Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of SMTB's fossil fuel policy below.

BankTrack assessed Sumitomo Mitsui Trust Holdings in its 2022 Global Human Rights Benchmark, where it achieved 4.5 points out of 14 and was ranked as a follower. In addition, Sumitomo Mitsui Trust Holdings scored 0 out of 3 on how it responds to alleged human rights violations linked to its finance, which were raised by civil society organisations. More information is detailed in the "Accountability" section of this profile.

Sumitomo Mitsui Trust Holdings’ policies for forest-risk sectors (beef, soy, palm oil, pulp and paper, rubber and timber) have been assessed by the Forests & Finance coalition, achieving an overall score of 3.1 out of 10 and ranking it as a follower. Sumitomo Mitsui Trust Holdings achieved a score of 0.5 out of 10 specifically for its policies related to the beef sector and 6.3 out of 10 for its policies related to the palm oil sector. Between 2016 and 2022, Sumitomo Mitsui Trust Holdings provided USD 409 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 123 million as of 2022. For more information, see the links below. 

Sumitomo Mitsui Trust Holdings is a member of the Net Zero Banking Alliance (NZBA) and has therefore committed to reduce its financed emissions to net zero by 2050; within 18 months of joining the alliance set interim targets for 2030 (or sooner) for high emission priority sectors, and within 36 months set further sector targets; set new intermediary targets every 5 years from 2030 onwards; annually publish data on emissions and progress against a transition strategy including climate-related sectoral policies; and take a robust approach to the role of offsets in transition plans. BankTrack track's implementation of these commitments in the NZBA compliance tracker.

Partner organisation Reclaim Finance’s 2023 report on metallurgical coal financing showed that Sumitomo Mitsui Trust provided US$ 6.9 billion in loans and underwriting to developers of new metallurgical coal between 2016 and 2022. Find further details on Sumitomo Mitsui Trust’s metallurgical coal financing and and how it compares to other large banks globally in the report.

Reclaim Finance tracks the metallurgical coal policies of financial institutions, including banks, in their Coal Policy Tool. BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Sumitomo Mitsui Trust’s metallurgical coal policy below.