By promoting sustainability initiatives, we at Mizuho aim to operate in a way that considers creation of value for our 
varied stakeholders and improve corporate value through sustainable, stable growth for the entire group, thus 
contributing to the achievement of the Sustainable Development Goals (SDGs).
We are advancing sustainability initiatives group-wide as an integral part of our strategy, in line with both our key 
sustainability areas and our Basic Policy on Sustainability Initiatives, which sets forth our definition of sustainability at 
Mizuho, our fundamental approach, and our methods.
In fiscal 2020, we have strengthened our action on climate change, environmental and social risk in the value chain, 
and sustainable business, based on thorough discussions between our business execution and supervisory lines and 
with attention to both opportunity and risk. We have taken this step in light of the changes in the social context, our 
own strategy and initiatives, and our stakeholders’ evaluations and expectations.
Corporate Identity
Mizuho’s group strategy
Management that takes into 
consideration the creation of value 
for various stakeholders
Improvement of corporate value 
through sustainable and stable 
growth of the company
Basic Policy on Management
Basic Policy on Sustainability Initiatives
Contribution to environmental conservation 
and the sustainable development and 
prosperity of the economy, industry, and 
society both in Japan and around the world
Contribution to 
achieve the SDGs
5-Year Business Plan
Key sustainability areas
Corporate foundations
Business
Sustainability for 
Mizuho
Mizuho’s sustainable and steady growth, environmental conservation, and the sustainable development and 
prosperity of the economy, industry, and society both in Japan and around the world
Specific initiatives
Approaches to 
implementing 
initiatives
In regards to the economy, 
industry, society, and 
environment, Mizuho 
shall increase its positive 
impacts and decrease its 
negative impacts, both 
direct and indirect.
Mizuho, as a financial 
group, shall focus on 
indirect impacts it 
generates through its 
business and dialogue with 
clients (engagement).
In the event of differences 
of opinions among 
stakeholders, the group 
shall make a comprehensive 
decision by employing a 
long-term perspective 
towards harmony with the 
economy, industry, society, 
and environment.
51
Mizuho Financial Group
Sustainability
Our strategies for creating value

Corporate governance
The Executive Management Committee deliberates 
and reports on important matters and progress of 
initiatives in relation to sustainability.
In addition, the Risk Committee (an advisory body to 
the Board of Directors) and Board of Directors provide 
oversight. Active discussions take place with outside 
directors and committee members who have 
experience and expertise in sustainability.
Deliberations related to oversight 
(Comments from outside directors / committee members)
• Mizuho’s strengthening of its sustainability initiatives is 
heading in a positive direction. 
Mizuho must find a balance with trends inside and outside 
Japan.
• Mizuho must go beyond simply stating its group initiatives 
and demonstrate progress on its initiatives in a visible way.
• It is important that Mizuho’s executive officers and 
employees gain a thorough understanding of the status of 
initiatives.
Resolutions and reports at the Board of Directors (FY2020)
Resolutions
Revision of Environmental Policy
Key sustainability areas / sustainability 
target reporting
Reports
Status of sustainability initiatives
Status of response to TCFD 
Recommendations
Review of management system for 
responsible financing, investment, and 
other services
Set key sustainability areas
Provide the necessary instructions and support for the promotion of 
sustainability initiatives appropriate for each company
Our holding company, Mizuho Financial Group, promotes 
integrated sustainability initiatives throughout the group.
52
Integrated Report 2021
Sustainability
Mizuho Bank
Mizuho Trust & Banking
Other group companies
Mizuho Securities
Mizuho Research & Technologies
Board of Directors
President & 
Group CEO
Oversees 
sustainability 
initiatives
Chief Strategy 
Officer 
(Group CSO)
Department in charge: Strategic Planning Department
Relevant departments
Risk Committee
Executive 
Management 
Committee
Mizuho Financial Group received the highest award, the Minister of the Environment’s 
Gold Award, in the Indirect Finance (General) Category of the Japan Ministry of the 
Environment’s 2nd ESG Finance Awards Japan. In addition, Mizuho Securities 
received the Bronze Award in the Financial Services (Securities) Category.
Mizuho Financial Group
Group companies
Oversight
Execution
 Sustainability promotion structure
ESG indices 
selected by the 
GPIF
General index
Themed indices
 Awards
 ESG indices which include Mizuho (as of June 2021)
In charge of items relating to the 
planning and administration of 
sustainability initiatives 
Message from the 
Group CEO
About Mizuho
Message from the 
Group CFO
Our strategies for 
creating value
Foundations for our 
corporate value
Data section
Appendix

Overview of our Environmental and Social Management Policy for Financing and Investment Activity
When determining whether to engage in transactions, we account for the degree to which the client has taken steps to avoid or 
mitigate risk and other due diligence as appropriate, based on the characteristics of the services we are providing.
