Last week, more than 22,000 signatures were submitted to Japan’s major banking groups: Mitsubishi UFJ, Mizuho, Sumitomo Mitsui and Sumitomo Mitsui Trust. Japan’s banks are facing heightened reputational risks as stakeholders worldwide pressurize them to stop funding coal and align their business with the Paris Agreement. 350 Japan staff deliver signatures to Mizuho Financial Group. Photo: Le Quynh The science is clear: we need to keep fossil fuels in the ground to ensure a liveable future for our planet. Which is why on November 1st, to coincide with the Mekong-Japan Summit, 350 Japan staff delivered a petition calling on Japan’s major banks to publicly commit to not fund the Vung Ang 2 coal-fired power station in Vietnam. The Vung Ang 2 coal plant poses significant health and human rights concerns in Vietnam. Photo: Le Quynh Not only is Vung Ang 2 being developed in an economy where renewables are fast becoming cheaper than coal, but funding yet another polluting coal plant will be in direct contravention of the banks’ promises to abide by the Paris Agreement as signatories to the United Nations Principles for Responsible Banking . Ironically, one of the most advanced economies in Asia, Japan, stubbornly supports […]

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