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Home › Dodgy Deals ›
Dodgy Deal
MarubeniJapan

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Contact:

nature@banktrack.org

Last update: 2018-09-19 00:00:00
Marubeni headquarters in Tokyo. Photo: Marunouchi via Flickr (BY NC ND 2.0)

Company – On record

This profile is no longer actively maintained, with the information now possibly out of date
Profile by:
BankTrack
Contact:

nature@banktrack.org

Last update: 2018-09-19 00:00:00
Why this profile?

Why this profile?

Marubeni is heavily involved in coal power production. In 2017 it supported projects totaling more than 13 gigawatts of new coal production in nine countries. Campaigners in Japan and globally have been calling on the company to start phasing out of coal, consistent with the Paris Climate Agreement targets. In September 2018, Marubeni announced in a surprise move that it intends to halve its coal-fired power capacity by 2030. 

In an official statement (Sep 18, 2018) announcing the move, Marubeni notes that "as a general principle" it will "no longer enter into any new coal-fired power generation business." It is also noted, however, that "Marubeni might consider pursuing projects that adopt BAT (“Best Available Technology”, which at present is USC: “Ultra-supercritical steam generating technology) and are compliant with the policies and measures of the Japanese government and any country in which the project will be executed (e.g. energy supply stability, poverty and employment measures and economic growth policies)."

 

About
Sectors Coal Electric Power Generation, Mining, Pulp, Paper and Paperboard Mills
Headquarters
Ownership
listed on Tokyo Stock Exchange

Marubeni is listed at the Tokyo and the Nagoya stock exchange. The company's share holder structure can be viewed here.

Subsidiaries
Daishowa-Marubeni International Ltd. - DMI – Canada
PT MHP – Indonesia
PT TEL – Indonesia
Website http://www.marubeni.com

Marubeni is a large Japanese trading company, founded in 1858. It has intrests in import and export, as well as transactions in the Japanese market related to food materials and food products, textiles, materials, pulp and paper, chemicals, energy, metals and mineral resources, transportation machinery, and offshore trading. It is Japan's fifth largest sogo shosha: general trading companies that trade in a wide range of products and materials. The company's activities also extend to power projects and infrastructure, plants and industrial machinery, finance, logistics and information industry, and real estate development and construction. Additionally, Marubeni conducts business investment, development and management on a global level.

Impacts

Social and human rights impacts

Marubeni's Indonesian subsidiary, PT Musi Hutan Persada, large land concessions overlap with a number of the customary land tenures of local communities. These overlapping tenure and use rights, created when the PT-MHP concessions were granted, have been a source of significant social conflicts between the company and various local communities.

In January 2014, the Indonesian organization WBH and Rainforest Action Network filed a complaint against PT MHP's FSC certification. Communities located in the Martapura district were forcefully evicted from 2,700 hectares of land. Their crops and houses were destroyed in 2011. As of December 24, 2013 no conflict resolution process had been agreed to, between the company and the communities, to remedy their alienation from use of their lands, the destruction of their houses and crops and forced relocation. PT-MHP holds a FSC Controlled Wood certificate, with registration number SA-CW/FM-002179, issued by the Soil Association Woodmark, an accredited certification body with the Forest Stewardship Council (FSC).

WBH has also compiled evidence of cases in Muara Enim, OKU Timor and Musi Rawas districts of ongoing community disputes with PT-MHP over land tenure and use rights, including cases of forced displacement by armed security forces and the destruction of their homes, rubber trees and gardens.

Soil Association Woodmark broken their relationship with PT WBH, but in May 2014 PT MHP obtained a FSC certificate issued by SGS for 296,400.00 ha, with registration number SGS-CW/FM-010071.


