Invitation for Research Proposal <Research on pricing, risk, impact, etc. of Green Bonds and others>

1. Overview:

Ministry of the Environment, Japan, (MOEJ), has been encouraging research on green bonds, green finance and ESG finance and disseminating its research results through the Green Finance Portal to contribute to the encouragement of green finance and ESG finance. MOEJ and The Japan Research Institute, Limited, commissioned by MOEJ for this project, are calling for research on the pricing, risk, impact, etc. of green bonds and others.

MOEJ has been promoting the green bonds issuance as effective green financial instruments to provide private capital to green projects combating climate change and preventing the deterioration of the natural capital. In addition, MOEJ formulates and publishes various guidelines such as the “Green Bond Guidelines,” promotes good practices through the Model Projects of Green Finance, and disseminates information through the Green Finance Portal.

Japan needs to take action to mainstream green finance, including green bonds, whose issuance is growing, in order to lead the green finance market. For example, it is important to clearly explain to domestic and overseas investors, 1) the risk-return concept of financial contributions to green businesses and companies, 2) the appropriate pricing method, and 3) the investment behavior of ESG investors, based on scientific evidence. The dissemination of this information to the market will also lead to the development of the green finance market. In order to promote the development of the green finance market in Japan, MOEJ will conduct research on the pricing, risk, impact, etc. of green bonds and others and disseminate its results to stakeholders as basic information for decision-making on issuance and investments.

The scope of the commissioned survey will cover the entire green finance sector including green bonds. MOEJ calls for research and studies on finance not solely focusing on quantitative financial data, but including social and environmental elements that contribute to the formation of a decarbonized society, including aspects around "environment and finance" such as ESG investments.

2. Application Period:

July 1, 2021 – July 30, 2021, 5:00 p.m. (Japanese Standard Time)
Results will be announced in mid-August.

3. Application should be emailed as follows:

Please download Application Procedure from the following;

Please email the documents to: 200010-GBP@ml.jri.co.jp
Person in charge: Mr. Kokita, Mr. Toyoshima
The Japan Research Institute, Limited, Research Consulting Division
Call for research applications on "Research on the pricing, risk, impact, etc. of Green Bonds and others"

4. Inquiries:

Questions will be accepted by email until 12:00 (JST noon) on July 14, 2021.
Email address: same as the above