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Article

Japan: Investors encourage govt. to increase 2030 emissions reduction target under Paris Agreement

"Investors encourage Japanese Government to lift climate ambition with revised Paris pledge", 17 Feb 2020

International investor organisations, whose members have assets under management worth hundreds of trillions in yen, have written to Prime Minister Shinzo Abe of Japan to encourage his government to demonstrate global climate change leadership by strengthening its emissions reduction pledges under the Paris Agreement ahead of the crucial 26th Conference of the Parties (COP26) to the United Nations Framework Convention on Climate Change slated for November in Glasgow.

In the letter the six investor organisations encourage the Japanese Government to increase the ambition of its 2030 emissions reduction target from the current 26 per cent reduction goal and set a clear path to net-zero emissions by 2050...

By lifting its ambition through a revised Nationally Determined Contribution under the Paris Agreement, the investor organisations’ letter said Japan would create a positive market signal that is key to unlocking the private capital needed to accelerate the transition to a zero-carbon economy.

...Rebecca Mikula-Wright, Director of the Asia Investor Group on Climate Change, said: “Japan’s approach to reducing emissions is being watched closely throughout Asia and the country can lead the region in capitalising on investment in clean technologies and tap into the approximately ¥50 trillion (US$460 billion) in annual investment required to 2030 to help decarbonise the global energy system in line with 1.5 degrees.

...Michiyo Morisawa, Director, Japan at CDP said: “It is in Japan’s economic interest to secure a safe climate. Research from the Japanese Government shows the country is heavily exposed to climate risks that will have strong market implications, such as more intense flooding and typhoons, decreased agricultural yield quality and worsening heat illness, among others...