SDGs Finance
In recent years, SDGs finance markets in Japan and overseas have expanded, and we believe this trend will continue in the future.
Daiwa Securities started to work on SDGs finance ahead of others. In 2008, the company sold Vaccine Bonds for individual investors, Japan’s first impact investment bonds.
We have also worked to develop standards for SDGs finance in Japan and overseas. In 2017 and 2020, we served as a member of the Green Bond Review Committee set up by the Ministry of the Environment to develop the Green Bond Guidelines. In 2020, we became Asia’s only underwriter selected as a member of the Advisory Council of the International Capital Market Association (ICMA).
In 2020, Daiwa Securities Group established a team specialized in SDGs finance within Daiwa Securities to further enhance the company’s underwriting system. We strive to contribute to spreading and expanding SDGs finance while offering products, services, and proposals that meet the needs for SDGs finance from issuers and investors, who are our customers.
Promotion of SDGs Finance

Managing Director
Sustainability Solutions Dept.
I supervise and lead initiatives to promote SDGs finance at Daiwa Securities Group.
I have been involved in work associated with bond issuance and other finance since 1998, and I have never experienced as much increase in awareness of ESG and the SDGs as seen in recent years among investors and issuers.
What is driving Daiwa Securities Group to promote SDGs finance?
Daiwa Securities sold Japan’s first Vaccine Bonds in 2008. These bonds enabled the procurement of funds for addressing the social issue of providing vaccination needed by children in developing countries.
We are a pioneer for ESG-related finance, and since the sale of these bonds, we have continued to be a top runner for cultivating and expanding the market.
The SDGs are guidelines for conduct formulated in 2015 toward 2030.
They are characterized by the concepts of “diversity” and “leaving no one behind.”
To achieve greenhouse gas reduction targets toward the realization of the Paris Agreement, a huge amount of funds is being required for capital investment and research and development.
Moreover, the importance of disaster preparedness and infrastructure has increased from the perspective of a country that has experienced disasters, and the importance of medical, education, and food systems has increased to cope with COVID-19. These things also require a huge amount of funds.
Environmental and social issues for 2030 are not issues for the distant future. They are close to us, occurring at present.
Under the concept of “diversity” and “leaving no one behind,” Daiwa Securities Group will actively promote SDGs finance, which can lead to solutions to environmental and social issues, as a top runner toward 2030.
Major Results
<Japan>
- [Social] New Kansai International Airport Company, Ltd. (August 5, 2022) 〈 Japanese only 〉
- [Sustainability Linked] NEC Corporation (July 6, 2022) 〈 Japanese only 〉
- [Green] Sanken Electric Co., Ltd. (June 10, 2022) 〈 Japanese only 〉
- [Green] Sotetsu Holdings, Inc. (June 9, 2022) 〈 Japanese only 〉
- [Sustainability] Air Water Inc. (June 3, 2022) 〈 Japanese only 〉
- [Green] Sumitomo Corporation (May 18, 2022) 〈 Japanese only 〉
- [Social] FUJIFILM Holdings Corporation (April 14, 2022) 〈 Japanese only 〉
- [SDGs-IPO] Fuluhashi EPO Corporation (April 13, 2022) 〈 Japanese only 〉
FY2021
- [Transition] Japan Airlines Co., Ltd. (February 22, 2022) 〈 Japanese only 〉
- [Sustainability] NEC Capital Solutions, Ltd. (February 22, 2022) 〈 Japanese only 〉
- [Green] Asahi Printing Co., Ltd. (January 28, 2022) 〈 Japanese only 〉
- [Sustainability] Nagoya Railroad Co., Ltd. (December 10, 2021) 〈 Japanese only 〉
- [Social] The University of Tokyo (December 10, 2021) 〈 Japanese only 〉
- [Sustainability] Hankyu Hanshin Holdings, Inc. (December 3, 2021) 〈 Japanese only 〉
- [Sustainability Linked] Tokyu Fudosan Holdings Corporation (October 5, 2021) 〈 Japanese only 〉
- [Sustainability] Yokohama Reito Co., Ltd. (September 17, 2021) 〈 Japanese only 〉
- [Green] SCSK Corporation (June 1, 2021) 〈 Japanese only 〉
FY2020
- [SDGs-IPO] TESS Holdings Co., Ltd. (March 24, 2021) 〈 Japanese only 〉
- [Sustainability Linked Green] Takamatsu Construction Group Co.,Ltd. (March 12, 2021) 〈 Japanese only 〉
- [Sustainability] Shinsei Bank Ltd. (March 5, 2021) 〈 Japanese only 〉
- [Social-PO] Gakken Holdings Co., Ltd. (February 26, 2021) 〈 Japanese only 〉
- [Sustainability] Mitsui Fudosan Logistics Park Inc. (February 5, 2021)
- [SDGs-IPO] Poppins Holdings Inc. (December 21, 2020) 〈 Japanese only 〉
- [Green] Central Nippon Expressway Co., Ltd. (November 25, 2020) 〈 Japanese only 〉
