EXCLUSIVE: Mizuho Also to Quit Int'l Decarbonization Group

Tokyo, March 31 (Jiji Press)--Japan's Mizuho Financial Group Inc. has decided to leave an international alliance of banks committed to decarbonization of their operations, informed sources told Jiji Press on Monday.
 

Mizuho notified the secretariat of the Net-Zero Banking Alliance of its withdrawal the same day, becoming the fifth of the six Japanese member banking groups to leave the framework. The remaining one is Sumitomo Mitsui Trust Group Inc.
 

"We have already set our (decarbonization) target and developed a transition plan. Now we need to focus on providing substantive support to customers," a Mizuho official said.
 

Still, the megabank group will continue working to combat climate change even after leaving the alliance.
 

The NZBA was launched in 2021 to achieve net-zero greenhouse gas emissions by 2050.
 

Amid growing criticism of restrictions on lending to the fossil fuel industry in the United States under President Donald Trump's administration, many major banks have left the alliance since last year.
 

In Japan, Sumitomo Mitsui Financial Group Inc. left the alliance March 4. It was followed by Nomura Holdings Inc., Mitsubishi UFJ Financial Group Inc. and Norinchukin Bank.
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