Japan’s Biggest Bank to Exit Climate Alliance

Japan’s Biggest Bank to Exit Climate Alliance

Momentum to exit the Net-Zero Banking Alliance continues in Japan with the country’s largest lender being the latest to reportedly join the exodus.

Mitsubishi UFJ Financial Group is withdrawing from the Net-Zero Banking Alliance (NZBA), according to a «Bloomberg» report citing unnamed sources. Japan’s largest bank joins local rivals, Nomura and Sumitomo Mitsui Financial Group, in leaving the climate group.

According to NZBA’s website, the remaining members from Japan include Mizuho Financial Group, Sumitomo Mitsui Trust Group and The Norinchukin Bank.

Major banks across the world, including in the US, Canada and Australia, have decided to exit the alliance since an American policy shift under President Donald Trump.