Mizuho and SMBC, sponsoring the Olympics AND the coal industry

The statement highlights the continued support of the coal industry by Japanese financial giants Mizuho, SMBC, MUFG, and Tokio Marine, noting billions of dollars in financing and insurance provided to coal developers and projects globally despite climate commitments.

• Mizuho and SMBC are ranked as the second and sixth largest bankers of the coal industry, respectively, according to Global Coal Exit List data from February 2021. Mizuho's policy may still allow direct financing for new coal plants and thermal coal mines, and between 2018 and 2020, it provided 24 billion dollars to coal developers, including China Huadian, which plans over 15 GW of coal-fired electricity in Asia and Africa.
• SMBC provided 27 billion dollars to 36 coal developers between 2018 and 2020, including PLN, which plans 10 GW of coal capacity in Indonesia. While SMBC has an updated policy, Japanese NGOs indicate there are exceptions that could conflict with 1.5°C or 2°C climate goals.
• MUFG (Mitsubishi UFJ Financial Group) was the largest banker of coal power outside China from 2016 to 2020. Between October 2018 and October 2020, it provided 36 billion dollars in financing to the coal industry, with over half going to coal developers, and its policy lacks a corporate-level commitment to phase out coal finance.
• Tokio Marine Holdings is among the top 10 global insurers of coal, oil, and gas. Its September 2020 coal policy contains loopholes allowing coverage for new coal mines, infrastructure, and certain power plants. Unlike 19 other global insurers, Tokio Marine Holding has not ruled out coverage for the Carmichael coal mine in Australia or the Godda coal project in India.
• There is a risk that Tokio Marine may support other coal projects involving Japanese entities, specifically the Vung Ang II coal project in Vietnam and the Matarbari Coal Power Projects (Phase I and II) in Bangladesh.

APA

admin (2021). Mizuho and SMBC, sponsoring the Olympics AND the coal industry. Reclaim Finance. https://reclaimfinance.org/site/en/2021/07/23/the-olympics-in-japan-sponsored-by-coal-finance-giants/

Chicago

admin. Mizuho and SMBC, sponsoring the Olympics AND the coal industry. Reclaim Finance, 2021. https://reclaimfinance.org/site/en/2021/07/23/the-olympics-in-japan-sponsored-by-coal-finance-giants/.

Wikipedia

{{cite press release |last1=admin |title=Mizuho and SMBC, sponsoring the Olympics AND the coal industry |publisher=Reclaim Finance |date=23 July 2021 |url=https://reclaimfinance.org/site/en/2021/07/23/the-olympics-in-japan-sponsored-by-coal-finance-giants/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{admin2021mizuho, author = {admin}, title = {{Mizuho and SMBC, sponsoring the Olympics AND the coal industry}}, publisher = {Reclaim Finance}, year = {2021}, month = jul, url = {https://reclaimfinance.org/site/en/2021/07/23/the-olympics-in-japan-sponsored-by-coal-finance-giants/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }