[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.