Mitsubishi UFJ Financial Group quit the banking industry’s largest climate alliance, joining domestic peers in walking away from a group abandoned by U.S. and Canadian heavyweights.
Japan’s biggest lender has withdrawn from the Net-Zero Banking Alliance (NZBA), a spokesperson said Wednesday, confirming an earlier Bloomberg News report. MUFG will continue to work diligently on addressing climate change, the bank said.
MUFG follows Tokyo-based rivals Nomura Holdings and Sumitomo Mitsui Financial Group in leaving the climate group. The latest exits have emerged after a wave of NZBA defections since December by the largest banks in the U.S. and Canada, including JPMorgan Chase & Co., Bank of America and Royal Bank of Canada.
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