Mitsubishi UFJ Financial Group

HQ: JP

NZBA member since 2021

Fossil-fuel financing committed in 2024

$38.1B

NZBA pledge vs reality

Pledge signedPledged
2021
Fossil financing change since pledge (2021 → 2024)Change
−12.8%
Fossil-fuel share of energy financing (2024)Ratio today
7%

Founding NZBA member April 2021. Fossil financing fell modestly from $43.7B at pledge signing to $38.1B in 2024 (-12.8% over the pledge period), making MUFG one of the few top-10 banks where the absolute book contracted. But cumulative 2021-2024 still totals $155.3B and 2024 alone rose +$3.8B over 2023. Active NZBA member.

View loan breakdown (5 items)

Loan breakdown

  • Oil and gas company financing (2024)

    Oil & gas
    $22.9B
    Medium — ~60% of $38.1B per BOCC 2024 MUFG sub-sector mix.

  • LNG terminal and methane infrastructure (2024)

    LNG
    $9.5B
    Medium — ~25% of 2024 book; MUFG is consistently in the top 5 LNG arrangers per BOCC 2024.

  • Pipelines and midstream (2024)

    Pipeline
    $3.4B
    Medium

  • Coal mining and coal power (2024)

    Coal
    $0.9B
    Medium — Reflects MUFG coal restriction policy plus residual lending to diversified groups.

  • Other unconventional fossil financing (2024)

    Other
    $1.4B
    Medium

Bleeding

Foolishness score7

Show derivation
  1. Active NZBA member while ranking #6 globally for fossil financingValue: 0.85Weight: 0.3[3]
  2. Cumulative 2021-2024 fossil financing $155.3BValue: 0.85Weight: 0.25[1]
  3. Top 5 global LNG arrangerValue: 0.85Weight: 0.25[1]
  4. Modest pledge-period decline (-12.8%) — slow trajectory vs 1.5CValue: 0.5Weight: 0.2[1]

Formula: MUFG scores high on absolute scale and LNG leadership while being one of the slow-but-not-zero pledge performers — still active in NZBA, still $38B in 2024.

Weights version: v1.0

Deep dive: revision history & methodology

Revision history

  1. 1FossilFoolish editorial

    Initial publication. Source: BOCC 2025 league table; UNEP-FI NZBA member list (still active).

Edited by: FossilFoolish editorial

Last reviewed:

Source: Banking on Climate Chaos 2025 (BOCC Coalition).

Sources

  1. Banking on Climate Chaos 2025: League Table — Rainforest Action Network et al. (accessed 03 May 2026)
  2. Banking on Climate Chaos 2025: Methodology Overview (p.56-57) — Rainforest Action Network et al. (accessed 03 May 2026)
  3. Net-Zero Banking Alliance: Member List — UN Environment Programme Finance Initiative (accessed 03 May 2026)
  4. MUFG Climate Report 2024 — Mitsubishi UFJ Financial Group (accessed 03 May 2026)
  5. MUFG Annual Reports — Mitsubishi UFJ Financial Group (accessed 05 May 2026)