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On May 17, Mitsubishi UFJ Financial Group (“MUFG”) published the “MUFG Carbon Neutrality Declaration,” and announced its plan to achieve net zero financed emissions by 2050. The announcement follows a resolution filed on MUFG in March by Kiko Network and three individual shareholders affiliated with Market Forces, Rainforest Action Network, and Japan (“co-filers”), calling on the bank to adopt and disclose a plan to align its financing and investments with the goals of the Paris Agreement. Co-filers welcomed MUFG’s decision to strengthen its policy toward the Paris goals.

However, given the absence of metrics and short to medium-term targets which are requested by the resolution, today’s announcement by MUFG does not provide sufficient assurance that MUFG’s portfolio will be aligned with the Paris Agreement. Co-filers have therefore decided to go forward with the climate resolution in order to secure a stronger commitment by MUFG.

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