A growing green bond market driven by corporate issuers

Japanese entities have been issuing green bonds since 2014.
Japan’s green bond market is the 12th largest globally and 2nd largest
in Asia-Pacific, after China. Development Bank of Japan and financial
corporates have driven volume, but non-financial corporates havebecome more active in the last three years. In 2017, the Ministry ofEnvironment published Japan’s Green Bond Guidelines, and in 2018,
Tokyo Stock Exchange launched a green and social bond platform.
The market has demonstrated impressive growth. The largest
increase took place between 2016 and 2017 with a year-on-year
growth rate of 204%, underpinned by corporate issuance.

Strong issuance growth is driven by corporates
Development Bank of Japan was the first Japanese green bondissuer and is the largest Japanese issuer to date. DBJ has issued
four green bonds, including the largest Japanese deal to date. The
USD1bn bond, issued in October 2017, contributed nearly a third
the year’s volume and was earmarked for financing green buildings,
renewable energy and environmentally-rated enterprise loans.
The other top five issuers are all corporates, and account for 72% of
the USD9.7bn issued to end-2018.2 Further strong financial andnon-financial corporate issuance can help scale the market rapidly.
Financial corporate issuers have contributed half of all issued
green bond volume to date. Banks have been particularly active:
three of the top five issuers are commercial banks. Mitsubishi UFG,
the fifth-largest bank in the world by assets,3 has issued close to
USD2bn. It is also the largest Japanese underwriter of green bonds,
capturing 15% by volume and 17% by number of deals. This
underscores the importance of banks in scaling up the market.

Japanese green bond innovations span issuer
sectors and instrument types•

Nomura Research Institute was the first non-U.S. entity inthe education and research sector to issue a green bond in
2016, paving the way for later green bond issuance from
Australian and Malaysian institutions.

•

NYK was the first shipping company globally to issue agreen bond in May 2018.

•

Sumitomo Forestry completed another world-first in
September 2018 by issuing a convertible green bond tofinance sustainable timberlands in New Zealand.

Financial corporates are the dominant issuers
5Japan – Green finance state of the market 2018 Climate Bonds Initiative

Financial corporate
Non-financial corporate
Development bank3

Local government
Government-backed entity

2

Sovereign
Loan

1
0
2014

2015

2016

2017

2018

Top 5 issuers account for two thirds of issuanceReal Estate Investment Trusts (REITs) are another important
category. They make up 12% of issuance by bond count, although
the issued bonds to date have been at the lower end of deal sizes.

4
3

USD Billions

Non-financial corporate issuers have contributed USD4.8bn or
21.6% of cumulative volume. Over half (53%) of that issuance isattributable to construction and real estate. Some issuers comefrom sectors that are not well represented globally, such as shipping(NYK, Mitsui O.S.K. Lines), consumer goods (Marui Group) andindustry (Hitachi Zosen). The USD710m bond from Toyota Financein 2017 is the largest corporate bond to date.4 Japan’s strong
manufacturing bias could accommodate more such deals.

ABS

4

USD Billions

Japan is a densely populated country with the third-largest
economy in the world. Its well-developed capital markets havegiven rise to a bond market worth more than USD10tn, which is thethird in size globally after the United States and China.1

2

Mizuho Financial Group
Toyota Finance Corporation
Sumitomo Mitsui Banking Corp
Mitsubishi UFG
Development Bank of Japan

1
0
2014

2015

2016

2017

2018

1

JAPAN STATE OF THE MARKET REPORT
Developed for the Green Bond Issuance Promotion Platform – Japan
Sub-sovereign issuers have yet to take an active role in Japan.
Tokyo Metropolitan Government is the only local government andJapan Railway Construction, Transport and Technology Agency(JRTT) is the sole government-backed entity to have accessed thegreen bond market. The public sector is expected to tap the market
to fund sustainable infrastructure to deliver on NDC commitments.

35% of proceeds are allocated to buildings

Over a third of proceeds are allocated to buildings

40%

Property financing has been popular, with significant allocations
from DBJ, the top 3 banks and Tokyo’s bond, as well as funding for
REITs and owned buildings in the case of airline ANA Holdings andNomura Research Centre.5 Japan’s CASBEE certification scheme,
which assesses the energy efficiency of buildings, makes it easier to
identify low-carbon buildings and metrics suitable for green bondissuance, so we foresee growth in commercial property financing.

