“Will not provide new insurance underwriting capacities to coal fired power generation projects”.
This does not apply if the coal projects fit within national energy policy plans or other national considerations AND/OR have backing by an export credit agency or international financial arrangements.
“Will not provide new financing for coal fired power generation projects”.
The company may decide to do so anyway if the case for the project is made based on rationales above.
Intends to expand offerings of renewable energy ventures in the future.
Such plans remain aspirational with no targets or timelines for making such a shift in their underwriting or investment portfolios.
They have already achieved carbon neutral status for several years in a row.
This is based on greenhouse gas emission calculations for their office and staff activities, not their portfolio, and is achieved on the basis of voluntary ‘offset’ activities, such as planting trees.
Invest in voluntary mangrove planting activities in South and Southeast Asia.
They may continue to insure fossil fuel projects that damage thriving local mangrove habitats.
Will join dialogues that promote alignment with the science based targets initiative.
They do not take the steps to align their own underwriting and investment practices with science based targets.
Refusing to Rule Out Climate-Destructive Projects
The Tokio Marine Group has not ruled out involvement in a number of proposed coal power projects that face local and international condemnation, including Matarbari Phase 1 and 2, Indramayu (Unit 4) and Vung Ang 2 coal power projects. Insurance for other fossil fuels remains a core business offering to clients, including in the northern reaches of the Arctic as well as coastlines of Latin America, South and Southeast Asia.
Tokio Marine must say ‘no’ to these dirty coal projects
Vietnam: Vung Ang 2, Song Hau and other Coal Projects in the Pipeline
Tokio Marine has not ruled out underwriting the development of several controversial clusters of coal power plants in Vietnam. For example, if built as planned, the Vung Ang 2 project in Ha Tinh province and the Song Hau 2 project along the Hau River in Hậu Giang province will have significant consequences due to contamination of land, waterways and communities by coal ash, effluent and emissions.
Indonesia: Indramayu Coal Fired Project (Unit 4)
Located in West Java, Indonesia, this coal power station is planned as an extension of three coal fired units in the area, and will contribute to locking Indonesia into relying on coal combustion that will spew toxic emissions for decades to come — exacting a deadly toll on people and the planet.
Bangladesh: Matarbari Phase 1 & 2
In the coastal zone of Cox’s Bazaar, Bangladesh, Japanese companies and financiers are moving forward with plans to develop a massive coal power complex, Matarbari Phase 1 and 2 – even though the country already has an overcapacity of power and is extremely vulnerable to climate change. If these projects move ahead, they will dispossess coastal communities and severely impact local mangrove habitats sheltering globally threatened species of wildlife.