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MUFG faces global protests for its betrayal

By Market Forces

June 11^th, 2024

MUFG faces global protests for its betrayal

Despite the urgent need for decarbonization and to protect our safe climate, Mitsubishi UFJ Financial Group (MUFG) has contributed $ 307.7 billion to the fossil fuel industry since the Paris Agreement, making it the fourth largest lender to fossil fuels in the world.

Japanese banks, including MUFG, claim to support “just and orderly transitions.” Yet they betray our climate and communities by prioritizing high-emitting companies over communities and individuals most affected by fossil fuel projects and climate change. These banks finance projects and companies that cause human rights violations and environmental destruction worldwide.

But communities and civil society organisations aren’t going to put up with this breach of trust and are protesting MUFG around the world.

Photo courtesy of 8bitNews

Photo courtesy of 350 Japan

At MUFG’s headquarters in Tokyo, a group of NGOs and a fisherfolk from the Philippines demanded that MUFG stop financing new fossil fuel projects and companies expanding the industry. They urged MUFG to listen to the voices of the communities affected by the fossil gas project that MUFG financed.

MUFG even disregarded this fisherfolks’ request for a face-to-face discussion, while SMBC　and Mizuho both consented to a meeting.

MUFG faces global protests for its betrayal

MUFG faces global protests for its betrayal

MUFG faces global protests for its betrayal

In Melbourne, Australia, people are demanding that MUFG listen to the Traditional Owners (First Nations) and steer away from Santos and the Papua LNG project.

Rachel Deans, Gas Campaigner, Market Forces says,

"MUFG has lent to Santos, a company that’s building the Barossa gas projects in northern Australia, which will release 15.6 million tons of carbon dioxide emissions annually, putting the Tiwi Islanders’s pristine country, sea life and cultural practice at risk."

“Despite the project having started in 2004, Tiwi Islanders were only consulted about the development in 2022 after they won a Federal Court case on this issue. New emissions reduction regulation also poses increased costs and risks for this polluting gas project.”

Photo courtesy of Enter Nusantara

Photo courtesy of Don’t Gas Indonesia

Photo courtesy of Waterkeepers Bangladesh and Dhoritri Rokhhay Amra (DHORA)

Photo courtesy of Indus Consortium

MUFG is selling unproven transition technology and costly ”next-generation” fuels that only deepen dependency on imported fossil fuels, rebranding them as “transition strategy”.

Sigit Budiono, Campaigner, Don’t Gas Indonesia, says:

“MUFG’s ‘Transition Strategy’ benefits only the bank and its fossil fuel while imposing unbearable burdens on the nations adopting these technologies” says Sigit Budiono, Campaigner, Don’t Gas Indonesia. ”

“MUFG is undermining a safe climate, and transition to clean energy in my country (Indonesia) and across Asia by investing in costly and ineffective decarbonisation technologies.”

“MUFG is financing projects and companies that cause human rights violations worldwide. The bank claims to address human rights issues through "engagement," but such efforts are largely superficial, allowing violations to continue unchallenged. Despite its declarations to respect human rights, the bank's actions demonstrate minimal commitment to real change.”

Sharif Jamil, Coordinator, Waterkeepers Bangladesh says,

"Bangladesh is suffering under a severe heatwave, with April temperatures hitting 43 degrees Celsius, forcing schools to close and worsening the impacts of climate change. Our people are struggling without sufficient electricity while our economy bears the crushing cost of importing fossil fuels and dealing with overcapacity in the power sector. ”

“Yet, Japanese megabanks like MUFG continue to fund companies expanding fossil fuel imports, deepening our financial and environmental crises. This betrayal undermines global climate efforts. MUFG must stop supporting these harmful projects and invest in renewable energy. ”

“The people of Bangladesh deserve a sustainable and just future, free from the burdens of destructive fossil fuels.”

Photo courtesy of BankTrack

Photo courtesy of Reclaim Finance

Photo courtesy of Urgewald

Groups in Europe stood against MUFG to say no to TotalEnergies and Papua LNG projects. In contrast to nine banks, including BNP Paribas, Crédit Agricole and ANZ, which have already refused to finance the Papua LNG project, Japanese megabanks such as MUFG have not clarified their position on the project. MUFG lacks a policy to exclude financing for new LNG projects or companies pursuing them. MUFG should establish policy to rule out new financing for any fossil fuel projects and live up to its own net zero commitment.

Photo courtesy of Texas Campaign for the Environment and Better Brazoria: Clean Air & Water

Photo courtesy of Texas Campaign for the Environment and Better Brazoria: Clean Air & Water

MUFG is the largest financier in the US Gulf LNG buildout, supporting Japanese companies like JERA and Mitsubishi Corporation. While pollution in the Gulf from petrochemical industries is well documented, MUFG funded four of the five LNG terminals already operating in the area, and is adding to these health impacts. MUFG must commit not to fund further climate destruction in the Gulf.

Manning Nelson Rollerson, Citizen of Freeport (site of an MUFG funded project) says,

“As a financier, MUFG plays a significant role in enabling the destruction of our communities, environment, and climate. While MUFG and its fossil fuel clients profit, communities worldwide, including those on the Gulf Coast in the US, pay the price with their health and environment.”

“MUFG has pledged to respect human rights, but their actions and inactions tell a different story. They have neglected community welfare in favor of prioritizing profit.”“Our region faces immediate and tangible consequences of climate change and the fossil fuel industry, from severe hurricanes to a decline in fisheries. We do not need fossil fuel projects that only exacerbate climate change. MUFG should listen to us!”

MUFG has financed gas over expansion in Southeast Asia, Australia, the U.S., and beyond, involving themselves in the fossil fuel industry from upstream extraction to downstream processing. This global week of action seeks to hold MUFG accountable for betrayal of its climate commitments and its role in perpetuating environmental degradation and human rights violations.

Environmental groups and communities worldwide urge MUFG to stop funding new fossil fuels and earn our trust by investing in sustainable solutions for a just and equitable future.

© 2026 Market Forces

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