Rating and Investment Information, Inc. receives Approved External Review Provider status under the Climate Bonds Standard

Supporting Japan's sustainable finance market

Tokyo, Japan, 16/09/2025 — Rating and Investment Information, Inc. (R&I) has been approved as an External Review Provider under the Climate Bonds Standard. This extends R&I’s scope to include Entity Certification and Sustainability-Linked Debt (SLD) Certification verifications.

R&I is Japan’s largest credit rating agency, established in 1975, providing credit ratings, research, and analysis to global and domestic investors. Beyond traditional credit assessment, R&I has become a leader in evaluating environmental, social, and governance (ESG) factors, actively supporting Japan’s growing sustainable finance market. 

As a newly accredited provider, R&I is now authorised to verify issuers seeking to align their entity-level debt and equity, as well as sustainability-linked debt instruments, with climate-resilient and Paris-aligned pathways.

Yumiko Watanabe, Head of Japan team, Climate Bonds Initiative, commented: 
"Having a trusted, domestic verifier of this calibre will make it easier for Japanese issuers to access Certification, increase market confidence, and accelerate the growth of credible green and sustainable finance in the region. This achievement reinforces Japan’s role as a key driver of innovation and integrity in global sustainable markets."

Marina Strovolidou, Head of Certification, Climate Bonds Initiative, said:
“R&I’s expertise strengthens the integrity and global reach of the Climate Bonds Standard. By expanding their scope to include entity and SLD-level Certification, we are offering Japanese issuers a robust, science-based route to align their broader financing instruments with climate objectives.”

R&I brings decades of financial and market analysis experience, offering both global market credibility and rigorous evaluation for issuers navigating sustainability-linked instruments and full-entity Certification.

Toru Yoshida, President and CEO, Rating and Investment Information, Inc, added:
"Around 30 per cent of Japan's bond issuance comes from the high-emission sector. Climate Bonds certification plays an important role in communicating with international investors in order to raise a wide range of green and transition funds. In fact, the Japanese Government's GX Economic Transition Bonds have been certified. Now that R&I has become the first approved external review provider, its second-party opinions, with which most people are familiar, can be used for certification purposes. R&I will draw on its specialised knowledge and technological understanding of different industrial sectors and decarbonisation initiatives to carry out solid evaluations and help companies pursue carbon neutrality."

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For interviews and more information, please contact:

Leticia Braga

Communications Specialist, Climate Bonds Initiative

leticia.braga@climatebonds.net

Notes for Journalists:

About Climate Bonds Initiative: Climate Bonds is the leading international non-governmental organisation mobilising global capital for climate action. We drive the growth of the green and sustainable debt market through science-aligned frameworks including our taxonomies and standards, our Certification, our data and insights, and our provision of expert policy and technical advice. More information on our website here.

About Climate Bonds Standard: The Climate Bonds Standard is a multi-sector, science-based framework that allows investors and intermediaries to assess the climate credentials and environmental integrity of bonds and other sustainable finance products. Version 4.3 covers Use of Proceeds, Asset, Entity, and Sustainability-Linked Debt Certification products.

About Rating and Investment Information, Inc. (R&I):  Rating and Investment Information, Inc. (R&I) is one of the oldest and largest credit rating agencies in Japan, having been established in 1975. As a member of Nikkei Group, a leading Japanese economic media outlet, we have contributed to the financial markets by providing a range of financial information services. Beyond credit ratings, we have expanded into the provision of investment evaluation and information services. R&I pioneered the external review of ESG finance by providing the 'R&I Green Bond Assessment' for the first green bond issued by a Japanese corporate entity in 2016. In 2021, we became an Approved Verifier of the Climate Bonds certification scheme. In 2022, R&I announced its endorsement of the 'Code of Conduct for ESG Evaluation and Data Providers' by the Financial Services Agency and has been working hard to fulfil its role as an external reviewer. More information here.