20%

Transport0%

Buildings

100%

Certification under the Climate Bonds Standard and sector criteriapresents an opportunity to spotlight assets and projects that arealigned with keeping global warming under 2oC. It can foster greater
investor confidence and provide reputational benefits.
Post-issuance reporting is commonplace for green bonds. Issuers
have reported on all outstanding bonds issued before November
2017. In total, eight issuers committed to reporting. Five disclosed
both use of proceeds (UoP) and impact metrics, which accounts for
56% of issuance; three reported only on allocations. For one bondwith no explicit commitment at issuance, the issuer disclosed both
UoP and impact metrics, in line with its second green bond, whichsuggests that repeat issuance could improve market transparency.

Japanese issuers most often issue in Euro

Industry

60%

Land Use
Waste
Water

2014

4

USD Billions

3
2

Benchmark-sized deals dominate issuance
Benchmark-sized deals (USD500m or more) account for less than aquarter of the bond count but for almost two-thirds of issuance todate. This is driven by the high level of participation of financial
institutions and large corporates in the Japanese market.
Japan – Green finance state of the market 2018 Climate Bonds Initiative

2016

2017

Energy2018

Sustainalytics

DNV GL

Vigeo EIRIS

ISS-oekom

JCRA

R&I Japan*

No review

1
0
2014

2015

2016

2017

2018

Note: *R&I has rated 8 bonds, totalling USD753m. The two, which have noother external review are included in the chart: they amount to USD189m.
The other 6 have an SPO, and have been included in the figures of therespective SPO providers.

All outstanding bonds have post-issuance reporting
Post-issuance UoP reporting
Post-issuance UoP and impact reporting

2
1
None

UoP

UoP and impact

Pre-issuance reporting commitment

45% of deal volume from Japanese issuers is in EUR

EUR is the most popular denomination currency among Japanese
green bond issuers. Deals in USD and JPY account for nearly all therest. Mitsubishi UFG, Sumitomo Mitsui Banking Corp and Mizuho
Financial Group have all issued benchmark bonds in EUR, while DBJ
has issued EUR550m. Sumitomo also issued once in AUD.
Notably, however, foreign issuers have issued deals denominatedin JPY (Samurai bonds) to access the large Japanese investor
base.7 Bank of China’s JPY30bn (USD264m) Certified Climate Bond
will finance public transport and a sewage plant in China. Frenchbank Credit Agricole has issued 10 green Samurai bonds (USD307m)
since 2013. Canadian Solar issued a solar ABS deal and a green loan.
The World Bank, African Development Bank and Norway’s KBN haveissued environmentally-themed Uridashi (retail) bonds.

2015

91% of issuance has an external review

USD Billions

91% of issuance by volume and by deal count benefits from anexternal review. These are mostly second-party opinions (SPOs).
Sustainalytics is the largest SPO provider by volume (72%) and bydeals (53%). DNV GL, Vigeo EIRIS and ISS-oekom also provide SPOs.
Since 2016, R&I Japan has provided green bond ratings on 8 deals,
totalling USD753m. JCRA has assessed 3 green bonds (USD335m).

ICT

80%

The next largest sector is energy (31% of allocations), followed bytransport (22%).6 Energy projects often relate to solar power, butalso offshore wind (e.g. Toda Corporation) and, from the waste
management sector, waste-to-energy (e.g. Hitachi Zosen).

91% of green bonds have an external review

Adaptation

1%

AUD

28%

EUR

45%

JPY
USD

26%

Benchmark-sized bonds represent 64% of issuance
100%
80%
60%
40%
20%
0%

1bn or more
500m-1bn
100-500m
Up to 100m

Count

Amount (USD)

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JAPAN STATE OF THE MARKET REPORT
Developed for the Green Bond Issuance Promotion Platform – Japan

Most green bonds have tenors of up to 5 years
Japanese issuers favour green bonds with shorter tenors: 70% of
issued volume has a term at issuance of up to five years. The
equivalent global figure is only 37%. Shorter tenors are particularly
popular on benchmark size bonds (USD500m or more).
Long-term bonds with a maturity of 10 years or more comprise 4%of the Japanese green bond market and are associated with the
public sector. Tokyo Metropolitan Government’s two JPY10bn green
bonds from 2017 and 2018 both have a term of 30 years. The next
longest maturities are on JRTT bonds: 10 years for both.