Regardless of 
sector
Prohibited
 Projects with an adverse impact on wetlands designated as Wetlands of International Importance under 
the Ramsar Convention
 Projects violating the Convention on International Trade in Endangered Species of Wild Fauna and Flora 
(Washington Convention)
 Projects with an adverse impact on UNESCO World Heritage sites
 Projects involving child labor or forced labor
Additional due 
diligence
 Projects with adverse impacts on indigenous peoples’ local communities
 Projects involving land expropriation that causes forced relocation of residents
Specific industrial 
sectors
Weapons
Transition risk sectors
Large-scale 
hydropower
Large-scale 
agriculture
Palm oil 
Lumber and 
pulp
Coal-fired power 
generation
Coal mining
Oil and gas
Target to reduce the outstanding credit balance for coal-fired power generation facilities based on our Environmental and  
Social Management Policy for Financing and Investment Activity
Reduce the FY2019 amount by 50% by FY2030, and achieve  
an outstanding credit balance of zero by FY2040
 Implementation of Environmental and Social Management Policy for Financing and Investment Activity
Regular 
engagement
• We undertake engagement (constructive dialogue) with our 
clients in transition risk sectors and specific industrial sectors 
once or more per year.
Governance
• With consideration to changes in the external environment 
and the results of implementation, our business execution and 
supervisory lines* conduct regular reviews, revise our policies, 
and enhance implementation.
Education and 
training
• We conduct training to enhance executive officers’ and 
employees’ understanding of appropriate risk management.
Stakeholder 
communication
• We place a strong emphasis on engagement with diverse 
stakeholders.
* Business execution: Executive Management Committee, Risk Management Committee. Supervisory: Board of Directors, Risk Committee.
 Responsible financing and investment
At Mizuho, in light of the expectations and perspectives of our stakeholders and for the purpose of avoiding and 
reducing negative environmental and social impacts from financing and investment, we previously established an 
Environmental and Social Management Policy for Financing and Investment Activity. In March 2021, we revised the 
policy and strengthened our initiatives to further address climate change, biodiversity, and human rights.
 An overview of responsible financing and investment
Approx. 900 clients
• Confirmed status of measures to 
address environmental and social risks
• Held dialogue on addressing climate 
change risks with clients in transition 
risk sectors
FY2020 engagement
Revised
Provide financing or support for raising capital
Mizuho Financial Group (holding company)
Mizuho Bank, Mizuho Trust & Banking, Mizuho 
Securities, and Mizuho Americas
 Implement Environmental and Social Management 
Policy for Financing and Investment Activity
Investment (asset management)
Mizuho Trust & Banking
 Establish and implement policies on responsible 
investment in our asset management business
 Establish and implement policies on Japan’s 
Stewardship Code
Asset Management One
 Establish and implement policies on ESG investment
 Establish and implement policies on Japan’s 
Stewardship Code
 Established Environmental and Social Management 
Policy for Financing and Investment Activity
Financing large-scale development projects
Mizuho Bank
   Adoption and application of the Equator Principles*
*A financial industry benchmark for determining, assessing, and managing environmental and 
social risk related to financing of large-scale development projects.
53
Mizuho Financial Group
Our strategies for creating value
Sustainability: Strengthening our response to environmental and 
social risk in the value chain

An overview of our Policies on Specific Industrial Sectors
Targeted sectors
Policies
Weapons
• We avoid providing financing or investment which will be used for the manufacture of weapons designed to kill or 
inflict structural damage during wars or armed conflicts.
• We avoid providing financing or investment to any manufacturer of cluster munitions, antipersonnel landmines, or 
biochemical weapons.
Coal-fired power 
generation
• We do not provide financing or investment which will be used for new construction of coal-fired power plants.
1
• However, when a proposed coal-fired power plant is essential to the relevant country’s stable energy supply and will 
contribute to reduction of greenhouse gas emissions by replacing an existing power plant, we may provide financing 
or investment for the project, based on careful consideration.
• We will continue to support development of innovative, clean, and efficient next-generation technology that will 
contribute to the energy transition, as well as other initiatives for the transition to a low-carbon society.
Thermal coal 
mining
• Our decisions involve a thorough examination of the impacts on the environment, industrial safety and health, and 
other areas.
• We do not provide financing or investment which will be used for new thermal coal mining projects.
• When an existing thermal coal mining project contributes to the stable energy supply of a country which has 
announced policies aligned with the Paris Agreement, we may provide financing or investment for the project, based 
on careful consideration, only in these cases.
Oil and gas
• Our decisions involve a thorough examination of the impacts on the environment and of the potential for conflicts 
with indigenous peoples or local communities.
• When providing financing or investment for oil or gas extraction projects in the Arctic Circle or oil sands, shale oil, or 
shale gas projects, we conduct appropriate assessments of environmental and social risks.
Large-scale hydropower 
New
• Our decisions involve a thorough examination of the impacts on the environment and of the potential for conflicts 
with indigenous peoples or local communities.
• We recommend the client perform an environmental and social impact assessment based on the Hydropower 
Sustainability Assessment Protocol.
Large-scale agriculture 
New
• Our decisions involve a thorough examination of the client’s measures to address environmental and social issues.
•	We urge our clients to formulate No Deforestation, No Peat, and No Exploitation (NDPE) policies2, and to respect 
	 Free, Prior, and Informed Consent (FPIC) in relation to local communities.
Palm oil
Lumber and pulp
• Our business decisions involve a thorough examination of whether the client/project has received international 
certifications and whether there are any potential conflicts involving indigenous peoples or local communities.
