Reference Materials

JBIC ESG Policy
Introduction to Initiatives
August 2023
Copyright© Japan Bank for International Cooperation All Rights Reserved.

Contents
1 Environmental Initiatives
Toward the Realization of a Sustainable Society

P.4

Examples of Environment-related Finance

P.5

Initiatives through JBIC IG Partners

P.18

Issuance of Green Bonds

P.19

Examples of Engagement

P.20

2 Social Initiatives
Toward Resolving Social Issues

P.25

Examples of Social-related Finance

P.26

Diversity and Inclusion

P.30

3 Participation in Sustainability Initiatives
Sustainability Leaders Council
2X Challenge / 2X Global

P.32

Other Initiatives

P.33

2

Copyright© Japan Bank for International Cooperation All Rights Reserved.
Copyright© Japan Bank for International Cooperation All Rights Reserved.

2

1

Environmental Initiatives

Copyright© Japan Bank for International Cooperation All Rights Reserved.

3

Toward the Realization of a Sustainable Society
Environmental Initiatives

Toward the sustainable development of an international economic society, JBIC promotes initiatives in theEnvironment field. Moreover, through continued engagement with the relevant national governments andauthorities, as well as multilateral cooperation, JBIC will encourage the realization of a sustainable society,including the energy transition and the circular economy in emerging and developing countries.

Project Map
CanadaTurkeyFranceProject financing for offshore
wind farm project

P.6

Loan for acquisition of stake indiscarded household appliancesand electronic devices forrecycling

Loan to the Industrial Development
Bank of Turkey based on Second
GREEN credit line

P.8

P.14

Saudi Arabia ・ Egypt

P.16
Social Initiatives

Loan to Saudi Electricity Company(SEC) for electricity
interconnection project

U.S.
Loan for synthetic
structural proteinmaterial manufacturing

P.9

India
Loan to SJVN Limited for solar
power generation projects

UK・ Germany
Project financing forinterconnector
project

P.9

Egypt

P.10

P.13

Malaysia
Loan for manufacturing and sales
business of recycled PET resin

P.15

Fund Investments

P.11

Investment in the hydrogen station
developer and operator
Loan for hydrogen station construction andoperation project
Participation in
Sustainability Initiatives

Project financing foronshore wind farmproject

P.5

Investment inhydrogen-related
fund

U.S.

P.7
Loan to Power FinanceCorporation Limited for wasteto-energy project ｂased on credit
line

Indonesia

Investment in the‘Nordic Ninja’ fundPartial acquisition of publicly offered Samurai Blue Bonds
issued by government of Indonesia

P.17

P.18
Copyright© Japan Bank for International Cooperation All Rights Reserved.

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Examples of Green Finance ～Renewable Energy/ Energy Savings～

Environmental Initiatives

JBIC makes use of a wide range of financing tools to support renewable energy projects in countries
around the world.

Egypt／Project financing for onshore wind farm project (March 2023)
Outline⁃In this project, RED SEA WIND ENERGY S.A.E. (RED SEA), invested in by, inter alia, Toyota Tsusho Corporation and Eurus Energy
Holdings Corporation, will build, own, and operate a 500 MW onshore wind farm in Ras Ghareb within the Red Sea Governorate along
the shore of the Gulf of Suez, 200 km southeast of Cairo, the capital of Egypt. RED SEA will also sell the electricity generated by thewind farm to Egyptian Electricity Transmission Company for a duration of 25 years.

⁃

The total co-financing amount is approximately USD 501 million (of which JBIC’s contribution is approximately USD 240 million).

⁃

In October 2022, JBIC signed a memorandum of understanding (MOU) with the EBRD to fortify cooperation between the twoorganizations. This is the first co-financing with the EBRD since the signing of the MOU.

⁃

The Toyota Tsusho Group, the Japanese sponsor of this project, has identified "Renewable Energy Strategy" and "African Growth
Strategy" within four priority areas in its three-year management plan (FY2022 to FY2024).

⁃

The Government of Egypt has set a goal of GHG emissions reduction by increasing power generation capacity from renewable energy
sources and promoting renewable energy in order to reduce its dependence on thermal power. This project is expected to contributeto the energy transition to which the Government of Egypt aspires.

Social Initiatives

Project Highlight

Finance Scheme
EBRD

Project Finance（Approx. US$ 501 milion）

PrivateFinancial
Institution（NEXI Cover）

Project
Company

Eurus Energy（20%）

Power purchaseagreement
Sale of electricity

Investment

ToyotaTsusho（20%）

Guarantee

Engie
（35%）

Egypt
Ministry of
Finance

Participation in
Sustainability Initiatives

JBIC（Approx.
US$ 240 million）

Egyptian
Electricity
Transmission
Company

Orascom（25%）
Copyright© Japan Bank for International Cooperation All Rights Reserved.

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Examples of Green Finance ～Renewable Energy/ Energy Savings～

Environmental Initiatives

France／Project financing for offshore wind farm projects (April 2023)
Outline⁃In this project, Eoliennes en Mer Iles d‘Yeu et de Noirmoutier S.A.S. (Noirmoutier) and Eoliennes en Mer Dieppe Le Treport S.A.S. (LeTreport) of France, invested in by, inter alia, Sumitomo Corporation, will build, own, and operate offshore wind farms (approximately
500 MW each, 1 GW in total) . The electricity generated by the project will be sold to the French electric utility company Electricite deFrance (EDF) for a duration of 20 years.

⁃

The total co-financing amount is approximately EUR 2.2 billion (for Noirmoutier) and EUR 2.4 billion (for Le Treport) (of which JBIC’s
contribution is approximately EUR 1.1 billion each).

Project Highlight
Sumitomo Corporation, the Japanese sponsor of these projects, has identified an increase of renewable energy supply in its new
medium-term management plan 2021-2023, released in May 2021. The Japanese company will participate in this project as aninvestor and will be involved in the project operation and management for a long term.

⁃

In April 2020, the Government of France announced the Multi-Annual Energy Plan, which aspires to introduce renewable energy on alarge scale. This loan is in line with the Plan and will contribute toward the increase of the country's offshore wind farm installedcapacity.

