Tuesday 3 October 2023, Tokyo:  CAJ and European institutional investors visited M.P. Junzo Yamamoto and Shuhei Aoyama of the Liberal Democratic Party (LDP) in the House of Councillors. Both MPs are leading the LDP members’ caucus “Tekko Giren” (steel parliamentary league) in support of a race to zero-carbon by steel and heavy industries. The investors presented their perspectives on Japan’s effort and challenges in realizing zero-carbon in the industry, to which the two MPs were attentively listening.

CAJ welcomes political will and associated initiatives to achieve zero-carbon for the steel industry. It requires collective cooperation between government and the business community on top of an effort by respective steel companies. Policy support, cost sharing, and understanding from the demand-side is of critical importance, among others.

Prime Minister Kishida set a goal for Japan becoming an asset management powerhouse. In this context, the views of foreign institutional investors managing global portfolios are becoming more relevant than ever. We hope that the Japanese steel sector will further accelerate its decarbonization efforts and the policy makers exercise bold leadership to promote the steel sector’s pathway to net zero.

Participants of the meeting:

The Storebrand Group (Norway)

Folksam (Sweden)

Nordea (Finland)

ACCR (Australia)

Corporate Action Japan (Japan)