The Green Climate Fund (GCF), set up by the United Nations Framework Convention on Climate Change, is the world’s largest fund dedicated to helping developing countries respond to the climate crisis. It aims to increase the capacity of developing countries to reduce their emissions and enhance their ability to adapt to climate breakdown.
We are alarmed by the news that Sumitomo Mitsui Banking Corporation (SMBC) — the world’s third-biggest lender to coal plant developers — applied to be an accredited institution to receive money from the GCF.
Help us keep fossil fuel funders away from the Green Climate Fund by signing on to our open letter to the GCF Board members. It is crucial for us to deliver this message now, in time for the GCF board meeting to consider funding proposals next week, 18-21 August.
Given SMBC’s track record of supporting dirty energy projects, we believe that they should be denied accreditation. Fossil fuel funders are the very reason for the continued reliance on coal, oil and gas in many countries. These investments continue to not only harm local communities and ecosystems but also intensify the climate crisis.
SMBC’s continued involvement in highly controversial coal plants directly contradict its commitment to contributing to the Paris Agreement. They do not meet GCF standards of environmental and social governance. Consideration of its accreditation application puts the reputation of the Green Climate Fund on the line and makes a mockery of the mandated objectives of the Fund. There is no justification for SMBC to be considered a partner in spending public funds that are critically needed for bold climate action.