Social Initiatives⁃

Finance Scheme
Sale of electricity
EPC Contract
EPC Contractor

Investment

Sumitomo
Corporation

Ocean
Winds

Caisse desDépôts etConsignations

EDF
Participation in
Sustainability Initiatives

Project
Company① Noirmoutier② Le Treport

Power purchaseagreement
Project Finance

VendéeEnergie（onlyfor ①）JBIC

Public andPrivateFinancial
Institution
Copyright© Japan Bank for International Cooperation All Rights Reserved.

6

Examples of Green Finance ～Renewable Energy/ Energy Savings～

Environmental Initiatives

India／Loan to SJVN Limited for solar power generation projects （March 2023）
Outline⁃

The loan is provideｄ to SJVN Limited (SJVN), India's state-owned company, as a part of JBIC’s “Global action for
Reconciling Economic growth and Environmental preservation” (GREEN) operations, and it is intended to provide withthe funds necessary for solar power generation projects in India that will be implemented by SJVN or its subsidiaries.

⁃

The total co-financing amount is approximately JPY 15 billion (of which JBIC’s contribution is approximately JPY 9
billion).

Project HighlightAs demand for electric power is expected to grow in India due to its economic growth, the Government of India pledged
in 2021 that the country would become "energy-independent" by 2047 and achieve carbon neutrality by 2070, andaspires to achieve 50% cumulative electric power installed capacity from non-fossil fuel-based energy resources by2030. SJVN, as a state-owned company, also aims to contribute to the Government’s goal of carbon neutrality.

⁃

JBIC supports the Government of India's and SJVN's initiatives that contribute toward decarbonization with this loan.

Social Initiatives⁃

Finance Scheme
JBIC
Guarantee

PrivateFinancial
Institution

Participation in
Sustainability Initiatives

Co-Finance
SJVN

Subsidiary
Loans

Subsidiaries
Sub Project
Sub Project
Copyright© Japan Bank for International Cooperation All Rights Reserved.

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Examples of Green Finance ～Renewable Energy/ Energy Savings～

Environmental Initiatives

Second GREEN credit line for the Industrial Development Bank of Türkiye (TSKB) (February 2022)

Outline⁃

JBIC is providing a loan through Türkiye Sınai Kalkınma Bankası A.Ş. (TSKB), the Industrial Development Bank of Türkiye,
to provide funding for projects in Turkey aimed at preserving the global environment, under JBIC’s GREEN operations.

⁃

Funds from the loan will be used for renewable energy projects and energy efficiency projects financed by TSKB.

Project Highlight
The borrower, TSKB, has been engaged in environmental initiatives since its establishment, and has set the goal ofproviding more than US$800 million for SDGs-related financing by 2030.

⁃

The Government of Turkey ratified the Paris Agreement in October 2021. The production from the renewable energy
projects supported by TSKB by the end of 2021 represents 15% of Turkey's domestic power generation capacity. This
GREEN support aims at further promoting energy-saving buildings and technologies to improve the efficiency ofindustrial facilities and power transmission and distribution facilities.

Social Initiatives⁃

Finance Scheme
Privatefinancial
Institution

Guarantee

JBIC
Participation in
Sustainability Initiatives

USD 220 million
USD 100 million

USD 120 million
TSKB

Sub-projectSub-projectSub-project

Examples: Renewable energy projects, promotion and expansion of energy-saving buildings,
Copyright© Japan Bank for International Cooperation All Rights Reserved.
improvement in efficiency of factories and power transmission and distribution facilities

8

Examples of Green Finance ～Electricity Interconnector Project～

OutlineOutline⁃

The project will construct a high voltage direct current (HVDC)
transmission system that will link the eastern region of the United
Kingdom and Northern Germany with a cable of total length ofapproximately 720 km and a capacity of 1,400 MW.

⁃

The total co-financing amount is approximately GBP 1,069 million
and EUR 910 million (of which JBIC’s contribution is approximately
GBP 270 million and EUR 156 million).

⁃

For JBIC, this is the first project financing offered for aninterconnector project.

⁃

The project will construct a 3,000 MW HVDC system with 1,350 kmof overhead power lines and 22 km of submarine cables to connect
northwestern Saudi Arabia and Egypt.

⁃

The loan is provided as part of JBIC’s GREEN operations, and it isintended to provide SEC with the funds necessary for the project
construction in Saudi Arabia.

Project Highlight⁃

The Government of Saudi Arabia views the growth of renewableenergy and the enhancement of transmission infrastructure as animportant policy issue under its national development strategy, Saudi
Vision 2030.

⁃

SEC, which is a vertically integrated electric utility that generates,transmits, and distributes electricity throughout Saudi Arabia, isenhancing infrastructure, including interconnection projects.

⁃

The loan will support the effective use of electricity and systemstabilization of a system where Saudi Arabia and Egypt can share
surplus power, thereby contributing toward the growth ofrenewable energy in Saudi Arabia.

It is also the first co-financing since JBIC and the European
Investment Bank (EIB) signed an MOU to further strengthen
cooperation in areas such as the environment and climate change.

Project Highlight⁃⁃

The project contributes to the promotion of renewable energy anddecarbonization through enabling power sharing between the UK
and Germany.
KEPCO, the Japanese sponsor of this project, has set a policy of
promoting energy business that contributes to achieving zerocarbon society, and the loan will financially support this policy.

Social Initiatives⁃

Environmental Initiatives

Saudi Arabia & Egypt／Loan to Saudi
Electricity Company (SEC) for electricity
interconnection project （February 2023）

UK & Germany／Project financing forinterconnector project （July 2022）

Participation in
Sustainability Initiatives

Interconnector
UK

Germany
Copyright© Japan Bank for International Cooperation All Rights Reserved.

9

Examples of Green Finance～Promoting Production, Transportation, and Utilization of Hydrogen～

California, U.S.／ Loan for hydrogen station
construction and operation project

California, U.S.／Investment in the hydrogenstation developer and operator (June 2020)

Outline⁃FirstElement Fuel Inc. (FEF), is the largest hydrogenstation developer and operator in the State ofCalifornia.

⁃⁃

JBIC, together with Mitsui & Co., Ltd., has invested in
FEF to support the expansion of FEF’s hydrogenstation network.

This is a hydrogen station construction and operation
project based in the State of California, undertaken
by Iwatani Corporation of America (ICA), the U.S.
subsidiary of Iwatani Corporation (Iwatani) in Japan.

⁃

The investment of approximately USD 23 million was
carried out through JBIC’s Special Operations
Account to take the demand risk of hydrogen.

