According to an anonymous source, Mitsubishi UFJ Financial Group (MUFG) is planning to leave the Net-Zero Banking Alliance (NZBA), following several major banks from the US and Canada. Still, its spokesperson announced that the matter has not been decided yet.
The NZBA is a group of leading global banks convened by the United Nations that aim to end the release of greenhouse gas emissions through financial activity. MUFG, Japan’s biggest lender, was one of 11 member banks leading the group.
However, following Donald Trump’s return to the White House as the US president, many environmental policies have been abolished, causing US finance firms to adjust. Several banks, such as Bank of America, JP Morgan and Royal Bank of Canada, already withdrew from the group.
Trump’s decision also affects firms from other countries as well. Two banks from Japan, Nomura Holdings and Sumitomo Mitsui Financial Group, also quitted the group.
Nevertheless, MUFG’s spokesperson confirmed that the bank will continue to work diligently on addressing climate change. Currently, NZBA is consulting on the matter of removing the requirement for its members to align their portfolio to prevent the temperature from increasing by 1.5 degrees Celsius.