- [Green] The Sumitomo Warehouse Co., Ltd. (October 2020)
- [Green] SENKO Group Holdings Co., Ltd. (September 11, 2020) 〈 Japanese only 〉
- [Green] Daiwa Office Investment Corporation (September 4, 2020)
FY2019
- [Social] Gakken Holdings Co., Ltd. (March 6, 2020)
- [Green] DAIKEN CORPORATION First issuance of green bonds in Japan’s building materials industry (September 13, 2019) 〈 Japanese only 〉
- [Green] The Sumitomo Warehouse Co., Ltd. First issuance of green bonds by a warehousing company (September 13, 2019) 〈 Japanese only 〉
- [Sustainability] Mitsui O.S.K. Lines, Ltd. First issuance of sustainability bonds for individual investors in Japan (July 12, 2019) 〈 Japanese only 〉
- [Green] ORIX JREIT Inc. (July 11, 2019)
FY2018
- [Green] Tokyo Tatemono Co., Ltd. (March 8, 2019) 〈 Japanese only 〉
- [Green] Daiwa Securities Group Inc. (November 22, 2018) 〈 Japanese only 〉
- [Green] Sumitomo Forestry Co., Ltd. Issuance of green convertible bonds (September 11, 2018) 〈 Japanese only 〉
- [Green] Mitsui O.S.K. Lines, Ltd. First issuance of green bonds for individual investors in Japan (August 24, 2018) 〈 Japanese only 〉
<Overseas>
- [Climate resilience] European Bank for Reconstruction and Development (EBRD) (July 2021) 〈 Japanese only 〉
- [Nutrition] Corporación Andina de Fomento (July 2021)
FY2020
- [Sustainable development] Inter-American Development Bank (IDB) (March 2021) 〈 Japanese only 〉
- [Green transition] European Bank for Reconstruction and Development (EBRD) (January 2021) 〈 Japanese only 〉
- [Social] International Finance Corporation (IFC) (November 2020) 〈 Japanese only 〉
- [COVID-19 Vaccine] Central American Bank for Economic Integration (CABEI) (November 2020) 〈 Japanese only 〉
- [Green] Hungary (September 2020)
- [Sustainable development] Inter-American Development Bank (IDB) (June 2020)
- [Social] International Finance Corporation (IFC) (April 2020)
Activity
Report on Media Appearance
Economic Education Program “Sustainable Every Day—What Economy Can Do for the Future”

Yukino Yamada, Chief ESG Strategist at Daiwa Securities, appeared in “Sustainable Every Day—What Economy Can Do for the Future,” a TV program (broadcast on BS TV TOKYO) communicating ESG in an easy-to-understand manner.
The program was supervised entirely by the Public Institutions Banking Dept. and the Debt Capital Market Deprt. (Ⅰ) to (Ⅲ) of Daiwa Securities. It was planned for those engaged in business and college students who have a great interest in social contribution. Showing specific cases, the program introduced corporate activities aimed at achieving the SDGs and fund procurement methods.
〈 Issuers Introduced in the Program *in order of appearance 〉
- Poppins Holdings Co., Ltd.
- Gakken Holdings Co., Ltd.
- Nidec Corporation
- Japan Railway Construction, Transport and Technology Agency
- KDDI CORPORATION
Daiwa Securities Co. Ltd. was selected as a member of the Advisory Council of the Green Bond and Social Bond Principles (“Green Bond Principles, etc.”) of the International Capital Market Association (ICMA), becoming Asia’s only underwriter selected for the Council.
We believe that this selection was due to the high evaluation of our efforts and achievements related to SDGs. Daiwa Securities Group will strive to establish and develop new frameworks, such as sustainability linked bonds and transition bonds, in addition to existing green bonds, social bonds, and sustainability bonds, and will continue to contribute to creating a sustainable society.
Selected as Top Performer in IFC’s ESG Scoring Survey (July 2020)
In an ESG survey for underwriters conducted for the first time by International Finance Corporation (IFC), Daiwa Securities was selected as a top performer, becoming one of only six companies receiving the highest rank title among 44 companies.
Major check points
- ESG policy
- Handling of ESG-related products
- Collaboration with stakeholders
- Initiatives to reduce environmental impact
- Reporting on nonfinancial information, etc.
Daiwa Securities Group Inc.’s MSCI ESG Rating Upgraded to A for the First Time (December 2019)
MSCI Inc. is the world’s largest ESG index provider.
The ESG index assesses companies comparatively by industry on a global scale and assigns ratings on a seven-point scale from AAA to CCC. The initiatives we implemented in our core businesses to achieve the SDGs were highly evaluated by the external organization.
Holding of Seminars
Daiwa Securities Group holds various SDGs-themed seminars while receiving support from issuers, investors, and rating agencies. We aim to spread and expand SDGs finance by communicating the latest topics and approaches to customers.