The total co-financing amount is approximately USD
26 million (of which JBIC’s contribution isapproximately USD 15 million).

Project Highlight

Project Highlight⁃

The State of California is one of the largest markets inthe world for fuel cell electric vehicles (FCEV), ZEVs
running with electricity generated by hydrogen andoxygen. Through dialogue with the state government,
JBIC has verified the stability of the policies,
including subsidy systems, etc. for the expansion ofhydrogen station network.
This investment is
expected to help Japanesecompanies gain a footholdin the development of
global hydrogen-related
businesses, as well as
boost FCEV sales byJapanese auto
manufacturers in the U.S.

⁃

Iwatani was the first Japanese corporation to operatehydrogen stations in the U.S., which it began in 2019.
It has decided to install more new hydrogen stationsin the State of California.

⁃

Iwatani anticipates growth of demand for hydrogen,which is a next-generation energy source. In view ofthat, the loan will financially support for the
expansion of hydrogen station construction andoperation projects in the U.S..

@Iwatani Corporation
Copyright© Japan Bank for International Cooperation All Rights Reserved. 10

Participation in
Sustainability Initiatives–

OutlineSocial Initiatives⁃（December 2021）

Environmental Initiatives

JBIC is enhancing its support toward projects in the field of hydrogen, which is drawing attention as a next-generationenergy source.

Examples of Green Finance～Promoting the Production, Transportation, and Utilization of Hydrogen～

Outline⁃

JBIC has signed an agreement on equity participation in the world’s largest hydrogen-related fund. The fund, which will
invest in hydrogen-related projects worldwide, is formed and managed by HY24 that is a joint venture between the
French asset management firm, Ardian, and Swiss investment firm, FiveT Hydrogen AG. JBIC plans to invest up to
EUR100 million.

Project Highlight
The fund intends to accelerate the scaling up of hydrogen markets by investing in throughout the hydrogen value
chain from upstream to downstream, while contributing GHG emissions reduction to realize decarbonized society.

⁃This is the world’s largest hydrogen-related fund which welcomes the equity participation of global corporations inhydrogen-related sectors such as French companies Air Liquide, TotalEnergies, and VINCI, and U.S. company Plug Power.

As the only anchor investor from Japan, JBIC aims to promote international collaboration in the hydrogen sector, suchas by exploring potential involvement of the Japanese companies in the clean hydrogen projects that the Fund will
invest in.
Five T
ArdianFinance Scheme
Hydrogen⁃Social Initiatives⁃

Environmental Initiatives

Investment in world’s largest hydrogen-related fund under JBIC’s GREEN operations (March 2022)

Joint venture
Asset management company
HY24
Participation in
Sustainability Initiatives

JBIC

Formation/Management

Investment

Other investors

Fund
Clean H2 Infra Fund S.L.P.
Investment

Investment target
Hydrogen-related projects, etc.
worldwide
Copyright© Japan Bank for International Cooperation All Rights Reserved. 11

Initiatives toward Building Hydrogen and Ammonia Supply Chains- YARA International ASA is one of thefertilizer and ammonia manufacturers.

NorwayMoU with YARA
（June 2022）

world’slargest- JBIC and YARA will establish a framework for discussions
regarding potential projects with Japanese companies
related to ammonia as a fuel source and finance schemes.
- They aim to accelerate the structuring of projects fordeveloping the supply chain of ammonia as a fuel source toJapan and collaboration with Japanese companies.

MoU with
Sembcorp- JBIC and Sembcorp strengthen cooperation in the
sector of hydrogen and ammonia as a fuel source.

（October 2022）- Theypromotehydrogenandammonia-related
technology deployment, business participation, andsupply chain development by Japanese companies.

（May 2023）- JBIC and Pupuk strengthen cooperation mainly in the clean ammonia
sector.
- They promote clean ammonia-related business participation andsupply chain development by Japanese companies.
Copyright© Japan Bank for International Cooperation All Rights Reserved. 12

Participation in
Sustainability Initiatives

MoU with Pupuk- PT Pupuk Indonesia (Persero) is Indonesia’s state-owned fertilizer
company that manufactures fertilizer and ammonia.

Social Initiatives

Singapore- Sembcorp
Industries
Ltd.
is
a
Singaporean
conglomerate that operates in the energy and urban
sectors.

Indonesia

Environmental Initiatives

In July 2022, JBIC established the Energy Transformation Strategy Office as a department in charge ofbusinesses related to hydrogen, ammonia, and other next-generation energies in an integrated manner.
We are pursuing project opportunities around the world, from upstream to downstream, in order todevelop a supply chain for hydrogen and ammonia.

Examples of Green Finance～ Waste energy generation (power generation from non-fossil fuels) ～India／Credit line for Power Finance Corporation Limited （March 2023）
Outline⁃⁃

JBIC is providing a loan through Power FinanceCorporation Limited (PFC), a government financial
institution in India, with the funds necessary for awaste-to-energy project in India, as part of JBIC’s
GREEN operations.

Project Highlight
India is relying on fossil fuels for nearly 80% of its
energy demand. Given such circumstances, Prime
Minister Modi committed to boosting the non-fossil
energy capacity to 500GW by 2030.

⁃

On another front, as repercussions of the urbanization
for the growing population, such as mounting untreatedwastes, are escalating, the government of India
continues to address the improvement of hygiene
problems in the country and to promote waste
processing facilities as waste-to-energy plants, with theaim of making urban India “Garbage Free.”⁃This loan supports the Government of India’s initiatives
that contribute toward global environmental preservation
with the loan.

JBIC
Guatrantee
Co-finance
PFC
Sub-loan
Antony Lara
Renewable
Energy Pvt. Ltd.
（Project Moshi）

Participation in
Sustainability Initiatives⁃

Privatefinancial
institution（SMBC）

Social Initiatives

The loan is based on the credit line that JBIC signed with
PFC in July 2022 for renewable energy projects, energy
efficient power generation and heat supply projects. The
total co-financing amount is approximately JPY 2.6 billion(of which JBIC’s contribution is approximately JPY 1.5
billion).

Finance Scheme

Environmental Initiatives

JBIC provides support for projects in areas such as waste management and core materials in order to realize
circular society.

