Japan GB market continues growing in 2021i

Buildings dominate Use of Proceeds
0
1% 0%

2% 1%

Buildings

5%

EnergyTransport

36%

23%

Water

USD 37.3bn

Waste
Land Use

32%USD 37.3 bn

Industry

Figure1: Green bond market trend in Japan

Figure 3: Use of Proceeds of Japanese green bonds (cumulative)

The Japanese green bond market continues to expand despite the
COVID-19 pandemic. Financial corporates led green bond issuance in
2021, with 45% of market share (USD7.1bn). Non-financial
corporates and government-backed entities followed at 30%(USD4.8bn) and 22% (USD3.4bn) respectively.

In cumulative terms (2014-2021), buildings dominate Use ofProceeds (UoP) at 41%, followed by energy at 32%. Japan Housing

The largest deal in 2021 was issued by NTT Finance (USD0.35 bn).
The second-largest deal came from Japan Finance Organization for
Municipalities (USD280m).

86% of volumes have external reviews
USD billion

18
16
14
12
10
8
6
4
2
0

No External Review
SPO＆Rating

Finance Agency earmarked the largest amount for Buildings(USD5.29bn), followed by NTT Finance Corporation (USD2.1bn).
Mitsubishi UFG Financial Group (USD2.10bn) is the top issuer forenergy. Six out of the largest ten issuers for energy came fromfinancial corporates. The rest are non-financial corporates
including Mitsubishi Heavy Industries Group (USD380m), Renesas
Electronics (USD330m) and TEPCO (USD270m)

Most issuers favour tenors of less than 10
years
Development Bank
Financial Corporate
Government-Backed Entity
Local Government
Non-Financial Corporate

20～

SPO＆Certified
SPO
Rating＆Certified

10-20
5-10

Rating
Certified

2014 2015 2016 2017 2018 2019 2020 2021

Figure 2: Breakdown of external reviews for Japanese green bonds* Climate Bonds Data has been updated to reflect later disclosure of external
reviews etc.

The Japanese green bond market maintained its outstanding recordof external reviews. In 2021, 0.2% (USD 360m) of deals by volume
had not obtained an external review, but the majority of green
bonds did. In most cases, an SPO has been obtained.

5<
0

5

10
USD bn15

20

Figure 4: Tenor of Japanese green bondOverall, Japanese issuers prefer relatively short tenors: 49% ofdeals mature between 5 and 10 years. Long tenors of more than
20 years account for 5% of cumulative volumes.
On a percentage of green bonds with 10 years or longer tenors,
Government-Backed Agency and Local Government account for
56% and 38%, respectively, while Financial Corporate and NonFinancial Corporate account for 20% and 27%, respectively.

Japan – Green finance state of the market 2021 Institute of Global Environmental Strategies (IGES) and Climate Bonds Initiative1

75% of deals are up to USD100m

57% of volume is JPY-denominated
USD
16%

AUD
1%

BRL
0%
EUR
24%

THB
0%

JPY
59%

Figure 5: Amount and number of deals
In cumulative terms, smaller deals were the most frequent by
number (212 deals), with USD10.6bn of volume falling within the lessthan 100m size bucket.
There were fewer deals of USD100-500m (46 deals), but they
contributed larger overall volume of USD10.9 bn.
27 benchmark-sized deals contributed USD10.6bn, with 20 of thoseoriginating from financial corporates such as NTT Finance, Toyota
Financial Services, Norinchukin Bank Sumitomo Mitsui Banking
Corp, Mitsubishi UFG Financial Group, Mizuho Financial Group.
Non-financial corporate benchmark deals came from NIDEC (onedeal), which develops, manufactures, and sells motors, Marubeni(two deals), and Renesas Electronics (one deal). Three out of 27 deals
were issued by government-backed entities, i.e. Japan Finance
Organization for Municipalities (two deals) and Japan Housing
Finance Agency (one deal).

Figure 6: Currency of Japanese green bond
JPY-denominated deals prevail at 58% (255 deals) of cumulativeissuance volume.
Ten out of 15 EUR-denominated deals originated from financial
corporates. Nidec was the only non-financial corporate whichissued a EUR-denominated bond.
11 out of 14 USD-denominated deals were issued by financial
corporates. Marubeni Corp and Central Nippon Expressway are
the only non-financial corporates that issued USD-denominatedbonds.
One deal was denominated in THB and one in BRL, issued by
Toyota Motor Thailand and Banco Toyota do Brasil, respectively.

