Norinchukin becomes latest big Japan bank to quit climate group

[TOKYO] Norinchukin Bank left the banking industry’s largest climate alliance, walking away from a group that’s already been abandoned by US and Canadian heavyweight lenders.

The Japanese agricultural bank has withdrawn from the Net-Zero Banking Alliance (NZBA), a spokesperson said on Tuesday (Mar 25), confirming an earlier report by the Nikkei newspaper. Norinchukin remains committed to net-zero efforts to address climate change issues, the spokesperson added.

The move follows actions taken by Tokyo-based peers Mitsubishi UFJ Financial Group, Nomura Holdings and Sumitomo Mitsui Financial Group to leave the climate group.

The exits in Japan emerged after a wave of NZBA defections since December by the largest banks in the US and Canada, including JPMorgan Chase, Bank of America and Royal Bank of Canada. BLOOMBERG