Japan's Mitsubishi UFJ to Leave Int'l Decarbonization Group

Tokyo, March 19 (Jiji Press)--Japan's Mitsubishi UFJ Financial Group Inc. has decided to withdraw from an international organization of banks aimed at decarbonizing their operations, following similar moves by its U.S. peers.

Major U.S. financial institutions quit the framework, the Net-Zero Banking Alliance, following the launch of U.S. President Donald Trump's administration, which is backpedaling his country's fight against climate change.

Mitsubishi UFJ will be the third Japanese entity to leave the NZBA, after Sumitomo Mitsui Financial Group Inc. and Nomura Holdings Inc.

Other Japanese members are Mizuho Financial Group Inc., Sumitomo Mitsui Trust Group Inc. and Norinchukin Bank.

Mitsubishi UFJ will remain committed to make decarbonization efforts even after the withdrawal, officials said Tuesday.

[Copyright The Jiji Press, Ltd.]