Consideration of accreditation proposals – Addendum VIII Re-accreditation assessment of RAPL054

The GCF Accreditation Panel recommends the re-accreditation of MUFG Bank, Ltd. (MUFG) for a second term, maintaining its status for large-scale projects and high environmental and social risk (Category I-1). While MUFG was found to meet basic and specialized fiduciary standards, as well as gender and evaluation policies, a gap was identified in its institutional grievance redress mechanism (GRM). Re-accreditation is conditional upon MUFG providing evidence of an effective GRM via a link to the Japan Center for Engagement and Remedy on Business and Human Rights (JaCER) on its website. MUFG's portfolio includes three approved activities totaling USD 1,657 million, with one project currently under cancellation due to underperformance. The bank has committed to net zero emissions in its finance portfolio by 2050 and its own operations by 2030.

• The Accreditation Panel recommends MUFG for re-accreditation for a second term with a scope for 'large' individual projects (costs above USD 250 million), basic fiduciary standards, specialized fiduciary standards for on-lending and/or blending, and a maximum environmental and social risk category of high risk (Category I-1).
• Re-accreditation is subject to a condition that MUFG must provide evidence of an effective institutional-level grievance redress mechanism (GRM) by adding a URL link to the Japan Center for Engagement and Remedy on Business and Human Rights (JaCER) portal on its website, including a platform for registering environmental and social (E&S) complaints.
• As of 31 July 2023, MUFG's GCF portfolio consists of three approved funded activities with a total value of USD 1,657 million, of which GCF funding is USD 125.5 million. One project (FP128) is on track, while another (FP115) is under cancellation due to underperformance.
• MUFG has established a 'Carbon Neutrality Declaration' aiming for net zero greenhouse gas (GHG) emissions from its financed portfolio by 2050 and from its own operations by 2030.
• MUFG has set specific 2030 interim targets for carbon-intensive sectors: for the power sector, a GHG emission intensity of 156–192gCO2 eq/kWh, and for the oil and gas sector, an absolute GHG emission reduction of between 15 per cent and 28 per cent from 2019 levels.
• The bank's total carbon-related assets at the end of financial year 2021 were 60.9 trillion JPY, representing 37.8% of all sectors, with the largest share in 'Material and building' at 27.8 trillion JPY.
• MUFG's Environmental and Social Policy Framework prohibits financing new projects in the coal-fired power generation sector and targets a total reduction of coal-fired power plant investments to zero by financial year 2040.
• MUFG's sustainable finance reached a cumulative total of JPY 14.5 trillion by the end of financial year 2021, with a target of JPY 35.0 trillion by fiscal year 2030.
• The Accreditation Panel found that MUFG fully meets GCF's basic fiduciary standards, specialized fiduciary standards for on-lending and blending, and the updated GCF Gender Policy.

APA

Green Climate Fund (2023). Consideration of accreditation proposals – Addendum VIII Re-accreditation assessment of RAPL054. https://www.greenclimate.fund/sites/default/files/document/13-considersation-aps-add-viii-rapl054-gcf-b37-03-add08.pdf

Chicago

Green Climate Fund. Consideration of accreditation proposals – Addendum VIII Re-accreditation assessment of RAPL054. 2023. https://www.greenclimate.fund/sites/default/files/document/13-considersation-aps-add-viii-rapl054-gcf-b37-03-add08.pdf.

Wikipedia

{{cite report |author=Green Climate Fund |title=Consideration of accreditation proposals – Addendum VIII Re-accreditation assessment of RAPL054 |date=2 October 2023 |url=https://www.greenclimate.fund/sites/default/files/document/13-considersation-aps-add-viii-rapl054-gcf-b37-03-add08.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{greenclimatefund2023consideration, author = {{Green Climate Fund}}, title = {{Consideration of accreditation proposals – Addendum VIII Re-accreditation assessment of RAPL054}}, institution = {Green Climate Fund}, year = {2023}, month = oct, url = {https://www.greenclimate.fund/sites/default/files/document/13-considersation-aps-add-viii-rapl054-gcf-b37-03-add08.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }