TOKYO -- Japan's Mitsubishi UFJ Financial Group plans to withdraw soon from an international banking framework that supports decarbonation efforts, joining fellow Japanese and Wall Street banks exiting the initiative amid backlash in the U.S.
The Net Zero Banking Alliance, convened by the United Nations, promotes investment and lending in projects aligned with the goal of reducing greenhouse gas emissions to net zero by 2050. MUFG is the third Japanese bank to withdraw, following Sumitomo Mitsui Financial Group and Nomura Holdings.
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