Developments in Green, Social and Sustainability Bond Markets - Japan and Asia
 
Date and Venue

Date:
9 October 2019
Time: 08:45-17:15
Venue: Hotel New Otani Tokyo

Overview

The International Capital Market Association (ICMA) and the Japan Securities Dealers Association (JSDA) held their 3rd joint conference on Developments in Green, Social and Sustainability Bond Markets in Tokyo on 9 October 2019 following the remarkable scale and seniority of attendance at the 2018 event and the Japanese market’s strong growth.
 
The Asia-Pacific green bond market is growing faster than any other region (35% increase in issuance from 2017 to 2018) and has the most issuers (222) of any region. The Japanese market has been amongst the most dynamic, with issuance growing by around 66% to US$4bn equivalent in 2018. In the context of the vast scale and global importance of the Japanese bond market, growing Japanese activity in sustainable finance is attracting widespread attention. Also, many of the national governments in Asia-Pacific, including Japan, are innovators in sustainable finance policy and guidelines. The Japanese Ministry of the Environment’s guidance on green bonds and associated measures, including the knowledge sharing platform, present an advanced example of official support for the market. Among Asian regional bodies, the ASEAN Capital Markets Forum has adapted the Principles for regional purposes.
 
Japan has also been a leader in promoting the SDGs, an initiative with which its securities industry has proactively collaborated. The Principles support pursuit of the SDGs through the mapping of the Principles to the SDGs, published in 2018.
 
The event brought important updates and debates on the rapid evolution of the market and official guidance internationally. The Tokyo conference once again brought together issuers, underwriters, investors, policymakers, market infrastructure and service providers who are active in the Asian green and social bond markets.

View photos from the event



Agenda

   
08:45 Registration, Networking over Tea & Coffee
09:30

Welcome & Opening Speech
Shigeharu Suzuki
, Chairman and CEO, JSDA
09:35 Guest Speech
Shinjiro Koizumi, Minister of the Environment, Japan
09:45
Panel: Regulatory Innovation – Comparing the EU and Asia

The EU is implementing an ambitious Action Plan on Sustainable Finance while China has a regulated green finance market. Japan and other Asian countries are largely adopting and adapting international best practice as represented by the GBP SBP. Are these different approaches contradictory or do they all converge on fundamentals?

Moderator: Nicholas Pfaff, Managing Director, ICMA; Member, EU TEG; Secretary to the GBP/SBP

Panellists:
Kazuyuki Aihara, Head of ESG Products, Nomura Securities
Nathalie Berger, Head of Unit, Bank Regulation and Supervision, European Commission
Satoshi Ikeda
, Chief Sustainable Finance Officer, FSA, Japan
Haruhiro Ikezaki, Managing Director, Head of Debt Capital Markets Division, Investment Banking Business Unit, Mitsubishi UFJ Morgan Stanley Securities
Rocky Tung, Head (Policy Research), Financial Services Development Council (Hong Kong SAR)
10:35 Coffee & Networking Break
11:05 Keynote Address
Olivier Irisson
, Group Chief Operating Officer & Head of Financial Operations, Groupe BPCE
11:15 Panel: The Role of the SDGs in the Capital Markets

A tremendous amount of financing is required for sustainable development – to promote prosperity while protecting the planet. Large asset owners are increasingly looking for investment opportunities with impact, and the SDGs have become the point of orientation. What is the role of Green, Social and Sustainability Bonds in financing and promoting the SDGs?

Moderator: Jean-Marc Mercier, Global Co-Head of Debt Capital Markets, HSBC; Vice Chair, ICMA Board

Panellists:
Yoko Chivers, Head of SDGs Finance, Capital Markets, SMBC Nikko Securities
Ketish Pothalingam, Executive Vice President, PIMCO
Maki Yasui, Senior Financial Officer, Treasury, International Finance Corporation (IFC)
Hiroshi Nishikawa, Executive Director, Japan Railway Construction, Transport and Technology Agency (JRTT)
Yasuhiro Matsui, Director General, Treasury Department, Development Bank of Japan (DBJ)
12:00 Lunch
13:00

Keynote Address
Hiromichi Mizuno
, Executive Managing Director and CIO, GPIF
13:10 Keynote Address
Tatsumi Kawata
, Director & Managing Executive Officer, Sumitomo Forestry Co., Ltd.
13:20

Panel: Corporate & Financial Institution Leadership Perspectives – Are Asian firms ready to mainstream issuance of Green, Social and Sustainability Bonds?

The Green, Social and Sustainability bond has grown dramatically in Asia, but obstacles remain. What deters potential issuers from entering the market and how can this be assuaged?

Moderator: Reiko Hayashi, Deputy President, Bank of America Merrill Lynch Japan; Member, JSDA SDGs Council; Member, ICMA Board

Panellists:
Dominique Duval, Head of APAC Sustainable Banking, Crédit Agricole Corporate and Investment Bank
Kazuhito Miyake, Director, Finance and Treasury, ANA HOLDINGS INC.
Kazushi Shimizu, Executive Director, Debt Capital Markets Department, Daiwa Securities
Kazuhide Toda, Managing Executive Officer, CIO, Nippon Life Insurance Company
14:15 Leadership Dialogue
Delivering sustainability: what is the real contribution of the Green, Social and Sustainability bond market?

