---
title: People power wins over coal funders
date: 2020-08-21T05:06:19Z
modified: 2023-08-22T12:43:03Z
permalink: "https://350.org/people-power-wins-over-coal-funders/"
type: post
status: publish
excerpt: Sumitomo Mitsui Banking Corporation withdraws application to the Green Climate Fund
wpid: 130755
categories:
  - Featured
  - Finance
  - Just Recovery
  - KIITG
tags:
  - finance
  - Green Climate Fund
featured_image: /wp-content/uploads/2020/08/DSC04597.jpg
author: Chuck Baclagon
---

People power has once again shown that it is possible to stop the world’s biggest bankrollers of climate change.

**The massive [online protests](https://world.350.org/asia/keep-gcf-coal-free/) that you joined together with many others from different parts of the world have forced Sumitomo Mitsui Banking Corporation’s withdrawal from the Green Climate Fund (GCF)**, a global fund under the auspices of the UN climate pact allocated for low-emission and climate-resilient development.

Celebrate this victory by sharing the news on social media.

![](https://350.org/wp-content/uploads/2020/08/smbc-ig-1.png)

[Twitter](https://twitter.com/intent/tweet?text=Great%20news!%20Japanese%20megabank%20%0A%40smbc_midosuke%20has%20withdrawn%20its%20application%20for%20accreditation%20to%20%40theGCF%20during%20the%20%23GCFB26%20https%3A//twitter.com/350EastAsia/status/1296642076746997760) [Facebook](https://www.facebook.com/sharer/sharer.php?u=https%3A//www.facebook.com/350.asia/photos/a.131040941671367/311874043588055/?type=1%26theater)

At the GCF Board meeting that took place last night, it was announced that SMBC withdrew its application for accreditation with the GCF.

But our work is not finished yet.

**We will continue to challenge governments and businesses to put people and planet first** – to immediately stop further investments in fossil fuels and transition towards 100% renewable energy.