Copyright© Japan Bank for International Cooperation All Rights Reserved. 13

Examples of Finance ～ Circular Economy & Recycling ～Outline⁃This loan in Canadian dollars is intended to finance part of the funds necessary for JX Nippon Mining & Metals
Corporation (JXNMM) to acquire, through JX Metals Canada Inc. (JXMC), a Canadian subsidiary of JXNMM, shares in
eCycle Solutions Inc., which engages in the business of recycling of electric and electronic waste (e-scrap) in Canada.

⁃

JBIC‘s “Energy and Natural Resources Loans” have been mainly used for the acquisition of concessions anddevelopment of natural mineral resources; however, this is the first time the loans were offered for the acquisition ofconcessions in recycled resources. It also contributes toward securing a long-term, stable supply of resources toJapan, strengthening the resilience of Japanese companies’ supply chains, and realizing a sustainable society.

Environmental Initiatives

Canada／Loan for acquisition of stake in discarded household appliances and electronic devices(e-scrap) for recycling （February 2023）

Project HighlightAs demand for copper and other metals, essential for the realization of carbon neutrality, is growing and natural
resource-based raw materials alone cannot meet this demand, competition to acquire recycled resources, such as escrap, is becoming more intense.

⁃

JX Metals will secure recycled raw materials, such as e-scrap, through this acquisition and will increase the ratio ofrecycled raw materials in its copper smelting operations.

Social Initiatives⁃

Finance Scheme

Investment
SupplyE-scrap,etc.

Co-financeJBIC

JX Metals Canada, Inc.（JXMC）
PrivateFinancial
Institution

Investment
Printed circuit board(Typical example of E-scrap)

Copyright© Japan Bank for International Cooperation All Rights Reserved. 14

Participation in
Sustainability Initiatives

Copper Smelting
Copper and other minerals (gold, silver, rare metals)
collected in small quantities are subject to recyclingExamples of Finance ～ Circular Economy & Recycling ～Outline⁃This loan is intended to finance the manufacturing and sales business of recycled PET resin in Johor, Malaysia,
conducted by Hiroyuki Industries (M) Sdn. Bhd. (HISB), a Malaysian subsidiary of HIROYUKI CO., LTD.

Project Highlight
The funds will be used for the expansion of its production facilities to collect used plastic bottles in Malaysia andproduce recycled PET resin for food packages. HISB aims to build a recycling-based society and contribute to solving
environmental problems in the country, and also conducts social contribution activities (e.g., recycling projects) for
elementary schools in Johor.

⁃

HISB has conventionally manufactured and sold stretch film and other packaging products, but started this business byutilizing its resin processing technology in response to the restrictions on the import of waste plastics by China in 2017.
As orders from overseas bases of major beverage manufacturers are increasing rapidly, the company expects to further
expand its business base.

⁃ Finance Scheme

Resona Bank

Social Initiatives⁃

Environmental Initiatives

Malaysia／Loan for manufacturing and sales business of recycled PET resin (July 2022)

JBIC
Participation in
Sustainability Initiatives

EUR 1,300 thousand

EUR 2,560 thousand

HISB

Copyright© Japan Bank for International Cooperation All Rights Reserved. 15

Examples of Finance ～ Marine/Biodiversity ～Outline⁃Spiber Inc. (Spiber) is a biotechnology startup that develops Brewed ProteinTM materials—synthetic structural proteinbased biomaterials.

⁃

This project supports the establishment of a production plant for Brewed Protein polymer by Spiber America LLC, a U.S.
subsidiary of Spiber.

⁃

The total co-financing amount is 10 billion yen (of which JBIC’s contribution is 5 billion yen).

Environmental Initiatives

U.S.／Loan for synthetic structural protein material manufacturinｇ business （October 2021）

Project Highlight
Brewed Protein materials are attracting attention as a new industrial cornerstone material from Japan that cancontribute to the development of a sustainable society from the following perspectives: (1) Brewed Protein materials
are not petroleum-based, do not release microplastics, and have been verified to be marine biodegradable, contributing
to decarbonization and reduction of environmental impact; (2) Brewed Protein materials are not animal-based, thus
avoid raising concerns related to animal welfare.

⁃

They play a significant role in meeting demands for petroleum-free, animal-free products in various industries such as
the apparel and automotive sectors. Particularly in the apparel sector, they have the potential to greatly reduce GHG
emissions when compared to cashmere fibers.

Product Manufacturing Process

Examples of Products
Final ProductsPlant:
Microbes
Fermenting

Processing
Cashmere

Product: Protein powder(Brewed ProteinTM)
Main raw material: Sugar(Biomass)

Gel

Apparel products made from Brewed
Protein fibers, developed with GOLDWIN Co.
Leather

Fur
Copyright© Japan Bank for International Cooperation All Rights Reserved. 16

Participation in
Sustainability Initiatives

Design:DNA

Social Initiatives⁃

Examples of Finance ～Marine/Biodiversity～

Indonesia／Partial acquisition of publicly offered Samurai Blue Bonds issued by government ofIndonesia （May 2023）

Outline⁃This is partial acquisition of yen-denominated foreign bonds, Samurai bonds (Blue Bonds※), totaling JPY20.7 billion,
issued by the Government of Indonesia through public placement in the Japanese market.
※Blue bonds are the SDG bonds whose use of proceeds is limited to activities in the marine sector, such asconservation of marine resources.
It is the first Blue Bonds issuance supported by JBIC as well as the first Blue Bonds issued by the Government ofIndonesia.

⁃

The Government of Indonesia is the first foreign issuer of Blue bonds in the Samurai bond market.

Project Highlight⁃

The proceeds of the Blue Bonds will be allocated to the eligible projects under the SDG Government Securities framework,
which may include marine and coastal protection and restoration of biodiversity and ecosystems, waste management,sustainable fisheries.

⁃

This strengthens the cooperation between the Government of Indonesia and JBIC, through contributing toward resolvingsocial issues in Indonesia.

Social Initiatives⁃

Environmental Initiatives

Under the ‘Guarantee and Acquisition toward Tokyo market Enhancement (GATE)’ facility, JBIC is supporting theissuance of ESG-focused yen-denominated foreign bonds (Samurai bonds) in the Tokyo market and contributing
toward the further deepening and development of economic relations between Japan and the related countries.

Participation in
Sustainability Initiatives（All photos are images only.）
Copyright© Japan Bank for International Cooperation All Rights Reserved. 17

Initiatives through JBIC’s Subsidiary ‘JBIC IG Partners*’*JBIC IG Partners was established in 2017 as a joint venture between Industrial Growth Platform, Inc. (IGPI) and JBIC For the purpose ofproviding investment advice to overseas investment funds.

