Kansai Electric Power shareholders vote down proposal to exit coal
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Combustion Industry News Editor
In news from Japan, the majority of shareholders of Kansai Electric Power have voted against a proposal put by the City of Kyoto (a shareholder) for the company to stop building new coal plants and to use carbon capture and storage for its existing coal stations. The report by Reuters does not state the margin of the vote result, but does note that the defeat of the proposal is seen as a victory for the board over “activist” investors. One of those “activists”, Legal & General Investment Management, said of the proposal that “electric utility companies in Japan, such as Kansai Electric Power, play a pivotal role in driving the country’s energy transition towards a net zero society.” Support for coal firing in Japan is higher than in some Western countries, partly because of the country’s experience from the Fukushima nuclear power plant disaster in 2011, though the country has an ambitious goal to reduce carbon emissions by 46% by 2030 from 2013 levels.