Mr. Tatsufumi Sakai, President & Group CEO, Mizuho Financial Group

Mr. Nobuyuki Hirano, Director, President & CEO, Mitsubishi UFJ Financial Group

Mr. Takeshi Kunibe, Director President & Group CEO, Sumitomo Mitsui Financial Group

Petition to Japan's Biggest Banks to Stop Financing New Coal Developments

The United Nations Environment Program has made it clear that in order to abide by the Paris Agreement and contain global warming below 2℃, we must stop the construction of new coal fired power plants, and--as quickly as possible--reduce the number of existing plants. Many countries worldwide - including the United Kingdom and Canada - have pledged to phase out coal and divestment from coal related companies is becoming the new normal as the world rapidly moves towards decarbonization.

 In stark contrast to the global movement away from coal, Japan's 3 biggest banks - Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group are the World's 1st, 2nd and 5th biggest lenders to coal developers globally. Mizuho is number 1 (at $11.525 billion), Mitsubishi UFJ is number 2 (at $10.189 billion), and Sumitomo Mitsui is number 5 (at $3.537 billion) on the list of global lenders to new coal fired power development. Furthermore, Japanese financial groups policies' regarding the coal power and coal mining sectors are ranked among the lowest of global banks. 

Japan’s financial institutions are also implicated in serious environmental and social impacts caused by coal-fired power projects to which they have provided loans in Indonesia (Batang and Cirebon), and polluting coal plants in Vietnam (Vinh Tanh and Vung Ang) among many others. 

 We call upon Japan’s major financial groups to cease all new lending to coal fired power generation and coal extraction and shift that capital towards businesses that contribute to a socially just and sustainable future.

Demands

1. In line with the Task Force on Climate Related Financial Disclosures (TCFD) recommendations, disclose lending and investments in the most carbon-intensive sectors
2. Publicize a business strategy and goals and metrics that are consistent with keeping global warming below 1.5〜2℃
3. To meet the goals of the Paris Agreement, stop financing new coal-fired power plants and thermal coal mining projects and companies associated with new coal development
4. Provide a substantive response to the above points prior to the Global Climate Action Summit and United Nations Principles for Responsible Investment (PRI) Annual Conference to be held from 12-14th September 2018