Martin Scheck
, Chief Executive, ICMA
Bertrand de Mazières, Director General, Finance, European Investment Bank (EIB)
14:45 Panel: Impact and ESG – Measuring performance and market relevance

How the increasing reporting requirements of investors (TCFD) and investors’ demand for impact will change the information that investors require - will issuers be able to deliver?

Moderator: Marilyn Ceci, Managing Director, Head of Green Bonds, JP Morgan; GBP & SBP Vice Chair

Panelists:
Shinichiro Arie
, CFA, Director, Head of Fixed Income Department, Investment Management Division, Amundi Japan
Yoshiyuki Arima
, Japan Representative, World Bank Treasury
Sachie Ii, Head of Sustainable Finance Office, Corporate Finance Dept., Mizuho Securities
Naomi Sugo, Deputy Director, Environment and Economy Division, Ministry of the Environment, Japan
15:30 Keynote Address
Toshihide Endo, Commissioner, FSA, Japan
15:40 Coffee & Networking Break
16:00 Keynote Address 
Muneaki Tokunari
, CFO, Mitsubishi UFJ Financial Group
16:10 Panel: New Sustainability Taxonomies & Classifications

Is the proposed EU taxonomy expected to have a positive long-term market impact or do concerns about green and greenwashing remain? How are different markets developing in their own classifications and how do these compare? Are similar approaches likely to follow in Asia?

Introductory remarks and moderator: Nathan Fabian, Chief Responsible Investment Officer, PRI; Rapporteur, EU TEG Subgroup on Taxonomy

Panellists:
Miyuki Zeniya, Head of Sustainable Finance, The Dai-ichi Life Insurance Company
Akira Ishiwata
, Head of Credit Rating Planning and Research and Director of ESG, Rating and Investment Information, Inc. (R&I)
Shunei Miyano, Vice President, Nomura Securities
Trisha Taneja, Product Manager and Head of Sustainable Bonds, Sustainalytics
Sean Kidney, CEO, Climate Bonds Initiative (CBI)
17:10 Closing Remarks
Martin Scheck
, Chief Executive, ICMA
17:15
Event Close


   
   *ICMA reserves the right to change this agenda
  Sponsors
   
  Owned by the 28 EU Member States, EIB is the largest multilateral lender and borrower in the world and our 3,300 staff can build on 60 years of experience in project financing.  The EIB targets four priority areas in support of growth and job creation: innovation and skills, Small Medium Enterprises, climate action and strategic infrastructure across the EU.

In 2007, EIB pioneered the green bond market. EIB has raised more than EUR 25bn in green bonds across 13 currencies. The Bank provided €19.2 billion to fight climate change in 2018, representing 30% of its total financing.

For more information: www.eib.org

 
   
  Daiwa Securities Group, as one of the leading, comprehensive financial service firms in Asia, operates core businesses such as Retail, Global Markets, Global Investment Banking, M&A advisory services, Asset Management, and Investment. Other core businesses include world famous research and banking operations. 

Under our unity within the group, we provide a broad range of services to various clients.

For more information: www.daiwa-grp.jp 

 
 
 
  HSBC is one of the world’s largest banking and financial services organisations, serving around 38 million customers through four global businesses. With around 3,900 offices worldwide, HSBC aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and ultimately helping people to fulfil their hopes and realise their ambitions.

For more information: www.gbm.hsbc.com
 
     
 
  Mizuho Securities, as one of the core group companies in the Mizuho Financial Group provides comprehensive investment banking and securities expertise under the slogan of “One MIZUHO”. It has an outstanding track record in arranging both retail and institutional bond transactions in various currencies for Japanese and foreign issuers. 

By leveraging its expertise and global presence through its dedicated 259 offices across Japan and 10 offices overseas as of June 30, 2019, Mizuho Securities is committed in expanding the “Green and Social Bond” markets.

For more information visit: www.mizuho-sc.com/

 
 
  Nomura is an Asia-headquartered financial services group with an integrated global network spanning over 30 countries. By ‘Connecting Markets East & West’, Nomura services the needs of individuals, institutions, corporates and governments through its four business divisions: Retail, Asset Management, Wholesale (Global Markets and Investment Banking), and Merchant Banking.

Founded in 1925, the firm is built on a tradition of disciplined entrepreneurship, serving clients with creative solutions and considered thought leadership.

For more information visit: www.nomura.com

     
   
  SMBC Nikko Securities, a member of the SMBC Group, is one of the leading full-line securities firms in Japan covering all client segments and offering a broad range of financial products and services through its 149 branches in Japan and its global network including five subsidiaries.

In 1999 we created the Nikko Eco Fund, the first SRI fund in Japan. Since then, we have actively worked on addressing key social issues through a range of investment products for investors and also have been providing our institutional clients with SDGs financing opportunities in areas including the green, social and sustainable bond markets to address the growing profile of ESG issues in capital markets.

For more information visit: www.smbcnikko-cm.com
 
     

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