Thermal Coal in Asia:
The Real Risks for Investors

An InfluenceMap Report
October 2019

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As a global asset manager, we hold significant investments in Japan. However, we are increasingly concerned that companies in the region may not be taking full advantage of the opportunities presented by the rapidly growing low-carbon markets. We believe a key factor behind this is the continued financing of coal power by lenders and investors in Japan and in emerging markets. Such financing inhibits global efforts to address climate change and may lead Japan to miss out on a major market transformation. The stability of the climate is critical to the stability and success of our global financial systems and is therefore relevant to the entire investment community.

Shin Furuya
Impact Investment Strategist, Domini Impact Investments LLC

Storebrand has long considered that thermal coal assets have no place in our portfolios. The IPCC's 2018 Global Warming of 1.5C report has stated loudly and clearly the role of thermal coal in economies globally is limited. We are concerned therefore than some of the world's largest financial institutions are still lending to new coal power projects, particularly in emerging markets in Asia which are bearing the brunt of the physical impacts of climate change.

Jan Erik Saugestad
CEO, Storebrand Asset management

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