News Release

Nomura Asset Management Sets 2050 Net Zero Goal and 2030 Interim
Target for Greenhouse Gas Emissions from Investments
Tokyo, October 25, 2021—Nomura Asset Management Co., Ltd. (NAM), the core company within
the Investment Management Division of Nomura Group, today announced that it has set a 2050
net zero goal and 2030 interim target for greenhouse gas (GHG) emissions from its investment
portfolio.
To contribute to the realization of a healthy global environment, which NAM recognizes as a key
issue (materiality), NAM also aims to achieve carbon neutrality for its own operations.
NAM is a signatory to initiatives aiming to achieve a decarbonized society. NAM will work toachieve net zero GHG emissions for assets under management by 2050. NAM has also set a2030 interim target of 55% of assets under management 1 to be managed in alignment withachieving net zero emissions by 2050 or sooner. The interim target was determined based on theratio of individual companies among NAM’s holdings that have set decarbonization targets andrepresents 37 trillion yen of the total 67.3 trillion yen in assets under management as of the endof June 2021.
NAM is engaged in a number of strategic initiatives to achieve net zero GHG emissions by 2050,
including measuring the level of GHG emissions and absorption in its investment portfolio,
strengthening stewardship activities and collaboration with stakeholders, and developing
innovative financial products aligned with net zero emissions by 2050.
NAM measures and discloses the GHG emissions associated with stocks and bonds in its
investment portfolio. In setting the ambitious target of 55% by 2030, NAM has employed anincremental approach to weighting individual companies in its portfolio in consideration of the SBTcommitments and approval 2 , scenario analysis, the Institutional Shareholder Services (ISS) 3
temperature scores of NAM’s portfolios, as well as the policy goals of various countries. NAM is
also conducting ongoing examination of portfolio companies’ management commitments toachieving net zero and specific target details to reach its 2030 interim target.
To reduce the impact of climate change, the Paris Agreement sets a shared long-term goal oflimiting the global average temperature increase to well below 2°C, and striving for 1.5°C, above
pre-industrial levels. Based on scientific evidence, NAM believes it is necessary to reach net zero
GHG emissions globally by 2050 or sooner to realize this goal. NAM is working to support a
decarbonized society through the investment chain by engaging with portfolio companies topromote initiatives that address climate change.

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Limited to assets for which GHG emissions can be measured as of 2030.

SBT, or Science Based Targets, refers to GHG reduction goals that scientifically conform to the Paris Agreement goals.
Corporations participating in the SBT initiative publish their commitments to SBTs and obtain approval.
3An ESG rating agency that provides services such as proxy voting advocacy, as well as tools for institutional investors to analyze
portfolio climate-related risks and opportunities.

As a responsible institutional investor, NAM will continue to address ESG issues while working tosecure its place as the Japanese asset manager preferred by clients globally.
NAM initiatives toward achieving its 2050 Net Zero Goal and 2030 Interim Target
Initiative
Details
Measurement ofIn addition to Scope 1 and Scope 2 GHG emissions, NAM measures
Portfolio GHG
Scope 3 emissions to the extent possible, which are highly material inEmissions
the context of portfolio companies. Estimates of ESG rating agencies
are used in cases where a portfolio company does not disclose GHGemissions. Portfolio emission measurements are conducted inaccordance with the standard published by the PCAF4, which NAM
joined in August 2021.
Measurement ofMeasurements of portfolio GHG absorption include direct absorption
Portfolio GHG
of residual emissions remaining after reduction measures, such asAbsorption
afforestation and Carbon dioxide Capture, Utilization and Storage(CCUS)5, as well as carbon offsetting6, avoided emissions, REDD+7,
and other measures.
Financial Product
NAM is developing financial products that contribute to the realization
Developmentof a decarbonized society in accordance with the 2050 net zero goaland 2030 interim target.
Partnership with
NAM shares its 2050 net zero goal, 2030 interim target, and results ofAsset Owners
portfolio climate risk/opportunity analyses with asset owners in order
to coordinate efforts toward realizing net zero emissions by 2050 orsooner.
Strengthening
NAM is enhancing its stewardship strategies including engagement
Stewardshipand proxy voting that is consistent with its 2050 net zero ambition.
Activities andAdditionally, NAM is strengthening collaboration with stakeholders
Collaboration withand offering government policy proposals in support of these efforts.
Stakeholders
High Transparency
NAM is working to increase the transparency of disclosures, including
Disclosure
regular disclosure of portfolio climate-related risk/opportunities
analyses and progress toward its 2050 net zero goal and 2030 interim
target within our Responsible Investment Report.
endsNomura
Nomura is a global financial services group with an integrated network spanning over 30 countries. By connecting
markets East & West, Nomura services the needs of individuals, institutions, corporates and governments through its
three business divisions: Retail, Wholesale (Global Markets and Investment Banking), and Investment Management.
Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions
and considered thought leadership. For further information about Nomura, visit www.nomura.com.

4The PCAF, or Partnership for Carbon Accounting Financials, is a global partnership launched by primarily European financial
institutions in 2015. It develops standards of measurement and disclosure for portfolio GHG emissions.
5CCUS, or Carbon dioxide Capture, Utilization and Storage, refers to technology that segregates/captures CO2 emissions frompower plants, etc., to be used in agricultural and chemical manufacturing or stably stored underground.
67Schemes for offsetting GHG emissions which cannot be reduced in daily/economic activities.

Climate change initiative aimed at reducing emissions and increasing absorption by addressing deforestation in developingcountries.