How can Japanese capital markets contribute to a sustainable society

Overview & Welcome Message

Agenda & Resources

Speakers

Date: 12 November 2021

Event Overview

The 5th annual sustainable finance conference from the International Capital Market Association (ICMA) and the Japan Securities Dealers Association (JSDA) focused on the role of climate transition bonds, social bonds, and sustainability-linked bonds in encouraging ESG themed bond market.

Although we have seen considerable progress in the green bond market in Japan with an increasing number of issues from the private sector, as yet there has been less issuance of the newer products, transition bonds, social bonds and sustainability-linked bonds.

This event looked at the benefits of issuing these bonds, introducing case studies from global and Japanese markets, and consider the conditions needed to encourage growth in the market, including recent initiatives from the Japanese government.

A link to the event recording and the presentation materials will be made available shortly.

Japanese Event Recording / English Event Recording

Welcome Message JSDA

It is a great pleasure to announce this event that the JSDA and the ICMA co-host at its fifth year.

This year, the momentum for carbon neutrality has been sharply increasing in Japan both in terms of the number of green bonds issuance and the heightened awareness toward the importance of transition finance. In addition, the impact of the COVID-19 on our society has revealed the significance of financing social projects for socioeconomic advancement and empowerment.

Therefore, it would be meaningful to learn how our capital markets can contribute to these financial needs for a sustainable society. It is my deep hope that this event will provide great opportunities to learn from distinguished speakers’ discussions on the latest frameworks and best practices in both the Japanese and global bond markets.

Toshio Morita, Chairman and CEO, JSDA

Welcome Message ICMA

Welcome to the 5th annual sustainable finance event that the international Capital Market Association (ICMA) is once again delighted to co-host with the Japan Securities Dealers Association (JSDA).

Despite the global pandemic and dramatic changes across all regions, we have witnessed remarkable resilience in the capital markets globally, and progress and expansion in the ESG themed bond markets including green, social, sustainability linked bonds, as well as in climate transition finance, both in Europe and in Japan.

Now as we look towards the next phase of economic recovery, I am very pleased to have this opportunity to share new initiatives and experiences in this important and fast growing market and to engage in discussion about how this form of finance can be used to mitigate climate change, transform our environmental footprint and address social issues.

Bryan Pascoe, Chief Executive, ICMA

In partnership with:

Resources

・ Climate Transition finance/クライメート・トランジション・ファイナンス関連

Climate Transition Finance Handbook/クライメート・トランジション・ファイナンス・ハンドブック English/ 日本語
Japan's Basic Guidelines on Climate Transition Finance/クライメート・トランジション・ファイナンスに関する基本指針 English/ 日本語

・ Green Bond/グリーンボンド関連
Green Bond Principles 2021/グリーンボンド原則2021　 English/ 日本語
Japan's Green Bond Guidelines Green Loan and Sustainability Linked Loan Guidelines/

グリーンボンドガイドライングリーンローン及びサステナビリティ・リンク・ローンガイドライン English/ 日本語

・ Social Bond/ソーシャルボンド関連

Social Bond Principles 2021/ソーシャルボンド原則 2021 　 English/ 日本語
Japan's Social Bond Guidelines/ソーシャルボンドガイドライン　English/ 日本語

・ Sustainability-Linked Bond/サステナビリティ・リンク・ボンド関連
Sustainability-Linked Bond Principles/サステナビリティ・リンク・ボンド原則　English/ 日本語

Speaker Presentations

Speaker presentation slides can be viewed below.

Agenda

JST
16:00	Welcome & Opening Speech Toshio Morita, Chairman and CEO, JSDA
16:05	Guest Speech I Junichi Nakajima, Commissioner, Japanese Financial Services Agency (JFSA)
16:15	Guest Speech II Nathan Fabian, Chief Responsible Investment Officer, Principles for Responsible Investment (PRI) Association
16:25	Panel 1: Financing climate transition to achieve carbon neutrality Moderator: Reiko Hayashi, Director and Deputy President, BofA Securities Co., Ltd.; Member, JSDA SDGs Council; Member, ICMA Board Panellists: Ventura Gonzalez, Head of Corporate Financing, Repsol Johanna Köb, Head of Responsible Investment, Zurich Insurance Company Ltd Yuta Nakamura, Nippon Yusen Kaisha (NYK Line) View slides Motoko Ogawa, Deputy Director of Environmental Economy Office, Industrial Science and Technology Policy and Environmental Bureau, Ministry of Economy, Trade and Industry, Japan (METI) View slides
17:10	Keynote Speech Niall Bohan, Director, Asset and Financial Risk Management, Directorate-General for the EU Budget, European Commission View Slides
17:20	Panel 2: Toward sound development of the social and sustainability linked bond markets Moderator: Akane Enatsu, Head of Nomura Research Center of Sustainability (NRCS), Nomura Institute of Capital Markets Research (NICMR) Panellists: Niall Bohan, Director, Asset and Financial Risk Management, Directorate-General for the EU Budget, European Commission Nicholas Pfaff, Managing Director, Head of Sustainable Finance at ICMA; Secretary to the GBP Juliette Macresy, Executive Director - Issuer Business, VE, part of Moody's ESG Solutions Takashi Mizutani, General Manager of CSV (Creating Shared Value), Promotion Office, Fuyo General Lease Co., Ltd. View slides
18:05	Closing Remarks Bryan Pascoe, Chief Executive, ICMA
18:10	Close

Speakers

Niall Bohan, European Commission
Akane Enatsu, Nomura Institute of Capital Markets Research (NICMR)
Nathan Fabian, Principles for Responsible Investment (PRI) Association
Ventura Gonzalez, Repsol
Reiko Hayashi, BofA Securities Co., Ltd.
Johanna Köb, Zurich Insurance Company Ltd
Junichi Nakajima, Japanese Financial Services Agency (JFSA)
Juliette Macresy, VE, part of Moody's ESG Solutions
Takashi Mizutani, Fuyo General Lease Co., Ltd.
Toshio Morita, JSDA
Yuta Nakamura, Nippon Yusen Kaisha (NYK Line)
Motoko Ogawa, Ministry of Economy, Trade and Industry, Japan (METI)
Bryan Pascoe, ICMA
Nicholas Pfaff, ICMA


