Engagement history

Two resolutions calling for coal phase-out were filed anonymously at TEPCO’s 2016 and 2020 AGMs. While the resolution in 2016 had no discernible impact, the 2020 proposal was followed by a significant change in TEPCO’s coal transition plans. In October 2020, the Japanese firm JERA, a joint venture between TEPCO and Chubu Electric Power, issued a roadmap to achieve zero carbon emissions by 2050, partly by shutting down its 2.2 GW super-critical coal power plants in Japan by 2030. Yet this step-change can, in part, be attributed to the Japanese government’s adoption of a 2050 net-zero target in October 2020, and discussions surrounding its Strategic Energy Plan. In 2018 and 2019, a group of anonymous shareholders brought resolutions requesting that TEPCO give transmission lines preferential connection of renewable energy. TEPCO has since emphasised the role of renewable energy in its dispersed power grid, but this has not translated into more renewable investment. JERA’s roadmap to net-zero by 2050 is heavily dependent on the increased use of hydrogen and ammonia to replace its hyper-critical coal plants.