Continued investments in coal-fired power plants (CFPPs) and coal mining are incompatible with the Paris Agreement. As a major investor of both upstream coal mining and downstream CFPP construction, Japanese firms play a large role in sustaining the international coal market. Yet since mid-2018 numerous Japanese companies have announced a range of coal divestment policies. This situation, however, has not been unexamined by scholarship. Additionally, divestment literature outside Japan has focused overwhelmingly on financial institutions rather than the roles of other industry players driving the coal market. To address this gap, this paper examines four industries comprising Japan's international coal market (trading companies, electric utilities, plant equipment manufacturers and financial institutions) to empirically assess the extent of divestment behaviour and identify drivers and barriers. The empirical data reveal a slowdown, but not a cessation, of new and existing coal-related investments. Results also show that the extent of divestment trends can be largely explained by commercial factors, although institutional and structural factors are also at play. These findings have important policy implications.

对燃煤电厂（CFPP）和煤矿开采的持续投资与《巴黎协定》不符。作为上游煤炭开采和下游CFPP建设的主要投资者，日本公司在维持国际煤炭市场方面发挥着重要作用。然而自2018年中以来，许多日本公司已经宣布了一系列煤炭撤资政策。但是，这种情况并没有被奖学金审查。此外，日本以外的撤资文献绝大多数都集中在金融机构上，而不是其他行业参与者在推动煤炭市场上的作用。为了解决这一差距，本文研究了包括日本国际煤炭市场在内的四个行业（贸易公司，电力公司，工厂设备制造商和金融机构），以根据经验评估撤资行为的程度并确定动因和障碍。经验数据表明，新的和现有的与煤炭相关的投资有所放缓，但并未停止。结果还表明，撤资趋势的程度在很大程度上可以由商业因素来解释，尽管制度和结构因素也起作用。这些发现具有重要的政策含义。