Japan - Green Finance State of the Market 2019

Japan – Green Finance State of the Market 2019 presents an updated in-depth overview of the Japanese green bond market, highlighting developments since the inaugural 2018 publication. With USD17bn in cumulative issuance at the end of 2019, Japan reached 9th place in global country rankings and 2nd in Asia-Pacific, after China.

With support from the Ministry of Environment Japan (MOEJ), which has released new Sustainability Linked Loan Principles as well as revised Green Bond Guidelines in 2020, the country is on its way to realising some of its mammoth potential in green finance.

Key Figures

  • Japan ranks 7th in 2019 country ranking
  • The green bond market has experienced an outstanding growth with an increase of 70% since 2018
  • Buildings dominate use of proceeds at 38%, followed by energy and transport at 29% and 25%, respectively
  • A whopping 90% of issuance benefits from at least a form of external review
  • In contrast to 2018, JPY-denominated bonds are now the most popular at 53% of issuance
  • Most of the Japanese green bond market is made up of benchmark size bonds (USD500m equivalent) or larger, making up 43% of the issuance volume


Download the full report here