• For the palm oil sector, we require that all plantations be certified by the Roundtable on Sustainable Palm Oil (RSPO). 
When the client does not have any plans to be certified by the RSPO, we ask that they take measures equivalent to 
those required for the certification and periodically report the status of said measures.
• We urge our clients to formulate NDPE policies
2, and to respect FPIC in relation to local communities.
1. This revision removes the “This excludes business to which Mizuho is already committed” qualifier. “New construction of coal-fired power 
plants” includes expansion of existing facilities.
2. “NDPE policies”: Sustainable environmental and human rights policy such as for NDPE.
 An overview of our Policies on Transition Risk Sectors
Target clients
Companies whose primary businesses are in coal-fired power generation, oil-fired power generation, gas-fired power generation, 
coal mining, and/or other oil and gas operations
Policies
• We undertake engagement to ensure clients make progress on addressing transition risks.
• If a client does not make progress on addressing their transition risks even after a certain period of time, we carefully consider our 
transactions with the client.
• In these policies, we also take into account the role of the client in national energy policies aligned with the Paris Agreement.
 Responsible procurement
 Newly established Procurement Policy
We are enhancing our responsible procurement by clarifying our basic approach to procurement and our 
requirements for suppliers from the perspectives of consideration for the environment, respect for human rights, 
and compliance and information management.
 For our primary suppliers
By providing this policy to our primary suppliers and urging them to pursue ESG initiatives in their business 
operations, we are working together with our suppliers to contribute to the development of a sustainable society.
New
Underlines indicate revisions made in March 2021
54
Integrated Report 2021
Sustainability
Message from the 
Group CEO
About Mizuho
Message from the 
Group CFO
Our strategies for 
creating value
Foundations for our 
corporate value
Data section
Appendix

Supporting our clients’ sustainability initiatives as a unified group
Facilitating sustainable business tailored to the particular characteristics and needs of our client segments
Developing and providing sustainability solutions group-wide to meet clients’ needs
 Mizuho’s sustainable business network
Retail
Responding to customers’ varied 
needs as a partner helping them 
design their lives
• Support for asset formation in 
preparation for the future
• Expand services that respond to a 
society with a declining birthrate 
and aging population
• Convenient services in line with 
diversifying lifestyles
Middle-market firms and SMEs
Advising our clients on sustainability 
initiatives as a strategic partner for 
business structure transformation and 
growth strategy
• Support for achieving the SDGs
• Support for business succession
• Support for innovative startup 
companies
• Support for advancement of 
environmental initiatives at suppliers 
of international companies
• Support for adoption of renewable 
energy with strong ties to the local 
community
Large corporations
Working with our clients to change 
the industrial structure, beginning 
with decarbonization, as a strategic 
partner supporting our clients’ global 
business development
• Support for sustainability strategy 
and long-term business planning 
through C-suite level engagement 
and other methods
• Finance solutions for implementing 
sustainability strategies, including 
decarbonization
• Solutions for clients’ global needs, 
matched to the unique features of 
each region
Financial
Non-financial
 Sustainability-centered business promotion
The trend toward sustainability is an irreversible structural change, and sustainability initiatives are a critical 
business challenge for our clients as well. We engage in proactive, constructive dialogue with our clients to develop 
a deep understanding of their individual concerns and needs and support their efforts to develop and implement 
sustainability strategies, especially in regard to climate change countermeasures and the transition to a low-carbon 
society.
At Mizuho, we are strengthening our structure for promotion to further enhance our initiatives, while also developing 
and providing both financial and non-financial solutions to meet our clients’ diversifying needs.
By supporting our clients’ continual growth, we are increasing medium- to long-term business opportunities and 
improving corporate value.
ESG Champions
At offices outside Japan as well, 
employees responsible for promoting 
sustainable business are developing a 
global information network and sharing 
knowledge and insights.
Sustainable Business 
Strategy Meeting
Working-level staff members involved 
in the group’s sustainable business 
participate, sharing information related 
to changes in the business environment 
and the status of group initiatives 
and holding discussions toward 
strengthening our business.
55
Mizuho Financial Group
Our strategies for creating value
Sustainability: Strengthening support for sustainable business

Enhancing support for clients’ transitions toward a low-carbon society
The global issue of climate change demands an urgent response both from government and from individual 
corporations. Mizuho is supporting the transitions of companies which promote decarbonization toward achieving a 
low-carbon society.
 Supporting improvement in corporate value through both financial and non-financial solutions leveraging our 
combined strengths in industry insight and SDG/ESG consulting
We are supporting our clients’ development and implementation of sustainability strategies by applying our in-depth 
insight into industry, the economy, and society and our high-level expertise in sustainability.
Support for clients’ medium- to long-term sustainability strategies
Example   Arranged first transition loan in Japan
In March 2021, Mizuho extended a transition loan to Kawasaki Kisen for funds to build a 
next-generation environmentally friendly car carrier ship fueled by liquefied natural gas. This 
transition loan is the first loan in Japan to follow the Climate Transition Finance Handbook 
(International Capital Market Association) and the Green Loan Principles (Loan Market 
Association).
