Tokyo, Feb. 20 (Jiji Press)–MUFG Bank said Friday it will set up a fund worth 100 billion yen in fiscal 2021, which starts in April, to provide funding to renewable energy power projects.
These projects will provide electricity to group companies of Mitsubishi UFJ Financial Group Inc. <8306>, the parent of the Japanese bank.
The move is part of an effort by Mitsubishi UFJ to achieve a goal of sourcing electricity entirely from renewables by fiscal 2030.
The fund will support projects such as hydrogen-powered electricity generation and the development of technology to use electricity in a more efficient way. MUFG Bank is considering expanding the fund to some 1 trillion yen.
The effort is expected to reduce carbon dioxide emissions by some 200,000 tons, the equivalent of the annual emissions of 100,000 households, according to the bank.
The bank is considering supplying electricity generated through the initiative to other companies aiming to go fully renewable energy-powered.