Analysis on post-issuance impact reporting on
renewable energy in Japan, by IGESii

Table: impact indicators of green bonds in the renewableenergy sector

IGES published the Policy Report Current Status, Issues andRecommendations on Impact Reporting -A Case Study of Green Bonds
for Renewable Energy Sector in Japan. The Report discusses how
impact is being reported (impact reporting). The analysis covers
green bonds issued between January 2017 to June 2019 and thosewhich include renewable energy in their Use of Proceeds (UoP).
A total of 45 green bonds issued by 31 issuers with volumes of
JPY733.7bn are included in the analysis. In discussing the impact
reporting of these green bonds, the Report references the Green
Bond Guidelines 2017 (2017 Guidelines) set out by the Ministry of theEnvironment (MOE) and the Green Bond Principles (GBP) formulatedby the International Capital Market Association (ICMA) as the norm
for green bond reporting in Japan during the above period. It has also
considered the revised version of the GBP published in June 2021 andrevised Guidelines published by MOE in 2020.
For instance, while the 2017 and 2020 Guidelines of MOE and GBP
provide examples or core indicators, there were some cases where
impact reporting was based on indicators which were not included in
the MOE Guidelines or in the examples given in the GBP (see Table).

Note: "*" indicates a designation not given in ICMA or MOE guidelines.

Based on the analysis, the paper makes recommendations ineight areas including:⚫
Disclosure of reporting: To the extent possible andnecessary, disclosure of green bond reporting by private
notes should be promoted internationally. The practice of
disclosing reporting of green bonds in a more readily
available form should be encouraged.
⚫
Reference to impact in reporting: To the extent possible, it
is desirable that detailed information is disclosed byissuers and then reviewed by external reviewers.
⚫
Indicators of impact: Wherever possible, issuers should
disclose using indicators exemplified by GBP and MOE’s
2017 and 2020 Guidelines⚫
Level of impact: Issuers should consider the requirement
to report on specific indicators at the bond level (e.g. in
the case of renewable energy, at a minimum, the amountof electricity generated should be included in thereporting for each bond).

2

Transport keeps the top unlabelled climate-aligned
theme

Unlabelled climate-aligned bonds:
Methodologyiii
The unlabelled climate-aligned (CA) universe highlights investment
opportunities that are not explicitly labelled as green by the issuer,
but finance climate-aligned assets and activities. Climate-aligned
bonds are identified at the issuer level:•bonds from fully-aligned issuers that derive 95% or moreof revenues from climate-aligned business lines,
bonds from strongly-aligned issuers that derive 75-95% ofrevenue from climate-aligned business lines•

Identifying such instruments is crucial to shed light on capital flows
financing green assets that may not be as visible and transparent aslabelled bonds and to identify opportunities to scale up the labelledgreen bond market.
Drawing on the Climate Bonds Taxonomy, eight climate themes
have been identified: Renewable Energy, Transport, Buildings,
Water, Waste, Land use & Agriculture, Climate Adaptation, and ICT.
In 2021, 115 bonds, with volumes of USD13.1bn, were identified as
Japan’s outstanding climate-aligned debt. This is almost the same as
in 2020 (114 bonds amounting to USD13.3bn).

The broader labelled universe
In 2021, Globally, Japan has the fourth largest bond marketvi. By
comparison, the Japanese thematic-labelled bond market ranks 11th
compared to its global peers representing only 2.1% of volumes asof 31 December 2021.vii
40

Transition
Sustainability-linked
Sustainability

20

Social
Green

10
0
2018

2019

2020

2021

Figure 8: Japanese thematic-bond market volumes
300

4000
USD Cumulative Total

200

No. of issues

3000

Transport
91%

Figure 7: UoP of unlabelled climate-aligned bonds
Transport was the top climate-aligned theme; Central Japan
Railway Co (USD7.4bn), Tokyo Metro Co (USD3.7bn) and Kansai
Rapid Railway Co (USD 460m). Among them, Central Japan
Railway Co (2022) and Tokyo Metro Co (2021) issued asustainability bond and a green bond, respectively, with UoPearmarked for the environmentally-efficient bullet train andunderground for the first time in 2022 and 2021ivv. Oji Holdings
was the only climate-aligned bond issuer in the Land use &Agriculture theme. Its ten deals amounted to USD1.1 bn.

