January 2022

SpecialIssue

Special Feature
The Fourth Medium-term Business Plan（FY2021−FY2023）

A “navigator” to build a brighter futurewith Japanese power is essential toaddressing global issues
and post-COVID-19 reconstruction.
MAEDA Tadashi

Governor
Japan Bank for International Cooperation (JBIC)

SPECIAL INTERVIEWTAKASHIMA Makoto
YOSHIDA Kenichiro

Chairman, Japanese Bankers Association
President & CEO, Sumitomo Mitsui Banking Corporation
Representative Corporate Executive Officer
Chairman, President and CEO, Sony Group Corporation

Key Points of the Fourth Medium-term Business Plan

− FY2023)
Fourth Medium-term Business Plan (FY2021

A “navigator” to build a brighter futurewith Japanese power is essential to addressing
global issues and post-COVID-19 reconstruction
The Japan Bank for International Cooperation (JBIC) has formulated its Fourth Medium-term Business Plan
(FY2021 - FY2023). With the changes in the international situation revolving around the US-China
structure, the world is being called on to accelerate its efforts to achieve the SDGs and the global agenda,
including taking action on climate change. What should the next three years be like for the sounddevelopment for Japan and the global economy and society? We interviewed Governor MAEDA about the
new Medium-term Business Plan.

Governor
Japan Bank for International Cooperation (JBIC)

MAEDA Tadashi
An era that can no longer be explained by thedichotomous confrontation between the developed
and developing countries
Japan's role in changing the power balance of theinternational community— What social background factors did JBIC
consider when formulating the new Medium-term
Business Plan?
The impact of COVID-19 is one factor that we had not
had to consider in the First to Third Plans. In 2020, JBIC
established the Emergency Window for Overcoming the
COVID-19 Crisis to address the impacts of COVID-19 on
the overseas operations of Japanese companies. Thechanges in people’s attitudes and lifestyles brought
about by the COVID-19 pandemic have had a major
impact on the economy. In response to the global themeof post-COVID-19 economic recovery, Europe hasturned to public spending to boost demand, and theUnited States has made a similar decision. When such a
dramatic paradigm shift occurs, it is difficult to reboot
the economy with market principles alone, and the needfor government support has become commonly
recognized, not only among the developed countries but
across the entire world.
Another factor that we considered was theinauguration of the Biden administration in the UnitedStates in January 2021. The United States has made a
policy pivot toward international cooperation, and there
has also been a significant shift in the positioning of its
climate change response. With the United States2

becoming an advocate of climate action, we can expect tosee a further acceleration of the global trend towardgreenhouse gas (GHG) reductions and decarbonization.
Although it will be possible to achieve these things
through technological innovation, it will not be easy.
New energy sources such as hydrogen may bepromising, but at this point, they are still too expensive,and decarbonization is not something that can beachieved by specific industries alone. For these reasons,companies will need to be given incentives across entire
value chains in all sectors.
In addition to the realization of a decarbonizedsociety, efforts to solve social issues that emphasize thesharing of sustainable development goals and thebalanced development and growth of the economy,society, and environment are needed to achieve theSDGs. At the same time, another major challenge is to
respond to changes in the industrial structure and thereorganization of supply chains on a global scale, basedon technological innovation, most typically digitaltransformation (DX) in industry and society. Amid thesechanges in the environment, there is a variety of issues
that Japan must address. They include its shrinking andaging population and falling birthrate, the fourthindustrial revolution, emerging trade issues andprotectionism, and decarbonization.
— Will the U.S.-China relationship and the power
balance in the international community change in the
future?
In my view, the foundations of the free trade system
are being rocked, which is causing concerns aboutchanges in the power balance in the international
community and the spread of protectionism andeconomic nationalism. While the United States has
pivoted toward a policy of international cooperation,
China has now become an economic superpower toexceed the developed countries. Until now, we havelooked at issues through the lens of a dichotomous
confrontation between the developed and developing
countries. Given the changes in the United States andChina and the globalization of the supply chain,
however, we can no longer explain them with thisconventional framework. The U.S.-China relationshipwill eventually turn into economic statecraft, namely, thepursuit of geo-economic national interests with the useof economic means.
The role that Japan should play at that time is to drive
innovation that can be achieved neither by the private
sector alone nor by government alone, and to draw othercountries into in the process, as was the case in which
Japan and the United States built up the semiconductor
industry. There may never have been a time when the
United States needed Japan so much.
Even while the COVID-19 pandemic raged, JBIC
continued to hold online meetings with governments
and government agencies around the world in our efforts
to realize a platform of international collaboration. Until
now, JBIC’s main focus has been on supporting
private-sector companies that have expanded overseas,
but in an era of such uncertainty, someone needs topresent directions. We hope to lead the activities ofJapanese companies with specific actions. For thisreason, with the intention of JBIC proactively addressing
global issues as well as supporting Japanese companies,
we have established a medium- to long-term vision in the
Fourth Medium-term Business Plan with stronger
wording of ‘To serve as a “navigator” to build a brighter
future with Japanese power in an uncharted global
situation.’

