国連や国際的な研究機関は、パリ協定の1.5℃目標を達成するためには、2020年から2030年の間に、世界の石油生産量は年４％、ガスは年３％減少させなければならないと明らかにしています。また、国際エネルギー機関（IEA）の「Net Zero by 2050（2050年ネットゼロ報告書）」は、新たな化石燃料事業への投資はネットゼロシナリオに整合しないと明言し、低炭素ソリューションに投資していくことを重視しています。
「この方針を発表する前日の3月31日に、三菱UFJ銀行は子会社のBank of Ayudhya（現地呼称クルンシィ）を通じて、タイで計画されているヒンコンガス火力発電事業への融資契約を締結したと報道されています。昨日の融資決定は、本日の方針・目標強化の発表に泥を塗ることになった上、発表した石油・ガスセクターに関する方針がパリ協定の目標達成に不十分であることに、改めてスポットライトを当てることになりました。新規石油・ガス事業への融資を早急に停止することが必要です。」
第二に、今回のレポートでは、森林破壊の要因となるパーム油などの農園開発事業に対し、「森林破壊ゼロ、泥炭地開発ゼロ、搾取ゼロ方針」（※NDPE方針）を遵守する旨の公表を求めました。しかし、取引先には遵守の公表を求めるだけではなく、グループ全体およびサプライチェーンを含めた遵守状況をモニタリングし、不遵守状況への対応等を通じて、方針の実施と強化を進めることが必要です。また同基準は農園開発事業に限定され、各産品の購入企業には適用されていないことも課題です。MUFGも今年4月にパーム油セクターにNDPEを適用しましたが、同様の問題があります（注3）。 ※No Deforestation, No Peat and No Exploitationの略
一方、森林伐採事業セクターでは違法労働への支援を行わないことを明記したものの、労働者の権利尊重や地域住民や先住民族の土地権尊重といった人権尊重が明記されていません。特に「自由意思による、事前の、十分な情報に基づく同意」（FPIC：Free, Prior and Informed Consent）（注4）の要件は追加されませんでした。NDPEと同様、FPIC 基準は国連「持続可能な開発目標」（SDGs）の達成や「国連ビジネスと人権に関する指導原則」（UNGP）への遵守に不可欠です。
Loopholes Remain in SMBC Group’s New Coal Policy Japan’s Megabank Still Not Aligned with the Paris Agreement
Today, Sumitomo Mitsui Financial Group (hereinafter SMBC Group) published a statement entitled “Reinforcing Efforts against Climate Change,” (1) announcing revisions to its coal-fired power sector policy as well as updated targets for green and sustainability finance. Environmental NGOs welcomed the strengthening of policies toward decarbonization, but issued the following statement, recognizing that there are still many challenges to be addressed for the SMBC Group to set a business strategy consistent with the Paris Agreement.
Coal-fired Power Sector Policy In the new policy, the Group stated that “Support for newly planned coal-fired power plants and the expansion of existing plants are not provided” and removed exceptions such as ultra-supercritical pressure (USC) technology from the previous policy. However, in an exchange with NGOs, the Group clarified that under the new policy, “support can be considered when (projects) will contribute to transition to decarbonization, such as CCUS and ammonia / biomass mixed combustion.” These technologies have not yet been put to practical use and will not contribute to the achievement of the medium-term goal required for the 1.5 degrees Celsius goal of the Paris Agreement, which is to halve greenhouse gases in 2030. Regarding the mixed combustion of ammonia and hydrogen, about 10-20% of the mixed combustion is aimed at, and it is not a solution at all. Coal-fired power plants need to be shut down by 2030 in OECD countries and by 2040 globally to reach the 1.5 degrees target. Instead of treating CCUS and mixed combustion technology as exceptions, the Group needs to set rigorous criteria to determine whether their clients’ businesses are consistent with the 1.5 degrees goal.
Measurement of Loan/Investment Portfolio GHG Emissions (Scope 3) The SMBC Group announced that it will “establish a long-term action plan to contribute to a carbon neutral society by 2050 and detailed initiatives” and that it will “obtain a clear understanding of the GHG emissions generated by its loan/investment portfolio (Scope3) and set medium- to long-term targets regarding those emissions.” We welcome this as an initiative that is more progressive than other Japanese banks. The Group explains it will start with Scope 3 of power, oil and gas sectors. We urge the Group to expand the scope to the entire value chain of the fossil fuel sector including coal mining, and the forest sector including palm oil. In addition, it is important to include asset management companies such as Sumitomo Mitsui DS Asset Management and work on it as an entire group.
No Medium-To Long-Term Goal Setting On the other hand, compared to the recent international trend that European and US banks are committing to net zero emissions in their investment and loan portfolios (2), it is a concern that the Group’s has only committed to “future target setting” of such emissions. The goal set by the Group last year to reduce its credit balance of project finance related to coal-fired power generation to zero by 2040 needs to be realized earlier and be expanded to corporate finance in the coal-fired sector in order to be consistent with the Paris Agreement. There is also great concern that no revisions have been made to the oil and gas and forest sectors. Including these sectors, it is necessary to promptly set specific indicators and medium- to long-term goals that are consistent with the Paris Agreement.
Comments by NGOs Eri Watanabe, Japan Finance Campaigner for 350.org said “Concerning the urgency of the climate crisis, the revision of the SMBC Group’s policy is much slower. In order to meet the 1.5 degrees target, it is necessary to realize the urgent phase-out of coal and fossil fuel sectors as climate science demands. Strong leadership is required to achieve the target by backcasting, rather than by building up on the current situation.”
Kimiko Hirata, International Director at Kiko Network stated “Understanding that the SMBC Group’s recent revision is due to the recognition of the need to strengthen actions under the Paris Agreement, we cannot evaluate that the Group’s finance is consistent with the Paris Agreement. Especially in the coal-fired power sector, although not explicitly stated, there is great concern that allowing CCUS and ammonia/hydrogen mixed combustion technologies will help extend the life of coal-fired power.”
Yuki Tanabe, Program Director of JACSES said “Regarding the suspension of support for coal-fired power generation projects, the SMBC Group has made it clear that CCUS and ammonia/biomass mixed combustion are exceptions in the conversation with NGOs. It is impossible to assume that there are such exceptions from the announced policy text. If there is such an exception, it should be clearly stated in the policy to avoid misleading understanding by stakeholders.”
Hana Heineken, Senior Responsible Finance Campaigner at RAN said, “SMBC Group has stepped ahead of the other Japanese banks by committing to measure its financed emissions. But given its significant climate footprint, there is no way we can take them seriously without a clear commitment to zero out emissions based on a 1.5 degree timeline, including by stopping the financing of fossil fuels, deforestation, and peat destruction.”