Welcome & Opening Speech
		Toshio Morita Chairman and CEO, JSDA Toshio Morita is Chairman and Chief Executive Officer of the Japan Securities Dealers Association (JSDA). Before assuming the current position in July 2021, Mr. Morita was Representative Director and President of Nomura Securities Co. Ltd. and Director and Representative Executive Officer of Nomura Holdings, Inc., after serving various leadership roles in the largest securities firm in Japan. Mr. Morita joined Nomura in April 1985. After working with individual investors at domestic branches, he took leadership roles such as Senior Managing Director for retail business in 2008, Executive Vice President (Head of Retail Business) in 2012, Deputy President for investment banking and President in 2017. He concurrently served as Group Co-COO in 2018, and Representative Executive Officer in 2020 at Nomura
Guest Speech I
		Junichi Nakajima Commissioner, Japanese Financial Services Agency (JFSA) Junichi Nakajima has served as Commissioner of the Financial Services Agency (FSA) since July 2021. He joined the Ministry of Finance (MOF) in 1985 and assumed various positions mainly at the FSA and the MOF including Director-General, Strategy Development and Management Bureau, FSA Director-General, Policy and Markets Bureau, FSA Vice Commissioner, Strategy Development and Management Bureau (responsible for human resources management and policy coordination), FSA Deputy Director-General, Planning and Coordination Bureau (responsible for financial markets and exchanges), FSA Deputy Director-General, Planning and Coordination Bureau (responsible for credit systems), FSA Director, General Coordination Division, Planning and Coordination Bureau, FSA Director, Policy and Legal Division, Planning and Coordination Bureau, FSA Director, Debt Management Policy Division, Finance Bureau, MOF General Manager, Japan External Trade Organization (JETRO) Vancouver He graduated from the Faculty of Engineering at the University of Tokyo in 1985 and Harvard Kennedy School in 1995. 中島　淳一　（なかじま　じゅんいち）金融庁長官 1985年東京大学工学部卒業、同年大蔵省(現財務省)入省。1995年ハーバード大学修士。その後、JETROバンクーバー事務所長、財務省理財局国債企画課長、金融庁総務企画局政策課長、同総務課長、同審議官、総合政策局総括審議官、企画市場局長、総合政策局長を経て、2021年７月より現職。
Guest Speech II
		Nathan Fabian Chief Responsible Investment Officer, Principles for Responsible Investment (PRI) Association Nathan Fabian is the Chair of the European Platform on Sustainable Finance, a public and private sector expert panel to develop sustainable finance policies and tools in Europe, including the EU Taxonomy. Nathan is also Chief Responsible Investment Officer at the United Nations-supported Principles for Responsible Investment. The PRI supports over 3000 institutional investors globally to incorporate Environmental, Social and Governance factors into their investment activities. He has been with the PRI for five years. Nathan served as the Rapporteur for the Taxonomy Group of the EU Technical Expert Group on Sustainable Finance. He was an Observer on the EU High Level Expert Group on Sustainable Finance and part of the Secretariat for the UK Green Finance Taskforce. These roles are part of fifteen years of professional experience in sustainable finance in government policy, investment research and ratings on companies, and the development of investment processes and tools. Prior to the PRI, Nathan was the CEO of the Investor Group on Climate Change (IGCC) Australia / New Zealand. Previous roles include Head of ESG Research at Regnan, a provider of ESG research and engagement services; and as a Corporate Governance Policy Advisor in the Australian Parliament. Prior to this Nathan was a founding Partner of Full Corp Partners, a financial services and IT start-up company advisory firm. He has also worked as a change management consultant for Arthur Andersen and as a market analyst at global communications manufacturing company, Krone. Nathan holds a M.A. in International Relations from the University of New South Wales, a BBus from the University of Newcastle (Australia) and is a Vincent Fairfax Fellow in ethics and leadership.
Panel 1
		Reiko Hayashi Director and Deputy President, BofA Securities Co., Ltd.; Member, JSDA SDGs Council; Member, ICMA Board; Member, JFSA Exert Panel on Sustainable Finance; Member, JFSA Working Group on Social Bonds Reiko Hayashi is director and deputy president of Merrill Lynch Japan Securities Co., Ltd. In these roles, she oversees the firm’s interactions with regulators and government departments in Japan and is responsible for overseeing the governance framework across the business. Reiko is also responsible for driving Environmental, Social and Governance client initiatives for the business. As chair of the Japan Philanthropy Committee and co-chair of the LGBT Pride employee network in Japan, she has been instrumental in implementing several programs, including Bank of America Merrill Lynch’s Women’s Career Forum. Reiko has been with the firm since 2000 and has held a number of senior positions in investment banking, including head of Japan Global Capital Markets. In 2015, Reiko was featured in FinanceAsia’s list of influential women in finance. She holds a bachelor’s degree in International Relations from The University of Tokyo and a master’s degree in Educational Sociology from The Graduate School of The University of Tokyo. In 2016, she became a non-executive auditor at National Graduate Institute for Policy Studies (GRIPS). Reiko is also a member of the Council for Promoting Sustainable Development Goals (SDGs) of the Japan Securities Dealers Associate (JSDA), Board Member of International Capital Market Association (ICMA) , a member of the Expert Panel on Sustainable Finance as well as a member of the Working Group on Social Bonds. 