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This year, our actions and your voices made a big impression on the world’s fifth largest bank, MUFG, the parent company of Bank Danamon: they promised to better protect forests, human rights and the climate. But MUFG is falling waaaay short of its policy promises: MUFG continues to bankroll deforestation, forest fires, species extinction, climate chaos and human rights violations. Ugh!

In May, it announced it would introduce a 'No Deforestation, No Peatland, No Exploitation' (NDPE) policy for its financing of palm oil producers. Yet it has exempted its Indonesian subsidiary Bank Danamon from this standard, meaning that Danamon can continue financing things like deforestation or land rights abuses. This means that MUFG can exploit this loophole to continue with business-as-usual. Indonesia must not allow foreign investors to buy Indonesian banks and apply much weaker standards than elsewhere in the world.

MUFG is also not applying its NDPE standard to the pulp and paper sector or the coal mining sector. MUFG is a major financier of Sukanto Tanoto's Royal Golden Eagle (RGE) group, which is strongly linked to deforestation, land conflicts and fire and haze in Indonesia, and Bank Danamon is bankrolling Adaro's coal mining operations.

Tell MUFG to close its policy loopholes and address the impacts of its pulp and coal mining financing by applying a comprehensive NDPE policy.

#knowyourbank #MUFGstopfundingclimatechaos #DefundDeforestation #KeepForestsStanding #DefundClimateChaos #EndFossilFinance #cutconflictpalmoil

Regards,
TuK INDONESIA