Global Protests Call on Mitsubishi Corporation to Stop Investing in Coal Power

Climate activists around the world rally in front of Mitsubishi to stop the Vung Ang 2 coal power plant.

Tokyo — Mitsubishi Corporation is the target of a global action highlighting its plans to build new coal-fired power stations and drive climate change. Today in front of Mitsubishi Corporation’s headquarters in Japan as well as its offices in Australia, Indonesia, the Philippines and the United States, climate activists are calling on the company to end its involvement in all coal projects, and specifically, to withdraw from the controversial Vung Ang 2 coal plant proposed in Vietnam.

“We are facing a climate crisis with devastating impacts from extreme weather destroying lives and livelihoods. The global community cannot afford another coal power plant built by Mitsubishi,” said Meg Fukuzawa, energy finance campaigner at Market Forces.

Vung Ang 2 has been in recent spotlight as the project’s only other sponsor, China Light and Power, announced a new decarbonization policy and withdrew in an effort to tackle climate change. Despite a sustained wave of international criticism, Mitsubishi has refused to do the same.

“It is a shame that in the midst of the climate crisis, Mitsubishi Corporation intends to build more dirty coal power plants. In 2018, the IPCC stated that to keep global temperature rise below 1.5 degrees Celsius, we must reduce emissions 45% by 2030. With just ten years remaining to make deep pollution cuts, there is no time to build new coal plants. Now is a time for action and Mitsubishi Corporation, other large corporations, and governments around the world must phase out coal and hasten the transition to clean, renewable energy sources,” said Mighty Earth Campaign Director, Roger Smith.

“Powerful companies such as Mitsubishi are critical in shifting from coal, the largest driver of climate change, to renewable energy. But the first step is to stop building new coal power, such as the controversial Vung Ang 2 coal plant in Vietnam,” said Ayumi Fukakusa of Friends of the Earth Japan.

Japan’s export credit agency, the Japan Bank for International Cooperation (JBIC) is currently considering financing this project as well, although it does not meet the conditions set by the Japanese government in its Fifth Strategic Energy Plan. Owing to the continued controversy raised by Vung Ang 2 and other coal finance, Japan is considering tightening its requirements for financing its exports of coal power overseas and hopes to release a new policy by June 2020.

“We demand Mitsubishi and the Japanese government halt all its coal financing plans in Asia. As the one of the biggest financiers of coal development in the region, Japan is an enabler of Asia’s coal addiction,” said Asian Peoples’ Movement of Debt and Development (APMDD) Coordinator Lidy Nacpil.