SIGN ON! Keep SMBC and Coal Financiers out of the GCF
Japan’s Sumitomo Mitsui Banking Corporation (SMBC) – the world’s third largest lender to coal plant developers – has applied to be an accredited entity to the Green Climate Fund (GCF). If approved, SMBC will be able to submit proposals to and access funds from the GCF, which is the main financial mechanism of the UN Framework Convention on Climate Change.
Given SMBC’s track record of financing coal and fossil fuel, its continued involvement in controversial coal projects, and its inadequate revised policy announced this year that still allow it to support so-called clean coal technologies — we find it unacceptable for SMBC to become an accredited entity of the GCF.
Help us tell the GCF that coal funders cannot be legitimate partners in implementing climate projects in developing countries. Help us tell SMBC that if it really wants to meaningfully contribute to climate action, it should make a total coal exit now!