Supporting projects that can attract the next
investment as a catalyst to advance approaches toglobal challenges— The Fourth Medium-term Business Plan sets
forth strongly JBIC’s approach to the global agenda.
The Fourth Medium-term Business Plan has twopillars. The first is to address social issues. It
incorporates how we should address global issues suchas climate change and sustainable development, which
are also included in the SDGs. The second is energy
issues. Although there is a sense of expectation forrenewable energies, given that energy forms the basis of
economic activity, transitioning to renewables in one fell
swoop will be difficult. JBIC will pursue net zero in its
own GHG emissions by 2030 and net-zero GHG
emissions from its investment and loan portfolio by 2050.
To achieve this long-term vision, we have positioned thenext three years, which are covered by the Medium-term
Business Plan, as a kind of midway point and calculated
backwards to consider what we should do during that
period.
Until now, areas that have been included in the SDGs
3

MAEDA Tadashi
Graduated from the Faculty of Law of the University of Tokyo. Joined the Export-Import Bankof Japan (currently JBIC). Previous positions include a posting in the Representative Office inWashington D.C.; Director General of Energy and Natural Resources Finance Department;
Director General of Corporate Planning Department; Managing Executive Officer (Global
Head of Infrastructure and Environment Finance Group); Senior Managing Director andCEO, Executive Managing Director, before assuming his current position in June 2018.

4

and the global agenda have been dealt with bygovernments and public organizations, but going
forward, private-sector efforts will also be essential. In
this regard, JBIC, as a Japanese policy-based financial
institution, should become a catalyst for these efforts.
For example, high-quality infrastructure is an area inwhich Japanese companies can leverage their strengths.
In January 2021, JBIC provided assistance for astate-owned submarine cable project in Palau using abuyer's credit (export finance) agreement. This project
involves laying Japanese-made submarine cables toimprove communications infrastructure in Palau and thesurrounding area, which is expected to contribute to thefurther promotion of investment from overseas,
including Japan, in that region.
We have frameworks such as the G7 and the G20 asconferences for developed countries, but the current era
may be one of the “G-zero.” Everyone is aware that there
is high uncertainty, that the future is unpredictable, andthat we cannot expect growth by continuing along thesame lines as the past, but every country currently has
its hands full dealing with its own issues. Precisely
because of this situation, JBIC believes that it needs toshow the way forward, and in the Fourth Medium-term
Business Plan, we have clarified our approach to theglobal agenda on the theme of “navigator in an era oftransformation.” We used to hear the view that thesolution to global issues should be left up to government
aid, but that is no longer the case.
JBIC wants to lead Japanese companies that are
venturing overseas by taking the initiative in responding
to global issues. We believe that we need to contributeactively to the promotion of innovation to achieve theSDGs and a decarbonized society and to initiatives that
anticipate energy and digital transformation that are
making irreversible progress. JBIC will play a role as acatalyst to attract private funds.
— Another major feature of the Plan is its emphasis
on “strengthening the risk-assuming function” of
JBIC.
The basic approach of traditional Japanese private
equity funds (PEs) has been to focus on the growthstage, when the business begins to take off, encouraging
growth through the establishment of governance, thenexiting when the business has grown to a certain point.
However, the well-funded PEs in the United States andEurope provide support not only in the growth stage but
also in the early stages, when there is no immediate
generation of cash. Japanese PEs cannot hope tocontend with those PEs in a simple competition, so theyneed to adopt strategic approaches to suit each stage,
including the start-up, early, and growth stages.
After all, innovation and social change intrinsicallytake time. A new technology may be an excellent one
that will lead to decarbonization, but if it is still in thestart-up or early stage, it is a fact that the investment andlending risks will be high. However, even if we try to
implement “growth and distribution,” there can be no
distribution without growth, and we must consider
distribution that will not cause a widening of disparity.
JBIC has been working on the support of technologies inthe start-up and early stages since the Third
Medium-term Business Plan, and we will further
emphasize the strengthening of our risk-assuming
function even further under the Fourth Medium-term
Business Plan.

