(March 25): Norinchukin Bank left the banking industry’s largest climate alliance, walking away from a group that’s already been abandoned by US and Canadian heavyweight lenders.

The Japanese agricultural bank has withdrawn from the Net-Zero Banking Alliance (NZBA), a spokesperson said on Tuesday, confirming an earlier report by the Nikkei newspaper. Norinchukin remains committed to net-zero efforts to address climate change issues, the spokesperson added.

The move follows actions taken by Tokyo-based peers Mitsubishi UFJ Financial Group Inc, Nomura Holdings Inc and Sumitomo Mitsui Financial Group Inc to leave the climate group. 

The exits in Japan emerged after a wave of NZBA defections since December by the largest banks in the US and Canada, including JPMorgan Chase & Co, Bank of America Corp and Royal Bank of Canada.

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