Logmore （Finland）

ClimateView （Sweden）⁃

The company provides Climate OS, a platform that offers aunique range of functions that helps cities develop, implement,
and manage comprehensive climate action plans and accelerateaction to decarbonize their economy.

⁃

With cities around the world setting out goals towards
decarbonized society, ClimateOS models the impact of lowcarbon initiatives, allowing leaders to explore different ways ofmeeting their carbon targets, and identify the best transition
path to meet local needs

A Transport-as-a-Service (TaaS) operator, the company provides
new transportation solutions by utilizing the "Pod", a self-driving
EV truck manufactured in-house.

⁃

The electrification of the trucks enhances energy efficiency andis expected to contribute to the low carbon emissions of thelogistics industry.

›Logmore costs less for the suppliers compared to existingproducts and the accumulated data enables the cargo suppliers
to analyze their supply-chain issues and reduce waste reduction
in shipments.

Renｓ （Finland）⁃

The company operates a multi-verse sustainablefashion brand.

⁃

It manufactures sustainable shoes, hoodies, andother apparel products from discarded coffee
waste. Additionally, it sells digital products usable
in the Metaverse as well.

⁃

All products manufactured by Rens are
sustainability conscious and therefore it has
achieved carbon neutrality in its manufacturing
process.

Copyright© Japan Bank for International Cooperation All Rights Reserved. 18

Participation in
Sustainability Initiatives⁃

Logmore has developed an electronic QR code-based data logger(storage devices) for quality control in the transportation andstorage of cargos such as goods, medical supplies, and vaccines.
The data logger automatically measures the condition of the
cargo and saves the data on the on their proprietary cloudservice.

Social Initiatives

Einride （Sweden)›

Environmental Initiatives

JBIC is promoting innovation towards a more sustainable society, by investing in the “Nordic Ninja”
fund that targets at start-ups in the Northern European/Baltic region.

Issuance of Green Bonds

Outline⁃Significantly oversubscribed due to a large demand from a wide range of investors, particularly overseas green investors.

⁃

The raised funds will be used for eligible assets, including renewable energy, based on the JBIC Green Bond Framework,
which is certified by Sustainalytics, a renowned organization in the sustainability field.

Features of the issuance

Sales by Region
The Second(JBIC55)

Guarantor

The government of Japan

Currency

U.S. dollar

Maturity

5 years

Amount1.625%

The first Green Bonds (JBIC50)
0%

20%

40%

Asia
47.0%

60%

80%

100%

Europe/Middle East
44.7%

Americas
8.3%

The second Green Bonds(JBIC55)

4.375%USD 5００ million

Europe/Middle East
48.3%

Asia
48.6%

Americas
3.1%

Sales by Sector

 Renewable energy(e.g. wind power in Africa,
geothermal power inSoutheast Asia, etc.)
 Clean transportation (e.g.
high-speed railway projects
in Europe)

0%

20%

40%

60%

80%

100%

Others 0.1%

National Central Banksand Public Institutions
41.3%

Commercial Bank
46.4%

Asset
Management
6.3％

Insurance Companies and Pension Funds 5.9%

The second Green Bonds(JBIC55)
Insurance Companies and Pension Funds 6.0%

National Central Banks and Public Institutions
69.0%

Others 0.2%

Commercial Bank
19.9%

Asset Management 4.9%

Copyright© Japan Bank for International Cooperation All Rights Reserved. 19

Participation in
Sustainability Initiatives

The first Green Bonds (JBIC50)

Projects eligible for use of funds

Social Initiatives

The First(JBIC50)

Coupon rate

Environmental Initiatives

In January 2022, JBIC issued the first Green Bonds as a Japanese government-guaranteed foreignbond, followed by the second issuance in October 2022. Through green finance, JBIC is contributing
to the formation of a new ecosystem for GHG reduction and the decarbonization of Japan.

Examples of Engagement～Engagement with the relevant national governments and authorities～

Major Examples of Engagement
Vietnam
Dialogue between JBIC’s
Governor, HAYASHI Nobumitsu,
and Prime Minister of Vietnam,
H.E. Pham Minh Chinh(September 2022)⁃

Dispatched a joint mission to Vietnam with the U.S. DFC andAustralia's DFAT/EFA and announced to the Government ofVietnam and the Communist Party its intention to accelerate
support for the energy transition in Vietnam.

Vietnam
Launch of Vietnam Climate
Finance Framework (VCFF)(January 2023)⁃

Launched the Vietnam Climate Finance Framework (VCFF)
under the Australia-Japan-United States partnership topromote projects contributing to Vietnam’s goal of achieving
net zero greenhouse gas (GHG) emissions by 2050.

Indonesia
Annual dialogue with PT
PLN (Persero), the stateowned electricity utility
company(December 2022)⁃

Conducted Fifth Annual Dialogue with PLN, which is taking ona leading role in Indonesia's energy transition based on theElectricity Supply Business Plan (RUPTL 2021 - 2030).

⁃

Exchanged views on the potential for collaboration between
JBIC and PLN for a smooth energy transition in Indonesia.

Indonesia
Annual policy dialogue
with the Government ofIndonesia(March 2022)⁃

Conducted 10th Policy Dialogue among JBIC, the Ministry of Financeof Indonesia, the Ministry of Energy and Mineral Resources (MEMR)
and the Indonesia Investment Authority (INA).

⁃

Exchanged views on investment trends of Japanese companies and
JBIC's potential plan to support decarbonization in Indonesia.

Vietnam
Australia-Japan-United States
dialogues with Communist
Party of Vietnam Central
Economic Commission(October 2022)

Copyright© Japan Bank for International Cooperation All Rights Reserved. 20

Participation in
Sustainability Initiatives

Exchanged views with the Government of Vietnam andCommunist Party, which announced at COP26 its target ofachieving carbon neutrality by 2050, on financial
cooperation towards promoting projects of energy
transition and decarbonization.

Social Initiatives⁃

Environmental Initiatives

JBIC promotes engagement with the relevant national governments and authorities, in order to contribute torealizing global carbon neutrality by supporting and accelerating the energy transition towards a
decarbonized society of emerging and developing countries.

