In a new report entitled “Will Japan’s Megabanks Stop Financing Rainforest Destruction?” published by Rainforest Action Network,  Mitsubishi UFJ Financial Group (MUFG), Mizuho Financial Group (Mizuho), and Sumitomo Mitsui Financial Group (SMBC Group), Japan's largest banks have been accused of intensifying the climate crisis through financing agribusiness companies implicated in Indonesia’s 2019 fire and haze crisis as well as companies illegally clearing forests and peatlands for plantation development. The report also explained how these Japanese megabanks have been financing major Southeast Asian conglomerates by studying the cases of Sinar Mas Group, Jardine Matheson Group, and Salim Group.

Rainforest Action Network has reached out to Mitsubishi UFJ Financial Group, Mizuho Financial Group (Mizuho), Sumitomo Mitsui Financial Group, Sinar Mas Group, Jardine Matheson Group and Salim Group for comments. Only Indofood Agri Resources, Salim Group’s main listed plantation entity, responded.