Example  Support for sustainability-centered business portfolio review
• Formulate strategy by adding sustainability as a new 
decision-making criterion
• Support clients closely across upstream discussions, 
downstream consulting, and financial business
Conventional decision-making criteria
Core business
Non-core business
Sustainability
Contributing 
Enhance / 
maintain 
Focus
(Convert to core 
business)
Non-
contributing
Business 
transformation
(Convert to 
contributing)
Streamline / sale
 The reason for proposing a transition loan
Transition loans are a type of financial product which 
aims to support the initiatives of companies working to 
reduce greenhouse gas emissions in line with long-term 
strategies and toward achieving a low-carbon society.
Kawasaki Kisen has set rigorous decarbonization targets 
which go beyond those of the International Maritime 
Organization (IMO), and the company is taking bold action 
to achieve these targets through innovation.
When looking for ways Mizuho could offer financial 
support for these cutting-edge and ambitious 
environmental initiatives as Kawasaki Kisen’s primary 
banking institution, we explored the possibility of a 
transition loan and decided on making it our  
proposal.
 The reason for selecting the transition loan
As a marine transportation company, we have incorporated conservation 
of marine resources and other forms of sustainability into our business 
management from an ESG perspective, and we are pursuing them proactively.
When we received Mizuho’s proposal for a transition loan, we saw it as an 
opportunity to gain broader trust and recognition from our stakeholders for our 
commitment to addressing climate change and environmental conservation, 
and we settled on adopting it.
 The value of engagement with financial institutions
Financial institutions are valuable business partners in raising the necessary 
funds to further elevate our sustainability management.
In aiming to transition to a low-carbon society, we believe sharing our 
company’s intended direction and gaining trust and support will  
advance our sustainability strategy and improve our medium- to  
long-term corporate value.
Comment from the arranger
Comment from Kawasaki Kisen
(Photo: Kawasaki Kisen)
An extensive track 
record and high-
level expertise for 
policy support and 
private consulting 
on the environment, 
society, and digital 
technologies
Supporting 
improvement in 
corporate value 
through business 
strategy proposals 
based on industry 
insights
Supporting  
clients’  
development and 
implementation 
of sustainability 
strategies with 
advanced expertise
Mizuho Bank
Mizuho Trust & Banking
Corporate Strategy 
Advisory Department
Mizuho Bank 
Industry  
Research 
Department
Mizuho Research 
& Technologies
56
Integrated Report 2021
Sustainability
Message from the 
Group CEO
About Mizuho
Message from the 
Group CFO
Our strategies for 
creating value
Foundations for our 
corporate value
Data section
Appendix

FY2020  Approx. 440 consultations*
* Figures: New consultations by Mizuho Research & Technologies 
in fiscal 2020.
We are supporting clients in resolving SDG- and 
ESG-related challenges, with a focus on 
environmental and social aspects.
Scope of climate change-related consulting 
(outline)
Responding to the declining birthrate and aging population
ESG investment products
SDG/ESG consulting
We are meeting our customers’ needs as a partner 
helping them design their lives in an age of 
longevity.
Major products
 Personalized trusts tailored to the needs of older customers
 Trusts providing support for customers in the event they 
develop dementia, fostering a society in which people affected 
by dementia can maintain their lifestyles
 Letter to the Future, a private data trust supporting 
management and inheritance of valuable information
We provide ESG investment products in our publicly 
offered investment trust lineup.
In July 2020, we built on the investment philosophy 
and process for our existing Future World fund to 
newly establish the Future World (ESG) fund, which 
integrates ESG evaluation more proactively.
Decarbonization initiatives
Disclose
RE100
Reduce
Assess
Greenhouse Gas Protocol
SBTs
Set reduction targets
TCFD scenario 
analysis
Transition risk
Physical risk
Example
Sustainable solutions
We strive to meet our clients’ diversifying needs to address the SDGs and ESG issues, and we have been proactively 
developing and providing both financial and non-financial solutions.
Key sustainability 
areas
Sustainable solutions
Declining birthrate 
and aging population, 
plus good health and 
lengthening lifespans
 Comprehensive asset 
consulting
 ESG investment products
 Trust products tailored to an aging society
 Other asset management products for medium- to long-term 
asset formation
Industry 
development & 
innovation
 Business succession consulting
 Business matching /  
pitch event*
 SDG-related open innovation 
platform
 Cashless payments support
 Support for real estate 
development and brokerage 
aligned with ESG factors
 SDG/ESG consulting
• Support for business structure 
transformation
• Support for addressing climate change
 Business succession solutions (e.g., financing)
 SDG initiative support finance
 Mizuho Positive Impact Finance
 Sustainability-linked bonds/
loans
 Transition finance
 Mizuho Eco Finance
 ESG investment
 Finance for innovative 
startup companies
 Social bonds/loans
 Infrastructure finance
 Impact investment/loans
 Sustainability bonds/ 
loans
 Green bonds/loans
 Finance for renewable 
energy
Sound 
economic 
growth
Environmental 
considerations
Financial
Non-
financial
 Major results and initiatives
* Pitch events promote open innovation by allowing startup companies to pitch their ideas and technologies to other parties.
