Mizuho Financial Group

HQ: JP

NZBA member since 2021

Fossil-fuel financing committed in 2024

$40.3B

NZBA pledge vs reality

Pledge signed
2021
Fossil financing change since pledge (2021 → 2024)
+6.1%
Fossil-fuel share of energy financing (2024)
7%

Founding NZBA member 2021 with $38.0B fossil financing. By 2024 the fossil book reached $40.3B — barely declining over a four-year pledge period that was meant to align lending with 1.5C. World's #3 fossil expansion financier in 2024 at $22.0B. Still an active member of the Net-Zero Banking Alliance.

View loan breakdown (6 items)

Loan breakdown

  • Oil and gas company financing (2024)

    Oil & gas
    $24.2B
    Medium — ~60% of $40.3B 2024 total per BOCC 2024 Mizuho sub-sector mix.

  • Fossil fuel expansion financing (2024)

    Other
    $22.0B
    High — BOCC 2025 p.4 names Mizuho world's #3 expansion financier 2024.

  • LNG terminal and infrastructure financing (2024)

    LNG
    $10.5B
    Medium — ~26% of fossil book; Mizuho is consistently a top LNG arranger globally per BOCC and Bloomberg league tables.

  • Pipelines and midstream (2024)

    Pipeline
    $3.2B
    Medium

  • Coal mining and coal power (2024)

    Coal
    $1.0B
    Medium — Reflects Mizuho coal restriction policy plus residual financing to diversified groups.

  • Other unconventional fossil financing (2024)

    Other
    $1.4B
    Medium

Fossil Fool

Foolishness score: 7

Show derivation
  1. World's #3 fossil expansion financier 2024 ($22.0B)Value: 0.9Weight: 0.3[1]
  2. Active NZBA member while leading expansion financeValue: 0.95Weight: 0.3[3]
  3. Cumulative 2021-2024 fossil financing $150.9BValue: 0.85Weight: 0.2[1]
  4. Top global LNG arrangerValue: 0.8Weight: 0.2[1]

Formula: Mizuho is one of the largest active NZBA members still topping the expansion-finance league table. Hypocrisy weight is high.

Weights version: v1.0

Deep dive: revision history & methodology

Revision history

  1. 1FossilFoolish editorial

    Initial publication. Source: BOCC 2025 league table; UNEP-FI NZBA member list (still active).

Edited by: FossilFoolish editorial

Last reviewed:

Source: Banking on Climate Chaos 2025 (BOCC Coalition).

Sources

  1. Banking on Climate Chaos 2025: League Table — Rainforest Action Network et al. (accessed 03 May 2026)
  2. Banking on Climate Chaos 2025: Methodology Overview (p.56-57) — Rainforest Action Network et al. (accessed 03 May 2026)
  3. Net-Zero Banking Alliance: Member List — UN Environment Programme Finance Initiative (accessed 03 May 2026)
  4. Mizuho Sustainability Reports — Mizuho Financial Group (accessed 05 May 2026)
  5. Mizuho Financial Group Integrated Report 2024 — Mizuho Financial Group (accessed 05 May 2026)