70% of issued volume has a tenor of up to 5 years
Up to 100m

>20Y

100-500m

10-20Y

500m-1bn
1bn or more

5-10Y
Up to 5Y
USD Billions

0

1

2

3

4

5

6

7

There is significant potential for future green bond issuanceLow-carbon residential property could unlock
further scale for the Japanese property market
Issuance secured on residential properties is supported by the factthat Japanese local governments are building new apartments
aggressively. For example, Tokyo adds approx. 100,000 surplus
homes every year.8 New stock is built to increasingly higher energy
efficiency standards. But refurbishment loans to improve efficiency
for landlords and owner-occupiers represent a further opportunity.
The Japanese residential mortgage-backed security (RMBS) market
has experienced consistent growth and has experienced low levelsof defaults and delinquencies over the last decade.9 According to
the Japan Securities Dealers Association, the RMBS market stood at
USD156bn in September 2018: just under a quarter of the size ofJapan’s corporate bond market (USD668bn).10 This speaks to scale.
Japan Housing Finance Agency (JHF), REITs and large housing
corporations could address demographic and lifestyle changes
impacting the Japanese population by creating climate-resilient,energy efficient housing and refurbishing properties to high energyefficiency specifications. The Climate Bonds Standard offers thepossibility to certify building upgrade projects if they meet a carbon
reduction target calculated based on the bond’s term.

Climate-aligned issuance shows potential
in transport, certified forestry and paper
Climate Bonds has conducted research on climate aligned issuersthat operate in climate-friendly sectors such as clean energy, public
transport and certified forestry.11
We identified 13 Japanese issuers with USD11.9bn outstanding
bonds as of June 2018. 93% of their aligned outstanding debt israted investment grade, mostly AA (USD8.5bn). Only 3% is unrated.

Top 5 Japanese climate aligned issuers feature 3 in transport
IssuerOutstanding (USD)

CBI Sector

Central Japan Railway

5.6bn

Transport

Tokyo Metro

2.2bn

Transport

Kansai Rapid Railway

690m

Transport

Daio Paper

607m

Land use*Oji Holdings

566m

Land use*

Notes: Data as of 30/06/2018. * Sustainable land use includes certified
forestry and related products, e.g. pulp, paper and packaging.

Japan – Green finance state of the market 2018 Climate Bonds Initiative

By far the largest sector is rail/metro transport with USD8.8bn
outstanding. Clean energy is represented by Japan Atomic
Power, and the buildings sector by materials and equipment
manufacturers Wood One and Stanley Electric. However,certified forestry and products is the second largest sector with
USD2.6bn aligned outstanding amount from 6 issuers, of which
4 fully-aligned. Only Sumitomo Forestry is a green bond issuer.
As transport financing is long-dated (78% had a tenor of 10
years or more at issuance), over 60% of the outstanding
climate-aligned bonds have a long-dated maturity. However,
USD2.1bn of debt matures in 2019/20, presenting an immediate
opportunity to refinance in the green bond market.
Labelling bonds green brings visibility to the positive
contributions of companies towards limiting global warming to
2OC. Issuer commitments to report on use of proceeds andimpact metrics, could also strengthen their appeal to the risingnumber of sustainability-focused investors.

