Supporting Companies to “Decarbonize” Megabanks, to establish public-private funds

Toward the realization of a decarbonized society, the three megabanks and government affiliated financial institutions in Japan will establish a public-private fund this fall to support companies working to spread renewable energy.

A new public-private fund called the “decarbonization Support Organization” will be established by three megabanks, MUFG Bank, Sumitomo Mitsui Banking Corporation, and the Development Bank of Japan, a government-affiliated financial institution.

This public-private fund was established based on the law concerning the promotion of measures to cope with global warming, which was revised in May this year.

Our policy is to invest and finance the use of renewable energy such as solar and wind power, forest conservation activities, and the spread of new technologies that capture and trap carbon dioxide in the ground and reuse it.

Megabanks and others will apply for approval from the Ministry of the Environment with aim of establishing in October this year.

According to an estimate by the Development Bank of Japan, domestic companies are expected to need 260 trillion yen in funds for research and development and capital investment toward the realization of a decarbonized society in 2050. 

Source: https://www3.nhk.or.jp/news/html/20220819/k10013778001000.html