57
Mizuho Financial Group
Our strategies for creating value

Sustainable finance and environmental finance initiatives
 Our definition of sustainable finance and environmental finance
Primary key 
sustainability 
areas referenced
• Environmental considerations
• Sound economic growth
• Industry development & innovation
Applicable finance 
areas
• Finance for clients where the intended use 
of funds is environmental and/or social 
projects
• Financing to support and facilitate ESG/
SDG-related areas, including financing 
requiring clients to meet certain related 
conditions, and consideration and 
assessment of clients’ responses to ESG/
SDG-related areas
Applicable 
business areas
• Loans, underwriting, investments, asset 
management
 Breakdown of FY2019 – FY2020 results
Type of finance
¥ trillion
Project finance for renewable energy (loans)
0.7
Green bonds (underwriting)
0.9
Mizuho Eco Finance (loans)
0.6
Other environmental finance (loans / investment)
0.5
Environmental finance (total)
2.6
Project finance for infrastructure (loans)
0.6
Social/sustainability bonds (underwriting)
0.9
Net increase in ESG/SDG investment products under 
management (asset management)
1.8
Other sustainable finance (investment / loans)
1.3
Sustainable finance (total)
7.1
We are supporting our clients’ sustainability strategies 
by providing sustainability-linked bonds and loans 
which link preferential terms to the borrower’s 
achievement of sustainability performance targets. 
Mizuho arranged Japan’s first sustainability-linked 
bond (SLB), and we are also issuing sustainability-
linked loans (SLL) both inside and outside Japan.
To facilitate the adoption of renewable energy, 
we proactively finance a wide range of projects, 
from those on a large scale to those rooted in local 
communities. In fiscal 2019 to 2020, we arranged 
approximately ¥700 billion in project finance and 
approximately ¥160 billion in asset based lending.
Sustainable finance league tables
1
Sustainability-linked bonds/loans
Finance for renewable energy
SDG initiative support finance
We are supporting the SDG initiatives of middle-
market firms and SMEs.
#1 in Japan3
Publicly offered 
SDG bonds
#2 worldwide2
Sustainable 
finance (loans)
Simple assessment of SDG 
response
(Client)
Discuss importance 
of SDG initiatives
1
Ascertain the status 
of clients’ initiatives
2
Provide financing, 
support achievement 
of targets
4
Support setting 
targets and actions 
for SDG initiatives
3
Publicize initiative 
targets
Long-term target
Total: ¥25 trillion
(of which, ¥12 trillion in 
environmental finance)
FY2019 – FY2020 results
Total: ¥7.1 trillion
(of which, ¥2.6 trillion in environmental finance)
FY2019
–
FY2030
 Environmental finance
Japan
67%
Environmental
finance
21％
Environmental
finance
16％
Outside 
Japan
33%
1. April 2020 to March 2021 league table results
2. Source: Refinitiv
3. Source: Capital Eye
• Arranged SLL focused on marine 
resource conservation, in addition to 
greenhouse gas reductions
• Included enhancement of traceability 
for procurement of marine resources 
in KPIs
In order to direct capital toward environmental conservation and achievement of the SDGs, we have set long-term 
sustainable finance and environmental finance targets, and we are proactively providing financing. Our initiatives 
are broad in scope, ranging from financing environmental projects, most prominently renewable energy, and social 
projects to offering ESG investment products.
58
Integrated Report 2021
Sustainability
Message from the 
Group CEO
About Mizuho
Message from the 
Group CFO
Our strategies for 
creating value
Foundations for our 
corporate value
Data section
Appendix

Efforts to address climate change
We recognize climate change as one of the most crucial global issues with the potential to impact the stability of financial 
markets, representing a threat to the environment, society, people’s lifestyles and businesses.
At the same time, we believe there are new business opportunities arising from the need to transition to a low-carbon 
society, such as the field of renewable energy and other businesses and innovations which contribute to mitigating and 
adapting to the impact of climate change.
Mizuho supports the Paris Agreement’s objective to “strengthen the global response to the threat of climate change”.
In light of this, we have included responding to climate change as a key pillar of our business strategy and will take the 
following actions in order to proactively fulfill our role as a financial services group in the effort to achieve a low-carbon 
society (achieve net-zero greenhouse gas emissions) and to develop a climate change resilient society by 2050.
• We are directing finance flows towards achievement of the Paris Agreement targets to limit global average temperature rise, and we are 
undertaking phased transformation to a finance portfolio aligned with said targets.
• We will engage in proactive, constructive dialogue in response to our clients’ individual concerns and needs, and in support of their 
efforts to introduce climate change countermeasures and transition to a low-carbon society in both the medium and long term.
• We will proactively develop and offer financial products and services designed to support clients’ efforts to introduce climate change 
countermeasures and transition to a low-carbon society.
• We understand the importance of climate-related financial disclosures, and we utilize the framework under the Recommendations of 
the TCFD in order to leverage growth opportunities and strengthen risk management as well as disclose information in a transparent 
manner regarding our progress.
Sustainability: Addressing climate change
At Mizuho, we have supported the intent and aims of the Task Force on Climate-related Financial Disclosures (TCFD) 
Recommendations since 2017. Based on our awareness that climate change is one of the most crucial global issues 
having the potential to impact the stability of financial markets, we have positioned addressing climate change as a 
key part of our corporate strategy and have bolstered various initiatives as a result of numerous discussions at bodies 
including the Executive Management Committee, Risk Committee, and the Board of Directors. Our main progress in 
fiscal 2020 is as below.
