One day after a hoax impersonation shamed Mizuho and other banks for financing new coal power plants against their own industry standards, the real Mizuho announced that they plan to limit their coal-financing policies in the future. Sadly, that real resolution isn't more binding than the fake one.
Despite some banks announcing moves to limit coal finance, Japan's major commercial banks still enable new coal power plants to be built and operated in countries most vulnerable to their social and environmental impacts, including Indonesia and Vietnam, among others.
Read our draft of the Equator Principles 4 and press releases here.
Read the "coming clean" press release here.
The real EP4 was released on June 24. The disappointing draft falls short of improving the integrity of the EPs in any meaningful way, ensuring that they remain as toothless as ever and continue to permit new coal finance. EP4 is now under "stakeholder review." Stakeholders (i.e. concerned earthlings) should submit feedback, encouraging them to add effective grievance mechanisms, increase transparency, and build in consequences for members like Mizuho, MUFG, and SMBC who break their own industry-standard rules.
For more information and to take action: