Japan’s MUFG has appointed its first chief sustainability officer for Europe, the Middle East and Africa as it looks to help clients in the region become more sustainable, the bank said on Wednesday.
Stephen Jennings, a 24-year veteran of energy and renewables financing, adds chief sustainability officer EMEA to his current role as head of energy structured finance EMEA and head of sustainable business division, EMEA, MUFG said in a statement.
The appointment comes weeks after MUFG left a UN climate alliance focused on helping banks set policies to decarbonise their activities. The Net Zero Banking Alliance has seen an exodus in recent months and is consulting on changes to its rules in a bid to retain members.
A spokesperson for MUFG said the bank’s commitment and approach towards a net-zero future remain unchanged, despite its decision to leave.
“We aim to contribute to real-economy decarbonisation by providing our clients with the advice and capital required to transition their business models whilst ensuring security and stable supply of energy,” the spokesperson said.
MUFG‘s climate policy, which includes a goal to be carbon neutral by 2050, will continue to be overseen by the bank’s head office in Tokyo under group chief strategy and sustainability officer Hideaki Takase.
Jennings will be responsible for developing and implementing MUFG EMEA’s overall sustainability strategy, including helping the bank finance and advise clients on their energy transition strategies. He will also chair the bank’s sustainability committee and coordinate with the MUFG Group.
Cathryn Kelly, currently head of the bank’s credit strategy group, will become deputy chief sustainability officer EMEA, the statement said.
MUFG Group has a goal to deliver 100 trillion yen ($668 billion) of sustainable finance by 2030.
Reuters
