The 2024 Banking on Climate Chaos report showed that Sumitomo Mitsui Banking Corporation provided US$ 212.158 Billion in financing to the fossil fuel industry between 2016 and 2023. In 2023 only, Sumitomo Mitsui Banking Corporation provided US$ 11.463 Billion for oil, gas and coal companies expanding fossil fuels. Find further details on Sumitomo Mitsui Banking Corporation fossil fuel portfolio and how it compares to other large banks globally on Fossil Banks No Thanks and in the Banking on Climate Chaos report.

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 Sumitomo Mitsui Banking Corporation’s fossil fuel policy below.

BankTrack assessed Sumitomo Mitsui Financial in its 2022 Global Human Rights Benchmark, where it achieved 5 points out of 14 and was ranked as a follower. In addition, Sumitomo Mitsui Financial 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.

SMFG’s 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 3.9 out of 10 and ranking it as a follower. SMFG achieved a score of 2.9 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.  In addition, BankTrack and the Environmental Paper Network have assessed SMBC’s policies related to the pulp and paper sector.

Between 2016 and 2022, SMFG provided USD 6,007 million in credit to companies operating in these forest-risk sectors and held investments amounting to USD 79 million as of 2022. For more information, see the links below.

Sumitomo Mitsui Financial Group 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.

BankTrack is keeping track of the public response of Sumitomo Mitsui Financial Group (SMBC) to Russia's illegal invasion of Ukraine. Sumitomo Mitsui Financial Group (SMBC) did not publicly condemn the war. Sumitomo Mitsui Financial Group (SMBC) is considered by Leave-Russia.org to be "pausing investments" with its operations in Russia. We consider its exposure to Russia as limited, with over $3.7bn of financial assets. Sumitomo Mitsui Financial Group (SMBC) supports the Russian fossil fuel industry through investments, loans, and underwriting. For further details, see the table linked below.

Partner organisation Reclaim Finance’s 2023 report on metallurgical coal financing showed that SMBC Group provided US$ 12 billion in loans and underwriting to developers of new metallurgical coal between 2016 and 2022. Find further details on SMBC Group’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 SMBC Group’s metallurgical coal policy below.

According to a report by Reclaim Finance, between 2016 and June 2023, SMBC Group provided $6.7 billion in finance to the fossil-steel industry, making it the 15th largest financier worldwide. Find further details on SMBC Group's steel financing and how it compares to other large banks globally in the report.