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Climate Change

Ditch Vietnam coal-fired plant, investors tell Mitsubishi and banks

European asset managers note project counters Paris Agreement

Twenty-one investors have demanded companies such as Mitsubishi Corp. withdraw from the Vung Ang 2 coal-fired power plant project in central Vietnam.

TOKYO -- A group of mostly European asset managers have urged trading house Mitsubishi Corp. and seven other Japanese companies to withdraw from a coal-fired power plant in Vietnam, which they say is inconsistent with the goals and timelines of the Paris Agreement on climate change.

"We respectfully urge you to declare your decision not to be associated with or involved in Vung Ang 2, as we find the project to suffer from high climate-related, financial and reputational risks," an open letter from the group said.

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