Media Releases

June 3, 2022 - A global action was held to demand that Sumitomo Mitsui Financial Group (SMBC Group) cease its support for fossil fuels, deforestation, and human rights abuses, as the company continues to invest in projects that lead to climate crises such as fossil fuels and deforestation.

On May 17, Mizuho Financial Group (Mizuho FG) published its “Strengthening of Sustainability Actions” (in Japanese). While environmental NGOs welcomed some progress in its revised climate policy, they pointed out that it remains insufficient in light of the Paris Agreement 1.5°C target and call for further strengthening of the policy.

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.