Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Toyota heads into AGM under pressure from pension funds over climate

Toyota heads into AGM under pressure from pension funds over climate

Toyota Motor Corp (7203.T) heads into its annual general meeting on Wednesday under fire from New York City and Danish pension funds over its commitment to battery vehicles and lobbying on climate policy.

Once a darling of environmentalists for the hybrid Prius model it popularised more than two decades ago, the Japanese automaker has more recently drawn criticism from green investors who say it has been slow to embrace battery vehicles.

They also say its lobbying activities work to undermine the transition to battery electric vehicles. Energy and climate think-tank InfluenceMap has rated it the worst among major automakers for its lobbying record on climate policy, which includes public statements and interaction with governments.

"We are extremely concerned that Toyota's lobbying activities are misaligned with its climate goals and its electric vehicle strategy," New York City Comptroller Brad Lander said in a statement ahead of the shareholder meeting.

Lander oversees a pension system with $253 billion in assets under management, including around $140 million worth of Toyota shares.

"Toyota's approach puts it at a competitive disadvantage compared to its peers, which have shown a far greater commitment to transitioning to battery electric vehicles," he said.

Toyota last year committed 8 trillion yen ($60 billion) to electrify its cars by 2030, with half of that slated to develop battery electric vehicles. Still, it expects annual sales of such cars to reach only 3.5 million vehicles by the end of the decade, or around a third of current sales.

It says hybrids make sense in markets where infrastructure isn't ready to support a faster move to battery vehicles.

In a statement, Toyota said national governments and policies play a crucial role in realising carbon neutrality by 2050 and promoting electrified vehicles (EVs) globally, and that it was committed to ensuring national policies, societal needs, technological advances, and customer needs all pointed in the same direction to the greatest extent possible.

LEFT BEHIND


"Toyota says that there's going to be a need for a range of technologies into the future and their lobbying is directly trying to create a world where this is the case," said Ben Youriev of InfluenceMap, the think tank.

Toyota last year declined to join a pledge signed by six major carmakers, including General Motors Co (GM.N) and Ford Motor Co (F.N), to phase out fossil fuel cars by 2040, saying not all parts of the world would be ready to transition by then.

It drew scrutiny in 2019 when it sided with then U.S. President Donald Trump's efforts to bar California from setting its own fuel efficiency rules. It later dropped that support.

Some 100,000 people have signed an online petition against Toyota's lobbying.

Danish pension fund AkademikerPension has submitted questions for the shareholder meeting asking Toyota to refrain from public statements and government lobbying that would undermine the shift toward full electrification.

"What we fear is that Toyota is getting left behind with their current EV targets that are not as ambitious as most of their competitors and that their lobbying activities are also a growing source of risk," Anders Schelde, the fund's chief investment officer, told Reuters.

AkademikerPension has $19.3 billion in assets under management and has been selling down its stake in Toyota. It holds 17 million Danish crowns ($2.4 million) worth of shares, down around 85% from a year earlier.

($1 = 134.5100 yen)

($1 = 7.1246 Danish crowns)

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
×