"[Statement] Japanese climate NGOs express concern over Sumitomo Mitsui Financial Group's withdrawal from UN Net-Zero Banking Alliance, " 7 March 2025

On March 4th, Sumitomo Mitsui Financial Group (SMBC Group) withdrew from the United Nations’ initiative "Net-Zero Banking Alliance (NZBA),” as reported by the media. 350.org Japan contacted the company, which confirmed that it had indeed withdrawn from the NZBA. As the climate crisis worsens, we, climate NGOs, are concerned about the company's withdrawal from financial institutions’ international decarbonization cooperation framework. We also ask other major domestic financial institutions to continue strengthening their response to decarbonization without leaving the NZBA.

... SMBC Group claims that it will continue to take measures against climate change even after leaving the NZBA. Standards established by major global financial institutions like the NZBA enhance transparency in tracking decarbonization progress within investment portfolios of major banks such as SMBC Group, and also support Japan's long-term economic growth. The decision by SMBC Group to leave the alliance represents a step back in our demand for greater commitment by financial institutions’ to climate action, and more critically, deepens the crisis for citizens already experiencing the harmful impacts of climate change.

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We ask SMBC Group to reconsider its withdrawal from the NZBA. We ask other major domestic financial institutions to further strengthen their response to decarbonization without withdrawing from the NZBA.