Japan’s first ever climate resolution has been filed at Mizuho Financial Group – one of the country’s three “megabanks” with a whopping $1.8trn in group-wide assets – calling on it to disclose its climate risks and publish a plan to align its financial activities with the Paris climate accord.
The NGO that filed the proposal, Kiko Network (Japanese for “climate network”), said Mizuho is “well behind the curve” in managing its climate risk, and called on investors to back the proposal.
“As the world’s largest private lender to coal developers, Mizuho is uniquely exposed to climate risk,” said Kimiko Hirata, International Director of Kiko Network. “However, investors are currently in the dark. They have a right to know if the company has a comprehensive plan to demonstrate how this risk will be managed and how the company will meet the goals of the Paris Agreement.”
Mizuho will receive the resolution today. The date of Mizuho’s 2020 AGM has…