Environmental and climate impacts

In 2017 Marubeni was involved in new coal power projects (totaling 13 Gigawatt) in Botswana, South Africa, Egypt, Vietnam, Indonesia, Thailand, Myanmar, the Philippines and Mongolia. Many of these countries have no or little coal plant capacity, which means that they will be locked into a coal-dependent future for decades to come. Marubeni is the 11th largest coal power developer in the world by total planned coal power expansion capacity. Developing these plants will lead to heavily increasing the amount of CO2 into the earth's atmosphere and thereby accelarating climate change. Building new coal power plants is completely at odds with the Paris Agreement; every new coal power plant is inconsistent with limiting global warming to well below 2 degrees.

In 2013, a Marubeni subisdiary, PT Tanjungenim Lestari Pulp and Paper PT TEL, operating in the Indonesian province of South Sumatra, has claimed that the wood chips it uses as raw materials are sourced "from 100% plantation logs which are sustainable and FSC CW (Forest  Stewardship Council Controlled  Wood). However, in 2013 Greenomics published a report accusing PT TEL of sourcing wood from Sumatran Tiger Habitat, of not conducting a HCV forest assessment and of not being transparent about the wood chips it buys from 'community forests'.

Financiers

Between October 2018 and October 2020 financial institutions have financed Marubeni through loans totalling USD 7.156 billion. See below for more details.

Marubeni has issued several bonds, which were underwritten by commercial banks:

  • A USD 500 million bond, September 2021, underwritten by Bank of America, JPMorgan Chase and Mizuho (see below for more details);
  • A USD 500 million bond, September 2020, underwritten by Bank of America, Nomura, and JPMorgan Chase (see below for more details).

Between 2014 and 2017 35 financial institutions (FI) have, in total, loaned USD 16.027 billion to Marubeni and provided underwriting services amounting to a total of USD 906 million. Below is a list of banks and other FIs involved in this financing.

Several financial institutions hold shares in Marubeni. See below for details on banks involved.

Institution type
Finance type
Year
Projects
There are no active project profiles for Marubeni now.

Thabametsi coal power plant

South Africa
Project
On record
Coal Electric Power Generation

Thabametsi coal power plant

South Africa

Cirebon 2 coal power plant

Indonesia
Project
On record
Coal Electric Power Generation

Cirebon 2 coal power plant

Indonesia

Nghi Son 2 coal power plant

Vietnam
Project
On record
Coal Electric Power Generation

Nghi Son 2 coal power plant

Vietnam

Pego Power Station

Portugal
Project
On record
Biomass Electric Power Generation

Pego Power Station

Portugal

Camisea pipeline project

Peru
Project
On record
Pipeline Transportation of Natural Gas

Camisea pipeline project

Peru

Plomin C coal power plant

Croatia
Project
On record
Coal Electric Power Generation

Plomin C coal power plant

Croatia

Krabi coal power plant

Thailand
Project
On record
Coal Electric Power Generation

Krabi coal power plant

Thailand
Governance
Norms & standards

Applicable norms and standards

UN Guiding Principles on Business and Human Rights
News
BankTrack
Partners
Blog
External
Blog
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Major banks fueling biodiversity collapse by $395 billion since the Paris Agreement; Governments failing to reign in banks

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French banks haven’t turned their backs on coal

Reclaim Finance’s analysis reveals that French banks continued to finance companies that are still developing new coal mines or power plants.
2024-10-15 | Paris | Reclaim Finance
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Indonesian Communities and NGOs Submit Request to the Japanese Government (Endorsed by 73 Organizations from 24 Countries): “JBIC Must Immediately End Public Financing for Corrupt and Dirty Cirebon 2 Coal Power Plant"

2024-08-27 | Friends of the Earth Japan
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How Dutch banks finance agrilobby in Brazil

The new report exposes the links between Dutch financial institutions and agribusiness lobby
2024-03-21 | Amsterdam | Eerlijke Bankwijzer, Fair Bank Guide Netherlands
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The 2023 Global Coal Exit List: Failing the Phase-Out

40% of companies on the GCEL are developing new coal assets. 95% of the industry still lacks a phase-out commitment 
2023-10-19 | Berlin, Germany | urgewald
Blog
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Activists call on Japanese megabanks to pull out of Cirebon coal plant

