Japan’s megabanks need to accelerate net zero action, says thinktank

Despite being members of the Net-Zero Banking Alliance, Mizuho, MUFG and SMBC have made no commitments to exit the fossil fuel sector.

Thinktank and NGO Reclaim Finance says that while Japanese megabanks Mizuho, Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corporation are making step-by-step progress on fossil fuels, they are “nowhere close to meeting” their net zero commitments.