Tuesday 11 April 2023

Japanese banks told ‘stop financing fossil fuels’

Three of Japan’s largest banks are being asked to stop financing fossil fuels by a combination of climate groups.

Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group are those being lobbied – with the claim of the campaigners that Japan is behind the rest of the world in ending oil and gas financing.

Company shareholder resolutions are being filed for a vote, led by Kiko Network and Market Forces from Australia.

Friends of the Earth Japan are also involved in the push for a shareholder vote, as more investors seek climate action from firms they wish to do business with.

All three banks have been approached for comment.