Three types of finance—green, transition, andsocial impact—and climate action will be key— In advance of the 26th United Nations Climate
Change Conference (COP26), JBIC released its ESG
policy on October 28, 2021. What is the relationshipbetween this policy and the Fourth Medium-term
Business Plan?
The ESG Policy consists of two policies: “Policies
towards the realization of sustainability” and “Climate
Change Policy.”
Allow me to start with the former. In the Fourth
Medium-term Business Plan, we declared that we would“address global issues toward realizing sustainable
development for the global economy and society” as thefirst pillar of the Key Focus Areas. On this basis, we will
promote green finance for renewable energy, energy
conservation, smart energy (power storage technology,etc.) for the adjustment of unstable power generation,and the promotion of the production, transportation, andutilization of hydrogen. Promotion of transition financewill aim to reduce the burden on the environment andsupport energy transition, recognizing it as a transition
toward green finance. We will also promote social impact
finance to assist with solutions to a wide range of social
issues, such as vaccination in the healthcare sector,
basic infrastructure equipment such as water supply,
sewerage, and distributed power supply, measures tocombat marine plastic waste, and food value chains.
ESG consists of “E (environment), S (society), and G(governance).” Green finance and transition finance fallunder the “E” category. In addition, we will work on
confirming consideration of the natural environment inline with the JBIC Guidelines for Confirmation ofEnvironmental and Social Considerations and on theissuance of Green Bonds. Social impact finance falls
under “S.” As well as confirming consideration of local
communities, we will promote human resource
development and work style reforms that will draw out
the capabilities and vitality of diverse employees. For “G(governance),” we have declared three goals, namely, tostrengthen sustainability governance and management
systems, strengthen the effectiveness of the compliancesystem, and participate in international initiatives.
— Could you also explain the other part of the ESG
Policy, namely the Climate Change Policy?
Climate change is one of the most urgent challenges
facing the global economy and society. With momentum
towards achieving the objectives of the Paris Agreement
growing, global collective action is urgently required not
only through efforts led by developed countries, but also
through coordinated action taken by developing andemerging countries to ensure energy transition towards
a decarbonized society. In recognition of the urgency ofaccelerating global concerted efforts to combat climatechange, and in alignment with Japanese government
policy to achieve carbon neutrality by 2050, as Japan’s
policy-based financial institution, JBIC will continue tobe proactive in providing financial support for efforts totackle climate change, based on Japanese government
policy.
We have set four goals for the Climate Change Policy:[1] Contributing to the global implementation of the
ParisAgreement,[2]
Strengthening
climatechange-related finance, [3] Enhanced climate-related
financial disclosures pursuant to the TCFD (the Task
Force on Climate-related Financial Disclosures that wasestablished by the Financial Stability Board)
recommendations, and [4] Environmentally and sociallyconscious financings and investments.
— Could you give us your thoughts about theoutlook for the future?
Over the years, JBIC has financed various projects in
response to new initiatives and changes in industry. In
addition to the state-owned submarine cable project inPalau that I mentioned earlier, we have financed various
projects, such as a hydrogen station project in California
by a start-up company and a project led by a powercompany owned by the Fijian government, both throughequity participation. We also provide financial support toJapanese companies for their M&As of foreigncompanies. Another example is the financing that we
provided to Hitachi, Ltd. to acquire the power gridbusiness of ABB Ltd. in 2020.
Amid increasing uncertainty in the global situation,
Japanese companies are stepping up their momentum toactively capture the growth of overseas markets throughthe realization of a decarbonized society, the promotionof digitalization, and the enhancement of investment ininnovation. While responding flexibly to thesedevelopments, JBIC will take the lead in addressing the
global agenda and strive to respond to the expectationsof the Japanese industrial and financial sectors in the
post-COVID-19 era. Leveraging our relationships withstakeholders and overseas networks we haveaccumulated through our business activities and various
financial tools, JBIC will strive to play a role as anavigator to build a brighter future with Japanese power.
5

