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MUFG names its first sustainability director for EMEA

MUFG names its first sustainability director for EMEA

The bank announced on Wednesday that MUFG, a Japanese bank, has appointed its first Chief Sustainability Officer for Europe, Middle East and Africa to help its clients become more sustainable.

Stephen Jennings is a veteran energy and renewables financier with 24 years of experience. He will now be the chief sustainability officer for EMEA in addition to his existing roles as head of EMEA energy structured finance and head of EMEA sustainable business division.

The appointment comes just weeks after MUFG resigned from a UN Climate Alliance that helped banks develop policies to reduce their carbon footprint. In recent months, the Net Zero Banking Alliance saw a mass exodus and is now consulting on rules to try to retain its members.

A spokesperson from MUFG stated that the bank's commitment to a future of net zero remains unchanged despite its decision.

The spokesperson stated that "we aim to contribute towards real-economy carbonisation by providing advice and capital to our clients to help them transition their business models while ensuring the security and stability of the energy supply."

Hideaki Takase, group chief strategy officer and sustainability officer, will continue to oversee MUFG’s climate policy. This includes a goal of being carbon neutral by 2050.

Jennings is responsible for the development and implementation of MUFG EMEA’s sustainability strategy. He will also help finance clients and provide advice on their energy-transition strategies. He will chair the bank's Sustainability Committee and coordinate with MUFG.

The statement stated that Cathryn Kelly will be appointed deputy chief sustainability officer EMEA. She is currently the head of the credit strategy group at the bank.

MUFG Group aims to provide 100 trillion yen (668 billion dollars) in sustainable finance by 2030. ($1 = 149.6200yen) (Reporting and editing by Virginia Furness, Leslie Adler, Joe Bavier).

(source: Reuters)