Japan’s manufacturers could underpin
growing demand for green bonds
The Green Finance Japan Network was set up in late 2018 tomainstream ‘greenness’ in the Japanese financial market. A
legislative push, including the National Adaptation Plan, hasengaged corporations in the wider climate agenda. 12,13 The
transition to a low-carbon economy is likely to be an integral
part of the risk management of carbon-intensive industries.
Given that Japan’s exports largely consist of heavy industry,14
these trends are supportive of more issuance from the
manufacturing sector, both from existing issuers such as Toyota
and Ricoh, and new ones such as Daikin:• Toyota, the largest automotive manufacturer in the world, istargeting a 90% vehicle CO2 emissions reduction by 2050
relative to a 2010 baseline. It has issued ABS and a bond tofinance sales of low- and zero-emission vehicles but could
now issue e.g. Auto ABS secured on LEV/EV vehicle loans.
• Ricoh, an equipment manufacturer for office automation,
computing and photography, is aiming for all its products to
be part of the Ricoh Sustainable Products Program by March
2020. Ricoh Leasing’s green bond refinanced 11 solar power
generation facilities. There is scope to fund other products.
• Daikin, the world’s largest manufacturer of air conditioning
systems, is targeting zero emissions from its products by
2050. The positive impact for buildings can be significant.

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JAPAN STATE OF THE MARKET REPORT
Developed for the Green Bond Issuance Promotion Platform – Japan

The public sector can harness private capital tofund climate change mitigation and adaptation
Public sector entities are pivotal in the development of the green
bond market. Not only is investment in infrastructure required tocreate, maintain and enhance public services, but infrastructureneeds to be sustainable and resilient to the effects of climatechange to deliver on long-term social goals.
In Japan, the urgency for resilient infrastructure is even more acute.
In 2018, the most catastrophic rains in decades resulted in floods
and landslides that caused the death of more than 200 people.15
WWF estimates that 46% of Japan’s population and 47% of its
industrial output are at risk from climate-related impacts, includingstorm surges, typhoons and sea-level rise.16,17 After the 2011
tsunami and the resulting Fukushima nuclear disaster, Japanrequires infrastructure and systems to build long-term resilience.18
Green bond issuance by government and related entities canfacilitate investment by attracting private capital. To scope out
public sector potential we looked at local government bondissuance. We found that the top 10 issuers have JPY33.7tn(USD307bn) outstanding, or 44% of the JPY76.3tn total from 153
city and prefecture issuers, based on Bloomberg data.
Tokyo Metropolitan Government, which has already placed two
green bonds, is the largest such issuer with 233 bonds totalling
JPY7.1tn (USD64bn). Osaka, Aichi and Saitama prefectures are thenext largest and all have a climate change strategy in place. Saitama
Prefecture, for instance, has focused on adapting to climate change
by reducing the heat island effect in the city.

Top 5 Japanese local government bond issuers
IssuerOutstanding bonds
Bonds

USDbn

Tokyo Metropolitan Government

233

64.4

Osaka Prefecture

247

40.1

Aichi Prefecture

219

30.9

Saitama Prefecture

177

28.9

Kanagawa Prefecture

166

26.7

Sources for this section: Refinitiv EIKON for issuer-level bond data, Bloomberg
and company websites. Climate Bonds Initiative analysis.

36 out of Japan’s 45 local governments currently participate in
the Major Joint Local Government Bond (JPY14tn/USD128.6bn
outstanding). Each participant bears individual responsibility forrepaying the total amount, making the bonds very low-risk.
Financing purposes include operating public enterprises (e.g.
transport, utilities, sewage); building schools, hospitals andemergency facilities, as well as infrastructure development.19
We also looked at state-owned entities. Bond issuers include
international finance institutions and agencies involved in
housing finance, agriculture and forestry, water and urban
development. In addition to green bond issuer DBJ, other large
entities could perhaps benefit from green bond issuance.
Japan Finance Organization for Municipalities (JFM) is a local
government financing agency, fully owned by municipalities.
With 1083 bonds and JPY42tn (USD387bn) outstanding, it is oneof the largest sub-sovereign issuers. The LGFA funds public
infrastructure, services and disaster prevention. Most LGFAs
from Scandinavia are repeat green bond issuers.
Japan Bank for International Cooperation (JBIC) is an export
credit agency with JPY5.3tn (USD48.8bn) outstanding. It funds
infrastructure projects such as high-speed rail, solar and windfarms, geothermal and waste-to-energy plants: all suited togreen bond issuance. Import-export banks were among the firstgreen bond issuers in South Korea, Canada, India, Sweden.
Japan Housing Finance Agency (JHF) has 250 bonds outstanding(JPY3.9tn/USD35bn). It provides financing to private lending
institutions and refinances itself through securitisation deals. It
can leverage its pivotal role to promote the building of new lowcarbon housing and energy efficiency upgrades to existing stock.
In the US, Fannie Mae uses its Green MBS program to do justthat. JHF already includes housing compliant with Japan’s Flat
35S energy efficiency scheme in RMBS deals. In January 2019 it
closed a JPY10bn (USD91m) labelled green bond.
Japan Finance Corporation has 69 bonds and outstanding(JPY1.6tn/USD14.7bn). It provides loans to small- and mediumsized companies, including for agriculture, forestry, fisheries andcrisis response. Green bonds can fund the sustainable use ofnatural resources and climate-change resilience measures.
Acting as an aggregation platform for SME loans can help
extend the reach of capital markets into the wider economy.

