History of the Development
of the Green Bond in Japan

Development of the Green Bond in Japan

The first Green Bond was issued in 2014 by the Development Bank of Japan and, since then, the total amount of issuance has increased. In 2015, a major Japanese bank issued a Green Bond, followed by the Tokyo Metropolitan Government in 2017.

The Ministry of the Environment has published the Green Bond Guidelines that ensure consistency with the Green Bond Principles issued by the ICMA. Further issuance of Green Bonds in Japan is anticipated through policies such as the “Pilot Project for Green Bond Issuance” and “Financial Support Programme for Green Bond Issuance”

Chronology of the Development of the Green Bond

Developments in Japan

  • 2010

    An increase in privately-placed SRI bond investment by domestic institutional investors between 2010 and 2012

  • 2014

    A government-affiliated financial institution issues the first domestic Green Bond.

  • 2015

    A major Japanese bank issues the first domestic Green Bond as a private company.

  • 2016

    A think tank issues a Green Bond that is, for the first time, compliant with Green Bond Principles.

  • 2017

    Logo:The Ministry of the Environment

    The Ministry of the Environment publishes the “Green Bond Guidelines.”

    The Ministry of the Environment launches the “Pilot Project for Green Bond Issuance”

    Logo:The Tokyo Metropolitan Government

    The Tokyo Metropolitan Government issues the first domestic Green Bond as a municipality.

  • 2018

    Logo:The Ministry of the Environment

    The Ministry of the Environment establishes a “The Green Bond Issuance Promotion Platform”

Created by the Ministry of the Environment based on websites of the issuers