default button-2 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_border_color:var(--awb-color4);--button_accent_hover_color:#ffffff;--button_border_hover_color:#8fc84c;--button_border_width-top:2px;--button_border_width-right:2px;--button_border_width-bottom:2px;--button_border_width-left:2px;--button_gradient_top_color:rgba(138,197,107,0);--button_gradient_bottom_color:rgba(138,197,107,0);--button_gradient_top_color_hover:#8fc84c;--button_gradient_bottom_color_hover:#8fc84c;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/kikonet.org\/kiko\/wp-content\/uploads\/2024\/11\/No-Clear-Exit-Japans-resistance-to-a-real-coal-phaseout-JPN.pdf\"><span class=\"fusion-button-text\">Read the report (Japanese version)<\/span><\/a><\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":26,"featured_media":34789,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[224],"tags":[],"acteurs_financiers":[],"thematique":[],"webinar_type":[],"programme":[],"class_list":["post-34788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-report"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>No Clear Exit: Japan\u2019s resistance to a real coal phaseout - Reclaim Finance<\/title>\n<meta name=\"description\" content=\"This report shows how the Japanese government&#039;s misguided coal policies have influenced the financing practices of the country\u2019s three megabanks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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