Examples of Engagement～Cooperation with Government and International Agencies～

Malaysia
MOU with Petroliam
Nasional Berhad(PETRONAS)(September 2022)

The MOU promotes PETRONAS andJapanesecompanies'
collaborative
projects in a variety of sectors
includingdecarbonization,energytransition, and high-technology.

Indonesia
Infrastructure Finance
Company PT Sarana
Multi Infrastruktur(Persero)

SMI and JBIC cooperate through theexchange of information and views to
support the energy transition inIndonesia.

Australia
MOU with State ofWestern Australia(January 2023)

JBIC and the State Government havefurther strengthened the cooperation
since the signing of the former MOU in2011 and promoted cooperation to
structure projects in which Japanesecompanies are expected to participate inWestern Australia in fields
includingcritical minerals, hydrogen, and ammonia.
Copyright© Japan Bank for International Cooperation All Rights Reserved. 21

Participation in
Sustainability Initiatives

Indonesia
National Oil Company,
Pertamina

Pertamina and JBIC aim to sign JBIC’s
new GREEN facility agreement andcooperate through the exchange of
information and views on projects
related to renewable energy, CCS,
hydrogen, ammonia, etc.

Social Initiatives

JBIC signed MOUs related to energy transition, taking the opportunity of the November
G20 Summit.
PLN and JBIC cooperate through theexchange of information and views on
Indonesia
projects
relatedtotheenergyNational Powertransition, including renewable energy
Company, PT PLN
and other technologies contributing to(Persero)
GHG emission reductions.

Environmental Initiatives

By strengthening cooperation with foreign government agencies, JBIC provides support from the financial
aspects to create new business opportunities for Japanese companies and promote business in sectors suchas decarbonization.

Examples of Engagement～Cooperation with Government and International Agencies～

Major Examples of Cooperation with Government Agencies⁃

Support the business development of Japanese companies in avariety of sectors, including decarbonization, such as renewableenergy, hydrogen, and ammonia, by strengthen the cooperation
between the Government of Egypt and JBIC.

Cote d‘Ivoire/Uganda⁃

Promote structuring projects with the involvement of Japanesecompanies in Cote d'Ivoire and Uganda, respectively, bystrengthening relations through the exchange of information on thepolitical and economic situation and the environmental conservation
sector, including greenhouse gas emission reductions in bothcountries.

⁃

Promote cooperation between ADNOC and Japanese corporations,with a focus on areas such as decarbonization, energy transition,and energy efficiency.

MOU with the Ministry of Economy
and Finance (Côte d'Ivoire) and theMinistry of Finance, Planning andEconomic Development (Uganda)(August 2022)

UAE
MOU with Abu Dhabi
National Oil Company(ADNOC)(July 2023)

Azerbaijan
MOU with State Oil
Company of the Azerbaijan
Republic (SOCAR)(May 2023)

Strengthen a partnership with PIF, leading the transition from an oildependent economy towards a diverse economy and renewableenergy, under the “Vision 2030” announced by Saudi Arabia, andpromote collaboration between PIF and Japanese companies in Saudi
Arabia.
⁃Promote collaboration between SOCAR and Japanese companies andcontribute to the realization of a decarbonized society through theexchange of information on the introduction of low-carbonization
technologies, including CCS and CCUS, as well as projects related
to hydrogen and ammonia, etc.

Copyright© Japan Bank for International Cooperation All Rights Reserved. 22

Participation in
Sustainability Initiatives

Saudi Arabia
MOU with
Public Investment Fund(PIF)
(February 2022)

Social Initiatives

Eｇｙｐｔ
MOU with Ministry ofInternational Cooperation(April 2023)

Environmental Initiatives

By strengthening cooperation with foreign government agencies, JBIC provides support from the financial
aspects to create new business opportunities for Japanese companies and promote business in sectors suchas decarbonization.

Examples of Engagement～Cooperation with Government and International Agencies～

Major Examples of Cooperation with International Agencies⁃

Further promote cooperation between JBIC and EBRD in financing
operations in areas such as Central and Eastern Europe, Central Asia,and the Southern and Eastern Mediterranean, as well as in energy
transformation, digital transformation, and solutions to social issues,
by developing the MOU signed in 2019 for global environmental
protection, and innovation promotion, etc.

⁃

Promote structuring projects with the involvement of Japanesecompanies in West Africa by strengthening relations through theexchange of information on the political and economic situation andthe environmental conservation sector, including greenhouse gas
emission reductions of BOAD member countries in West Africa.

⁃

Promote structuring projects with the involvement of Japanesecompanies in Africa by strengthening relations through the exchange of
information on the political and economic situation and theenvironmental conservation sector, including greenhouse gas
emission reductions of AFC member countries all over Africa.

⁃

Further strengthen the existing cooperative relationship between thetwo organizations by expanding the areas of cooperation tosustainability (including hydrogen and ammonia), social infrastructure,and supply chain resiliency, in addition to the existing areas ofcooperation, such as energy conservation and renewable energy.

MOU with European
Investment Bank (EIB)(October 2021)

MOU with European Bankfor Reconstruction andDevelopment (EBRD)(October 2022)

MOU with West African
Development Bank(BOAD)(August 2022)

MOU with Africa FinanceCorporation (AFC)(May 2023)

MOU with Inter-American
Development Bank andInter-American
Investment Corporation(April 2023)

Copyright© Japan Bank for International Cooperation All Rights Reserved. 23

Participation in
Sustainability Initiatives

Further strengthen the cooperative relationship that JBIC has built up
with EIB since the conclusion of the MOU in 2018, to promote
cooperation between the two agencies, including co-financing, toward
the establishment of projects that Japanese and European corporations
are expected to participate in, in areas such as carbon neutrality,
infrastructure, innovation, and SDGs.

Social Initiatives⁃

Environmental Initiatives

By strengthening cooperation with international agencies, JBIC provides support from the financial aspects
to create new business opportunities for Japanese companies and promote business in sectors such as
decarbonization.

２

Social Initiatives

Copyright© Japan Bank for International Cooperation All Rights Reserved.

Toward Resolving Social Issues

Project Map
VietnamEnvironmental Initiatives

JBIC promotes initiatives in the social sector to support projects that contribute toward resolving social issues.
In the organizational aspect, it is also engaged in promoting human resource development and work style reforms
that can maximize performance and draw out vitality of diverse employees.

Loan for production and sale ofmedical devices, etc.