The rise of sustainability-labelled instruments has expanded
the scope of funding to a broader range of environmental
and social benefits. In October 2020, property andconstruction company Hulic Co., Ltd. issued Japan’s firstsustainability-linked bond (SLB). The 10-year JPY10bn(USD95m) deal was Japan’s first publicly offered SLB to alignwith the SLB Principles published by ICMA. Since then, Japan’s
SLB market has experienced rapid growth, with 11 deals
representing USD1.2bn in value (as of the end of 2021)viii.
Japan is a regional leader in formulating basic guidance fortransition finance. Based on the ICMA Climate Transition
Handbook, the Japan Financial Services Agency, Ministry of
Economy, Trade, and Industry, and Ministry of theEnvironment of Japan, published the Basic Guidelines on
Climate Transition Finance in May 2021.ix Two months after
the Basic Guidelines were issued, shipping and logistics
company NYK Line became Japan’s first company to issue atransition bond in a two tranche deal worth JPY20bn (USD190m). The company reports that the Japanese Government
highlighted this deal as a model case for transition finance.
2.0
SLBs

2000
100

0

Renewable
Energy0%

1000
0Transition

USD billion

Figure 9: Size of the thematic-bond market by country

1-Dec-21

1-Nov-21

1-Oct-21

1-Sep-21

1-Jul-21

1-Aug-21

1-Jun-21

1-Apr-21

1-May-21

1-Mar-21

1-Jan-21

1-Feb-21

1-Dec-20

1-Oct-20

0.0

1-Nov-20

USD billion

30

USD billion

Waste
1%

Land use &Agriculture…

Figure10 ：Growth of SLBs and transition bonds in Japan3

Finance Policy Landscapex

The Taskforce on Preparation of the Environment for Transition

The Expert Panel on Sustainable Finance, established by the

Finance, established in January 2021 and jointly organised by the

Financial Services Agency (FSA) in December 2020 to drive

FSA, the Ministry of Economy, Trade and Industry (METI) and thesustainable finance, published the Report by the Expert Panel on

Ministry of the Environment (MOE), issued the Basic Guidelines

Sustainable Finance in June 2021, and the Second Report by theon Climate Transition Finance in May 2021. xx METI also

Expert Panel on Sustainable Finance in July 2022 which shows theestablished the Taskforce Formulating Roadmaps for Climate

progress after the first report and further issues.xi xii Building on

Transition Finance to develop transition roadmaps intended to

the recommendations made in this report, the FSA published theprovide a reference when assessing eligibility for the transition

Japan FSA Strategic Priorities July 2022 – June 2023, presenting

label in June 2021.xxi The Taskforce has produced roadmaps for

its policy priorities for the working year.xiii The FSA committed toiron & steel, chemicals, electricity, gas, oil, cement, and paper &enhancing corporate disclosure of sustainability information,

pulp. xxii To further facilitate transition finance, METI also

demonstration of various market functions related to sustainable

implemented subsidies for third-party evaluations on financing

finance and promoting role of financial institutions..

programs which follow the Basic Guidelines and can serve asmodel cases, and achieved approximately JPY300bn of financing

Sustainability-related corporate disclosure(including planned procurement) in FY 2021. Furthermore, METIThe Revised Japan’s Corporate Governance Code (CGC) wasannounced the Financial Support Programme for the Promotion

finalised in June 2021.xiv Based on the revised Code, companies

of Transition towards Carbon Neutral, which provides financial

are required to develop a basic policy and disclose initiatives on

support to financial institutions granting preferential interest

the company’s sustainability, and companies listed on the prime

rates for transition labelled products. Transition schemes are tomarket following market restructuring of the Tokyo Stockbe verified by pre-designated third-party reviewers. There are 11

Exchange (TSE) are required to enhance the quality and quantity

designated financial institutions as of the end of August 2022.

ofThe project is expected to run through FY2024.

climate-related

disclosure

based

on

the

TCFD

recommendations or equivalent international frameworks in and

In addition to the support programme, METI announced the Asia

after April 2022.

