MUFG halfway to its 2030 sustainable finance target

The bank has funded JPY19.4t as of 2022, over halfway to its JPY35t target by 2030.

MUFG Bank is on track to achieve its sustainable finance target set for 2030, according to the bank’s latest progress report related to its carbon neutrality declaration.

The Japanese megabank has funded a cumulative JPY19.4t as of the first half of 2022 since its starting year in FY2019. This included JPY6.6t yen for the environment.

This puts MUFG Bank on track to achieve its sustainable finance target of JPY35t by 2030.

In line with the bank’s Carbon Neutral Declaration published in May 2021, MUFG is launching various initiatives to achieve net zero greenhouse gas (GHG) emissions from its financed portfolio by 2050, and in its own operations.

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In 2022, the bank shifted to 100% renewable energy for electricity procured at all domestic consolidated subsidiaries for their own contracted electricity, according to the bank’s progress report.

As for its financing to coal-fired power plants, the bank reported US$2.95b in project financing, and JPY90b in corporate financing in 2021.

MUFG plans to publish its transition plan for decarbonization by the end of fiscal year 2023.