In April 2020, we established our Environmental Policy in order to clarify our stance on climate change as well as our 
environmental awareness and specific actions that we will take on environmental initiatives, including those targeting 
climate change, as we work toward transitioning to a low-carbon society. Our group companies also adopted similar 
policies, allowing us to pursue our initiatives in an integrated manner.
In April 2021, we revised our Environmental Policy, clarifying our contribution to achieving a low-carbon society (net-
zero greenhouse gas emissions) by 2050, our support for the objective of the Paris Agreement, and our transformation 
to a portfolio aligned with the targets in the Paris Agreement.
Underlined portions indicate April 2021 revisions
Revised our Environmental Policy and clarified our transformation to a portfolio aligned 
with the targets in the Paris Agreement.
Governance
Strengthened structure for promoting sustainable business    P55
Strategy
59
Mizuho Financial Group
Our strategies for creating value
• Our progress on responding to the TCFD Recommendations and our challenges are reported to the Risk Committee and the 
Board of Directors following deliberation at the Executive Management Committee.
• Revised our Environmental Policy and clarified our transformation to a portfolio aligned with the targets in the Paris Agreement.
Governance
• Utilized scenario analysis results and expanded the scope of analysis.
• Utilized engagement as a starting point to proactively develop and provide both financial and non-financial solutions.
• Strengthened structure for promoting sustainable business.
Strategy
• Monitored as an emerging risk. In fiscal 2021, designated as a “top risk” and enhanced our monitoring.
• Updated our Environmental and Social Management Policy for Financing and Investment Activity.
• Enhanced measures to address transition risk (expanded engagement, improved risk control for carbon-related sectors, etc.).
Risk 
Management
• Set new medium- to long-term targets for reducing Mizuho’s greenhouse gas emissions.
• Revised target to reduce the outstanding credit balance for coal-fired power generation facilities.
• Calculated greenhouse gas emissions (Scope 3) associated with project finance for power generation projects.
Metrics and 
Targets
 Main progress on TCFD Recommendations in fiscal 2020

Climate change-related indicators and targets
• Set new target to reduce the Mizuho group’s
1 
worldwide Scope 1 and Scope 2 greenhouse gas 
emissions
2
• Reduce the FY2019 amount by 35% by FY2030
• Aim to become carbon neutral by FY2050
• Revised target to reduce the outstanding credit 
balance for coal-fired power generation facilities
• Reduce the FY2019 amount by 50% by FY2030, and 
achieve an outstanding credit balance of zero by 
FY2040
New indicators and targets, Scope 3 emission measures
Metrics and  
Targets
Expanded engagement
In light of our fiscal 2019 scenario analysis results and 
other factors, since fiscal 2020 we have been further 
strengthening our constructive dialogue (engagement) 
with our clients concerning their efforts to address 
climate change. Providing solutions based on a deep 
understanding of our clients’ challenges and needs 
allows us to capture business opportunities and 
strengthen risk management.
 Engagement with clients from a perspective of responsible 
financing and Investment
FY2019
FY2020
Engagement with 
clients
Approx. 530 clients 
Approx. 900 clients
Target clients
Clients in sectors subject to the 
Environmental and Social Management 
Policy for Financing and Investment Activity 
(oil and gas, coal-fired power generation, 
coal mining, palm oil, lumber, and pulp)
In-depth 
engagement 
with clients
Approx. 30 clients
Approx. 70 clients
Examples of 
engagement 
topics
• Status of measures to address critical 
environmental and social risks in each 
sector
• Risks and opportunities related to ESG 
issues and climate change
• Approaches to and response plans 
for transition risks (business structure 
transformation strategies and similar)
• CO2 emissions and medium- to long-term 
reduction plans
• Capital raising plans related to renewable 
energy business, technological 
development for CO2 emission reductions, 
etc.
Risk assessment in carbon-related sectors
At Mizuho, in line with the TCFD Recommendations, we 
have been measuring and disclosing the percentage of 
our credit exposure in carbon-related sectors. We have 
assessed risk along two axes—our clients’ sectors and 
our clients’ measures to address transition risk—in order 
to identify high-risk areas (figure below; to be managed 
as a monitoring indicator going forward).
Exposure in carbon-related sectors is ¥12.8 trillion, 
representing 5.5% of overall exposure, and within this 
amount exposure in high-risk areas composes ¥1.8 
trillion (both figures are as of March 2021).
Response policy for high-risk areas
We are more thoroughly engaging with clients to support 
them in formulating effective strategies for their transition 
risks, in disclosing their progress, and in embarking on 
business structure transformation towards a lower risk 
sector at an early stage. In undertaking such engagement 
with our clients, if a client does not make progress on 
addressing their transition risks even after a certain 
period of time, we carefully consider our transactions 
with the client. In this way, we are enhancing our risk 
control and reducing our exposure in high-risk areas over 
the medium to long term.