Frontline residents and NGOs visited Japan from Indonesia, petitioning banks to abandon finance for one Cirebon unit and to retire the other
2023-05-31 | Friends of the Earth Japan
Blog
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Japan’s megabanks: no net-zero banking ambition

All 3 banks keep financing companies with coal expansion plans, without any restriction
2022-08-24 | Reclaim Finance
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Crédit Agricole under fire over financing of companies with coal projects

Campaigners target bank that previously won plaudits for strong stance on climate change
2022-02-15 | Financial Times
Blog
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Crédit Agricole: dodgy coal deals reveal policy breach

In 2019, Crédit Agricole became the first major bank in the world to exclude coal developers and to request an exit plan from the sector from its coal clients. But three years later, new financial data reveals that the bank has failed to properly enforce its policy.
2022-02-15 | Reclaim Finance
Blog
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Proposed conversion of former coal plant to biomass is a high risk for investors, new study shows

Portugal to decide on future of Pego power station by late February
2022-01-27 | Portugal | Biofuelwatch, Environmental Paper Network, Global Forest Coalition, ZERO
Blog
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Japan’s 2nd largest bank – Mizuho – announces strictest ESG policies to date in Japan

Japan’s 2nd largest bank – Mizuho – adopts NDPE criteria for forest sector clients and announces strictest ESG policies to date in Japan – This puts the bank well ahead of its competitors SMBC & MUFG
2020-04-22 | Forests & Finance
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Japanese firms to invest $6.4b

2020-02-25 | The Daily Star
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Japan's Marubeni to halve coal-fired power capacity by 2030

2018-09-18 | Reuters
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Marubeni’s announcement on pulling out of coal power: A significant step forward, but need to close loopholes to meet Paris goal

2018-09-18 | Friends of the Earth Japan, JACSES, Kiko Network
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Japan’s Marubeni deals “body blow” to coal, in pivot to renewables

2018-09-17 | Renew Economy
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One of the world’s biggest power plant developers just gave up on coal

2018-09-17 | Quartz
Blog
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Marubeni - playing on both sides of the energy transition

The Japanese conglomerate could be a leader in renewables, but its coal expansion plans should place it beyond the pale for responsible banks.
2018-08-01 | Lucie Pinson – Les Amis de la Terre
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Japanese multinational should focus on offshore wind, rather than coal, report says

2018-07-31 | Offshore Wind Journal
Blog
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Report finds major banks ramped up fossil fuel financing to $115 billion in 2017

Despite 2017 being the costliest year on record for weather disasters, new report reveals that banks increased extreme fossil fuel financing last year, led by a more than doubling in lending to tar sands companies and pipelines.
2018-03-28 | Nijmegen, the Netherlands | BankTrack, Honor the Earth, Indigenous Environmental Network, Oil Change International, Rainforest Action Network, Sierra Club
Blog
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It's time for impact divesting: the Global Coal Exit List for the finance industry is launched

2017-11-09 | Heffa Schücking - urgewald
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New database reveals world’s biggest coal plant developers

120 companies paving the road towards climate chaos
2017-06-29 | Berlin | urgewald
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Major international banks and investors finance devastating impacts of forest-risk commodities

New report finds eight corporate giants in palm oil, pulp and paper, timber and rubber involved in social and environmental scandal; exposes financial banking
2017-04-24 | Tokyo | Rainforest Action Network
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Croatia to drop controversial coal plant project, confirms minister

2016-06-14 | Bankwatch.org
Blog
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Major blow for Croatian coal plant as Crédit Agricole announces new coal power policy

2015-09-30 | Paris, France | Les Amis de la Terre, BankTrack, CEE Bankwatch Network, Zelena akcija
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Marubeni and Alstom's corruption records cast new doubts on Croatian coal project, warns new analysis

2014-10-02 | CEE Bankwatch Network
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Marubeni wins Plomin C IPP

2014-09-10 | PFI
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JICA decided to take measures against Marubeni Corporation

