Japan takes two steps forward, one step back on overseas coal finance – Coalition calls for end to financing for new coal projects without exception –
The Japanese government issued a policy stating that, “in principle,” the government will not finance overseas coal plants for any country that does not have a decarbonization policy. However, the policy contains dangerous exceptions allowing financing for “highly efficient” coal technologies and will not apply to coal plants already under consideration, such as the Vung Ang 2 coal plant in Vietnam.
NGOs protest the Japanese Government’s revised policy on overseas coal power projects as it still goes against Paris climate goals
The Japanese government adopted principles for the next Infrastructure System Export Strategy and decided not to provide official financial support for overseas coal-fired power projects in principle, but allow exceptions to continue supporting highly efficient projects. Environmental NGOs declare their disappointment with this decision and call upon the government to end supporting ALL coal power projects.
Massive global shareholder backing for Mizuho climate shareholder proposal
A first-ever Japanese climate shareholder proposal received massive international investor backing at Mizuho Financial Group’s shareholder meeting on 25 June 2020, with 34% of shareholders, worth well over US$500bn, voting for the proposal.
SAVE INDONESIAN FARMERS AND FUTURE GENERATIONS FROM JAPAN-SUPPORTED DIRTY COAL ENERGY!
The Japanese government and the Japan International Cooperation Agency (JICA) state that they will consider providing JICA’s loan for the construction of the Indramayu coal-fired power plant (1,000 megawatts) in West Java once the Indonesian government makes a request to Japan. This might happen by early 2021 as the Indonesian government plans to complete the construction by 2026. Please sign on the petition to request the Japanese government and JICA not to support the construction of the Indramayu coal-fired power plant in Indonesia!
SMBC ignores climate concerns, pretending its business as usual
Last week, Sumitomo Mitsui Banking Corporation (SMBC) had its annual shareholders meeting, failing to address issues of climate change and air pollution from coal power despite questions from the audience and those posted online. SMBC has faced intense pressure in the last few years, facing petitions, open letters and other advocacy, urging it to step away from coal, and particular coal power stations in Indonesia, Vietnam and Bangladesh.