SPECIAL INTERVIEWJBIC is an Important Partner forPrivate-Sector Financial Institutions
Working Together for
the Resolution of Global Issues
Providing solutions that best fit
the needs of a post-COVID world— What is your view of the current
state of the global economy given the
protraction of the COVID-19 pandemic?
The spread of COVID-19 has brought
the polarization of the global economy
into even starker relief. While Europe, theUnited States, and China achieved
relatively early recoveries, emerging
countries in Africa and Asia, for example,
have been slower to recover due to lagging
vaccine rollouts. In the Japanese economy,
demand in the manufacturing sector is
gradually returning against a backdrop of
the global economic recovery, but severe
circumstances persist in the services
sector which rely primarily on face-to-faceinteractions. Financial institutions must
continue to support companies overcome
these difficulties with a sense of crisis. At
the same time, we must also strive tocreate a new social and economic order inanticipation of a post-COVID world.
So far, even in the severe economic
environment brought about by the global
pandemic, corporate bankruptcies havebeen curbed to a certain extent, thanks tofinancing support from both the public andprivate sectors. The real challenge is stillahead of us. We are likely to see stepchanges in society and the economy in thepos t - COVID era. Therefore, it is notenough to simply return to the way things
were before the pandemic. Instead, weneed to adapt to change through drastic
business reform and renewal. Financial

Chairman, Japanese Bankers Association
President & CEO, Sumitomo Mitsui Banking Corporation

6

TAKASHIMA Makoto

institutions must take the perspective ofeach and every one of their corporate
customers, carefully assess their actual
circumstances, and provide optimal
solutions that are tailored to the needs ofeach company. This is the moment when
our consulting capabilities will truly be put
to the test.
Of particular cause for concern areglobal supply chain disruptions and thesoaring price of natural resources.
Currently, the shortage of semiconductor
chips is being compounded by declines inavailable freight capacity, and companies
are struggling to procure an undisrupted
supply of raw materials, parts, andproducts. It is precisely in such situations,where complex problems that straddle
national borders are intertwined, thatprivate-sector financial institutions andpublic-sector financial institutions, like
JBIC, need to work closely together andexercise their ingenuity to find solutions.

Climate change is a matter of criticalimportance
Providing in-depth support for ourcustomers’ decarbonization efforts— Since the Japanese government
declared its goal of achieving carbon
neutrality by 2050, initiatives for
decarbonization in the business world
have been accelerating. What kind ofrole will the financial sector play?
Climate change is an enormous risk
to humanity and the most important
issue that companies need to address. On
the other hand, initiatives to combat
climate change that will bring aboutchanges in industrial and socio-economic
frameworks could also bring about new
business opportunities for the corporate
sector. We will closely communicate withcustomers to ensure that we are providing
optimal support as we walk hand-in-hand in
this long journey toward 2050, theJapanese government’s target year for

carbon neutrality, and theinterim milestone of 2030, thetarget year of realizing a 46%
reduction in greenhouse gas
emissions from fiscal 2013
levels.
Innovation is an essential
factor for the achievement of
a net-zero society. Throughcollaborations with various
companies and institutions,
we in the financial sector will
strive to promote technologicaldevelopment, making fulluse of investments, fund formation, theestablishment of foundations, and othermeasures to contribute toward therealization of feasible cost levels.
Decarbonization is not something that canbe achieved overnight. As such, we will
also focus on providing financing support
for realistic transition processes based onpreset timelines.
In these kinds of scenarios, while
drawing upon the expertise of JBIC, which
has a public-sector perspective andprovides financing in areas which would be
difficult for private-sector lenders alone tohandle, we will advance nationwide
initiatives through public-private sector
collaborations.

Counting on JBIC’s track record
backed by extensive information
gathering capabilities and negotiation
skills— Could you please share any
comments or requests you have for JBIC?
JBIC has extensive information
gathering capabilities and negotiation
skills, backed by its network with othernational governments. JBIC hasestablished an outstanding track record asa public-sector financial institution whilebuilding cooperative relationships with theprivate financial sector, accumulatingknowledge and expertise on a global scale.
JBIC is an extremely important partner ofprivate-sector financial institutions.
In its new Medium-term Business Plan,
based on the theme of “navigator in an eraof transformation,” JBIC has set four key
focus areas for its business operations,
including “address global issues towardrealizing sustainable development for the
global economy and society,” and two key
focus areas for its organization, including“develop a business structure that canadapt to changes in the external
environment.” This resonates with me as avery timely policy that captures global
economic trends.
In this difficult time of increasingpolarization in the world, I hope that JBIC
will continue its positive relationship withthe private financial sector, and that we cancontinue to work together to help solve
issues by leveraging each other’s ingenuity
and expertise.