Energy Transition Initiative (AETI) at the Japan ASEAN Business

The FSA also reconvened the Working Group on Corporate

Week in May 2021. xxiii Through AETI, Japan committed toDisclosure of the Financial System Council in September 2021 toassisting to ASEAN countries in the development of transition

deliberate widely on corporate disclosure. xv The Working Grouproadmaps and to presenting an Asian approach to transition

is tasked to discuss Japan’s position and approach on disclosure

finance.

of sustainability information, while closely monitoring andstrategising related global developments and processes such as

Growing Green and Sustainable Financethose being developed by the International Sustainability

The two task forces established under the ESG High Level Panel,Standards Board (ISSB) at the International Financial Reporting

the Positive Impact Finance Taskforce and the ESG Regional

Standards (IFRS) Foundation. In June 2022, the Working Group

Finance Taskforce, concluded their work. As an outcome of the

published Report by the Working Group on Corporate Disclosure

work by the two task forces, the MOE issued the Guide to Greenof the Financial System Council - Toward building a capital market

Impact Finance xxiv and the Common Vision towards thethat will lead to increasing medium- and long-term corporate

Implementation of ESG Regional Finance towards a Sustainablevalue”. xvi The report provides recommendations for Japan'sSociety.xxv The MOE also issued the ESG Regional Finance Practiceresponse to the disclosure of corporate initiatives on

Guide 2.0xxvi in March 2021 as part of its work to promote ESG

sustainability and other issues, as well as future challenges.

regional finance.
The FSA continues to hold the Impact Investing Roundtable

An information platform for sustainable financial products

sessions in cooperation with the Global Steering Group for

Following the recommendation from the Expert Panel of the FSA

Impact Investment. The 7th session held in September 2021 wasto establish an information platform for ESG bonds, Japanaccompanied by a brief document reflecting on the sessions to

Exchange Group, Inc. (JPX) established a Sustainable Financedate (Phase I) and listed remaining tasks to be addressed in the

Platform Development Working Group in October 2021 toupcoming Phase II of the roundtables.xxvii

discuss how to structure this information platform, how to

The FSA established the Working Group on Social Bonds inconsider the eligibility of ESG bonds and how to manage theMarch 2021. xxviii The working group published the Social Bond

platform. xvii The working group published a First Report in

Guidelines in October 2021.xxix Following the publication of theJanuary 2022 and indicated its aim to establish the information

Guidelines, the FSA established Sub-Working Group of Relevant

platform by the middle of 2022 and its intention to take a phased

Ministries and Agencies on Impact Indicators, etc. for Social

approach on eligibility, and that it will continue deliberations on

Projects under the working group in December 2021xxx. The Sub-certification while closely following global developments. xviii In

Working Group discussed concrete examples of indicators forJuly 2022, JPX launched the ESG Bond Information Platform.xix

social benefits from Social Project, and in July 2022, the FSA
published the Examples of Indicators for Social Benefits of Social

Climate Transition Finance

Projects, which were compiled based on the results of4

discussions at the meetings of the Sub-Working Group.xxxi In July
2022, FSA also published Supervisory Guidance on Climaterelated Risk Management and Client Engagement, which serves
as a baseline for supervisory dialogues between the FSA andfinancial institutions to promote better practices at financial
institutionsxxxii. The FSA's overall approach to sustainable finance,
including these initiatives, is described on its website.xxxiii
The MOE established the Green Finance Committee in
December 2021.xxxiv Based on the discussion at the Committee,
in July 2022, the MOE published Green Bond and SustainabilityLinked Bond Guidelines 2022 and Green Loan and SustainabilityLinked Loan Guidelines 2022. xxxv The guidelines are consistent
with the latest international principles, such as ICMA’s, andprovide new guidance on evaluation criteria for green eligibility,
as well as an updated list of eligible green projects with KPIs andexamples of associated environmental risks.

