Resona bans lending to those developing, making or possessing nuclear weapons

This screen capture shows a Resona statement prohibiting lending to entities that develop, produce or possess nuclear weapons.

January 7, 2019

TOKYO — Resona Holdings Inc., a major financial group in Japan, has announced a policy of not extending loans to borrowers that are involved in the development, production or possession of nuclear weapons.

The statement, the first of its kind by a major Japanese banking institution, came amid similar moves by an increasing number of European banks and institutional investors following the adoption at the United Nations of the Treaty on the Prohibition of Nuclear Weapons in 2017.

Whether other Japanese corporations will follow Resona’s action is a focus of attention for the future. There were other lenders banning loans for the production of nuclear weapons, but the Resona policy prohibits any loans to such companies even when such transactions are for non-nuclear related purposes.

The new posture was incorporated in a document titled “Efforts toward socially responsible investment and loans,” which was announced in November last year. According to the paper, Resona refuses to lend to those that are associated with the development, production or possession of weapons of mass destruction, such as nuclear, chemical and biological weapons, or inhuman weaponry including antipersonnel mines and cluster munitions. Entities that can be subject to relevant restrictions or sanctions, or even those with the potential to be hit with such punitive measures, will be rejected as borrowers, the document says.

An official with Resona, which has never lent to companies making nuclear weapons, explained that the banking group decided to introduce the policy “because we thought it important for providers of funds to make such efforts toward a sustainable society.”

According to the Dutch nongovernmental organization PAX, 63 financial institutions had similar lending policies as of October 2017, an increase of nine from the previous year.

A Mainichi Shimbun poll of four Japanese mega banks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group, Mizuho Financial Group and Sumitomo Mitsui Trust Holdings — as well as four major life insurance companies — Nippon, Dai-ichi, Meiji Yasuda and Sumitomo — found that all of the eight companies and groups have policies to refrain from lending and investment over inhuman weapons. Yet the entities did not specify the production of nuclear weapons as a condition to disengage from borrowers.

Officials at Sumitomo Mitsui and Mizuho replied that their companies ban loans to be used in the production of nuclear weapons, while a Mitsubishi UFJ official explained that the company is “making careful judgment in each transaction.”

https://mainichi.jp/english/articles/20190107/p2a/00m/0bu/024000c?fbclid=IwAR3n3NIQ_0h694XGMxuWKOSSegGmm9dqpompqfTMpwLBHaT8Ntow4Vnnq9c

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Energy efficiency – theme for July 2019

Energy efficiency represents the single largest potential contributor to global emissions reduction, according to the International Energy Agency (IEA 2017). It should be a key part of the global energy strategy, for several reasons:

It could reduce global electric demand by more than 20 per cent, based on current rates in the U.S. power sector, while maintaining high levels of services such as heating and lighting.
It avoids the need for increased energy, capacity and grid services, making it the least expensive way to decarbonise at scale.
It can reduce carbon dioxide emissions by billions of tonnes.

A dramatic example of the power of energy efficiency is lighting. In 2017 the United States passed the milestone of 1 billion LED and CFL lights installed, avoiding 142 million tonnes a year of carbon dioxide emissions, at a cost of about $7 per ton of avoided carbon dioxide. In contrast, the cumulative installed capacity of rooftop solar reached 8,000 MW in 2017, saving 8 million tonnes a year of carbon dioxide, at a cost of $360 per ton. Lighting efficiency thus yielded almost 18 times the avoided carbon dioxide, at about 2 per cent the cost per ton of rooftop solar.

Google provides another example of the power of energy efficiency. Its data centers now use 50 per cent less energy than the average data center, according to the company. Google also developed an improved chip, the TPU, which performs 83 times better than standard CPUs. The new chip allowed Google to reduce power consumption at its data centers by a factor of 30—far exceeding the effect on Google’s carbon footprint of all of the company’s renewable energy purchases. ” – John Woolard, Eco Business, 10 June 2019

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