HONG KONG, June 30 (Reuters Breakingviews) - Sometimes the grass is greener than it looks. Shareholders at Mitsubishi UFJ Financial (8306.T) on Tuesday voted down a proposal read more for the group to align its business with global targets on climate change. It was a decisive defeat with just 23% of the vote, well short of the two-thirds needed to pass. Similar suggestions were vetoed at Sumitomo (8053.T) and Kansai Electric Power (9503.T) in the last two weeks. These are early days. It’s barely a year since the country’s financial sector received its first-ever climate resolution. And changes are in the pipeline. Although investors shot down the climate resolution, MUFG has pledged to achieve net zero emissions in its portfolio by 2050, and in its own operations by 2030. It is also cutting funding for coal-fired power plants. That will help the country meet its commitment to become a carbon-neutral society by 2050. Meanwhile, proposals from activist shareholders are on track for a record this year, according to IR Japan. Renewed pressure will foster the fledgling movement , even if they fail to force immediate reform. On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: Teneo manages its own crisis read more LegalZoom’s $70,000 hourly rate read more Juventus can outscore rivals with capital hike read more China tech IPO lemons sour investor appetite read more Genetic gold rush read more