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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Fujitsu Limited    6702   JP3818000006

FUJITSU LIMITED

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Japan companies call on government to accelerate low-carbon shift in coronavirus recovery

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06/25/2020 | 06:46am EDT
A man looks at his mobile in front of a Fujitsu advert during the Mobile World Congress in Barcelona

By Aaron Sheldrick

Aeon Co., Asia's largest retailer, Fujitsu, Ricoh Co. and other firms called on Japan's government to accelerate a shift to renewable energy and a zero carbon economy during the recovery from the coronavirus pandemic.

Meeting with Environment Minister Shinjiro Koizumi on Thursday, representatives of the Japan Climate Leaders Partnership (JCLP), a grouping of 144 companies, submitted recommendations that included making renewable energy more accessible, and introducing carbon pricing.

Japan has long been criticized over its government's strong support for coal and liquefied natural gas (LNG), and its weak targets for renewable energy and emissions cuts.

"All the members of the JCLP are very frustrated over this and especially the government's NDC," said Kahori Miyake, executive officer, corporate social responsibility at Aeon Co., told Reuters by phone after meeting Koizumi.

She was referring to Japan's National Determined Contribution (NDC) to cut carbon emissions by 26% in 2030 from 2013 levels and the government's target for renewables to account for 22-24% of Japan's electricity mix by then, with the rest mostly accounted for by fossil fuels.

Japan's government should allow companies to buy renewable energy supplies outside its mandatory feed-in-tarriff scheme to cut costs, Miyake said. The government will find strong support from companies if it changes policies to foster more renewable energy and reduce emissions, she said.

"Many Japanese companies are eager to make changes and we are pressing the government to facilitate that," Miyake said.

(Reporting by Aaron Sheldrick; Editing by Simon Cameron-Moore)

Stocks mentioned in the article
ChangeLast1st jan.
AEON CO., LTD. 1.94% 2709.5 End-of-day quote.20.13%
FUJITSU LIMITED 1.53% 13970 End-of-day quote.36.03%
RICOH COMPANY, LTD. 0.00% 802 End-of-day quote.-32.72%
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Financials
Sales 2021 3 745 B 35 003 M 35 003 M
Net income 2021 156 B 1 462 M 1 462 M
Net cash 2021 183 B 1 713 M 1 713 M
P/E ratio 2021 18,0x
Yield 2021 1,40%
Capitalization 2 797 B 26 170 M 26 148 M
EV / Sales 2021 0,70x
EV / Sales 2022 0,65x
Nbr of Employees 129 071
Free-Float 91,0%
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 14 007,50 JPY
Last Close Price 13 970,00 JPY
Spread / Highest target 28,8%
Spread / Average Target 0,27%
Spread / Lowest Target -34,9%
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Managers
NameTitle
Takahito Tokita President & Representative Director
Kazuo Yuasa Head-Finance & Accounting
Hidenori Furuta Representative Director, CTO & Executive VP
Masami Yamamoto Director
Jun Yokota Independent Outside Director
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