Japan’s three ‘mega banks’ hit with climate proposals

Japan’s three largest banks have been hit with shareholder resolutions calling on them to issue and disclose a transition plan to align their lending and investments with the Paris Agreement.  

Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group have all received climate proposals in the past, but this is believed to be the first year all three have been targeted at once.  

A coalition of environmental NGOs – including Australia’s Market Forces and Japan’s Kiko Network – are behind the banking proposals and three additional proposals at energy giants Mitsubishi Corporation, Tokyo Electric Power Company Holdings (TEPCO) and Chubu Electric Power Co.The Japanese utilities are asked to disclose how their capital expenditure aligns with a 2050 net-zero pathway. Mitsubishi is also facing an additional proposal from the coalition calling on it to adopt and disclose short- and medium-term greenhouse gas emission reduction targets aligned with the goals of the Paris Agreement. 

Japan’s three ‘mega banks’ hit with climate proposals

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