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Japanese megabanks

Act now before it’s too late!

Last updated: October 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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For credible decarbonization plans, Japanese megabanks need: -Policies to end finance expanding the fossil fuel industry -Targets for phasing out ongoing fossil fuel support -Clear assessment of client’s business plans and consequences for clients where they do not have credible transition plans.

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
Doubling down on fossil fuels

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.

Campaign news

2 July, 2024
Asia’s corporate giants face climate responsibility perfect storm
24 June, 2024
Global investors want more climate action from Japan’s megabanks
29 May, 2024
Global week of action targets MUFG’s fossil fuel financing
9 May, 2024
ANZ rules out Papua LNG, leaves the door open to fund climate wrecking companies

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