Bank of Japan’s Strategy on Climate Change
The Bank of Japan (BOJ) set up the Climate Coordination Hubxxxvi,
an internal network to promote information sharing andcoordination on various measures and address issues related toclimate change and announced its Strategy on Climate Change
in July 2021xxxvii.
In September 2021, the BOJ published the Funds-Supplying
Operations to Support Financing for Climate Change Responses
with the understanding that supporting the private sector's
efforts on climate change from a central bank’s standpoint willcontribute to stabilising the macroeconomy in the long runxxxviii
xxxix.

The funds-supplying operations provide funds to financial
institutions for their climate-related investment or loans. In
order to avoid involvement in micro-level resource allocation as
much as possible, the BOJ only provides a general outline of thetypes of investments and loans to be back-financed while leaving
the decision as to which investment and loans contribute toaddressing climate change to the discretion of the financial
institutions themselves. xl To maintain market discipline, the BOJ
also requires them to disclose a certain level of information
including that based on the TCFD recommendations and thecriteria they have used to determine which investment or loans
contribute to addressing climate change. xl As of this writing,loans have been disbursed twice, in December 2021 and July
2022, with 63 eligible borrowers and an outstanding loan balanceof JPY3.6tn.xli.xlii xliii The FSA and BOJ and published a report Pilot
Scenario Analysis Exercise on Climate-Related Risks Based on
Common Scenarios, which outlines key results and takeaways ofthe pilot scenario analysis using scenarios published by the
Network for Greening the Financial System as common
scenarios.xliv

5iData used in this report is based on data as of June 22, 2022, unless otherwise noted. Graphs and descriptions of market
conditions cover the period through December 31, 2021.
ii Noriko SHIMIZU、Maiko MORISHITA、Naoki MORI、Rabhi ABDESSALEM (2021) “Current Status, Issues andRecommendations on Impact Reporting -A Case Study of Green Bonds for Renewable Energy Sector in Japan: English
Summary and Data on Green Bond Issuance in Japan” IGES Policy Report, available athttps://www.iges.or.jp/en/publication_documents/pub/data/en/11745/Englimsh+Summary_Policy+Report+on+green+bond+rep
ort+on+impact+1029+final.pdf (February 10, 2022)
For full version in Japanese, 清水規子、森下麻衣子、森尚樹、Rabhi ABDESSALEM（2021）「インパクトレポーティングの
現状 課題と提言 日本のグリーンボンドの再エネセクターを事例に」available athttps://www.iges.or.jp/jp/publication_documents/pub/policyreport/jp/11554/Policy+Report+on+green+bond+report+on+impact+
0709+final_rev.pdf (February 10, 2022)
iii Note, all unlabelled climate-aligned data as of 20/01/2022., starting from January 1st, 2006.
iv Central Japan Railway Company（2022）”The First Green Bond”(only on Japanese「第一回グリーンボンド」), available athttps://company.jr-central.co.jp/ir/greenbond/bond01/ (February 15, 2022)v Tokyo Metro (2021) “ We issue sustainability bond「サステナビリティボンドを発行します」” available athttps://www.tokyometro.jp/news/2021/211201.html (October 21, 2022)(2022) “2022 Capital Markets Fact Book”, available athttps://www.sifma.org/wp-content/uploads/2022/07/CM-Fact-Book-2022-SIFMA.pdf (October 18, 2022)
vii CBI (2021) “Climate Bonds database”
vi SIFMA

viii MOE “Sustainability-linked bond issuance data -Issuance List” at Green Finance Portal, available athttps://greenfinanceportal.env.go.jp/en/bond/slb_issuance_data/slb_issuance_list.html(September 9, 2022)

ix FSA, METI and MOE (2020) “Basic Guidelines on Climate Transition Finance”, available athttps://www.meti.go.jp/press/2021/05/20210507001/20210507001-3.pdf (February 16, 2022)
x This section covers the period from January 2021 to the end of August 2022.
xi FSA (2021) ‘Report by the Expert Panel on Sustainable Finance – Building a Financial System that Supports a Sustainable

