Mizuho Financial Group response to Line 3 construction
[Japanese-to-English translation: Business & Human Rights Resource Centre]
From the viewpoint of confidentiality, we cannot answer questions regarding individual projects, including whether or not there are transactions and policies for dealing with them. However, based on our investment and loan policy that takes environmental and social considerations into account, Mizuho confirms the customer's response to risk reduction and avoidance based on risks that should be recognized, and then makes decisions on transactions such as investments and loans.
Specifically, it is as follows.
<Policy for the Oil and Gas Sector (Overview)>
- We are aware that oil and gas mining and pipeline construction could have a negative impact on the environment and society, such as pollution of the oceans and rivers caused by oil and gas spills and violations of human rights by indigenous peoples. When making investments and loans, the government will make transaction decisions paying full attention to the impact on the environment and whether or not there are any problems with indigenous peoples or local communities.
- Since fossil fuels such as petroleum and gas lead to greenhouse gas emissions, we will confirm the response to the transition risks associated with climate change through engagement with customers.
- In particular, we recognize that the Arctic Circle (areas north of 66 degrees 33 minutes north of latitude) is a region where the protection of rare organisms and the livelihood of indigenous peoples need to be taken into account, and that oil sands and shale oil gases have a large environmental impact during development and are at risk of human rights violations by indigenous peoples. For this reason, we conduct appropriate environmental and social risk assessments when investing in oil and gas mining projects, oil sands, and shale oil and gas projects in the Arctic.
In addition, we share requests from each stakeholder with related parties within the company and based on this policy, confirm and respond as necessary from the standpoint of environmental and social risks.
For details of Mizuho's "Environmental and Social Management Policy for Financing and Investment Activity" and revisions, please visit the website below.
(Summary of Environmental and Social Management Policy for Financing and Investment Activity)
https://www.mizuho- fg.co.jp/csr/business/investment/pdf/environment_20210601.pdf (Japanese) https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/sustain ability/business-activities/investment/environment_202106.pdf (English)
(Details of Revision)
https://www.mizuhogroup.com/news/2021/05/strengthening-our-sustainability- action.html (English)