MUFG rethinks coal, forestry and palm oil financing
(21 May 2019 – Japan) Mitsubishi UFJ Financial Group, one of the world’s largest banks by assets, will no longer provide financing for new coal-fired power generation projects after July 1.
MUFG said the decision, which was announced in a revised environmental and social policy framework, will gradually reduce the balance of its exposure to coal power station projects.
The company could make exceptions where governments need to build plants to meet local electricity demand and will take a cautious approach to the coal-fired power generation projects the bank started considering financing before July 1.
In the revised policy, MUFG also added forestry, palm oil and coal mining to its “restricted transactions” list, saying it may ask clients to obtain globally recognized certification.
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