MUFG exits Net-Zero Banking Alliance with Japanese rivals

Mitsubishi UFJ Financial Group (MUFG) has left the Net-Zero Banking Alliance (NZBA). This makes MUFG the latest Japanese bank to exit the climate group. Other banks, such as Nomura Holdings and Sumitomo Mitsui Financial Group, have also withdrawn. A spokesperson for MUFG confirmed the departure on Wednesday. The bank stated it will continue to focus on fighting climate change. The exits come after major U.S. and Canadian banks, including JPMorgan Chase and Bank of America, also left the NZBA since December. These departures raise concerns about the future of climate commitments in the banking sector.