June 26, 2026 — Tokyo, Japan — Rainforest Action Network (RAN), a US-based environmental NGO headquartered in San Francisco with an office in Tokyo, participated in the annual shareholder meeting of Mitsubishi UFJ Financial Group (MUFG), Japan’s largest bank. RAN held a protest outside the venue, calling for an end to financing fossil fuels that accelerate climate change, as well as an end to support for human rights violations and deforestation.
RAN and allied groups rallied with an “award-style” banner reading “Fossil Fuel Finance Award 2026: MUFG Ranked 2nd Worst bank in the World” outside the Grand Prince Hotel New Takanawa in Tokyo – site of the AGM. The protest was meant to highlight to shareholders that MUFG’s financing is contributing to the acceleration of climate change. According to the “Banking on Climate Chaos 2026 report” MUFG was the world’s second-largest fossil fuel finance financier from 2021-2025. They deployed electric mini-vehicles equipped with speakers bearing ads to convey their message to highlight the negative impacts of liquefied natural gas (LNG) projects, such as violations of Indigenous Peoples’ rights. They also delivered speeches and distributed materials to explain their concerns regarding MUFG’s financing.
At the shareholder meeting, RAN asked about: 1) the causes of repeated violations of MUFG’s policies and international standards such as the Rio Grande LNG project in the US which is one example of financing that infringes on the rights of Indigenous Peoples, as well as measures to prevent them; and 2) the establishment of a mechanism for directors to monitor and verify compliance with policies based on information provided by external sources. Katsunori Yokomaku, Senior Managing Corporate Executive Group CRO, stated, “We are not currently considering discontinuing financing for LNG projects.”
He continued, “Regarding the rights of Indigenous Peoples, we are following international standards such as the IFC Performance Standards.” This response suggests that MUFG may not recognize that its financing of this LNG project violates its own policies or international standards. Regarding the second question, although an executive officer rather than a director responded to the question regarding the directors’ monitoring function, no direct answer was provided, highlighting concerns that the directors’ governance function is inadequate.
At last year’s shareholders’ meeting, RAN asked, “What corrective measures or remedies can MUFG provide regarding violations of Indigenous Peoples’ rights in projects such as the Rio Grande LNG project?” In response, Yokomaku confirmed that the bank’s policy is not to provide funding to projects with unresolved human rights violations.
According to the aforementioned “Banking on Climate Chaos Report 2026,” MUFG’s financing to fossil fuel companies in 2025 totaled $47 billion—the third-highest amount globally—representing a 21% increase from the previous year. MUFG is providing substantial financing to companies expanding their LNG operations. In the Rio Grande LNG export terminal project being developed by the U.S.-based company Next Decade, there has been insufficient dialogue with the Calizo-Comeculdo, the Indigenous People of the region. RAN points out that financing this project may constitute a violation of the “Equator Principles” that is a common baseline and framework for financial institutions to identify, assess and manage environmental and social risks when financing projects—as well as a potential breach of the MUFG Group’s policy on Indigenous Peoples’ rights.
Rie Aso, Japan Responsible Finance Campaigner with RAN, stated, “MUFG has failed to take fundamental measures despite being aware of issues such as violations of Indigenous Peoples’ rights at the Rio Grande LNG project. Therefore, we must conclude that MUFG is complicit in these rights violations. Despite the response given by the executive at last year’s shareholders’ meeting, MUFG financed more than $700 million in funding for the project’s expansion last fall.
Local and Indigenous communities who visited Japan in 2024 to demand an end to the support of Rio Grande LNG with MUFG were deeply disappointed to hear this news. NextDecade continues to push forward with construction while ignoring their voices, without providing any opportunity for dialogue. The historical heritage of Indigenous Peoples buried underground will be lost forever if it is destroyed by the project financed by MUFG.”
RAN has launched an online petition in English titled “Tell MUFG to Defund Rio Grande LNG!” and has currently gathered approximately 28,000 signatures from around the world. A Japanese-language version was also launched ahead of MUFG’s annual general meeting of shareholders. RAN will continue to convey the voices of people in regions influenced by the negative impacts facilitated by banks including MUFG to these megabanks, demand improvements to their environmental and social policies and governance structures, urge them to become “leaders in protecting the environment and human rights,” and raise public awareness.
Learn more and take action at RAN’s campaign hub: 🔗 Spotlight on MUFG: