Japanese Financial Firms Also Sequentially Withdraw from International Decarbonization Financial Cooperation

Japanese financial companies are consecutively withdrawing from the global banking alliance for climate change response, the 'Net Zero Banking Alliance' (NZBA).

Logo of Mitsubishi UFJ Bank, Mitsubishi UFJ Financial Group, Japan. Reuters·Yonhap News

According to the Nihon Keizai Shimbun and Kyodo News on the 18th, Mitsubishi UFJ Financial Group, a major Japanese financial company, has decided to withdraw from the NZBA. This marks the third case of a Japanese financial company leaving the NZBA, following financial holding companies Mitsui Sumitomo Financial Group and Nomura Holdings.

The NZBA is an alliance established for international cooperation in the financial sector with the goal of achieving net-zero greenhouse gas emissions by 2050. Originally, six Japanese financial companies were members, but with Mitsubishi UFJ's withdrawal, only three remain.

The trend of withdrawing from the NZBA began in the United States. Prior to the inauguration of President Donald Trump last year, major U.S. financial companies such as JPMorgan Chase and Goldman Sachs had already expressed their intentions to leave, and a similar trend has appeared in Canada.

President Trump’s negative stance on climate crisis response, along with voices among U.S. Republican lawmakers criticizing NZBA activities as a climate cartel, are reported to be contributing factors.

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