Japan’s 3 biggest banks – Mizuho Financial Group, Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Financial Group are the 1st, 2nd and 5th biggest lenders to coal development across the globe.
Despite many international banks divesting from coal and strong resistance from local communities, Japanese banks committed $25 Billion to the construction of new coal plants worldwide with numerous projects in Indonesia, Vietnam and other developing countries during 2014-2017, putting at risk any hope of meeting the Paris climate goals.
We know that we cannot build any new coal fired power plants to secure a safe future – but Japan’s banks are not getting the message.
In the lead up to the big banks Annual General Meetings in June, we need to send a strong message to Japan’s banks that coal finance is no longer acceptable.
Will you join us in calling on Japan’s Banks to Stop Funding Coal?
Sign the petition below and help us push the banks in the right direction.
*Photo taken at Vihn Tanh coal fired power plant in Vietnam by CHANGE Vietnam.
SIGN THE PETITION !
Please join us in calling upon Japan’s 3 biggest banks to stop all new lending to coal fired power generation and coal mining and shift that capital towards a socially just and sustainable future.
The United Nations Environment Program has concluded that in order to meet the Paris Agreement goal and keep global warming below 2℃, we must stop the construction of new coal fired power plants.
According to a research report published by the German NGO Urgewald and Dutch NGO Bank Track “Banks vs the Paris Agreement“, Japan’s 3 biggest banks – Mizuho Financial Group, Mitsubishi UFJ Financial Group, and Sumitomo Mitsui Financial Group are in order the first, second and fifth largest global lenders to 120 of the world’s largest companies currently involved in the development of new coal fired power plants, with a combined capital of nearly $25 billion USD, being poured into coal projects.
*A indicates that the bank has adopted policies to restrict all financing for coal development.
*F indicates that the bank has no policies restricting financing for coal development.
Many global banks are adopting policies to restrict finance for coal development. Banks like ING and BNP Paribas have pledged to restrict new lending to coal plants and new coal mines citing their responsibility to reduce climate risk, while Japan’s banks have failed to adopt any clear policies restricting funding to the coal sector.
It’s time to tell Japan’s major banks to stop funding coal.