Tokyo, Japan – Greenpeace Japan reacts to Sumitomo Mitsui Financial Group’s (SMBC) ESG release, published today. [1]
In the release, SMBC writes it will in principle stop financing new coal-fired power projects. However, this principle is followed by multiple exceptions for cases where it can consider financing coal projects. These include projects using ultra-super critical (USC) coal plant technology, carbon capture and storage (CCS), or carbon recycling. Projects that SMBC has already committed to are also excluded from this policy.
In response to the new policy, Hanna Hakko, Greenpeace Japan’s Senior Energy Campaigner said:
“SMBC’s new policy is a big disappointment. Keeping the door open for still financing any kinds of new coal power projects in this period of global climate emergency is highly irresponsible. This policy shows just how behind SMBC is in terms of global ESG investment trends.”
On April 1st 2020, SMBC updated its company mission to include a sentence “We contribute to a sustainable society by addressing environmental and social issues.” [2]
Hakko said: “SMBC’s unwillingness to clearly rule out coal financing makes its newly updated mission nothing more than greenwashing. If it is serious about its mission, it would make a clear commitment to stop financing coal projects and corporations that are building new coal plants.”
[1] https://www.smbc.co.jp/news_e/e600579_01.html
[2] https://www.smbc.co.jp/news_e/e600578_01.html
Photos of Greenpeace actions related to SMBC:
January 2020: Greenpeace Switzerland’s activity at Davos World Economic Forum
May 2018: Greenpeace Japan’s activity at SMBC headquarters, Tokyo
Greenpeace Japan reports related to SMBC:
August 2019: A Deadly Double Standard: How Japan’s financing of highly polluting overseas coal plants endangers public health
December 2018: Uncertain and Harmful: Japanese coal investment in Indonesia
