MUFG Bank, Ltd.
Tokio Marine & Nichido Fire Insurance Co., Ltd.
Codo Advisory, Inc.

MUFG Bank, Tokio Marine and Codo to Support Low-carbon
Transition of Japanese Firms
Tokyo, November 15, 2022 --- MUFG Bank, Tokio Marine, Japan’s oldest insurance
firm, and Codo Advisory, a new science-based climate consultancy, establish abusiness alliance for the green transition. Together, the three companies will supply
advisory services to support the low-carbon transition strategies of Japanese firms.
As highlighted at COP27, firms around the world are expected to accelerate theirtransition to a low-carbon economy. In addition to improving their disclosure practices,
it is now becoming crucial for companies to design and implement action plans that willtransform their virtual targets into reality.
MUFG Bank and Tokio Marine first signed a partnership in spring of this year, joining
forces to provide financing, insurance and other services for the decarbonization ofJapanese companies. To further strengthen their partnership, the two firms are now
teaming up with Codo, an independent climate consultancy.
Codo is bringing to Japan the ACT methodology, a comprehensive and science-basedframework designed to assess and improve the quality of corporate low-carbon
transition plans. Developed by CDP, the leading global non-profit for climate disclosure,and French environmental agency ADEME, ACT is aligned with international standards
such as SBTi and IEA sectoral pathways. The ACT framework is already used by
global organizations such as the World Benchmarking Alliance, which evaluatescompanies’ contributions to global sustainability.
MUFG Bank and Tokio Marine will further enhance their existing services byintroducing Codo’s ACT-based transition strategy assessment and design capabilities
into the TCFD disclosure support they already provide.
Together, MUFG Bank, Tokio Marine and Codo will provide clients with acomprehensive set of services, covering the complete low-carbon transition journey ofcompanies: understanding current situations, identifying challenges and opportunities,
formulating long-term visions, and finally incorporating these into concrete, sciencebased action plans.
The joint service is scheduled to be launched by the end of March 2023.

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About MUFG BankMUFG Bank is Japan's largest bank and one of the world's largest, with offices
throughout Japan and in 40 other countries. It builds long-term relationships with its
customers, promotes real economic growth, and contributes to orderly capital markets
that serve society. For more information, visit www.bk.mufg.jp/global

About Tokio Marine
With customer trust as the foundation of all its activities, Tokio Marine & Nichido Fire
Insurance Co., Ltd. provides the safety and security necessary to contribute to thecontinuing economic aspirations of an affluent and comfortable society. For more
information, visit www.tokiomarine-nichido.co.jp/en

About CodoUsing methods developed in Europe, such as ACT (UK/France) or the Climate Fresk(France), Codo Advisory, Inc. accompanies its clients’ low-carbon transition journey,through science-based approaches. Codo was established in 2022 and isheadquartered in Fukuoka. For more information, visit www.codo.jp/enContact
Codo Advisory, Inc. : Stéfan Le Dû, Representative Director & COO – stefan.ledu@codo.jp