But it continues to be one of the worsT drivers of climate change.
SMBC says its mission is:
"TO contribute to a sustainable society, by addressing environmental and social issues."*
These are the facts about SMBC's role in the climate crisis:
Bankrolling the climate crisis
Weak policies allow new coal plants
SMBC’s incremental policy changes are full of loopholes, allowing the bank to fund coal power across Southeast Asia. Worse, they continue to fund coal plants that violate their own modest policies. SMBC is linked to four new coal plants.
(Source: Market Forces, 2019)
© Kemal Jufri / Greenpeace
First to talk,
last to act
SMBC finances companies responsible for rainforest & peatland destruction in Indonesia. Associated forest fires in 2019 killed millions of animals and made Indonesia the sixth largest carbon-emitting country in the world.
(Source: RAN, 2020)
The Nghi Son 2 coal plant, which SMBC is backing, will emit nearly 27 times more air pollution than the average domestic Japanese coal plant and twice as much CO2 per megawatt as the average plant in Vietnam.
(Source: No Coal Japan, 2019.)
Embroiled in scandalous
The pandemic has elevated the importance of global solidarity and public health. Yet, Japanese financing of coal projects, such as Vung Ang 2, is damaging human health and the environment. Environment Minister Shinjiro Koizumi has acknowledged global criticism on Japan’s coal finance.