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Japan | Climate Bonds Initiative

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The formal commentary we" /> <meta name="generator" content="Drupal 7 (http://drupal.org)" /> <link rel="canonical" href="https://www.climatebonds.net/market/country/japan" /> <link rel="shortlink" href="https://www.climatebonds.net/node/355785" /> <meta property="og:site_name" content="Climate Bonds Initiative" /> <meta property="og:title" content="Japan" /> <meta property="og:description" content="​Japan Climate Transition Bond Contact Us. A Commentary: 7 key points about the Japan Climate Transition Bond Japanese The Japanese Ministry of Finance (MoF) is currently doing a roadshow for its planned, inaugural, Climate Transition Bond. The Bond’s proceeds will be applied to funding various parts of the country’s “Green Transformation (GX) Plan”. The formal commentary we have made available to the MoF is as follows." /> <meta property="og:updated_time" content="2024-02-14T10:01:08+00:00" /> <meta property="og:image" content="https://www.climatebonds.net/sites/all/themes/climatebonds/images/og-image.jpg" /> <meta property="og:image:url" content="https://www.climatebonds.net/sites/all/themes/climatebonds/images/og-image.jpg" /> <meta property="og:image:secure_url" content="https://www.climatebonds.net/sites/all/themes/climatebonds/images/og-image.jpg" /> <meta property="og:image:type" content="image/jpeg" /> <meta property="og:image:width" content="1045" /> <meta property="og:image:height" content="600" /> <meta property="article:published_time" content="2024-01-15T00:00:00+00:00" /> <meta property="article:modified_time" content="2024-02-14T10:01:08+00:00" /> <title>Japan | Climate Bonds Initiative</title> <link type="text/css" rel="stylesheet" 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background-clip: border-box; border-top-width: 0px; border-top-style: none; border-top-color: currentcolor; border-bottom-width: 0px; border-bottom-style: none; border-bottom-color: currentcolor; caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); box-sizing: border-box !important;"> <div class="bodyContainer contentContainer" style="max-width: 780px; width: 780px; flex: 0 0 auto; background-image: none; background-repeat: no-repeat; background-position: center; background-size: cover; border-top-width: 0px; border-top-style: none; border-top-color: currentcolor; border-bottom-width: 0px; border-bottom-style: none; border-bottom-color: currentcolor; padding-top: 0px; padding-bottom: 0px; box-shadow: none; box-sizing: border-box !important;"> <div class="mcnBoxedTextBlock" style="box-sizing: border-box !important;" width="100%"> <div class="mcnBoxedTextBlockInner" style="display: flex; box-sizing: border-box !important;"> <div class="mcnBoxedTextBlockColumn" style="width: 780px; padding: 9px 18px; box-sizing: border-box !important;"> <div class="mcnTextContentContainer mcnTextContent" style="word-break: break-word; flex-flow: column; color: rgb(242, 242, 242); font-family: &quot;Source Sans Pro&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 14px; line-height: 21px; padding: 18px; font-weight: bold; background-color: rgb(201, 232, 229); box-shadow: none; box-sizing: border-box !important;"> <h3 class="null" style="margin: 0px; padding: 0px; color: rgb(68, 68, 68); font-size: 22px; font-weight: bold; line-height: 33px; box-sizing: border-box !important;"><span style="color: rgb(37, 64, 143); box-sizing: border-box !important;">A Commentary: 7 key points about the Japan Climate Transition Bond </span></h3> </div> </div> </div> </div> <div class="mcnTextBlock" style="box-sizing: border-box !important;" width="100%"> <div class="mcnTextBlockInner" style="display: flex; padding: 9px; box-sizing: border-box !important;"> <div style="width: 762px; box-sizing: border-box !important;"> <div class="mcnTextContent" style="word-break: break-word; flex-flow: column; color: rgb(128, 128, 128); font-family: Helvetica; font-size: 16px; line-height: 24px; padding: 0px 9px 9px; box-sizing: border-box !important;"> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; text-align: right; box-sizing: border-box !important;"><a href="https://www.climatebonds.net/markets/countries/%E6%97%A5%E6%9C%AC%E5%9B%BD#overlay-context=market/country/japan"><span style="box-sizing: border-box !important;">Japanese</span></a></p> </div> </div> </div> </div> <div class="mcnBoxedTextBlock" style="box-sizing: border-box !important;" width="100%"> <div class="mcnBoxedTextBlockInner" style="display: flex; box-sizing: border-box !important;"> <div class="mcnBoxedTextBlockColumn" style="width: 780px; padding: 9px 18px; box-sizing: border-box !important;"> <div class="mcnTextContentContainer mcnTextContent" style="word-break: break-word; flex-flow: column; color: rgb(128, 128, 128); font-family: &quot;Source Sans Pro&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px; line-height: 24px; text-align: center; padding: 18px; background-color: rgb(77, 181, 190); border: 1px; box-shadow: none; box-sizing: border-box !important;"> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><span style="color: rgb(0, 0, 0); box-sizing: border-box !important;">The Japanese Ministry of Finance (MoF) is currently doing a roadshow for its planned, inaugural, Climate Transition Bond. </span></p> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><span style="color: rgb(0, 0, 0); box-sizing: border-box !important;">The Bond’s proceeds will be applied to funding various parts of the country’s “Green Transformation (GX) Plan”. </span></p> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><span style="color: rgb(0, 0, 0); box-sizing: border-box !important;">The formal commentary we have made available to the MoF is as follows.