TAKASHIMA Makoto
Born in Hiroshima Prefecture. Joined Sumitomo Bank(currently Sumitomo Mitsui Banking Corporation) in 1982 after
graduating from Kyoto University’s Faculty of Law. Appointed Executive Officer in 2009, Managing Executive Officer in
2012, and Senior Managing Executive Officer in 2014. Concurrently serving as Director since 2016. Appointed as
President and CEO of SMBC in 2017. Appointed as Chairman of the Japanese Bankers Association in July 2021.

7

SPECIAL INTERVIEW“Co - Creation” between Companies and Finance
An Essential Part of
Resolving Global Social Issues
convey to Sony employees as president,
and why I shared this message of “Sonyand the Planet Earth.”
Environmental and social issues are
all global themes that should be addressedover a long timeframe, and it is essential
that, as a company, we engage in themfrom longer-term perspectives than our
day-to-day business. For example, Sonyh as a go al o f ach ie ving a z e r oenvironmental footprint by 2050 under our
long-term environmental plan, “Road toZero.” We want to engage in sustainability
activities and corporate management in
an integrated manner, with a long-term
perspective. In doing so, we believe we will
be able to balance contributions to asustainable society with corporate growth.

In a business environment withmany uncertainties, it is all themore important to have a clearly
defined “Purpose.”

Balancing contributions to asustainable society with corporate
growth— Son y is a c tiv e ly w ork ing on
solutions to global issues as its
responsibility for and contributions tosociety and the global environment.
Could you tell us the background to thisgoal and your own thoughts?
The title of my first internal blog postthat I wrote after I became president inApril 2018 was “Sony and the Planet

Earth.” In this day and age, companies arebeing thoroughly questioned by bothcustomers and investors whether they arecontributing to the global environment andsociety. It is the same for employees, who
are the central driving force of thesecompanies. Young people, in particular, aresensitive to environmental and social
issues, and those with small children havean even stronger sense of responsibility forthe future. I personally also feel strongly
about wanting Sony to deliver a better
future. This was the first thing I wanted toRepresentative Corporate Executive Officer, Chairman, President and CEO
Sony Group Corporation

8

YOSHIDA Kenichiro— In your approach to managementfrom a long-term perspective, you arefirmly focused on Sony’s Purpose, are
you not?
I often talk about “Purpose, People, and
the Planet.” “People” can be rephrased associety and “Planet” as the Earth, but it is
our Purpose that is vital to each and every
one of the Sony Group’s approximately
110,000 employees feeling that their efforts
are contributing to society and the Earth.
Sony has defined its Purpose as to “Fillthe world with emotion, through the powerof creativity and technology.” I did notinitially set out to define our Purpose. AfterI became president, I received more than
100 messages from employees all over theworld. We had many discussions based on
the views they expressed, before finallyarriving at Sony’s Purpose, that answers
the question of “why do we exist?”
It is precisely because we are living insuch highly uncertain times, when we do
not know what lies ahead, that people are
increasingly seeking entertainment. Our
business of creating entertainment anddelivering emotion to people
around the world must also
be sustainable. The COVID-19
pandemic further heightened
our awareness of Sony’s social
responsibility. Because wedefined our Purpose clearlyand embedded it firmly into
our corporate culture, ourmanagement has remained
steadfast even during the
pandemic. I believe that thishas been a major achievement.