2014-03-26 | JICA - Japan International Cooperation Agency
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Sinar Mas, Tanjung Enim Lestari Eye Pulp, Paper Plants on South Sumatra

2012-09-04 | The Jakarta Globe
Resources
Documents
Images
Links
2024-10-16 00:00:00

Banking on biodiversity collapse 2024

Partner publication
2024-10-16 00:00:00 | Forest and Finance Coalition
2024-03-21 00:00:00

How the Netherlands finances agrilobby in Brazil

A case study for the Fair Bank Guide Netherlands
Partner publication
2024-03-21 00:00:00 | Fair Bank Guide Netherlands
2018-03-31 00:00:00

Annual integrated report 2017

(year ending March 31 2017)
Annual report
2018-03-31 00:00:00 | Marubeni
2018-07-31 00:00:00

Marubeni's coal problem

A Japanese Multinational ’s Power Business Is at Risk
Other document
2018-07-31 00:00:00 | IEEFA
2016-05-17 00:00:00

Memorandum of Understanding of Cirebon 3 Announcement

Company document
2016-05-17 00:00:00 | Marubeni Corporation
2018-05-18 00:00:00

Letter from FoE Japan and 170 NGOs to Japanese government, JBIC, JICA, NEXI on Japanese government must stop financing Cirebon and Indramayu coal power plants

Correspondence
2018-05-18 00:00:00 | FoE Japan and 170 NGOs
2017-06-13 00:00:00

Japanese and Malaysian banks and investors continue to pump billions of dollars into forest-risk companies, without adequate environmental and social safeguards

NGO document
2017-06-13 00:00:00 | RAN, TuK Indonesia & Profundo
2015-08-31 00:00:00

Marubeni Annual Report 2015

Annual report
2015-08-31 00:00:00 | Marubeni
2014-05-16 00:00:00

Forest Management Controlled Wood Certification Report of PT MHP

Company document
2014-05-16 00:00:00 | SGS
2014-01-01 00:00:00

Marubeni Annual Report 2014

Annual report
2014-01-01 00:00:00 | Marubeni
2013-10-10 00:00:00

Sumatran Tiger Habitat

Marubeni Group Subsidiary, PT Tanjungenim Lestari Pulp and Paper, Uses Wood Chips Sourced from Sumatran Tiger Habitat
NGO document
2013-10-10 00:00:00 | Greenomics Indonesia
2013-03-01 00:00:00

Marubeni CSR Report 2012

Annual report
2013-03-01 00:00:00 | Marubeni
2004-10-01 00:00:00

Swedish involvement in the Indonesian paper and pulp industry

NGO document
2004-10-01 00:00:00 | Profundo

PT TELPP mill

2014-10-02

Marubeni's webpage on corporate social responsibility

FSC Watch

Updates

2016

2016-05-17 00:00:00 | Cirebon 3 Coal Fired Power Plant Project in Indonesia

According to a Marubeni press release: Marubeni Coporation has agreed with Korea Midland Power Co., Ltd., Samtan Co., Ltd., and PT. Indika Energi Internasional to jointly develop the Cirebon 3 Coal Fired Power Plant (1,000MW) in the area adjacent to the Cirebon Coal Fired Power Plant Project and the Cirebon 2 Coal Fired Power Plant.

2016-03-02 00:00:00 | Memorandum of Understanding for Feasibility Study of Construction of Ultra-Supercritical Coal-fired Power Plant in Egypt

Marubeni press release: On March 2, 2016, Marubeni Corporation and El Sewedy Electric Company S.A.E  executed a Memorandum of Understanding with Egyptian Electricity Holding Company in relation to a feasibility study of the construction of an ultra-supercritical coal-fired power plant in the Arab Republic of Egypt. The Egyptian government has announced a policy to install approximately 12.5 gigawatt worth of new coal-fired power plants by 2022 in order to diversify energy resources. Under this MOU, Marubeni and El Sewedy will conduct a feasibility study for constructing a high-efficiency ultra-supercritical coal-fired power plant in the West Mattrouh region.

 

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