MUFG today announces the appointment of Stephen Jennings as Chief Sustainability Officer for EMEA. This appointment cements MUFG EMEA's commitment to accelerating sustainability strategies in the region, including contributing to MUFG Group's sustainable finance goal of 100 trillion yen by 2030.
Stephen, who will also retain his current role as Head of Energy Structured Finance, EMEA and Head of Sustainable Business Division, EMEA, brings over 24 years of experience working in energy and renewables financing. His client-focused mandate positions him well to lead this new function with a focus on how MUFG can support clients with their energy transition in EMEA.
Additionally, Cathryn Kelly, Head of Credit Strategy Group, will become Deputy Chief Sustainability Officer for EMEA, as well as retaining her current role. Cathryn's risk background, specifically in the field of developing sustainability frameworks, underlines the importance that MUFG ascribes to optimising governance and controls for all parts of MUFG's sustainability output.
The function will be responsible developing and enhancing MUFG EMEA's overall sustainability strategy as well as chairing the Sustainability Committee and leading deployment of the strategy across EMEA countries and coordination with MUFG Group.
Stephen will report to EMEA Deputy Regional Executive and Head of Global Corporate and Investment Banking for EMEA Phil Roberts, as well as a dotted reporting line into MUFG Group Chief Strategy Officer, Hideaki Takase, and EMEA Regional CEO Hide Yamamura.
Hideaki Takase, Group Chief Strategy and Sustainability Officer, MUFG, said:
"Sustainability remains a core component of MUFG's business plan and we continue to work to strengthen our initiatives in this area and drive social and environmental progress. The appointment of a Chief Sustainability Officer for EMEA further demonstrates our global commitment."
Hidefumi Yamamura, Regional CEO for EMEA, MUFG, said:
"In line with MUFG's Purpose, we are committed to 'empowering a brighter future' in maintaining our momentum behind sustainability, supporting employees, clients and communities to navigate the challenges of the energy transition.
"Appointing Stephen and Cathryn shows our commitment to accelerating our progress in sustainability, not only within our own operations but also by continuing to work constructively with our many stakeholders to promote sustainability in the EMEA region."
Stephen Jennings, Chief Sustainability Officer for EMEA, MUFG, said:
"I am proud to have been appointed as Chief Sustainability Officer for EMEA and I am excited to lead the charge with our sustainability strategy for the region. It is more important than ever to have sustainability as a core business pillar and to continue to work with our stakeholders to anticipate and manage future risk."
MUFG EMEA works extensively to finance the energy transition by helping clients achieve their net-zero goals. The EMEA franchise is a major contributor to MUFG Group's sustainable finance goals. Highlights include:
- Since 2020, MUFG EMEA have financed over 2,750 zero or low emission busses, which is almost twice the amount of electric buses in London's bus fleet[1]
- Since 2023, MUFG EMEA have financed over 11,000 EV Charging Points*, which is 2.3 times the amount of charging stations currently in Berlin (*in construction)[2]
- MUFG EMEA currently have exposure to solar financings that are powering over 3.6 million* homes throughout Europe and the Middle East, equivalent to 1.3x the number of homes in Scotland (*Based on low-medium household energy usage in the UK)[3]
- In the 2024 financial year, MUFG EMEA led 12 deals as ESG Structuring bank in the EMEA Region[4]
- In the same timeframe, MUFG EMEA has supported with and participated in 31 Green, Social, Sustainability and Sustainability-Linked bonds (GSSS bond transaction) and over 40 Green, Sustainability and Sustainability-Linked loans (SLLs) for our clients[5]
In the EMEA region, MUFG supports clients with bespoke financing solutions to aid in their energy transition including those that contribute to energy stability and security within more carbon intensive sectors.
At an MUFG Group level, MUFG aims to become carbon neutral by 2050. MUFG is pursuing various initiatives based on three commitments: helping achieve the 1.5°C target by realising carbon neutrality by 2050, supporting a smooth transition to a decarbonized society, and creating a sustainable society by fostering a virtuous cycle between the environment and the economy.
Additionally, MUFG raised its social and sustainable finance targets for 2030 from 35 trillion yen to 100 trillion yen in August 2024.
MUFG will continue to support clients' transition efforts and anticipate their transition needs through its role as a financial intermediary. MUFG aims to contribute to its sustainable business growth and enhance its corporate value in financing, as part of the Group's target of helping to build a sustainable environment and society through the provision of financial services.
Read more about MUFG's commitment to sustainability here: MUFG; Sustainability | Mitsubishi UFJ Financial Group
Please find MUFG's sustainability disclaimers here: Sustainability disclaimers | MUFG EMEA
[1] Source for impact calculation: Bus fleet data & audits - Transport for London (tfl.gov.uk) - The fleet total includes 1,397 electric busses of a total fleet size of 8,776
[2] Source for impact calculation: Find charging stations in Berlin | EVBox - Berlin currently has 2,475 publicly-accessible charging stations
[3] Source for impact calculation: Housing Statistics for Scotland, 2022-23 - gov.scot (www.gov.scot)- Scotland has 2.7mm households in 2022. Ofgem Average gas & electricity usage Average gas and electricity usage | Ofgem - Using 2.0MWh annually citing a “low-medium energy usage"
[4] MUFG own data
[5] MUFG own data