MUFG names first EMEA Chief Sustainability Officer

Japanese bank MUFG has named Stephen Jennings as its first Chief Sustainability Officer for Europe, the Middle East and Africa (EMEA).

The appointment aims to cement the bank’s commitment to sustainability in Europe, including as part of its sustainable finance goal of ¥100 trillion (€620 billion) by 2030.

Jennings joined MUFG in 2008 as Head of Energy and Natural Resources, after eight years leading Barclays’ renewable project finance division. As CSO EMEA, he will report to EMEA Deputy Regional Executive and Head of Global Corporate and Investment Banking for EMEA Phil Roberts, as well as a dotted reporting line into MUFG Group Chief Strategy Officer, Hideaki Takase, and EMEA Regional CEO Hide Yamamura.

Jennings will also retain his current roles as Head of Energy Structured Finance and Head of Sustainable Business Division, MUFG said in a statement, noting that his client-focused mandate positions him well to support clients with their energy transition.

Additionally, MUFG’s Head of Credit Strategy Group Cathryn Kelly will become Deputy Chief Sustainability Officer for EMEA, as well as retaining her current role. 

New CSO function for MUFG EMEA

Hideaki Takase, Group Chief Strategy and Sustainability Officer, MUFG, said: "Sustainability remains a core component of MUFG's business plan and we continue to work to strengthen our initiatives in this area and drive social and environmental progress. The appointment of a Chief Sustainability Officer for EMEA further demonstrates our global commitment."

The function will be responsible for developing, enhancing and deploying the bank’s sustainability strategy in the region in coordination with the global group, as well as chairing the Sustainability Committee.

Hidefumi Yamamura, Regional CEO for EMEA, MUFG, added: "Appointing Stephen and Cathryn shows our commitment to accelerating our progress in sustainability, not only within our own operations but also by continuing to work constructively with our many stakeholders to promote sustainability in the EMEA region."

MUFG sustainable finance goal

The bank says its EMEA franchise is a major contributor to its overall sustainable finance goal, having financed over 2,750 zero or low-emission buses since 2020 and over 11,000 EV charging points since 2023.

In addition, MUFG EMEA currently has exposure to solar financings that are powering over 3.6 million homes throughout Europe and the Middle East, and in 2024, it supported and participated in 31 Green, Social, Sustainability and Sustainability-Linked bonds (GSSS bond transaction) and over 40 Green, Sustainability and Sustainability-Linked loans (SLLs) for clients.

At the group level, MUFG aims to become ‘carbon-neutral’ by 2050, and recently raised its social and sustainable finance targets for 2030 from ¥35 trillion to ¥100 trillion.