The Climate Bonds Standard and Certification Scheme is a labelling scheme for bonds. Rigorous scientific criteria ensure that it is consistent with the 2 degrees Celsius warming limit in the Paris Agreement. The Scheme is used globally by bond issuers, governments, investors and the financial markets to prioritise investments which genuinely contribute to addressing climate change.


Japan Railway Construction, Transport and Technology Agency (JRTT)

Japan Railway Construction, Transport and Technology Agency

JRTT is an “Independent Administrative Institution” set up by the national government of Japan in 2003. It is responsible for the construction and maintenance of the high speed (“Shinkansen”) parts of the railway network in Japan as well as smaller, local lines such as airport express lines and portions of urban routes. It leases these rail lines to the train operators. It is also part funded by the national government.

In February 2019, JRTT announced their plans for issuing the first debt programme which will receive Climate Bonds Certification in Japan. It will be a JPY 114 billion (USD 1.1 billion) bond program over the 2019 Financial Year. 

They had previously issued two Green Bonds (JPY 20bn) in November 2017 and (JPY 24.5bn) in February 2018. 

The proceeds will be used to finance and refinance their construction of rail track and related infrastructure across 18 railway lines in Japan, with a combined length of 231km. These routes are all electrified.


On March 22, 2019, they began the first issuance in this program with a loan arranged with Mizuho Bank.


Date of Issue Type of Instrument Size Tenor Country of Issuance CLIMATE BONDS SECTOR CRITERIA VERIFIER'S REPORT Annual Report Further Information
March 2019 Loan JPY 55.3bn (USD 500m)  4 years Japan Low Carbon Land Transport pre issuance verification report by DNV.GL  

Sustainability Framework

Mizuho Press Release February 2019

JRTT's Press Release

JRTT Sustainability Finance webpage (Japanese)

JRTT webpage on green bonds issued in 2017, 2018 (not Certified)

May 2019 Use of Proceeds Bond JPY 43 bn (USD 390m) multiple tranches, up to 30 years Japan Low Carbon Land Transport same report as above