Society,’ available athttps://www.fsa.go.jp/news/r2/singi/20210618-2/04.pdf (February 14, 2022)
xii FSA (2022) “The Expert Panel on Sustainable Finance, FSA The Second Report - Financial systems that open up a newsustainable society -”. Available at https://www.fsa.go.jp/news/r4/singi/20220713/02.pdf (October 21, 2022)
xiii FSA (2022) ‘2022 事務年度金融行政方針 ～直面する課題を克服し、持続的な成長を支える金融システムの構築へ～’
available at https://www.fsa.go.jp/news/r4/20220831/220831_allpages.pdf (February 14, 2022) (English version to be published)
xiv FSA (2021) ‘Finalization of the Revised Guidelines for Investor and Company Engagement,’ available athttps://www.fsa.go.jp/en/news/2021/20210611.html (February 14, 2022)
xv FSA (2021) ‘The first meeting of the Working Group on Corporate Disclosure of the Financial System Council,’ available athttps://www.fsa.go.jp/en/news/2021/20210827.html (February 14, 2022)
xvi FSA (2022)’ Summary of Report by the Working Group on Corporate Disclosure of the Financial System Council’ available
athttps://www.fsa.go.jp/singi/singi_kinyu/tosin/20220613/03.pdf（December 9, 2022)
xvii JPX (2021) ‘JPX to Establish ‘Sustainable Finance Platform Development Working Group,’’ available athttps://www.jpx.co.jp/english/news/0090/20211014-01.html (February 14,2022)
xviii JPX (2022) ‘The First Report by the JPX Sustainable Finance Platform Development Working Group,’ available athttps://www.jpx.co.jp/english/corporate/news/news-releases/0090/20220225-01.html (February 25, 2022)
xixJPX (2022) “Sustainable Finance Platform Development Working Group” available athttps://www.jpx.co.jp/english/corporate/sustainability/esg-investment/working-group/01.html (September 1, 2022)
xx FSA, METI, MOE (2021) ‘Basic Guidelines on Transition Finance,’ available athttps://www.meti.go.jp/english/press/2021/pdf/0507_001a.pdf (February 14, 2022)
xxi METI (2021) ‘Taskforce Formulating Roadmaps for Climate Transition Finance Established, Plus Call for Examples of Model
Projects,’ available athttps://www.meti.go.jp/english/press/2021/0604_003.html (February 14, 2022)xxii METI (2022) ‘Transition Finance,’ available athttps://www.meti.go.jp/policy/energy_environment/global_warming/transition_finance.html (February 14, 2022) (only inJapanese「トランジション・ファイナンス」)
xxiii METI (2021) ‘Minister Kajiyama announced the Asia Energy Transition Initiative (AETI),’ available athttps://www.meti.go.jp/english/press/2021/0528_002.html (February 14, 2022)xxiv MOE (2021) ‘Green Impact Assessment Guide,’ available at
http://www.env.go.jp/press/files/jp/115951.pdf (February 14, 2022) (only in Japanese「グリーンから始めるインパクト評価ガイ
ド」)6

xxv MOE (2021) ‘Common Vision towards the Implementation of ESG Regional Finance towards a Sustainable Society’ available

athttps://www.env.go.jp/policy/2-2commonvition.pdf (February 14, 2022) (only in Japanese「持続可能な社会の形成に向けた ESG
地域金融の普及展開のための共通ビジョン」)
xxvi MOE (2021) ‘ESG Regional Finance Practice Guide 2.0,’ available athttps://www.env.go.jp/press/files/jp/115981.pdf (February 14, 2022) (only in Japanese「ESG 地域金融実践ガイド 2.0」)
xxvii FSA (2021) ‘Impact Investing Roundtable Stocktaking for Phase I and Remaining Issues,’ available athttps://impactinvestment.jp/user/media/resources-pdf/Achievements_of_the_first_phase_and_future_tasks.pdf (only inJapanese「金融庁・GSG 国内諮問委員会共催インパクト投資に関する勉強会 第一フェーズの到達点と今後の課題」)
xxviii FSA (2021) ‘Establishment of the Social Bonds Study Group,’ available athttps://www.fsa.go.jp/news/r2/singi/20210310-2.html (February 14, 2022) (only in Japanese 「『ソーシャルボンド検討会議』の設置について」)xxix FSA (2021) ‘Social Bonds Guidelines,’ available at https://www.fsa.go.jp/news/r3/singi/20211026-2/02.pdf (February 14,2022)
xxx FSA (2021) ‘Establishment of the ‘Sub-Working Group of Relevant Ministries and Agencies on Impact Indicators, etc. forSocial Projects,’’ available athttps://www.fsa.go.jp/news/r3/singi/20211214-2.html (February 14, 2022) (only in Japanese「『ソーシャルプロジェクトのイン
パクト指標等の検討に関する関係府省庁会議』の設置について」)
xxxi FSA (2022) Publication of the finalized "Examples of Indicators for Social Benefits of Social Projects" (provisional English