JBIC as a partner in “co-creation”
Expectations for flexible support— Could you tell us what yourexpectations are for JBIC in order torealize a sustainable society?
There is only so much a single company
can do to resolve global social issues andcreate innovations in areas such as
mobility, IoT, telecommunications, andenergy. The concept of “collaboration andco-creation” with partners is essential. I
believe that support from financial
institutions for companies’ businessactivities from a financial perspective isalso, an important form of collaborationand co - creation. I see JBIC, as agovernment-owned financial institution,
playing a significant role in maintaining
and improving the international
competitiveness of Japanese companies by
providing funds and credit, and taking
risks in areas where the private sector isunable to respond sufficiently on its own.
The significance of JBIC’s role in green
finance and transition finance forenvironmental issues, and social impact
finance for social issues is a great one.
As Sony has positioned theentertainment businesses as a growthdomain and is accelerating its strategic
investments, including overseas M&A,
the procurement of long-term finance inforeign currency denominations is very
important. JBIC is also a valuable
presence in this area, supporting ourglobal business expansion through the
supply of risk capital and stableforeign-currency funds.
I believe that industry today is facing
three major challenges: COVID-19,
Climate, and Geopolitics. It is myunderstanding that the formulation of
JBIC’s recently announced Fourth
Medium-term Business Plan was basedon a similar understanding. I hope that
JBIC will continue to support Japanesecompanies from a financial perspective sothat they can overcome future challenges
and achieve even further growth aroundthe world. To ensure that we do not missout on growth opportunities amid
increasingly intense global competition,
agile and flexible business management
and investment decisions are paramount. I
look forward to JBIC continuing to provide
timely support that facilitates suchdecision-making.

YOSHIDA Kenichiro
Born in Kumamoto Prefecture. Joined Sony Corporation (now Sony Group Corporation) in 1983 after
graduating from the University of Tokyo’s Faculty of Economics. Appointed CFO in 2014, and thenPresident and CEO in 2018. Currently Chairman, President and CEO of Sony Group Corporation.

9

Key Points of the Fourth Medium-term Business Plan
In anticipation of the next 10 years, JBIC has established its Medium- to Long-term Vision, “To serve as a‘navigator’ to build a brighter future with Japanese power in an uncharted global situation.” Based on thisvision, the Fourth Medium-term Business Plan (FY2021—2023) has set 6 Key Focus Areas and 17 Action Plans
under those areas. Under the Plan, we will strive to achieve the individual goals.

Four Key Focus Areas (Business) to address solving issues for the global
economy and society and two Key Focus Areas (Organization) that are essential
to execution of JBIC’s businessgrowth. The industrial sector continues to review andoptimize global supply chains in anticipation of emerging
consumer needs and growing geopolitical risks under the“new normal,” as well as seeking international cooperation toadapt to the rapid progress of digitalization and innovation.
To address these issues, JBIC has formulated four Key
Focus Areas in the business field and two Key Focus Areas in
the organizational field.

To serve as a “navigator” to build a brighter futurewith Japanese powerin an uncharted global situation
Key Focus Areas
Address global issues towardrealizing sustainable development for
the global economy and society.

Propel strategic initiatives to promote
quality infrastructure projects
overseas.

1 Respond to energy transformation toward the realization of a decarbonized society.
2 Support projects that contribute toward resolving social issues.

1 Support participation in overseas infrastructure projects that harness the strengths of Japanesecompanies.
2 Promote multilateral cooperation and cooperation with multilateral financial institutions, etc.

2 Undertake strategic initiatives for countries/regions of great importance from the policy perspective.
3 Execute business steadily as a policy-based financial institution, including support for small andmedium-sized enterprises.
4 Strengthen the risk-assuming functions as a policy-based financial institution.
5 Further promote the mobilization of private capital.
1 Develop a business structure that is adapted to changes in the business environment and customer needs.

Organization

Develop a business structurethat can adapt to changes in theexternal environment.

2 Respond appropriately to interest rate benchmark reforms.
3 Conduct appropriate and efficient credit analysis and credit management during and after the COVID-19
pandemic.

E

Green financeTransition financeSupport efforts to reduce greenhousegases and popularize green innovation

Provide support for initiatives toward
global energy transition whileworking to engage host countries● Environmentally conscious financings and investments under Environmental
and Social Guidelines**JBIC Guidelines for Confirmation of Environmental and Social Considerations● Green Bonds Issuance● Support projects that contributetoward resolving social issues

S

Disclosures(e.g. the TCFD
recommendations)● Socially conscious financings and investments under Environmental
and Social Guidelines● Promote human resource development and work style reforms thatcan maximize performance and draw out vitality of diverse employees
Foster an organizational culturethat harnesses the diversity of
employees as a source of vitality

G

Social Impact finance
Provide support for projects that assist resolvingsocial issues to realize sustainable growth

Support autonomous careerdevelopment andcapacity development

Stakeholders

Improve the working environment
to enable employees tocontinue working with vitality● Strengthen its sustainability governance and management systems● Strengthen the effectiveness of the compliance system● Participate in international initiatives

Copyright © Japan Bank for International Cooperation All Right Reserved.

