MUFG Union Bank launches green deposits

San Francisco-based MUFG Union Bank NA launched green deposits for commercial and corporate clients in the U.S.

The bank will use the deposited funds to finance projects such as energy efficiency; renewable energy; green transport; sustainable food, agriculture and forestry; waste management; and greenhouse gas reduction, among others.

MUFG partnered with ESG research and data firm Sustainalytics U.S. Inc. to develop the bank's green deposit framework to capture and account for qualifying green activities within the MUFG portfolio and ensure alignment with industry best practices and standards.