Carbon-related sectors
Electric
power
(utilities)
Resources
(energy)
Power
generation
Power transmission
Coal-fired
Oil, gas, other
Thermal
Metallurgical
Oil and gas
Coal
Corporate credit
Transition risk response
Low
High
Project
finance
Key: 
High-risk area
 Mapping of risk assessment
Measurement and management of Scope 3 greenhouse 
gas emissions
3 from financing and investment
• As a first step toward Scope 3 measurement, estimated greenhouse 
gas emission intensity (basic units) in relation to project finance for 
power generation projects, based on the Financial Sector Science-
Based Targets Guidance and the Partnership for Carbon Accounting 
Financials Global GHG Accounting and Reporting Standard for the 
Financial Industry
• Plan to set medium- to long-term targets for Scope 3 emissions by 
the end of fiscal 2022 and gradually expand scope of measurement
• Became the first Japanese financial institution to join the Partnership 
for Carbon Accounting Financials, a global initiative to develop an 
accounting standard for indirect greenhouse gas emissions from 
financial institutions’ financing and investment (July 2021)
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Integrated Report 2021
Sustainability
Enhanced response to transition risks
Risk  
Management
1. Eight group companies (Mizuho Financial Group, Mizuho Bank, Mizuho Trust & Banking, Mizuho Securities, Mizuho Research & Technologies, 
Asset Management One, Mizuho Private Wealth Management, and Mizuho Americas).
2. Scope 1: Direct emissions of greenhouse gases from company-owned or –controlled sources (such as from burning of fuel). Scope 2: Indirect 
emissions of greenhouse gases from the use of energy of similar resources provided by other parties.
3. Scope 3: Greenhouse gas emissions from other parties involved in financial institutions’ activities.
Message from the 
Group CEO
About Mizuho
Message from the 
Group CFO
Our strategies for 
creating value
Foundations for our 
corporate value
Data section
Appendix

Status of Mizuho’s response to TCFD Recommendations
The TCFD Recommendations call for disclosures on governance, strategy, risk management, and metrics and targets 
relevant to climate change-related risks and opportunities. The current status of our response to the TCFD 
Recommendations is as follows.
Governance
Disclose the organization’s governance around climate-related risks and 
opportunities.
• The Board of Directors approved and established the Environmental Policy, which clarifies our stance on climate change as 
we work toward transitioning to a low-carbon society. We revised our Environmental Policy in April 2021 and clarified our 
contribution to achieving a low-carbon society (net-zero greenhouse gas emissions) by 2050, our support for the objective 
of the Paris Agreement, and our phased transformation to a portfolio aligned with the targets in the Paris Agreement.
• Based on our Environmental Policy, we assess our progress on environmental initiatives, including the status of our 
response to the TCFD Recommendations, and other relevant information under the oversight of the Board of Directors, with 
consideration of the deliberations of executive management and the advice of the Risk Committee.
• We have identified key sustainability areas, including responses to climate change, and incorporated them into our 5-Year 
Business Plan, based on deliberation by our Executive Management Committee and Board of Directors. These enable us to 
advance our sustainability initiatives as an integral part of our strategy.
Strategy
Disclose the actual and potential impacts of climate-related risks and opportunities 
on the organization’s businesses, strategy, and financial planning where such 
information is material.
• We have identified the following climate-related risks and opportunities and impacts on business activities. We have further 
strengthened our structure for promoting sustainable business group-wide, with engagement as our starting point, to 
support the transition to a low-carbon society. We conduct appropriate risk management based on international concerns, 
trends, and other factors.
 Opportunities for Mizuho
— Utilizing engagement with clients as a starting point, expand business opportunities to support the transition to a low-
carbon society and climate change responses.
      • Provide sustainable finance, transition finance, and environmental finance.
      • Provide financial and non-financial solutions that meet the diverse needs of clients.
— Enhance our reputation in society through strengthened climate change response and proactive disclosure.
 Risks for Mizuho
— Our transition risks include credit risk related to financing and investment clients who are impacted by more stringent 
carbon taxes, fuel efficiency regulations, or other policies or by delays in shifting to new technologies. Our transition risks 
also include operational risk related to reputational damage from financing fossil fuel projects.
— Our physical risks include both acute risks, consisting of operational risk related to the possibility of extreme weather 
causing damage to our assets and similar risk of damage to customer assets, and chronic risks, consisting of credit risk 
arising from deterioration in the macro economy due to increased instances of infectious disease, heatstroke, and similar.
 Scenario analysis
— Transition risk
Scenario   
International Energy Agency (IEA)’s World Energy Outlook 2020 Sustainable Development Scenario (SDS)
1 / Stated Policies Scenario (STEPS)
2
Analysis method  
We analyzed changes in Mizuho’s credit costs by formulating an outlook for the impact on clients’ financial results, based on changes to the parameter under 
the scenario. We employ two scenarios: a static scenario which assumes that no attempt is made to transform the present business structure, and a dynamic 
scenario under which the business structure is transformed. We determine the scenario to apply based on the client’s progress in responding to transition risk.
Targeted sectors   
Electric utilities and oil, gas & coal sectors (worldwide)
Automobile sector (worldwide)
Period   
2050 (while the IEA scenarios are until 2040, the period for this analysis is until 2050)
Credit costs   
The increase in credit costs for the targeted sectors combined is estimated to be around ¥620 billion through 2050 (with March 31, 2021 as the base point).
