Interim Closing：2022/6/10 FRI
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Fossil fuels need to be history.
3 JAPANESE MEGABANKS -
END FOSSIL FINANCE!
Three of Japan’s largest “Megabanks” have been the driving force behind the Japanese economy.
However, these banks are the world’s top three lenders to the coal industry, making them some of the largest global financiers of fossil fuels.*
The world regards fossil fuels as ‘yesterday’s energy.
Now is the time to phase out the use and financing of fossil fuels.
The world regards fossil fuels as ‘yesterday’s energy.
Now is the time to phase out the use and financing of fossil fuels.
*Since the Paris Agreement, MUFG has become the 6th largest fossil fuel financier in the world.. Mizuho ranked as the world’s 8th largest financier, while SMBC ranked 18th. (Source: Banking On Climate Chaos, March 2022)
Fossil fuels
need to be history.
3 JAPANESE MEGABANKS- END FOSSIL FINANCE!
Three of Japan’s largest “Megabanks” have been the driving force behind the Japanese economy.
However, these banks are the world’s top three lenders to the coal industry, making them some of the largest global financiers of fossil fuels.*
The world regards fossil fuels as ‘yesterday’s energy.
Now is the time to phase out the use and financing of fossil fuels.
The world regards fossil fuels as ‘yesterday’s energy.
Now is the time to phase out the use and financing of fossil fuels.
*Since the Paris Agreement, MUFG has become the 6th largest fossil fuel financier in the world.. Mizuho ranked as the world’s 8th largest financier, while SMBC ranked 18th. (Source: Banking On Climate Chaos, March 2022)
The climate crisis is the greatest crisis that humanity has ever faced.
The threat of the climate crisis is already a reality: the number of severe typhoons, hurricanes and floods increases every year; while forest fires, droughts, heat waves and abnormal snowfalls are at record levels and ocean acidification is damaging the ecosystem. All of these phenomena are resulting in lower crop yields, reduced marine catches, loss of livelihoods and economic security,; and exacerbating the number of climate refugees.
Banning fossil fuels: A solution for the climate crisis
To prevent the climate crisis from wreaking catastrophe on humanity and the global ecosystem, we need to limit the rise in average global temperatures to a maximum of 1.5 degrees. However, this is far from the reality. At our current pace, global temperatures look set to rise by 1.5 degrees by as early as 2030. To prevent this, it is critical that we halve global greenhouse gas emissions by 2030, and achieve net zero emissions by 2050 at the latest. To do this, we must commit to phasing out fossil fuels.
Do you know how banks use your deposit money?
The truth about Japanese banks and their support for the coal industry around the world
A recent study by the German NGO Urgewald revealed that the three Japanese megabanks were the world’s top three lenders to the global coal industry between January 2019 and October 2021.
More surprising facts
93% of CO2 emissions are energy-related
In Japan, carbon dioxide (CO2) accounts for 90% of the country’s greenhouse gas emissions, and 93% of CO2 emissions are energy-related. In other words, the solution lies in reducing the use of fossil fuels (coal, oil, and gas) and commiting to a transition to a decarbonized society. If humanity continues to emit CO2 at the current pace, we will exceed the allowable limit of carbon emissions (the so-called “carbon budget”) in less than 7 years.
Why urgent action is required to phase out fossil fuels
Scientific studies warn that if existing fossil fuel facilities continue to be operated for their average lifespan, the carbon budget (the amount of CO2 that can be emitted into the atmosphere without jeopardizing the 1.5 degree limit) will soon be exceeded. phase out coal (which emits the most greenhouse gases when burned). We must phase out other fossil fuels such as oil and gas by stopping the development of new projects and by phasing out existing facilities.
Accelerating the shift to renewable energy
The price of renewable energy is coming down. Today, in major markets around the world including Asia, building new renewables is becoming cheaper than building new coal-fired plants, and will increasingly undercut existing coal plants. As renewables replace coal power, the risk is that new coal plants will become stranded assets in coming years, which would result in potential losses estimated to be as high as $600 billion.
OUR THREE DEMANDS
for the megabanks.
Cease funding fossil fuels and deforestation
We call upon you to cease funding new fossil fuel-related projects and projects that involve deforestation without exceptions.
Set a strategy aligned with the 1.5°C target
We call upon you to outline a strategy to phase out existing investment and financing for fossil fuel projects or related companies on a timeframe that is consistent with the Paris Agreement 1.5 degree target, and to clarify short-, and medium-term targets and metrics for the achievement of net-zero by 2050.
Do not rely on practically unproven technologies
We call upon you to ensure that your roadmap for decarbonization is not overly reliant on practically unproven technologies, such as CCUS and co-combustion.
Cease funding fossil fuels and deforestation
We call upon you to cease funding new fossil fuel-related projects and projects that involve deforestation without exceptions.
Set a strategy aligned with the 1.5°C target
We call upon you to outline a strategy to phase out existing investment and financing for fossil fuel projects or related companies on a timeframe that is consistent with the Paris Agreement 1.5 degree target, and to clarify short-, and medium-term targets and metrics for the achievement of net-zero by 2050.
Do not rely on practically unproven technologies
We call upon you to ensure that your roadmap for decarbonization is not overly reliant on practically unproven technologies, such as CCUS and co-combustion.
