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Finance

Japan's top banks back zero-carbon infrastructure with new funds

Sumitomo Mitsui, Mizuho and MUFG look to ride rising global tide of investment

A wind farm in France: A $3.7 trillion in annual infrastructure spending will be needed worldwide until 2035, McKinsey & Co. estimates.   © Reuters

TOKYO -- Japan's three biggest banking groups will channel hundreds of millions of dollars of fresh capital into overseas infrastructure projects through new investment funds as countries around the world make new commitments to cutting carbon emissions.

Spending on renewable-energy projects in particular is expected to swell around the world as countries aim to reach net zero greenhouse gas emissions over the next few decades. U.S. President Joe Biden's move Wednesday to return to the Paris climate accord is likely to add to this momentum.

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