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Japan's MUFG Bank joins ESG wave with new unit

Funding decisions will incorporate nonfinancial benchmarks

The Kurobe dam in Japan's Toyama Prefecture: MUFG will be funding ESG projects such as hydroelectricity. (Photo by Yuki Fukumoto)

TOKYO -- MUFG Bank will set up a department specializing in environmental, social and governance-oriented funding, developing financial products with better terms for companies focused on responsible investing.

The sustainable business office will provide financing to companies based on ESG ratings and numerical benchmarks, as well as encourage customers to work on ESG issues. It will also consider making its own investments in businesses and funds.

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