Mitsubishi UFJ Financial Group, Inc. (MUFG) unveiled today a series of climate-focused sustainability commitments, including new goals to reduce emissions associated with financing activities in the energy and electrical power sectors, and to end financing of coal-fired thermal power generation by 2040.

In the electric power sector, MUFG aims to reduce emissions intensity by 45% to 55% by 2030, and by 15% to 28% in the oil and gas sectors. According to MUFG, these targets align with IEA scenarios to limit warming from well below the 2˚C to 1.5˚C.

The new goals were included in MUFG’s publication of Progress Report on Initiatives to achieve Carbon Neutrality, which includes details on the company’s initiatives to achieve carbon neutrality and reach net zero emissions in its finance portfolio.

Other new goals unveiled by MUFG include targets to achieve net zero emissions across its global operations by 2030, and to shift to 100% renewable energy for electricity produced domestically.

Click here to view MUFG’s Progress Report.