</span></p> </div> </div> </div> </div> <div class="mcnTextBlock" style="box-sizing: border-box !important;" width="100%"> <div class="mcnTextBlockInner" style="display: flex; padding: 9px; box-sizing: border-box !important;"> <div style="width: 762px; box-sizing: border-box !important;"> <div class="mcnTextContent" style="word-break: break-word; flex-flow: column; color: rgb(128, 128, 128); font-family: Helvetica; font-size: 16px; line-height: 24px; padding: 0px 9px 9px; box-sizing: border-box !important;"> </div> </div> </div> </div> <div class="mcnTextBlock" style="box-sizing: border-box !important;" width="100%"> <div class="mcnTextBlockInner" style="display: flex; padding: 9px; box-sizing: border-box !important;"> <div style="width: 762px; box-sizing: border-box !important;"> <div class="mcnTextContent" style="word-break: break-word; flex-flow: column; color: rgb(128, 128, 128); font-family: Helvetica; font-size: 16px; line-height: 24px; padding: 0px 9px 9px; box-sizing: border-box !important;"> <h3 class="null" style="margin: 0px; padding: 0px; color: rgb(68, 68, 68); font-family: &quot;Source Sans Pro&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 22px; font-weight: bold; line-height: 33px; box-sizing: border-box !important;"><span style="color: rgb(77, 181, 190); box-sizing: border-box !important;">7 key points about the forthcoming Japan Climate Transition Bond </span></h3> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">UN Secretary-General Antonio Guterres describes the challenge we face as “averting climate catastrophe”, not simply climate "change”. Rapid and substantial emission reductions are vital. Achieving rapid emissions reductions globally will depend on the proliferation of transformational industrial and technology solutions; ensuring they happen at speed will, in turn, depend on strong and persistent enabling public sector activity. </p> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"> </p> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">Japan’s first Green Transformation (GX) Plan<sup style="box-sizing: border-box !important;"><a href="https://www.climatebonds.net/market/country/japan#1" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#1">1</a></sup> is one example of what needs to be done across all economies, We are conscious that the GX Plan, as with all government programmes from those in the US and Europe to China and India, will need updating and improving on an ongoing basis to ensure targets can be met. Climate Bonds recommendations for the GX Plan are outlined in the October 2023 paper, “<a href="mailto:https://www.climatebonds.net/resources/reports/japan-policies-grow-credible-transition-finance" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" title="mailto:https://www.climatebonds.net/resources/reports/japan-policies-grow-credible-transition-finance">Japan: Policies to Grow Credible Transition Finance</a>”. Nonetheless, the fact that such support programmes are now being implemented is of paramount importance and the direction of travel needs to be supported.</p> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">But this note is about the forthcoming <em style="box-sizing: border-box !important;">Climate Transition Bond</em>, which we are pleased to say has a use-of-proceeds commitment that is tighter than the originally announced GX programme, and is one that we are positive about.</p> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">(The following Climate Bonds commentary is based on the <em style="box-sizing: border-box !important;">Use of Proceeds</em> of the inaugural Japan Climate Transition Bond and is <em style="box-sizing: border-box !important;">not</em> a view on the broader <em style="box-sizing: border-box !important;">Framework</em> announced earlier, or the underlying GX Plan<sup style="box-sizing: border-box !important;"><a href="https://www.climatebonds.net/market/country/japan#2" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#2">2</a></sup>.)</p> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">We will finalise the detail of our review in the coming week, but at this stage: </p> <ol><li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">The Bond is expected to be included in the Climate Bonds Initiative Green Bond Database, with the Use of Proceeds consistent with the Green Bond Database Methodology<sup style="box-sizing: border-box !important;"><a href="https://www.climatebonds.net/market/country/japan#3" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#3">3</a></sup>.