Tokyo-based banking group Mitsubishi UFJ Financial Group (MUFG) revealed a strong dedication to sustainability. The company declared an almost threefold boost in its 2030 sustainable finance aim, as well as the creation of a new Sustainability Risk Office and a set of policy changes.
Tripling Down on Sustainable Finance
MUFG’s previous objective was to reach a total of 35 trillion yen by 2030. They have now almost tripled this goal to a remarkable 100 trillion yen (USD$660 billion). This bold adjustment reflects what MUFG calls “steady progress and increasing demand for funds.” Their recently published Climate Report highlights this progress and mentions that the bank is already close to its previous target with 28 trillion yen achieved by the end of 2023.
New Sustainability Risk Office Established
The newly established Sustainability Risk Office will directly report to the Group’s Chief Risk Officer. This “second line-of-defense organization” underlines MUFG’s commitment to managing sustainability risks, such as climate change, across the entire group.
Broader Sustainability Focus
MUFG isn’t just stopping there. They have announced a series of revisions and framework updates to further strengthen their sustainability focus. Here are some key highlights:
- Environmental Policy: The statement now emphasizes the need to address climate change, natural capital, circular economy, and human rights in an integrated manner.
- Human Rights Policy: The revised policy acknowledges the potential impact of climate change, loss of natural capital, and AI on human rights. Additionally, a new human rights due diligence policy has been established.
- Human Capital Management: Updated policies ensure strong human capital management practices.
Fulfilling a Purpose
MUFG acknowledges the rapidly changing global landscape and their unique position to make a positive impact. They believe their extensive network and diverse solutions can “facilitate connections” and maximize their ability to contribute to a brighter future. In their own words:
“By seizing this opportunity to achieve further growth and realizing our Purpose of being ‘committed to empowering a brighter future’, we will strive to meet expectations of our stakeholders.“