学歴： 1985年東京大学教養学科国際関係論学科卒業 1987年東京大学大学院教育社会学研究科修士課程修了職歴 1987年シティバンクNA入行国際金融本部 1989年パリバ証券入社国際金融部 2000年メリルリンチ証券会社（現メリルリンチ日本証券株式会社）入社資本市場本部 2003年資本市場本部資本市場グループ部長 2004年投資銀行部門債券資本市場部マネージングディレクターコーポレートアンドパブリックファイナンスグループ部長 2006年投資銀行部門公共法人部長 2011年債券資本市場部長 2014年資本市場部門長 2017年副会長、資本市場部門チェアマン 2019年取締役副社長弊社のPhilanthropy CommitteeのChair、LGBT+ Ally ネットワークのCo-Chairを務める日本証券業協会のSDGsの推進に関する懇談会委員、ICMAボードメンバー、サステナブルファイナンス有識者会議メンバー、ソーシャルボンド検討会議メンバー、政策研究大学院大学監事等
		Ventura Gonzalez Head of Corporate Financing, Repsol Ventura González is currently Head of the Corporate Financing Division, including Capital Markets instruments and Banking facilities. Focused on ESG financing, he has been responsible for managing the recently published Repsol Transition Financing Framework. He has been part of Repsol’s Finance team since 2007 and has worked in a variety of areas in the company with responsibilities such as being financial focal point for JVs and M&A projects, intercompany financing and financial planning and analysis. He holds a Master’s degree in Financial Markets from the Instituto de Estudios Bursátiles in Madrid (IEB) and a degree in Business Administration from the University of Cantabria in Santander.
		Johanna Köb Head of Responsible Investment, Zurich Insurance Company Ltd Johanna Köb is Head of Responsible Investment at Zurich Insurance Company, where she supports the implementation of Zurich's responsible investment strategy for the Company's approx. USD 200bn portfolio of group assets. Johanna joined Zurich Insurance Company in 2013 as responsible investment analyst, following the adaptation of the 2012 responsible investment strategy. Prior to joining Zurich, Johanna worked for RobecoSAM, where she was part of the Sustainability Operations team. Her task was to support companies throughout the annual corporate sustainability assessment, as well as serving as an analyst for the financial services and support services sectors for the Dow Jones Sustainability Index. Johanna holds a BA and MA in International Affairs & Governance from the University of St. Gallen, as well as a MA in Law and Diplomacy from the Fletcher School of Law and Diplomacy, Tufts University.
		Yuta Nakamura Nippon Yusen Kaisha (NYK Line) Yuta Nakamura is a member of the NYK Finance Group. He is currently engaged in ESG finance and debt financing. He started his career as an Asian equity fund manager at a large Japanese financial institution. Since joining NYK, he has been active in offshore-industry project investment, in addition to capsize-bulker financing and fleet management. He has led the first Japanese transition bond issuance by NYK in July 2021. 中村　勇太 NYK財務グループにてESGファイナンス、社債調達業務を担当。大手機関投資家としてアジア株式のファンドマネージャーからキャリアをスタートさせる。NYK入社後は海洋事業関連のプロジェクト投資、ケープサイズバルカーの船隊整備業務を経て現職に至る。2021年7月に発行した本邦初のトランジションボンドを担当。
		Motoko Ogawa Deputy Director of Environmental Economy Office, Industrial Science and Technology Policy and Environmental Bureau, Ministry of Economy, Trade and Industry, Japan (METI) Motoko Ogawa is Deputy Director of Environmental Economy Office, Industrial Science and Technology Policy and Environmental Bureau, Ministry of Economy, Trade and Industry (METI) of Japan. She dedicated years of experiences to energy, market and finance in regulatory sphere. Currently she is engaged in policy making of environmental finance in METI. In particular she is in charge of green finance and climate related disclosure issues including international relationship. 小川幹子氏は、経済産業省産業技術環境局環境政策課環境経済室　室長補佐を務めている。エネルギー、マーケット及び金融規制の分野における経験を経て、現在は経済産業省で環境関連ファイナンスの政策企画、特に、国際関係を含むグリーンファイナンスと気候関連の開示分野を担当している。
Panel 2 Introductory keynote
		Niall Bohan Director, Asset and Financial Risk Management, Directorate-General for the EU Budget, European Commission An Irish national, and economics graduate from Trinity College Dublin and the College of Europe, Bruges, Niall Bohan has held a number of policy and management roles since joining the European Commission in 1994. Between 2004-2017, he served as Head of Unit for the Asset Management, Banking, and Capital Markets Union units in the Commission department responsible for financial regulation and policy. Between 2011 and 2013, Niall Bohan served in the Task Force for Greece where he coordinated the provision of technical assistance to the Greek government to support reform of customs, public procurement, competition and investment licensing. Between 2017 and mid-2019, he led the unit responsible for legal and institutional affairs and risk management in the Commission department responsible for economic and financial affairs. Since mid-2019, Niall Bohan has served as head of the Commission Treasury and from July 2020 as Director for the department responsible for Financial Operations undertaken on behalf of the EU budget. This Directorate oversees the management of the budgetary guarantees provided by the Union budget to support investment (EFSI/EFSD), manages the financial assets owned by the Union budget, and undertakes the borrowing and lending operations to implement the SURE programme and NextGeneration EU Recovery Plan.
