Mizuho
MFG
Financials
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Mizuho Financial Group has been sanctioned by the SEC, including a $1.25 million fine for data security failures. The bank has faced multiple U.S. regulatory enforcement actions for compliance and disclosure deficiencies.
Mizuho Financial Group is one of the world's largest financiers of fossil fuels. According to the Banking on Climate Chaos reports (Rainforest Action Network et al.), Mizuho provided $40.3 billion in fossil fuel financing in 2024, ranking 4th globally. In 2023, Mizuho ranked 2nd globally with $37.0 billion in fossil fuel financing and $18.8 billion specifically for fossil fuel expansion projects. Mizuho was also among the worst funders of tar sands extraction. In March 2025, Mizuho withdrew from the Net Zero Banking Alliance (NZBA) along with Japan's other two megabanks (MUFG and SMBC), signaling retreat from climate commitments. Japanese megabanks collectively contributed 12% of all tracked fossil fuel financing in 2024.
Research Sources
1 organization
Related Exclusions
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.