Media Releases

On May 13, Sumitomo Mitsui Financial Group (SMBC Group) updated its climate policy. While environmental NGOs welcome some progress made in the recent revised policy, it is still insufficient to meet the 1.5℃ target of the Paris Agreement and is far behind its overseas peers. Environmental NGOs have been engaging with the SMBC Group for several years and last month they submitted shareholder proposals calling for the company to strengthen its climate change measures. They will continue to ask other shareholders to support their proposals for strengthening the company’s management of climate-related risks.

GEM's "Boom and Bust Coal 2022" report finds that after rising in 2020 for the first time since 2015, total coal power capacity under development declined 13% last year, from 525 gigawatts (GW) to 457 GW, a record low. 34 countries have new coal plants under consideration, down from 41 countries in January 2021. However, steeper cuts are needed to achieve climate goals.

Shareholders announced four climate resolutions targeting SMBC Group, Mitsubishi Corporation, and TEPCO and Chubu Electric, over their assets, which include 50:50 joint venture, JERA. The shareholders include civil society organizations or their representatives, such as Market Forces, 350.org Japan, Friends of the Earth Japan, Kiko Network and Rainforest Action Network.

On April 1, Mitsubishi UFJ Financial Group (MUFG) announced its Revision of the MUFG Environmental and Social Policy Framework and MUFG Progress Report. Six environmental NGOs in Japan released a joint press release acknowledging some progress made by MUFG in its revised climate-related policies and its sectoral 2030 targets for decarbonization, but also pointing out that critical issues remain.

Over 40 organizations including several members of the Fossil Free Japan coalition endorsed a letter calling on Japan to divest from Russian coal, oil and gas projects and investments and urge other governments to divest and refrain from buying and investing in Russian fossil fuels.