How far have we come in our commitment to carbon neutrality?

MUFG has long been committed to contributing to the resolution of environmental and social issues. In 2021, we defined this mission further by making our corporate purpose “committed to empower a brighter future". With this, we have worked to implement a business plan focused on 10 priority environmental and social issues.

In particular, great attention has been paid to climate change measures and environmental protection. In 2022, we published the first MUFG Progress Report to highlight our initiatives and illustrate our evolution as we work towards carbon neutrality.

In recent years, the journey towards decarbonisation has not been straightforward, with the global energy crisis intensifying, deep discussions about clean energy strategy and varying implementation of transformation across regions and industries. However, these circumstances have not slowed MUFG, and, as we did in 2022, we have summarised our progress in our 2023 MUFG Progress Report.

Our efforts remain focused on working together to achieve a sustainable environment and society with highlights from the 2023 report including:

1. The emission intensity of the power sector decreased by around 9% from 2019 base year, due to the progress in decarbonisation of our customers
2. The oil & gas sector's absolute GHG emissions decreased by roughly 9% from the 2019in the base year. This is due to progress made in repayment of loans upon due date
3. MUFG completely shifted to 100% renewable energy for electricity procured by all domestic consolidated subsidiaries
4. MUFG joined NZBA in June 2021 after announcing the Carbon Neutrality Declaration. NZBA members share a common goal: net zero financed portfolios by 2050
5. We are committed to helping achieve the goals of the Paris Agreement by achieving carbon neutrality by 2050, and at the same time, supporting a smooth transition to a decarbonized society through our financial services, and proactively contributing to creating a sustainable society by fostering a virtuous cycle between the environment and the economy
6. Our aspiration is to further contribute to innovation as the world advances more towards decarbonization by developing research on new technologies for implementation

Download the report: 2023 MUFG Progress Report