Sumitomo Mitsui Financial Group, Inc. | Partial amendment to Articles of Incorporation (2)_IEA Consistent Financing at Sumitomo Mitsui Financial Group, Inc.

Status
10.00% votes in favour
AGM date
Previous AGM date
Proposal number
2
Resolution details
Company ticker
8316
Lead filer
350.org Japan
Co-filers
Market Forces
Resolution ask
Adopt or amend a policy
ESG theme
  • Environment
ESG sub-theme
  • Fossil fuel financing
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Financials
Company HQ country
Japan
Supporting statement
The purpose of this proposal is to manage the Company’s exposure to climate risk appropriately and maintain and improve corporate value. The proposal addresses climate change risk by setting and disclosing measures to ensure that the company’s financing activities are not inconsistent with the IEA’s net-zero by 2050 emissions scenario and the UNEP FI recommendations to the G20 Sustainable Finance Working Group. The risks of the IEA scenario are widely recognized, and it is clear from the scenario and climate science that there is no room to develop new oil and gas fields or coal mines, or new infrastructure to facilitate such development if we are to reach the 1.5 °C target of the Paris Agreement. The Company has set a goal of net-zero greenhouse gas emissions from its entire investment and loan portfolio by 2050, but continues to provide significant funding to facilitate fossil fuel expansion. We propose to add this clause to the Articles of Incorporation in order to manage the Company’s exposure to transition risk and to become a financial institution that drives the trend toward a carbon-free society.

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