9th Seminar: SDGs Bond Market and Valuation Methodology from the Perspective of European Companies (June 22, 2022)
Lecture | Speaker |
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Opening |
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Bloomberg lecture I "SDGs Bond Analysis Function at Bloomberg" |
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Bloomberg lecture II "Overview of Bloomberg ESG Data Scores" |
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Solo speech "ESG Market in Europe and Unique Valuation Methodology" |
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Panel discussion "ESG/SDGs Bond Market and Trends in Europe" |
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Closing |
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8th Seminar: Passion for ZERO Carbon (June 7, 2022)
Lecture | Speaker |
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Opening remarks |
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Keynote lecture "Now we must accelerate decarbonization" |
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Part 1 "Contributing to a Decarbonized Society through the Development of Transport Networks" |
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Part 2 "What Finance Can Do for Achieving the SDGs" |
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Part 3 "ESG Investments Facilitating Realization of a Decarbonized Society, Driven by $130 Trillion" |
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7th Seminar: New Trends in the SDGs Bond Market (February 24, 2022)
Lecture | Speaker |
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Keynote lecture "Global Environment for Decarbonization and ESG Investment" |
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Issuer and investor perspectives "Sustainability Linked Bonds: Future Questions about Bond Issuance" |
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Rating agency's perspective "Transition Bonds: Future Themes and Outlook from a Rating Agency's Perspective" |
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6th Seminar: SDGs Bond Market Leading to Realization of Decarbonization and Poverty Reduction (November 25, 2021)
Lecture | Speaker |
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Opening |
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Keynote lecture I "SDGs Financing in Japan" |
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Keynote lecture II "EU Transition Bonds" |
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Bloomberg lecture "Introduction to SDGs Analysis Function Using Bloomberg" |
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Interview "Efforts by TEPCO Group for Carbon Neutrality" |
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Panel discussion "Financing to End Poverty: Case Studies on the Forefront of Aid to Developing Countries" |
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5th Seminar: ESG Investment in Post COVID-19 Era with a View to Zero Emissions in 2050 (August 5, 2021)
Lecture | Speaker |
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Opening “Expanding Green Finance in Japan” |
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Japan’s environmental finance policy “Japan’s Roadmap to Zero Emissions” |
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Green finance cases in Japan “Cases of CBI Certified Bond Issuances” |
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International trends “Development of Taxonomies Worldwide and their Impact on Japan” |
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4th Seminar: Disaster and Climate Change Measures and SDGs Bonds (May 28, 2021)
Lecture | Speaker |
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Opening “Daiwa Securities Group’s SDGs Initiatives” |
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Securities company’s perspective “Current Developments of SDGs Bonds, Disaster and Climate Change Measures” |
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Keynote lecture “UR’s Disaster Responses and Contribution to SDGs |
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Bond market’s perspective “Initiatives by Issuers for Responses to Climate Change and Support from Investors” |
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3rd Seminar: Japan’s Roadmap to Becoming a Major Power in SDGs Bonds (February 4, 2021)
Lecture | Speaker |
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Opening “Transition to Capitalism Centered on the SDGs” |
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Keynote lecture “Initiatives for High-Quality SDGs Bond Issuances” |
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Debt capital market’s perspective “New Trends of SDGs Bonds” |
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Corporate value perspective “SDGs Bonds and Creation of Social Value by Companies” |
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Rating agency’s perspective “Ideal Rating of Bonds Designed to Contribute to the SDGs” |
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2nd Seminar: Basics of SDGs Investment for Beginners (November 10, 2020)
Lecture | Speaker |
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“Basics of SDGs Investment” |
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“Connections with SDGs Bond Investors through Sustainability Bonds” |
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“Thoughts of Issuers, Investors, and Rating Agencies behind SDGs Bond Investment” |
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1st Seminar: ESG Investment Strategy in the COVID-19 Era (August 4, 2020)
We held an ESG webinar using ZOOM live distribution and teleconference systems, explaining about ESG investment from the perspectives of securities companies, research, investors, issuers, and external rating agencies. A total of more than 400 issuers and investors participated in the seminar.
Lecture | Speaker |
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Securities company’s perspective “Opening Speech” |
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Research’s perspective “ESG Grabbing Attention in COVID-19 Era” |
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Investor’s perspective “Discussion on ESG Investment & Loan Policy and Corporate Bond Investment” |
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Issuer’s perspective “Contribution to ESG through Bond Issuance” |
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External credit agency’s perspective “New Trends of ESG Investment and Transition Bonds” |
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Holding of Engagement Meetings
Daiwa Securities Group arranges engagement meetings with issuers and investors with the aim of further enhancing SDGs finance.
In these meetings, we communicate investors’ frank opinions to SDGs bond issuers, thereby contributing to the positive development of SDGs bond markets for both issuers and investors.
For details, see below.
- JRTT×Kiraboshi Bank, Ltd. (April 2021)

- Japan Student Services Organization×Japanese Red Cross Toyota College of Nursing (January 2021)

Holding of Community-Based Seminars -SDGs×Regional Revitalization-
Since 2021, our sales branches across Japan have been holding seminars (webinars) that introduce initiatives taken by various organizations toward achievement of the SDGs.
For details,click here. 〈 Japanese only 〉