title) after public consultation available athttps://www.fsa.go.jp/news/r4/singi/20220715.html (July 15, 2022) (only in Japanese「『ソーシャルプロジェクトの社会的な効果に係る指標等の例』の確定について」)
xxxii FSA (2022) ’Publication of "Supervisory Guidance on Climate-related Risk Management and Client Engagement” ‘available athttps://www.fsa.go.jp/en/news/2022/20220715/20220715.html（October 21, 2022 ）xxxiii FSA（2022）”Sustainable Finance” available athttps://www.fsa.go.jp/en/policy/sustainable-finance/sustainable-finance.html（Octover 18, 2022）
xxxiv MOE (2021) ‘Establishment of the Green Finance Review Committee,’ available at https://www.env.go.jp/press/110283.html(February 14, 2022) (only in Japanese「グリーンファイナンスに関する検討会の開催について」)
xxxv 環境省 （2022）「報道発表資料「グリーンボンドガイドライン及びサステナビリティ・リンク・ボンドガイドライン

2022 年版」、「グリーンローン及びサステナビリティ・リンク・ローンガイドライン 2022 年版」の公表について」
https://www.env.go.jp/press/press_00186.html （2022 年 9 月 1 日アクセス）xxxvi BOJ ‘The Climate Coordination Hub (CCH) ’ available athttps://www.boj.or.jp/en/about/climate/cch.pdf (October 21, 2022）
xxxvii BOJ (2021) ‘The Bank of Japan's Strategy on Climate Change,’ available athttps://www.boj.or.jp/en/announcements/release_2021/rel210716b.pdf (February 14, 2022)
xxxviii BOJ(2021) ‘Statement on Monetary Policy（June 18, 2021）,’ available athttps://www.boj.or.jp/en/announcements/release_2021/k210618a.pdf (October 21, 2022)
xxxix BOJ(2021) ‘Establishment of "Principal Terms and Conditions of the Funds-Supplying Operations to Support Financing for

Climate Change Responses",’ available athttps://www.boj.or.jp/en/announcements/release_2021/rel210922a.pdf (October 21, 2022)
xl BOJ (2022) ’ Annual Review 2022,’ available athttps://www.boj.or.jp/en/about/activities/act/data/ar2022.pdf (October 21, 2022)
xli BOJ（2022）”Loan Disbursement under the Funds-Supplying Operations to Support Financing for Climate Change
Responses” available athttps://www.boj.or.jp/en/announcements/release_2022/rel220720b.pdf (October 21, 2022)
xlii BOJ(2021) ‘Eligible Counterparties of the Funds-Supplying Operations to Support Financing for Climate Change Responses,’available athttps://www.boj.or.jp/announcements/release_2021/rel211126c.pdf (October 21, 2022) (only in Japanese 「気候変動対応オペ
における貸付対象先公募の結果について」)
xliii BOJ (2022) ‘Eligible Counterparties of the Funds-Supplying Operations to Support Financing for Climate Change

Responses,’ available athttps://www.boj.or.jp/announcements/release_2022/rel220624d.pdf (October 21, 2022) (only in Japanese 「気候変動対応オペ
における貸付対象先公募の結果について」)
xliv FSA (2022) “Release of "Pilot Scenario Analysis Exercise on Climate-related Risks Based on Common Scenarios””

availableat7https://www.fsa.go.jp/en/news/2022/20220826.html (October 14, 2022)

Authors: Noriko Shimizu (IGES), Maiko Morishita (IGES), Naoki Mori (IGES)
Data and editorial support: The Climate Bonds Initiative© Climate Bonds Initiative, December 2022
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© 2022 Institute for Global Environmental Strategies.
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*This report was developed under the commissioned work of Ministry of the Environment, Japan “令和 3 年度 ESG 金融ステップアップ・プロ
グラム推進事業におけるグリーンファイナンス・ポータルサイト整備委託業務”.

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