Dear CEOs of Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Sumitomo Mitsui Trust Bank:
We, the undersigned, call on you to stop funding new coal plants and desist from financing Vung Ang 2, a planned 2 x 600MW coal-fired power station in Kỳ Lợi commune, Kỳ Anh district, Hà Tĩnh province in Central Vietnam.
Funding yet another polluting coal plant will be in direct contravention of your promises to abide by the Paris Agreement and will only accelerate the climate crisis. This project also raises grave health and human rights concerns, as impacted communities in Vietnam are already suffering from air, water and environmental pollution from existing projects near their neighborhoods.
Your decision to fund such a project raises legal and reputational risks, and cannot be justified on economic grounds given the increasing affordability of renewable energy in Vietnam.
To demonstrate your real commitment to climate action and business practices that embody true consideration for Environmental (E), Social (S), and Governance (G) factors in your financing decisions, we urge you to make a public commitment not to finance Vung Ang 2 or any new coal-fired power stations and instead support sustainable energy solutions that protect the rights of local communities.
Given the issues raised, Mitsubishi UFJ Financial Group, Mizuho Financial Group, Sumitomo Mitsui Financial Group and Sumitomo Mitsui Trust Bank must urgently reconsider involvement with this controversial project.