Japan – Green finance state of the market 2018

The Japanese green bond market reached a cumulative issuance of 9.7 billion USD by 2018, ranking 10th globally. The market is primarily driven by financial institutions and large corporations, with a strong concentration in the building and energy sectors. While the public sector remains relatively inactive, the report identifies significant opportunities for expansion in low-carbon housing, sustainable transport, and resilient infrastructure to support Japan's Nationally Determined Contributions (NDC).

• By 2018, Japan's cumulative green bond issuance totaled 9.7 billion USD, placing it 10th globally and 2nd in the Asia-Pacific region after China. Issuance in 2018 alone was 4.1 billion USD, representing a 22% increase over 2017.
• The market is dominated by a small number of large issuers; the top five issuers account for two-thirds of the total volume. Financial institutions are particularly active, with three of the top five issuers being commercial banks. Non-financial corporate issuance reached 4.8 billion USD, or 21.6% of the cumulative total, with over half (53%) directed toward construction and real estate.
• Funding is concentrated in three main sectors: buildings (over one-third), energy (31%), and transport (22%). Energy projects frequently involve solar power, though offshore wind and waste-to-energy are also present.
• Japanese green bonds are characterized by short maturities and a preference for Euro-denominated issuance. 70% of issued bonds have a maturity of five years or less, compared to a global average of 37%. Approximately 45% of issuance by Japanese entities is denominated in Euros.

APA

モニカ・フィコバ, クリスタ・ツキアイネン, & アマンダ・ジョルジ (2019). Japan – Green finance state of the market 2018. Climate Bonds Initiative. https://www.climatebonds.net/files/documents/publications/4fcd69a0-09db-4a6c-83d4-c3fc391da460.pdf

Chicago

モニカ・フィコバ, クリスタ・ツキアイネン, and アマンダ・ジョルジ. Japan – Green finance state of the market 2018. Climate Bonds Initiative, 2019. https://www.climatebonds.net/files/documents/publications/4fcd69a0-09db-4a6c-83d4-c3fc391da460.pdf.

Wikipedia

{{cite report |last1=モニカ・フィコバ |last2=クリスタ・ツキアイネン |last3=アマンダ・ジョルジ |title=Japan – Green finance state of the market 2018 |publisher=Climate Bonds Initiative |date=February 2019 |url=https://www.climatebonds.net/files/documents/publications/4fcd69a0-09db-4a6c-83d4-c3fc391da460.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{2019japan, author = {モニカ・フィコバ and クリスタ・ツキアイネン and アマンダ・ジョルジ}, title = {{Japan – Green finance state of the market 2018}}, institution = {Climate Bonds Initiative}, year = {2019}, month = feb, url = {https://www.climatebonds.net/files/documents/publications/4fcd69a0-09db-4a6c-83d4-c3fc391da460.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }