Japan’s MUFG has appointed its first Chief Sustainability Officer for Europe, the Middle East, and Africa (EMEA), signalling a renewed focus on supporting clients in the region with their sustainability goals.
Stephen Jennings, a seasoned expert in energy and renewables financing with 24 years of experience, will assume the new role in addition to his current positions as Head of Energy Structured Finance EMEA and Head of the Sustainable Business Division EMEA. Jennings will lead the development and execution of MUFG’s sustainability strategy across the region, advise clients on energy transition pathways, and chair the bank’s regional sustainability committee.
The appointment comes shortly after MUFG’s decision to withdraw from the United Nations-backed Net Zero Banking Alliance (NZBA), which has faced a wave of member departures and is currently reviewing its policies in an effort to retain participants. Despite the move, MUFG maintains that its long-term climate ambitions remain intact.
“Our commitment to a net-zero future is unchanged,” a MUFG spokesperson said. “We aim to contribute to real-economy decarbonisation by providing our clients with the advice and capital required to transition their business models, while ensuring energy security and stability.”
The bank’s overarching climate policy, which includes a commitment to reach carbon neutrality by 2050, continues to be led from its Tokyo headquarters under Group Chief Strategy and Sustainability Officer, Hideaki Takase.
In support of Jennings, Cathryn Kelly, currently Head of the Credit Strategy Group, has been appointed Deputy Chief Sustainability Officer EMEA, the bank confirmed.
The new leadership appointments are expected to bolster MUFG’s efforts to integrate sustainability into its core operations and client services amid growing scrutiny of financial institutions’ climate commitments.