Panel 2
		Akane Enatsu Head of Nomura Research Center of Sustainability (NRCS), Nomura Institute of Capital Markets Research (NICMR) Akane Enatsu joined Nomura Institute of Capital Markets Research (NICMR) in 2012 and was appointed as the Head of Nomura Research Center of Sustainability (NRCS) in 2019. Her main research coverage includes public finance and sustainable finance. She has published several books including the Municipal Bond Investment Handbook and ESG/SDGs Keywords 130. She also serves several government organizations as a panel member. Prior to joining NICMR, Enatsu was a credit research analyst for various financial institutions including Citigroup, Barclays, and Merrill Lynch. She earned an MBA from University of Oxford and a PhD (Economics) from Saitama University. 江夏　あかね（えなつ　あかね）株式会社野村資本市場研究所　野村サステナビリティ研究センター長オックスフォード大学経営大学院修了、博士（経済学、埼玉大学）。ゴールドマン・サックス証券、日興シティグループ証券等を経て、2012年に野村資本市場研究所に入社、2019年12月より現職。政府・地方公共団体等の委員を歴任。著書に『地方債投資ハンドブック』（単著）、『サステナブルファイナンスの時代 ― ESG/SDGsと債券市場』（共著）、『ESG/SDGsキーワード130』（共著）等がある。
		Nicholas Pfaff Managing Director, Head of Sustainable Finance at ICMA; Secretary to the GBP (ICMA) Nicholas Pfaff is a Managing Director, Head of Sustainable Finance, at the International Capital Market Association (ICMA). He is the Secretary of the Green Bond Principles (GBP) and the Social Bond Principles (SBP) and generally coordinates ICMA’s sustainable finance activities. He is a member of the European Commission’s Technical Expert Group (TEG) on Sustainable Finance. He also oversees the Public Sector Issuer Forum (PSIF) and heads ICMA’s Paris office. Nicholas is a senior banker with extensive international experience in investment banking and capital markets, as well as in development banking. He has worked previously at Goldman Sachs, BNP Paribas and the European Bank for Reconstruction and Development (EBRD).
		Juliette Macresy Executive Director - Issuer Business, VE, part of Moody's ESG Solutions Juliette Macresy is the Executive Director of the Issuer Business at V.E, Part of Moody’s ESG Solutions Group and took charge of V.E Hong Kong office in September 2017, becoming Head of Greater China and South East Asian markets, covering the region for both issuers on sustainable finance transactions and its derivatives. Since September 2020, Juliette took the global responsibility of the sustainable finance teams expanding MESG footprint in the sustainable finance markets in our key regions North America, LATAM, EMEA and APAC. Holding a Master’s degree in Banking and Finance from Dauphine University (France), Juliette has been working in financial markets in London and Paris for almost twenty years. She started her career in major French banks as a credit analyst before joining Moody’s Investors Services in London as a credit analyst. Then, she moved to fixed income positions within Natixis in Paris and Hong Kong. Juliette is a CFA charter holder since 2003.
		Takashi Mizutani General Manager of CSV (Creating Shared Value), Promotion Office, Fuyo General Lease Co., Ltd. General Manager of CSV (Creating Shared Value) Promotion Office, Fuyo General Lease Co., Ltd. From 2017 worked in Fuyo General Lease's Corporate Planning Division. Involved in joining RE100 in 2018, and since then in charge of promoting sustainability management initiatives emphasizing Creating Shared Value, including the establishment of the CSV Promotion Office in 2019 and the establishment of the CSV Promotion Committee of the Company in 2020. Graduated from The University of Tokyo Faculty of Law (1988) and Master of Laws (LL.M) Harvard Law School (1993) 1988- Fuji Bank, Ltd. (Currently Mizuho Financial Group) 2014- Trust & Custody Services Bank, Ltd. (Currently Custody Bank of Japan, Ltd.) 水谷　高　（みずたに　たかし）芙蓉総合リース株式会社ＣＳＶ推進室長 2017年より芙蓉総合リース経営企画部。2018年 RE100の加盟に携わり、以降、2019年ＣＳＶ推進室創設、2020年ＣＳＶ推進委員会立上げなど、企業価値と社会価値の共創（Creating Shared Value）を重視したサステナビリティ経営の取組み推進を担当。東京大学法学部、ハーバードロースクール法科大学院(ＬＬＭ) 卒 1988年～富士銀行（現みずほフィナンシャルグループ）, 2014年～資産管理サービス信託銀行
Closing Remarks
		Bryan Pascoe Chief Executive, ICMA Bryan Pascoe took over the role of Chief Executive of the International Capital Market Association in September 2021, assuming responsibility for leading ICMA’s work with its global membership in the international debt capital markets. He has over 28 years of international experience spanning investment and corporate banking in London, Hong Kong and Dubai. He was most recently Global Head of Client Coverage in HSBC’s Commercial Banking Division, having previously held the role of Group Treasurer and Head of Asset, Liability and Capital Management through 2015 and 2016. From 2011 to 2015, Bryan’s career focused on capital markets as HSBC’s Global Head of Debt Capital Markets and Global Head of Debt Syndicate prior to that.

How can Japanese capital markets contribute to a sustainable society?