Endnotes: 1. Bank for International Settlements: Debt Securities Statistics, 2018. 2. Globally, financial and non-financial corporates issued 39% of the 2014-2018
green bond volume (CBI data). Country and issuer-type classifications are according to CBI’s methodology. 3. Global Finance Magazine, Saunders, 2018. 4.
Toyota Finance Corporation is a subsidiary of Toyota Motor Company. In 2014-2016, Toyota Financial Services issued 3 Auto ABS with recourse to US assets, sothey count towards US issuance. 5. Financing low-carbon buildings and energy efficiency in the green bond market, CBI, 2019. 6. Global figures: 24% Buildings,
35% Energy, 15% Transport (CBI data). 7. Samurai bonds are not included in Japan figures. 8. Tokyo Statistical Yearbook, 2017. 9. Markets: Asia Bond Monitor
and JSDA. Credit metrics: S&P and Moody’s, 2018. 10. JSDA, 2018. 11. See the Climate Bonds Taxonomy (sectors) and Bonds and Climate Change: The State of
the Market 2018, CBI. 12. Japanese Cabinet’s National Plan for Adaptation to the Impacts of Climate Change, 2015. 13. Climate Change Good Practices byJapanese Private Sector, MUFJ Morgan Stanley for the Ministry of Economy, Trade and Industry, 2017. 14. The OEC, MIT Media Lab, 2019. 15. Xinhua Asia &Pacific Edition, 2018. 16. Nippon Changes: climate impacts threatening Japan today and tomorrow, Case, Tidwell, 2008. 17. Report on Assessment of Impacts of
Climate Change in Japan and Future Challenges, Central Environment Council, 2015. 18. CBI has convened the Adaptation & Resilience Expert Group to develop
best practice for investment. 19. Japan Local Government Bond Association, 2019.

Japan – Green finance state of the market 2018 Climate Bonds Initiative

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JAPAN STATE OF THE MARKET REPORT
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Japan has a favourable climate policy approach
Japan set out its climate change policy in 2016 in its “Plan for global
warming countermeasures” (the Plan), which addresses the mainareas of action to meet the country’s Nationally Determined
Contribution (NDC) and the goals set in the Paris Agreement.

Green bond policies have been introduced

Japan is targeting GHG emissions reduction of 26% by 2030 and
80% by 2050. Decarbonisation of the power generation sector has
however become challenging as a result of the Fukushima’s nuclear
reactor explosion in 2011. To fill the electricity supply gap createdby the sudden shutdown of nuclear power plants, Japan has had toimport and burn fossil fuels to meet energy demand. This has comeat the expense of a substantial increase in carbon dioxide emissions.

The Ministry of the Environment (MoEJ) launched the JapaneseGreen Bond Guidelines in 2017. Green bond guidelines support
the expansion of issuance, and seek to promote market integrity
and transparency through disclosure.

Plan for global warming countermeasures
The Plan comprises policies and measures to be implemented
across different sectors to meet Japan’s NDCs. Monitoring andevaluation mechanisms as well as annual review of the Plan are
crucial for steady implementation.
The Plan highlights key measures targeting the role of local andnational government, businesses and citizens as well as reduction of
GHG emissions. A number of quantified targets are identified:
100% use of highly efficient light such as LED by 2030 inboth the residential and commercial sector;
Increased use of low-emission vehicles, with a target of 5070% of electric and fuel cells vehicles for new car sales.
Japan remains a worldwide leader in technological development,
which has helped improve energy efficiency across a number ofsectors. Energy efficiency represents a key factor in meeting the
NDCs, along with an increased deployment of renewables perhaps
via the introduction of a revised feed-in tariff.

Green bond guidelines (Ministry ofEnvironment, 2017)

The Japanese guidelines comply with the ICMA Green Bond
Principles (GBP), and cover identification of eligible categories,
project evaluation and selection, monitoring and reporting.
Notably, they also promote the use of external reviews. To
facilitate adoption, they provide practical examples, including on
post-issuance reporting, environmental impact metrics andcalculation methods.

Financial Support Programme for Green
Bond Issuance (MoEJ, 2018)
Last year, MoEJ introduced a Financial Support Programme forGreen Bond Issuance. Subsidies in the form grants of up to
JPY50m per issuance are now available for expenses in respectof external services in the form of granting external reviews,
consultation on establishing a green bond framework, etc.
Grants are provided to deals with external reviews, which
confirm compliance with the GBP, ASEAN Green Bond Standard,
Climate Bonds Standard, etc., taking into account the issuingmarket and the investor group. Compliance with Japan’s Green
Bond Guidelines is confirmed by an external review organization
prior to issuance.

Conclusions and actions to support further market development
Japan ‘s ambitious climate strategy highlights the opportunity toleverage green bonds in financing projects, which support the “Planfor global warming countermeasures” and Strategic Energy Plans.
Japan has a very large bond market. Japan’s Government Pension
Investment Fund, for instance, is the world’s largest pension fund,and one of its four investment principles, stewardship, expressly
includes the consideration of ESG factors. As of year-end 2018,
28.2% of its JPY151tn (USD1.4tn) portfolio was invested in domestic
bonds. A strong institutional investor base is conducive to growing
the green bond market, particularly given the ESG angle.
Climate risk is already one of several strategic priorities for Japan's
financial regulator, the Financial Services Agency, as it seeks toensure the stability of the financial system.
To date, however, the green bond market remains relatively small.
Both public and private sector action is required to scale up issuanceand investments to meet the country’s environmental targets. The
Green Finance Network Japan provides a platform for private sector
engagement with the green finance agenda. Some approaches that
could be applied to channel capital to climate investments include:• Improve the visibility of green bonds to analysts and investors
by listing on TSE’s dedicated green bond platform, publishingexternal reviews and providing deal summaries in English.
Japan – Green finance state of the market 2018 Climate Bonds Initiative• Promote disclosure of climate-related financial risks, e.g. by
supporting the implementation of the recommendations of
the Task Force for Climate-related Financial Disclosure (TCFD).
Investors and lenders should seek greater climate-risk
disclosure from companies, and in turn strive to enhance
climate-risk disclosure for their investment/lending portfolios.
• Green-tagging loans and investments in climate-change
mitigation, adaptation and/or resilience projects can form thebasis for quantifying and addressing the climate-related risksof lenders and investors. Banks and other lenders could use
green tagging to quantify green bond funding needs, and act
as aggregation platforms for smaller companies and projects,
for which direct bond issuance may not be economical.
• Set up green infrastructure and/or green bond funds. For
instance, the Asian Development Bank set up the Climate
Change Fund to facilitate the financing of projects which
address climate change and lead to reduced GHG emissions.
• Benchmark deals from both large public sector issuers andlarge corporates send a strong signal to the market on theintention of government and companies to support thetransition to a low-carbon economy. Demonstration issuancehas the power to mobilise stakeholders to further action.

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JAPAN STATE OF THE MARKET REPORT
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Authors: Monica Filkova, CFA, Krista Tukiainen and Amanda Giorgi© Published by Climate Bonds Initiative, February 2019www.climatebonds.net

Disclaimer: The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Anyreference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The
Climate Bonds Initiative accepts no responsibility for content on external websites. The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits orotherwise of any debt instrument or investment product and no information within this communication should be taken as such, nor should any information in this communication
be relied upon in making any investment decision. Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt
instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws. A decision to invest in anything issolely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties onbehalf of an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.

Japan – Green finance state of the market 2018 Climate Bonds Initiative

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