SMBC Group’s updated climate policy still not aligned with 1.5℃ target: NGO shareholders continue climate shareholder proposals
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.