Blog
Aug 20, 2020 - BWGED
NGO Statement: TEPCO must be dropped from Consideration as Consultant for review of the Power System Master Plan of Bangladesh
50 Civil Society Organizations sent a letter to Foreign Minister Motegi to demand that Tokyo Electric Power Company (TEPCO) should not be dropped from consideration as a Consultant to review the Power System Master Plan (PSMP) of Bangladesh. TEPCO was involved in formulating the PSMP in Bangladesh since 2010, however, its projections of the growth of power demand in earlier PSMPs have been called out as impractical and highly dependent on fossil fuel, especially coal.
Aug 7, 2020 - Market Forces
The 5 reasons the Vung Ang 2 coal power plant is a financial and environmental disaster
Vung Ang 2 is a controversial coal-fired power station planned in Central Vietnam. Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMFG), Mizuho Financial Group and Japan Bank for International Cooperation (JBIC), are currently looking to finance the project despite a myriad of problems including environmental and human rights issues which will lead to real financial and reputational risk. Here are the 5 reasons the Vung Ang 2 coal power plant is a financial and environmental disaster that should not be built.
Jul 29, 2020 - Environmental NGOs
[Joint Statement] SMBC Group announces a new coal policy, but it is still not aligned with the Paris Agreement
On July 29, Sumitomo Mitsui Financial Group (SMBC Group) published its 2020 Annual Report (FY2019) and stated that it will reduce its credit balance of project finance related to coal-fired power generation to zero by 2040. Environmental NGOs welcome this step forward with SMBC Group’s new coal policy, but it still does not align with the Paris Agreement’s long-term goals.
Jul 29, 2020 - Environmental NGOs
NGOs Urge Japan’s Three Megabanks to not Finance the Bluewaters Coal-fired Power Station in Australia
The Bluewaters coal-fired power station in Australia, owned by Sumitomo Corporation and Kansai Electric Power Company, has a debt repayment of AU$400 million (about 30 billion yen) and it has been reported that Japanese banks may provide financial support in August. Environmental NGOs urge the three Japanese megabanks to not finance this project, and for Sumitomo Corporation and Kansai Electric Power Company to decommission the power station early.