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Climate Change

J-Power shareholders snub green plans from asset managers

26% of investors vote for main proposal; others side with company

Three top global asset managers argue that J-Power's current climate goals fall short of targets required by the Paris Agreement. (Photo by Nobuki Tanka)

TOKYO -- Shareholders in Japan's largest coal-power operator on Tuesday voted down proposals from three top global asset managers for clearer environmental goals at the company, dealing a blow to a growing wave of prominent investors pushing industry to take more action on climate change.

The move comes after Electric Power Development, commonly known as J-Power, urged shareholders to block climate-related plans that U.K.-based Man Group, France's Amundi and HSBC Asset Management proposed in May, saying the proposals would hinder operations.

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