Asia campaigns
Japanese megabanks
Act now before it’s too late!
Last updated: February 2024
The Japanese megabanks; Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC Group), and Mizuho Financial Group (Mizuho) are among the world’s top financiers supporting the fossil fuel industry. These banks are at serious risk of failing to meet their commitment to achieving net zero emissions by 2050.
The megabanks do not have the three aspects necessary for credible decarbonisation plans:
- Policies to end finance expanding the fossil fuel industry
- Targets for phasing out ongoing fossil fuel support
- Clear assessment of clients’ business plans and consequences for clients where they do not have credible transition plans.
As a pillar of the Japanese economy, banks must align their financing with their climate commitments.
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Japanese megabanks were the top 3 financiers of the fossil fuel industry in 2022 among Asian Banks. They are also ranked in the World Dirty Dozen 2022, with total financing of more than 80 billion USD to polluting fossil fuels.
MUFG
Asia’s top fossil bank
Japan’s largest bank and biggest climate laggard, pushing a “transition” agenda that is more about supporting polluting fossil fuels.
SMBC Group
The biggest financier of gas in Southeast Asia continues to pursue Liquefied Natural Gas (LNG) expansion in the region, risking fossil fuel lock-in and the bank’s reputation.
Mizuho
World’s top financier to LNG sector
A major financier promoting new LNG projects globally despite the climate science that these projects are incompatible with climate goals.
Did you know?
From 2016 to 2022
The three Japanese Megabanks provided
$545 Billion
in finance to dirty fossil fuels.
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