Mitsubishi UFJ to ban funding for development of nuclear weapons
21 June, 2020
Mitsubishi UFJ Financial Group Inc will ban the provision of funding for the development of nuclear and other weapons of mass destruction, in line with the key Japanese financial group's recently revised suggestions.
The revisions to Mitsubishi UFJ's Environmental and Public Policy Framework will take effect July 1, so that it is the to begin Japan's three megabanks to explicitly ban financing for the production of atomic weapons.
A good Mitsubishi UFJ official attributed the revisions to "broad perceptions in the international community about the inhumane aspect of nuclear weapons."
Mitsubishi UFJ and both other megabanks -- Mizuho Financial Group Inc and Sumitomo Mitsui Financial Group Inc -- have refrained from investing in and extending loans to businesses involved in the production of nuclear weapons and delivery missiles.
But the three loan providers stopped short of especially banning financial dealings linked to the development of nuclear weapons.
In the revised guidelines, Mitsubishi UFJ states, "In light of the inhumane nature of nuclear weapons, biological and chemical weapons, and anti-personnel mines, core subsidiaries prohibit the provision of financing for the development of the weapons."
"Nuclear weapons, biological and chemical substance weapons, and anti-personnel mines, which are produced for work with in wars and conflicts and also have indiscriminate and serious results on persons including civilians, are internationally accorded wonderful humanitarian concern, along with cluster munitions," it stated.
However, the guidelines usually do not particularly ban the lending company from participating in dealings with nuclear-related corporations and businesses involved in the manufacturing of missiles capable of carrying atomic weapons.
Key Japanese bank Resona Holdings Inc has guidelines prohibiting it from buying nuclear weapons, anti-personnel mines and other fields.
A Resona official said the Osaka-based loan company drew up the written guidelines in March 2018 due to soaring international criticism of organization engagement with companies involved in the manufacturing and expansion of weapons of mass destruction.
Source: japantoday.com
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