Add Your Name

Divestment Pledge

If my bank or financial provider continues to fund businesses that accelerate climate change,  I / my organisation pledge to choose an environmentally responsible financial institution* by the 2020 Tokyo Olympic Games.

 

In order to foster responsible finance in Japan, we call on the Finance Minister, Commissioner of the Financial Services Agency and Chair of the Bank of Japan to require financial institutions to undertake the following concrete actions:

 

  1. Conduct consistent, comparable, reliable, clear and efficient disclosures regarding the emissions associated with their lending and investment portfolios, in line with the recommendations of the Task Force on Climate Related Financial Disclosures (TCFD).
  2. Adopt business strategies and financing policies in line with the Paris Agreement goal of keeping global warming below 1.5-2 degrees celsius compared to pre-industrial levels. 
  3. Cease all lending and investments in coal fired power plants and companies involved in new fossil fuel developments and fund a fair and just transition towards a renewable energy society in line with scientific knowledge.
  4. Urge all Japanese banks to sign on to the UN Principles for Responsible Banking.

Deputy Prime Minister and Minister of Finance, Mr Taro Aso

Governor of the Bank of Japan, Mr. Haruhiko Kuroda.

Commissioner, Japan Financial Services Agency, Mr Toshihide Endo

cc

Chairman, Japanese Bankers Association (JBA), Mr Makoto TAKASHIMA

President & CEO, Mitsubishi UFJ Financial Group, Mr Kanetsugu Mike

Director President and Group CEO, Sumitomo Mitsui Financial Group, Mr Jun Ohta

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

Divestment Pledge

The consideration of environmental, social and governance (ESG) factors in financial decision making is fast becoming the global norm. As the impacts of climate change become more severe, the decarbonisation of financial flows is a critical ESG issue that must be addressed.

 

In 2015, upon the request of G20 Finance Ministers and Central Bank Governors, the Financial Stability Board setup the Task Force on Climate related Financial Disclosures (TCFD) to review how the financial sector can take account of climate-related issues.

 

The TCFD recommended that organizations should disclose their climate related risks and opportunities as part of their annual financial filings, and how their business strategies are aligned with the Paris Agreement goal of keeping global temperature rise well below 2 degrees celsius. This was reflected in the G20 Hamburg Action Plan in 2017 and many corporations have since endorsed the TCFDs’ final recommendations.


This year’s G20 Finance Ministers and Central Bank Governors Meeting, to be held in Fukuoka Japan, sets the stage for further progress on climate risk disclosure and the decarbonization of financial flows.

 

Unfortunately, an investigation into the financial records of 151 Japanese financial institutions reveal that many corporations continue to channel vast sums of money to coal, oil and gas companies that are accelerating climate change [LINK]

 

In particular, when it comes to most carbon polluting form of energy - coal - Japan’s commercial banks are ranked 1st (Mizuho), 2nd (Mitsubishi UFJ) and 4th (Sumitomo Mitsui) among the world’s biggest lenders to new coal fired power plant developers [LINK]。Furthermore, Japan’s banks’ financial exposure to other carbon intensive industries such as tar sands, oil exploration and gas related companies are not currently disclosed.

 

Current publicly available information is insufficient for deposit holders or investors who wish to actively contribute to climate change mitigation through their financial choices.

 

Therefore, if my bank or financial provider continues to fund businesses that accelerate climate change,  I / my organisation pledge to choose an environmentally responsible financial institution* by the 2020 Tokyo Olympic Games.

 

In order to foster responsible finance in Japan, we call on the Finance Minister, Commissioner of the Financial Services Agency and Chair of the Bank of Japan to require financial institutions to undertake the following concrete actions:

 

  1. Conduct consistent, comparable, reliable, clear and efficient disclosures regarding the emissions associated with their lending and investment portfolios, in line with the recommendations of the Task Force on Climate Related Financial Disclosures (TCFD).
  2. Adopt business strategies and financing policies in line with the Paris Agreement goal of keeping global warming below 1.5-2 degrees celsius compared to pre-industrial levels.  
  3. Cease all lending and investments in coal fired power plants and companies involved in new fossil fuel developments and fund a fair and just transition towards a renewable energy society in line with scientific knowledge.
  4. Urge all Japanese banks to sign on to the UN Principles for Responsible Banking.

 

*”environmentally responsible financial institution” is defined as an institution that restricts finance for fossil fuels and nuclear energy and has committed to responsible financing. 350.org Japan is actively encouraging supporters to choose “Cool Banks” through the Let’s Divest Campaign (www.letsdivest.jp)

 

Hi !

We have your contact info saved from last time, just click the button below to continue.

Not ? Sign out

Find out more about campaigns, projects, and local groups where you can make a difference!

By taking this action, you are agreeing to our terms of service and privacy policy. You can unsubscribe at any time.