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Insurance

Dai-ichi Life targets 30% cut in portfolio CO2 emissions by 2025

Japan insurer would sell $6.5bn in assets as it seizes the initiative on climate change

A solar power facility in Japan's Kanagawa Prefecture: Dai-ichi Life plans to leverage renewable energy projects in its portfolio to offset its own emissions.   © Reuters

TOKYO -- Dai-ichi Life Insurance will aim to reduce carbon dioxide emissions from its investment portfolio by 30% by 2025, a potentially trend-setting step by one of Japan's top institutional investors.

The insurer, which manages 36 trillion yen ($337 billion) in assets, plans 700 billion yen in sales by fiscal 2023 to reduce its holdings in carbon-heavy companies. It is Japan's first institutional investor with a medium-term target for emissions cuts, though others including Nippon Life Insurance have set longer-term goals.

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