MUFG’s publication of comprehensive environmental and social safeguards for its loans and underwriting is a first among Japan’s megabanks, which consist of MUFG, Mizuho Financial Group and Sumitomo Mitsui Financial Group. We are paying close attention to the announcement by MUFG, and believe the clarification of policies on environmental and social considerations indicates progress in addressing the serious climate, deforestation and human rights impacts of MUFG’s financing activities. The policy is an important step in the right direction, but must be further strengthened in order to align with critical international priorities including the Paris Agreement and the Sustainable Development Goals (SDGs).