MUFG, Japan’s largest bank, wants to “be the world’s most trusted financial group.”
The problem? They’re the largest Asian banker of fossil fuels and one of the largest bankers of deforestation, and they’re not telling anyone.
MUFG, ALIGN WITH 1.5°C!
COAL: MUFG pledged to stop financing new coal power projects “in principle”, but the bank just committed to financing a new 1.2 GW mega coal plant in Vietnam called Vung Ang 2 and is still backing plenty of coal developers, at a time when even the IEA says the world needs to quit coal. (Source: GTR, Urgewald)
TAR SANDS: MUFG is the largest Asian funder of tar sands – the dirtiest oil in the world, and is a major backer of Enbridge’s new “Line 3” pipeline project that would run from Canada to the US through Indigenous land. If built, it would add annual carbon emissions equal to another 50 coal plants! (Source: RAN)
PALM OIL: MUFG is one of the biggest financiers of Conflict Palm Oil – the leading destroyer of Southeast Asian rainforests and peatlands – with catastrophic consequences for the climate, biodiversity and local Indigenous communities. MUFG financing is linked to the forests fires that have made Indonesia one of the world’s largest greenhouse gas emitters. (Source: Forests&Finance)
What are other banks doing?
Dozens of major banks, including JPMorgan Chase, have already committed to align their financing with Paris or achieve net zero financed emissions. And over 100 financial institutions, with over $21 trillion in total assets, have committed to disclose their financed emissions.
“Companies and industries that are not moving towards zero-carbon emissions will be punished by investors and go bankrupt.”