Pilot Project for Green Bond Issuance

Implemented since FY2017 to promote the spread of Green Bonds by widely disseminating information on the Pilot Projects that are in compliance with the Green Bond Guidelines.

Applicants are encouraged to submit plans of issuing Green Bonds. From among the applications submitted, the Pilot Projects will be selected, and compliance with Green Bond Guidelines will be checked, after which a “pre-issuance report” will be prepared and the information will be disseminated.

  1. Invite Applicants to Submit Issueance Plan

    • The Ministry of the Environment invites Green Bond issuers to apply for this project.
    • Those considering issuance of Green Bonds apply.
    • Applicants submit their proposed scheme for Green Bonds.
  2. Selection of Pilot Projects

    • Applications will undergo examination of documents and screening by a third party committee (not open for attendance from public), and Pilot Projects will be selected.
  3. Compliance Check

    • The Ministry of the Environment and the contractor check the compliance of the scheme of the Pilot Project with the “expected elements” specified in the guidelines, and a “pre-issuance report” will be prepared.
  4. Dissemination of Information

    • In principle, according to the timing with which the issuer issues Green Bonds, information will be disseminated pertaining Pilot Project that has been selected after screening by the review committee, and that the scheme conforms to the guidelines. (The timing of the release of information can be individually adjusted.)

Pilot Projects

Thus far, the following Green Bond frameworks have been selected as Pilot Projects.

Japan Railway Construction, Transport and Technology Agency

Hokuriku Green Bond Co., Ltd.

Nippon Yusen Kabushiki Kaisha


Japan Housing Finance Agency

Fuyo General Lease Co.,Ltd.