Tokyo, Aug. 13 (Jiji Press)–Japan’s Mitsubishi UFJ Financial Group Inc. <8306> said Friday that it has been elected as a member of the steering group of an international bank alliance that aims to reduce greenhouse gas emissions to effectively zero.
The Net-Zero Banking Alliance, convened by the United Nations, features over 50 banks from around the world. Participating banks are required to set specific goals to achieve net-zero greenhouse gas emissions by 2050.
The steering group consists of 12 banks from several regions. Mitsubishi UFJ, along with South Korea’s KB Financial Group Inc., has been chosen as an Asian regional representative to take part in discussions on banks’ strategies and information disclosure on decarbonization.
Mitsubishi UFJ also said that it has joined the Partnership for Carbon Accounting Financials, an international organization that promotes the establishment of international standards for measuring greenhouse gas emissions by companies financed by members. Japan’s Mizuho Financial Group Inc. <8411> is also a member of the organization.