</li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">A substantial part of the Use of Proceeds for the Bond (55.5%) is allocated to research and development of technologies that will support industrial and energy transition in line with emission reduction targets<sup style="box-sizing: border-box !important;"><a href="https://www.climatebonds.net/market/country/japan#4" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#4">4</a></sup>. We particularly make note that Japan has committed to pursue efforts to limit temperature increase to 1.5°C, including through statements made at the G20 in November 2022 and G7 in May 2023 <sup style="box-sizing: border-box !important;"><a href="https://www.climatebonds.net/market/country/japan#5" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#5">5</a> <a href="https://www.climatebonds.net/market/country/japan#6" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#6">6</a></sup>. A wide range of technology options will be required to restrict global temperature rise to 1.5 degrees, some of which are unproven. Climate Bonds is therefore supportive of research and development spending, particularly for sovereigns, subject to research activities being focused on supporting suitably ambitious emission reductions. </li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">The remainder of Bond proceeds (44.5%) are allocated to subsidy programmes that support decarbonisation objectives<sup style="box-sizing: border-box !important;"><a href="https://www.climatebonds.net/market/country/japan#7" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#7">7</a></sup>. The largest allocations of subsidies (81.6%) are directed to silicon carbide power semiconductors for clean transport, electricity storage batteries, and energy-efficiency measures in buildings<sup style="box-sizing: border-box !important;"><a href="https://www.climatebonds.net/market/country/japan#8" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#8">8</a></sup>.</li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">A significant part of the Use of Proceeds for the Bond (&gt;39.1 %) is allocated to support deep green activities. This includes R&amp;D for Perovskite Solar Cells and wind, and subsidies for low-carbon transport and batteries<sup style="box-sizing: border-box !important;"><a href="https://www.climatebonds.net/market/country/japan#9" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#9">9</a></sup>.</li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">The Bond includes an allocation to R&amp;D for the utilization of hydrogen in the steel-making process and the decarbonization of the thermal process (18.0%)<sup style="box-sizing: border-box !important;"><a href="https://www.climatebonds.net/market/country/japan#10" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" target="_blank" title="https://www.climatebonds.net/market/country/japan#10">10</a></sup>. Climate Bonds supports this allocation, as it can significantly contribute to the emissions reduction in the steel sector. </li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">The Bond does not include funding for gas-fired power generation for the electricity network. Climate Bonds especially welcomes this exclusion from the Bond. </li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">The Bond does not include any funding for operational activities related to ammonia co-firing in coal-fired power plants. The over-arching GX Plan has attracted particular scrutiny around the potential use of ammonia as feedstock in place of coal in operational coal-fired power plants. While this remains a potential component of the GX Plan, funding for operational activities is not included in the Use of Proceeds of this Bond. </li> </ol><p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">Funding for ammonia as a combustion fuel is for research and development only, looking at a wide range of applications, including as a fuel for shipping and exploring the technical feasibility of replacing gas with ammonia or hydrogen. </p> <p style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;">We welcome research and development towards quickly reducing emissions to meet 1.5°C targets, although, any future funding of operational assets, to be supported by Climate Bonds, would have to be in line with the fossil fuel phase-out timetable in the Net Zero trajectory modelling of the International Energy Agency (IEA), and use low-carbon hydrogen/ammonia. </p> </div> </div> </div> </div> <div class="mcnDividerBlock" style="box-sizing: border-box !important; table-layout: fixed !important;"> <div class="mcnDividerBlockInner" style="padding: 54px 18px; box-sizing: border-box !important;"> <div class="mcnDividerContent" style="border-top-width: 2px; border-top-style: solid; border-top-color: rgb(216, 216, 216); box-sizing: border-box !important;"> </div> </div> </div> <div class="mcnTextBlock" style="box-sizing: border-box !important;" width="100%"> <div class="mcnTextBlockInner" style="display: flex; padding: 9px; box-sizing: border-box !important;"> <div style="width: 762px; box-sizing: border-box !important;"> <div class="mcnTextContent" style="word-break: break-word; flex-flow: column; color: rgb(128, 128, 128); font-family: Helvetica; font-size: 16px; line-height: 24px; padding: 0px 9px 9px; box-sizing: border-box !important;"> <ol><li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a id="x_x_1" name="x_x_1"></a>The Strategy for Promoting Structural Transition based on Decarbonization (GX Promotion Strategy) </li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a id="x_x_2" name="x_x_2"></a>Climate Transition INT-Bearing GOVT BD to be issued in February 2024 </li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a href="https://www.climatebonds.net/files/files/CBI_Method_Criteria_03F.pdf%C2%A0" id="x_x_3" name="x_x_3" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" title="https://www.climatebonds.net/files/files/CBI_Method_Criteria_03F.pdf%C2%A0">www.climatebonds.net/files/files/CBI_Method_Criteria_03F.pdf </a></li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a name="x_x_4" style="color: rgb(0, 173, 216); text-decoration: underline; box-sizing: border-box !important;" title="" id="x_x_4">Projects 1-17 (Project numbers here and onwards are as indicated in the </a><a href="mailto:https://www.jcr.co.jp/download/b4c43d988842bae83dae224eb44ba1622d83ddd616a360929a/23d1371en_3.pdf" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" title="mailto:https://www.jcr.co.jp/download/b4c43d988842bae83dae224eb44ba1622d83ddd616a360929a/23d1371en_3.pdf">Second Party Opinion</a>by Japan Credit Rating Agency, released on 16 January 2024) </li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a href="https://www.mofa.go.jp/mofaj/files/100421967.pdf" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" title="https://www.mofa.go.jp/mofaj/files/100421967.pdf">www.mofa.go.jp/mofaj/files/100421967.pdf</a><a name="x_x_5" style="color: rgb(0, 173, 216); text-decoration: underline; box-sizing: border-box !important;" title="" id="x_x_5"> </a></li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a href="https://www.mofa.go.jp/mofaj/files/100506875.pdf" style="color: rgb(0, 173, 216); box-sizing: border-box !important;" title="https://www.mofa.go.jp/mofaj/files/100506875.pdf">www.mofa.go.jp/mofaj/files/100506875.pdf</a><a name="x_x_6" style="color: rgb(0, 173, 216); text-decoration: underline; box-sizing: border-box !important;" title="" id="x_x_6"> </a></li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a name="x_x_7" style="color: rgb(0, 173, 216); text-decoration: underline; box-sizing: border-box !important;" title="" id="x_x_7">Projects 18-24 </a></li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a name="x_x_8" style="color: rgb(0, 173, 216); text-decoration: underline; box-sizing: border-box !important;" title="" id="x_x_8">Projects 18, 19, 20 </a></li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a name="x_x_9" style="color: rgb(0, 173, 216); text-decoration: underline; box-sizing: border-box !important;" title="" id="x_x_9">Projects 1, 14, 19, 20, 22, 23, 24 </a></li> <li style="margin: 10px 0px; padding: 0px; line-height: 24px; box-sizing: border-box !important;"><a name="x_x_10" style="color: rgb(0, 173, 216); text-decoration: underline; box-sizing: border-box !important;" title="" id="x_x_10">Projects 7, 8</a> </li> </ol></div> </div> </div> </div> <div class="mcnDividerBlock" style="box-sizing: border-box !important; table-layout: fixed !important;"> <div class="mcnDividerBlockInner" style="padding: 18px; box-sizing: border-box !important;"> <div class="mcnDividerContent" style="border-top-width: 2px; border-top-style: solid; border-top-color: rgb(234, 234, 234); box-sizing: border-box !important;"> </div> </div> </div> <div class="mcnBoxedTextBlock" style="box-sizing: border-box !important;" width="100%"> <div class="mcnBoxedTextBlockInner" style="display: flex; box-sizing: border-box !important;"> <div class="mcnBoxedTextBlockColumn" style="width: 780px; padding: 9px 18px; box-sizing: border-box !important;"> <div class="mcnTextContentContainer mcnTextContent" style="word-break: break-word; flex-flow: column; color: rgb(146, 140, 140); font-family: &quot;Source Sans Pro&quot;, &quot;Helvetica Neue&quot;, Helvetica, Arial, sans-serif; font-size: 16px; line-height: 24px; text-align: center; padding: 18px; border: 1px; box-shadow: none; box-sizing: border-box !important;"> <div style="text-align: justify; box-sizing: border-box !important;"><span style="font-size:12px;"><span style="font-family: &quot;source sans pro&quot;, &quot;helvetica neue&quot;, helvetica, arial, sans-serif; box-sizing: border-box !important;">Disclaimer: The information contained on this page does not constitute investment advice in any form or any invitation or inducement to engage in investment activity and the Climate Bonds Initiative is not an investment adviser. Any reference 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 any content on any external website. Certification under the Climate Bonds Standard relates exclusively to the conformity of one or more designated debt instruments, designated assets and/or designated entities with the applicable Climate Bonds Standard at the time of certification. Certification under the Climate Bonds Standard carries no implication (and should not be understood as carrying any implication) as to any other aspect of any debt instrument or investment product or any collection of debt instruments or investment products or any asset or entity or group of assets or entities or as to continuing conformity at any time after the time of certification. In particular, such certification carries no implication (and should not be understood as carrying any implication) that any stated target has been or will at any time be met or that any particular legal or regulatory requirement has been or will be satisfied. The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or (subject to the previous paragraph) any other aspect of any debt instrument or investment product or any collection of debt instruments or investment products or any asset or entity or group of assets or entities and no information within this document should be taken as such, nor should any information in this document be relied upon in making any investment decision. A decision to invest in anything is solely yours. 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