Contributing toward the global
implementation of the Paris Agreement
Strengthening climatechange-related financeThrough harnessing its risk-assuming function as apolicy-based financial institution as well as its
negotiation leverage, JBIC will take the lead in global
decarbonization.
1 Promote green innovation
2 Accelerate the energy transition of emerging anddeveloping countries
3 Disseminate climate change-related information
4 Issue green bonds
In addition to ending the provision of financing for
unabated international thermal coal power generation
as agreed at the G7 Summit, JBIC will also back efforts
leading to the transition to clean energy generation.

JBIC is committed to pursuing ambitious and accelerated efforts to reduce its operationalemissions to net zero by 2030, and to achieve net zero emissions in its finance portfolio by 2050.

Enhanced climate-related financial disclosures
Environmentally and sociallypursuant to the TCFD recommendation
conscious financings and investments
JBIC announced in October 2019 its endorsementof the Task Force on Climate-related Financial
Disclosures (TCFD) that was established by the
Financial Stability Board (FSB). JBIC also engages
in the TCFD Consortium, which was set up as
a forum for institutions who support the TCFD
recommendations to exchange ideas.
JBIC will proceed in disclosing relevant information
based on the TCFD framework.

JBIC has ensured that the financing of its relevant
projects has been subject to the environmental andsocial impact considerations required under JBIC
Guidelines for Confirmation of Environmental andSocial Considerations (Environmental and Social
Guidelines).
JBIC will be at the forefront of such environmental andsocial considerations by reviewing its guidelines asappropriate.

1 Digitalize the working environment that can adapt to the “new normal.”Manage the organization efficiently
in order to respond to the “newnormal.”2 Promote human resource development and work style reforms that can maximize performance and drawout vitality of diverse employees.
3 Strengthen the effectiveness of the compliance system.

10● Respond to energy transformation toward the realization of a decarbonizedsociety by financing projects

2 Support M&A and technology acquisition by Japanese companies toward digital transformation, etc.

1 Respond swiftly to overseas businesses that have been impacted by the COVID-19 pandemic.
Execute policy-based financefunctions that are adapted tochanges in the economic situation.

The world’s economies are facing the shared challenge of dealing with climate change whilst pursuing sustainable growth and development, all thewhile seeking to achieve a balance between the economy, society, and the environment. In light of these challenges, JBIC will pursue the initiatives
stated in its Fourth Medium-term Business Plan to proactively contribute toward fostering global sustainable development and resolving global
challenges, to ensure the realization of sustainable societies.

1 Address the strengthening of resilience and rebuilding of international supply chains.

Climate Change Policy

Business

Support the strengthening of theinternational competitiveness ofJapan’s industries in the era ofindustrial and social transformation.

Action Plans

JBIC will act as a navigator in an era of transformation andfurther strengthen its sustainability initiatives. Leveraging
our relationships with stakeholders, overseas networks, andthe various financial tools we have accumulated through ourbusiness activities, we will strive to contribute toward thesound development of the Japanese and global economies
and societies.

We have identified “addressing global issues towardrealizing sustainable development for the global economy
and society” as a key focus area. We have formulated our
ESG Policy to demonstrate our firm commitment tosustainability. As part of this policy, to combat climatechange, which is one of the most urgent challenges facing theworld’s economy and society, we have also formulated thefollowing climate change policy.

Policies towards the realization of sustainability

In FY2020, global economic activities faced an
unprecedented degree of restrictions due to the COVID-19
pandemic. Structural changes in industry and society are
essential for the strong recovery of the global economy. In
the international community, there is an urgent need for
ambitious efforts to achieve various goals, such as realizingsmooth energy transition to address climate change andachieving comprehensive and sustainable development and“Policies towards the realization of sustainability” and “Climate Change Policy”

Strengthening sustainability governance and management systems
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JBIC Today January 2022
Published by】Press and External Affairs Division, Corporate Planning Department,
Corporate Planning Group, Japan Bank for International Cooperation
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Cover photo : iStock*No part of this magazine may be reproduced without the written permission of JBIC.

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