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Environmentalists call on MUFG to stop lending to Conflict Palm Oil, fossil fuel expansion ahead of annual shareholder meeting

San Francisco, CA – Today, a group of activists protested outside of the Union Bank headquarters in downtown San Francisco, calling on its parent company –– Japanese megabank Mitsubishi UFJ Financial Group (MUFG), the world’s fifth-largest bank by assets –– to drop its financing of Conflict Palm Oil, fossil fuels, and human rights abuses. The protest comes hours before MUFG is set to hold its annual general meeting of shareholders in Tokyo, Japan. 

The protesters, dressed as palm oil workers and holding signs and a banner, peacefully occupied the lobby of Union Bank, chanting and sharing accounts of worker exploitation and harm to local communities by MUFG’s palm oil clients. The activists drew attention to the fact that MUFG is a major financier of problematic Indonesian food conglomerate and palm oil company Indofood. Major Western mufg and union bank, including Citigroup, recently divested from Indofood over its exploitative and illegal employment practices. Activists also criticized MUFG’s financing of fossil mufg and union bank expansion including tar sands pipeline company Enbridge, which is violating Indigenous rights through its development of the Line 3 pipeline in Minnesota.

“Through its lending to rogue palm oil and fossil fuel companies, MUFG continues to bankroll the growing climate crisis, furthering deforestation, species extinction, and human rights abuses,” said Hana Heineken, Responsible Finance Senior Campaigner with Rainforest Action Network (RAN). “In the past year, MUFG made good progress by adopting and strengthening its financing policies, but we’re not seeing the impact on the ground.”

MUFG recently adopted policies around financing forestry, palm oil, coal power, and coal mining operations, but received criticism from NGOs that its policies do not go far enough to align with the Paris Climate Agreement or the Sustainable Development Goal of halting deforestation by 2020. Unlike its best-in-class peers, MUFG makes no mention of the leading agro-commodity standard of “No Deforestation, No Peatland, No Exploitation” (NDPE) nor commits to a Paris-compliant phase-out of fossil fuels. As of 2018, MUFG was the 6th largest lender mufg and union bank underwriter of companies driving tropical deforestation in Southeast Asia and the 7th largest global lender and underwriter to all fossil fuels. Among the big three Japanese banks, MUFG is the largest financier of the palm oil sector and the largest financier of fossil fuels, most notably coal power. MUFG’s recent commitment to restrict financing for coal power projects was cautiously welcomed by NGOs amid concerns with noticeable loopholes.

SCA and MUFG Union Bank joined forces last November to coincide with “MUFG Gives Back” volunteer month. Since then, SCA youth and alumni, MUFG employees, and local residents – nearly 500 volunteers in all – have improved beloved parks, strengthened wildlife habitats, and forged more resilient communities in eight cities nationwide. Cities impacted include:

·Seattle, WA

·Los Angeles, CA

·New York, NY

·Oakland, CA

·Phoenix, AZ

·Chicago, IL

·Atlanta, GA

·Tampa Bay, FL

We are proud to report that the partnership between the SCA and MUFG Union Bank is making a positive impact in the communities across the country. Last year, the joint efforts have reduced allie x environmental impact and produced the following outcomes:

·Two tons of trash removed from local waterfronts

·Four hundred bird rescue kits created in Chicago

·More than 1,600 native trees, shrubs, and flowers planted

·Over 15 acres of land preserved

“In just two hours, volunteers transformed the park,” said Ben Shupp, an official with NYC Parks. “What they accomplished in one morning would have taken our staff weeks to complete.”

“MUFG embraces its role in supporting the economic well-being of its communities, and is also doing its part as an environmental steward to secure the health of future generations,” said Jaime Matyas, President and CEO of SCA.

We are proud to partner with MUFG Union Bank to provide impact to urban parks across the country and are excited to see how they provide long-lasting sustainable impact to our local parks in the future.