1 Energy Finance in Japan: Funding Climate Change and Nuclear Risk A research paper prepared for 350.org Japan 2 Energy Finance in Japan: Funding Climate Change and Nuclear Risk A research paper prepared for 350.org Japan Retno Kusumaningtyas Ward Warmerdam Alexandra Christopoulou 8 August 2016 4 Research conducted by: Profundo Naritaweg 10 1043 BX Amsterdam The Netherlands Tel: +31-20-8208320 E-mail:
[email protected] www.profundo.nl Contents Summary 7 Introduction 15 Chapter 1 Methodology 17 1.1 Scope 17 1.2 Financing 27 1.2.1 Corporate loans 27 1.2.2 Share issuances 27 1.2.3 Bond issuances 28 1.2.4 Shareholdings 28 1.2.5 Investments in bonds 29 1.3 Analysis of financial relationships 30 1.4 Calculated elements 30 1.5 Time frame 30 Chapter 2 Analysis 33 5 2.1 Loans and underwritings 33 2.1.1 Fossil fuels 34 2.1.2 Nuclear power 40 2.1.3 Fossil fuels and nuclear power 43 2.2 Bondholding and shareholding 50 2.2.1 Fossil fuels 50 2.2.2 Nuclear power 51 2.2.3 Fossil fuels and nuclear power 57 2.3 Financial institutions for which fossil fuels & nuclear financing could not be identified 64 2.3.1 Banks 64 2.3.2 Institutional investors 66 2.3.3 Fossil fuel and nuclear power 68 2.4 Supplementary analysis of financial institutions for which fossil fuels and nuclear financing could not be identified 69 Chapter 3 Conclusion 75 Appendix - Calculated Elements 77 References 82 6 Summary This research was conducted to identify which Japanese financial institutions are financing the fossil fuel and nuclear power sector in Japan and which financial institutions are not.