Implications and 
necessary actions   
We confirmed the importance of advancing business structure transformation over the medium to long term in order to transition to a low-carbon society. 
Further strengthening engagement with clients and responding with a deep understanding of their challenges and needs will allow us to capture business 
opportunities and strengthen risk management.
— Physical risk
Types of risk   
Acute risks   
Chronic risks
Scenario   
Intergovernmental Panel on Climate Change (IPCC) Representative Concentration Pathway (RCP) 8.5 scenario (4°C scenario) / RCP 2.6 scenario (2°C 
scenario)
Analysis method
We calculated the rates at which typhoons and other storms cause wind- and 
water-related building loss or damage. We then analyzed the potential direct 
(collateral value) and indirect (business stagnation) impacts on credit costs 
from the loss or damage of mortgaged real estate (buildings) in Japan.
We analyzed the impacts on credit costs from changes in the macroeconomic 
environment brought about by increases in infectious disease and heatstroke 
as well as by heatstroke prevention practices causing decreases in working 
hours among outdoor laborers.
Target of analysis   
Japan only, for impact of business stagnation this is based on the location 
of the client’s headquarters (this analysis targeted middle-market firms and 
SMEs)
Japan only
Credit costs   
Impact on mortgage lending value: limited
Impact of business stagnation: Up to ¥52 billion as of 2050
Up to ¥4 billion through 2100
Implications   
The analysis confirmed that there will not be a significant impact compared to our income during the period.
1. Sustainable Development Scenario: A scenario under which a surge in clean energy policies and investment puts the energy system on track to achieve 
sustainable energy objectives in full, including the Paris Agreement, energy access and air quality goals.
2. Stated Policies Scenario (STEPS): Scenarios which reflect the impact of existing policy frameworks and today’s announced policy intentions.
(Underlined portions indicate initiatives that we have enhanced since our previous Integrated Report was released in September 2020.)
61
Mizuho Financial Group
Our strategies for creating value

Risk Management
Disclose how the organization identifies, assesses, and manages climate-related 
risks.
 Identification of climate change risks and integration with comprehensive risk management
— By identifying physical and transition risks resulting from climate change and integrating them into our overall 
risk management framework for credit, operational, and other types of risk, we are ensuring comprehensive risk 
management.
 Management of top risks
— Under our management of “top risks”, which are risks recognized by management as having major potential impact 
on the group, we position the rapid advancement of social change occurring due to climate change as a “top risk”. 
We determine related indicators which require monitoring as well as risk control measures. Reports on the status of 
our response are made to the Board of Directors and other bodies.
 Enhanced response to transition risks
— Based on the results of our FY2019 scenario analysis, we strengthened engagement with clients (undertook 
engagement with approximately 900 clients from the perspective of responsible financing and investment and, 
among these, in-depth engagement with approximately 70 large credit and similar clients).
— Strengthened risk management by improving risk control in carbon-related sectors and revising our Environmental 
and Social Management Policy for Financing and Investment Activity (enhanced it to further address climate change, 
biodiversity, and human rights).
Metrics and Targets
Disclose the metrics and targets used to assess and manage relevant climate-
related risks and opportunities where such information is material.
 Targets
— Sustainable finance & Environmental finance targets:
FY2019 – FY2030 total: ¥25 trillion (of which the target for environmental finance is ¥12 trillion)
— Target to reduce the outstanding credit balance for coal-fired power generation facilities based on our Environmental 
and Social Management Policy for Financing and Investment Activity:
Reduce the FY2019 amount by 50% by FY2030, and achieve an outstanding credit balance of zero by FY2040
— Target to reduce our own environmental footprint:
Reduce the FY2019 amount of worldwide Scope 1 and Scope 2 greenhouse gas emissions from the eight group 
companies by 35% by FY2030, and aim to become carbon neutral by FY2050
 Monitoring indicators
— Scope 1 and Scope 2: CO2 emissions and energy usage
— Scope 3: Environmental footprint from business trip-related CO2 emissions and new large-scale power generation 
projects (amount of contribution to CO2 emissions)
— Environmental conservation associated with new large-scale power generation projects (amount of contribution to 
CO2 emission reductions)
— Exposure to high-risk areas within transition risk sectors
• As a first step toward Scope 3 measurement, we estimated greenhouse gas emission intensity (basic units) in relation 
to project finance for power generation projects, based on the Financial Sector Science-Based Targets Guidance and 
the Partnership for Carbon Accounting Financials Global GHG Accounting and Reporting Standard for the Financial 
Industry. Going forward, we will set medium- to long-term targets for Scope 3 emissions by the end of fiscal 2022 and 
pursue initiatives to gradually expand the range of sectors subject to measurement and other factors.
(Underlined portions indicate initiatives that we have enhanced since our previous Integrated Report released in September 2020.)
Please see our TCFD Report for more details on our initiatives responding to the  
TCFD Recommendations.
https://www.mizuhogroup.com/binaries/content/assets/pdf/mizuhoglobal/sustainability/
overview/report/tcfd_report_2021.pdf
62
Integrated Report 2021
Sustainability
Message from the 
Group CEO
About Mizuho
Message from the 
Group CFO
Our strategies for 
creating value
Foundations for our 
corporate value
Data section
Appendix