Japan’s Norinchukin Bank has hit 60% of its sustainable finance target

The bank also participated in 7 sustainability committee meetings in FY2023.

Japan’s Norinchukin Bank has fulfilled over 60% of its new sustainable finance target.

In its latest climate and nature report, released in July 2024, the bank reported that it has cumulatively extended JPY6.2t in new sustainable finance as of H1 FY2023– over halfway to its target of JPY10t by FY2030.

Norinchukin Bank also reported its ESG-related activities for the past fiscal year, which include determining the current status and measuring GHG emissions across a wide range of asset classes in its investment and loan portfolio related to business entities. These included loans, bonds, and stocks, and project financing, particularly for power generation and oil and gas projects.

The bank also participated in 7 total sustainability committee meetings in FY2023. One result of these meetings is the establishment of GHG reduction targets for the bank’s portfolio, particularly targeting the oil and gas, steel, and coal sectors.

Currently, Norinchukin Bank has JPY36.6b in funds invested in loan balance and coal-fired power plants. The bank aims to reduce its investment to zero by 2040.