Global investors including JPMorgan and Fidelity will demand that five Asian energy companies waste their gas as part of a climate change partnership program.
The trade group, which includes a combined $ 8.8tn economy, will highlight the needs of China, Hong Kong, Japan and Malaysia that drive the major coal mines. Together these energy companies produced about 285m tons of CO2 in 2019, the equivalent of Spanish gas, according to the sponsors of the program. Other advertisers are including BNP Paribas and Amundi’s wealth management tools in Europe, as well as Japan’s Sumitomo Mitsui.
It shows the recent attraction of investors around the world forcing many investors to change their businesses and take action on climate change.
China Resources Power Holdings, CLP Holdings in Hong Kong, Tenaga Nasional Berhad in Malaysia, Chubu Electric Power and Japan-J-Power in Japan have been notified of the program which will take place on Monday.
These products have been selected by investors because they emit more greenhouse gases, have greater electrical power or are considered by investors as an essential component of achieving a global zero-emission target, according to Economic Time documents.
The program is affiliated with the Asian Financial Services Group, which has 56 members from 13 countries and manages over $ 15tn.
“Asian companies account for 23 percent of global gas emissions,” said Rebecca Mikula-Wright, AIGCC chief executive. “The transformation of Asian aid to reduce greenhouse gas emissions will be necessary for the world to achieve its goals in the Paris Agreement to reduce global warming to 1.5C.”
Under the program, businesses will challenge companies that hold positions in their organizations on climate risks, how they can address the use of coal in a manner consistent with the objectives of climate change in Paris, their disclosure and how they can achieve zero-zero emissions by 2050.
This work will do the same to follow and Climate Action 100+, a world-leading group of more than 500 members including BlackRock and Pimco.
Paul Milon, Asia Pacific’s chief executive officer at BNP Paribas, said the new program will support other Asian issues that have not yet been developed by Climate Action 100+ and rely heavily on coal.
“We hope that engaging in positive dialogue with the companies led will help them turn to zero nonsense,” he said.
There are “strong expectations from investors to companies, according to what they need to do to meet our expectations to remain invested in these companies for a limited period of time.”
J-Power says it is promoting the use of carbon dioxide for power generation and has set a target of reducing CO2 emissions by 40% by 2030 compared to 2017-19.
CLP said: “We welcome the agreement and look forward to discussing our plans with AIGCC”.
Chubu Electric Power declined to comment.
China Resources Power and Tenaga did not respond to a request for comment.
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