98aa08e6-962d-4d13-93a8-44c44f4a0d99-cad09e27e8f202a7.pdf

This report by the Institute of Global Environmental Strategies (IGES) and Climate Bonds Initiative provides a comprehensive overview of the Japanese green finance market as of 2021 and 2022. It details the growth of green bonds, the emergence of sustainability-linked and transition bonds, the identification of climate-aligned bonds not explicitly labeled as green, and the evolving regulatory and policy framework established by the Japanese government and the Bank of Japan.

• Cumulative green bond allocations (2014-2021) are dominated by low-carbon buildings (41%) and energy (32%). The Japan Housing Finance Agency is the largest issuer for building use (5.29 billion USD), while MUFG Bank is the largest for energy use (2.1 billion USD). In terms of bond characteristics, 49% of cumulative issuances have a maturity between 5 and 10 years, and 86% of the issuance value has obtained an external review, predominantly Second Party Opinions (SPOs).
• The Bank of Japan (BoJ) established a Climate Coordination Hub and published a policy on climate change in July 2021. In September 2021, the BoJ introduced a funding operation to provide back-financing for climate-related investments and loans made by financial institutions. As of the reporting period, this operation has reached 63 counterparties with a loan balance of 3.6 trillion JPY.

APA

Climate Bonds Initiative (n.d.). 98aa08e6-962d-4d13-93a8-44c44f4a0d99-cad09e27e8f202a7.pdf. https://www.climatebonds.net/files/documents/publications/98aa08e6-962d-4d13-93a8-44c44f4a0d99.pdf

Chicago

Climate Bonds Initiative. 98aa08e6-962d-4d13-93a8-44c44f4a0d99-cad09e27e8f202a7.pdf. n.d. https://www.climatebonds.net/files/documents/publications/98aa08e6-962d-4d13-93a8-44c44f4a0d99.pdf.

Wikipedia

{{cite report |author=Climate Bonds Initiative |title=98aa08e6-962d-4d13-93a8-44c44f4a0d99-cad09e27e8f202a7.pdf |url=https://www.climatebonds.net/files/documents/publications/98aa08e6-962d-4d13-93a8-44c44f4a0d99.pdf |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{climatebondsinitiativend98aa08e6962d4d1393a844c44f4a0d99cad09e27e8f202a7pdf, author = {{Climate Bonds Initiative}}, title = {{98aa08e6-962d-4d13-93a8-44c44f4a0d99-cad09e27e8f202a7.pdf}}, institution = {Climate Bonds Initiative}, url = {https://www.climatebonds.net/files/documents/publications/98aa08e6-962d-4d13-93a8-44c44f4a0d99.pdf}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }