Full service U.S. bank, MUFG Union Bank, part of the Mitsubishi UFJ Financial Group, announced today the launch of Green Deposits, enabling commercial and corporate clients to direct their bank deposits towards investments in ESG projects.
Ranjana Clark, Head of Global & Americas Transaction Banking and Bay Area President, said:
“Our new Green Deposits offering aligns with our clients’ commitment to the environment by embracing social responsibility and sustainable investing. MUFG is focused on developing innovative products and services that support our clients’ objectives and that leverage our business strengths, such as Project Finance and Liquidity Management.”
According to MUFG, the bank developed a Green Deposit Framework with ESG research, ratings and data provider Sustainalytics, outlining qualifying green investment activities, and ensuring alignment with industry best practices and standards. MUFG stated that deposited funds from the new program will be used to finance ESG projects such as energy efficiency, renewable energy, green transport, sustainable food, agriculture & forestry, waste management, and greenhouse gas reduction, among others.
Managing Director Olu Adebiyi, Liquidity Product Head, Transaction Banking Americas, said:
“Liquidity vehicles such as this Green Deposit product meet many clients’ needs who want to ensure their surplus cash deposits are being used for the greater good. We are proud to be at the forefront of our clients’ focus on environmentally beneficial initiatives by adding a bank deposit option to accompany the growing number of non-bank ESG investment vehicles in the market.”
Dr. Tobi Petrocelli, Director Environmental and Sustainability Management, Corporate Social Responsibility for the Americas, added:
“As an organization, MUFG is focused on what we can do to drive the transition toward a more sustainable environment in the communities we serve. Environmental Stewardship is one of our core values, and it is important that we pursue ways to reduce our collective environmental footprint.”