India

P.26
Social Initiatives

Loan to Export-Import Bank of India
for Healthcare Sector Related（Untied Loan）

P.26

Singapore
Investment in sale and marketingof pharmaceuticals and medical
devices

P.27

Investment in theJapan ASEAN Women
Empowerment Fund

Partial Acquisition of Publicly
Offered Samurai Bonds, SDG
Bonds, Issued by Government of
MexicoP.28

P.29
Copyright© Japan Bank for International Cooperation All Rights Reserved. 25

Participation in
Sustainability Initiatives

MexicoFund Investment

Examples of Social Impact Finance～Improvement and expansion of the medical environment～

Vietnam／Loan for production and sale ofmedical devices, etc. （December 2021）

Outline⁃⁃This loan is provided to Export-Import Bank of India, a policybased financial institution wholly owned by the Governmentof India.

Outline⁃In this project, JBIC will provide financing toward thebusiness funds required for the production and saleof medical devices by Nipro Vietnam Company Limited(NVC), the Vietnamese subsidiary of NIPROCORPORATION (NIPRO).

⁃The total co-financing amount is 10 billion yen (ofwhich JBIC’s contribution is 6 billion yen.)

The total co-financing amount is USD 100 million (of which
JBIC’s contribution is USD 60 million.)

Project Highlight⁃⁃

By providing support to NVC through this project, theloan is expected to contribute toward the resolutionof social issues by helping to raise the level of healthand hygiene in Asia.

Participation in
Sustainability Initiatives

This is an initiative based on the agreement reached at thesecond Japan-Australia-India-U.S. (Quad) Summit held in
September 2021, and demonstrates the Quad Partners’
strong unity and robust commitment to the Indo-Pacificregion, while also enhancing the bilateral cooperation
between Japan and India, as they celebrate the 70th
anniversary of the establishment of diplomatic relations
between the two countries.

Project Highlight

Finance Scheme
JBIC／MUFG Bank, The Hachijuni Bank, The Bank of Kyoto
Co-finance
Export-Import Bank of India
Sublease (multiple companies)
the Indian healthcare sector including vaccine manufacturers
and pharmaceutical companies

Social Initiatives⁃

By helping smoothen the flow of funds for the Indian
healthcare sector related to COVID-19 including vaccine
manufacturers and pharmaceutical companies in India, thisloan supports initiatives across the health care sector toterminate COVID-19 in India. Also, it contributes tomaintaining the business operations of Japanese companies
that have been severely affected by COVID-19.

Environmental Initiatives

India／Loan to Export-Import Bank of India for
Healthcare Sector （Untied Loan）（May 2022）

Copyright© Japan Bank for International Cooperation All Rights Reserved. 26

Examples of Social Impact Finance～Improvement and expansion of the medical environment～

Outline⁃Wellesta Holdings Pte. Ltd. (Wellesta) is a startup company founded in 2019 and engages in the entire process, from
regulatory approval to sales and marketing of pharmaceuticals and medical devices developed by megapharmaceutical companies and other pharmaceutical companies in various countries, mainly in Asia.

⁃

JBIC acquires shares and convertible bonds of Wellesta with Mitsui & Co., through a special purpose company (SPC)
established in Singapore (of which JBIC’s contribution is up to approximately SGD 20 million.）

Environmental Initiatives

Singapore／Investment in the sales and marketing of pharmaceuticals and medical devices （April 2023）

Project Highlight
In developing countries in Asia, there are social issues (drug lag and device lag) that limit access to medicines andmedical devices that are already available in developed countries.

⁃

By engaging in sales and marketing activities on behalf of mega-pharmaceutical companies in countries where megapharmaceutical companies are not able to obtain regulatory approval or engage in sales and marketing activities,
Wellesta contributes to improving access to medicines and medical devices in the Asian region and elsewhere.

Finance Scheme
JBIC

Other Investors

Investment

Special Purpose Company (SPC)(Singapore)

Participation in
Sustainability Initiatives

Investment

Mitsui & Co.

Social Initiatives⁃

Investment

Investment and CB Acquisition

Copyright© Japan Bank for International Cooperation All Rights Reserved. 27

Examples of Social Impact Finance～ Improvement of living environment ～Outline⁃

JBIC partially acquired yen-denominated foreign bonds, Samurai bonds (SDG Bonds), totaling JPY 75.6 billion, issued by
the Government of Mexico through public placement in the Japanese market, under the Guarantee and Acquisition
toward Tokyo market Enhancement (GATE) financing facility. This issuance is based on the SDG Sovereign Bond
Framework developed by the Government of Mexico.

⁃

The bonds are the first SDG Bonds acquired and supported by JBIC. They are also the first SDG Bonds issued by theGovernment of Mexico in the Tokyo market, with the largest amount of ESG bonds ever issued by a sovereign in theTokyo bond market.

Environmental Initiatives

Mexico／Partial Acquisition of Publicly Offered Samurai Bonds, SDG Bonds, Issued byGovernment of Mexico （September 2022）

Project Highlight⁃

The funds raised are used for the government's programs to contribute to improving living conditions in the areas ofpoverty, mostly in Southern Mexico. This bond issue support contributes to solving social issues in Mexico by improving
the level of education, healthcare, and basic social infrastructure.

⁃

Mexico is also a highly important investment target for Japanese companies, and this bond issue support is intended tomaintain and strengthen the relationship with the government of Mexico.

⁃

JBIC has conducted policy dialogue with the Government of Mexico continuously and is strengthening coordinationand cooperation with the Government of Mexico in various areas including infrastructure, energy, and supply chain
resilience in the manufacturing sector.

Government of Mexico
Issuance ofSamurai Bonds

Partial acquisition

JBIC

Tokyo bond market
Copyright© Japan Bank for International Cooperation All Rights Reserved. 28

Participation in
Sustainability Initiatives

In February 2020, the Government of Mexico formulated the SDG Sovereign Bond Framework in collaboration with UNDP.
Through financing based on this framework, the government intends to promote initiatives to address internal social
issues and has issued bonds both domestically and internationally.

Social Initiatives⁃

Examples of Social Impact Finance ～Gender Equality～

Outline⁃JAWEF is a fund that provides investments and loans to microfinance institutions (MFIs) to support female
entrepreneurs in ASEAN countries and others. It is formed and operated by BlueOrchard Finance Ltd (BlueOrchard).

