The Coastal Livelihood and Environmental Action Network (CLEAN) has called for immediate accountability and a redirection of Sumitomo Mitsui Banking Corporation (SMBC)'s financial investments toward sustainable energy projects in Bangladesh.
At a press briefing held on Wednesday, CLEAN, in collaboration with the Bangladesh Working Group on Ecology and Development (BWGED), presented findings from a newly released report titled "SMBC in Bangladesh: Financing Dirty Energy | Scrapping Our Future."
Hasan Mehedi, Member Secretary of BWGED, said SMBC-one of Japan's largest megabanks and a prominent name on the global "Dirty Dozen" list for fossil fuel financing-has played a pivotal role in supporting environmentally and economically detrimental energy projects in Bangladesh.
"SMBC has served as the financial adviser for the costly Matarbari Coal Power Plant and directly financed USD 238.71 million for three major fossil fuel-based energy projects in Bangladesh," Mehedi said. "With its backing, companies have built 2,218 MW of fossil fuel power plants and a 500 Mmcfd LNG terminal."
According to the report, SMBC-backed facilities-such as the Summit LNG Terminal and the Summit Gazipur II Power Plant-have already cost the Bangladesh government approximately BDT 6,355 crore (USD 654 million) in capacity charges within just six years.