⁃

JBIC committed up to US$60 million and aims to mobilize private capital from Japanese institutional investors such as
Sumitomo Life Insurance.

Environmental Initiatives

Investment in the Japan ASEAN Women Empowerment Fund (JAWEF)

Project Highlight
Through microfinance, the project aims to achieve financial inclusion, which is mentioned in 8 of the 17 SDGs suchas poverty eradication and sustainable economic growth.

⁃

As of December 2022, approximately ５０0,000 micro entrepreneurs in eight countries has been supported since its
launch in 2016, and women account for 91% of the customers of the MFIs that JAWEF finances.

Finance Scheme

Social Initiatives⁃

BlueOrchard
Sumitomo Life
Insurance

Formation/Management

Investment
and
loan

Investment
JBIC

JAWEF

MFIs
in ASEAN countries
and others

JICA

Copyright© Japan Bank for International Cooperation All Rights Reserved. 29

Participation in
Sustainability Initiatives

Other institutional
investors

Diversity and Inclusion ～Second Plan for Work Style Reform～

Outline⁃ To realize diversity and inclusion, ＪBIC is working to promote human resource development and work style reform thatdraws out the abilities and vitality of diverse employees, which is one of the action plans of the Fourth Medium-term
Business Plan (FY2021-FY2023).

Overall Plan

Environmental Initiatives

JBIC is promoting work style reform with the objective of creating organizations where all
employees can work sustainably and with vitality, in work styles that suit their own values, andstrengthening the resilience of organizational foundations under the “new normal”.

Digitalize and improve
workplace environment

Address-free seating

Web conference booth

Various communication spaces

Support autonomous
career development

Online training

Appropriate human resource
development and labor
management

Online meeting and edecision

Promote humanresource development
and employee
well-being

Balance of work and family care

Autonomous career development

Promote flexible work
style

Support balancing workand family life

Balance of work and childcare
Copyright© Japan Bank for International Cooperation All Rights Reserved. 30

Participation in
Sustainability Initiatives

Digitize work processes

Social Initiatives

Strengthen information
systems and improve
work processes

３Participation in
Sustainability Initiatives

Copyright© Japan Bank for International Cooperation All Rights Reserved. 31

Participation in Sustainability Initiatives～Sustainability Leaders Council／2X Challenge／2X Global～

Sustainability Leaders Council (SLC)
The council’s objective is to publicize Asian
perspectives on global discussions about sustainability.

⁃

JBIC supports the activities of the Sustainability
Leaders Council (SLC), which was jointly established by
the Eurasia Group of the US and Suntory Holdings
Limited, and participates as a Sponsoring Partner.

⁃

The council holds annual global events, at which theworld’s political and business leaders gather, anddiscusses sustainability agenda in Asia.

Major Activities in 2022
1. Virtual events⁃⁃

The council published areport on corporate
biodiversity strategies
and the direction of theirefforts, titled“Addressing Nature Lossin Asia‘’ in January
2023.

JBIC announced in June 2018 at the G7 Summit inCharlevoix, Canada, its participation in ”The G7 2X
Challenge: Financing for Women (the 2X Challenge)”
together with development finance institutions (DFIs) of
the G7. The 2X challenge is a target that calls on DFIs
to mobilize their own funds as well as private capital for
supporting businesses, corporations and funds that
contribute to the social empowerment for women.

⁃

The 2X Challenge successfully mobilized approximately
USD7 billion by 2020 and approximately USD16.3
billion in 2021 and 2022, both including private capital.

⁃

JBIC is also a member of ‘2X Collaborative （currently 2X
Global）,’※ an global industry body evolved from 2X
Challenge.

※ Newly launched in January 2022 by 2X Challenge to unlock
gender lens investments through further collaborations with
relevant institutions.
Participation in
Sustainability Initiatives⁃

In October 2022, avirtual event, ‘SLC
Livestream 2022,’ washeld to discussbiodiversity.
JBIC presented theimportance of innovationand cross-industry
partnerships toaccelerate the realizationof Nature Positive.

2. Public Reports⁃

Social Initiatives⁃

2X Challenge/ 2X Global

Environmental Initiatives

Toward the healthy development of the international economic society, JBIC is participating invarious external initiatives, collaborating with diverse companies and organizations, and distributing
information.

Copyright© Japan Bank for International Cooperation All Rights Reserved. 32

Participation in Sustainability Initiatives ～Other Initiatives～

In October 2019, JBIC expressed its support for theobjectives of the Task Force on Climate-related Financial
Disclosures (TCFD) and joined the TCFD Consortium.

TNFD Forum
JBIC has become a member of the Taskforce on Naturerelated Financial Disclosures (TNFD) Forum, which supports
the work and mission of the TNFD.

Executive Sustainability ForumThe Japan Hydrogen Association is a forum for various
stakeholders in the public and private sectors to discuss
the direction of strategies for realizing a hydrogen-basedsociety.

Clean Fuel Ammonia Association was established in April
2019 as a general incorporated association (formerly
known as the Green Ammonia Consortium) to establish avalue chain from the production to the use of CO2-freeammonia and for its social implementation, thereby
realizing a low-carbon society.

The objective of the committee is to support biodiversity
conservation activities in developing countries and in Japan,
as well as to promote business’ biodiversity conservation
activities. Through the Keidanren Nature Conservation Fund,the committee supports projects, makes policy
recommendations, raises awareness, and provides
information to businesses. JBIC joined in June 2023.

African Clean Cities Platform
In July 2022, JBIC became an associate member of theAfrican Clean Cities Platform which was established forachieving SDGs through sharing knowledge and promoting
investment in sanitary urban environments and waste
management in African countries.

Copyright© Japan Bank for International Cooperation All Rights Reserved. 33

Participation in
Sustainability Initiatives

Clean Fuel Ammonia Association

Keidanren Committee on Nature Conservation

Social Initiatives

Japan Hydrogen Association

The forum was launched in 2022 as a venue for exchanging
and conveying opinions on sustainable growth and businessin Japan and Asia under the leadership of the private sector.
The forum is held twice a year to have discussions amongcorporate executives who are actively engaged insustainability management, and to deliver proposals tosociety.

Environmental Initiatives

TCFD ConsortiumJBIC website
Sustainability initiatives

You can also watch the video about
our initiatives through this link.

URL
https://www.jbic.go.jp/en/sustainability.html

Copyright© Japan Bank for International Cooperation All Rights Reserved.