Started climate change operation on December 23
Friendship explanation of NRI researcher
The Bank of Japan notified that the first climate change operation (funding operations to support climate change) will be implemented on December 23. This operation is a backfinance framework in which the Bank of Japan makes a loan in response to the relevant investment and financing in response to the bank's climate change. The target investment and financing are (1) green loan / bond, (2) sustainability link loan / bonds (with evaluation indicators linked to climate change), (3) transition finance. 。 The Bank of Japan suddenly indicated the idea of implementing the operation at a monetary policy meeting in June this year, and announced its basic guidelines at the September meeting. The target candidate is the Lending destination of the common secured operation (all store loans) and the Japan Bank of Japan, which is recognized by the Bank of Japan, which hopes to be the target of the operation. 。 In principle, the target is reviewed once a year, but additions can be performed at any time. The condition that the Bank of Japan recognizes as the target is that it is disclosed sufficiently. Specifically, TCFD discloses the four items (June 2017) (governance, strategy, risk management, indicators and goals) and the purpose and track record of investment and financing. This condition was harsher than initially expected. On the other hand, the fact that the loan with the loan was 0 % under the rental conditions was a smaller incentive than the initial expectation. It was anticipated that both financial institutions that participated in the operation from the first time will not always be.
The first target is 43, small
On November 26, the Bank of Japan announced the 43 -person name of the operation. Since the target of the common secured operation is 347 as of October 27, only 12 % of them are the target of the same operation in simple calculations. And there is no name of the Shinkin Bank in the target. This may not be the name here because the operation is performed through the national shinkin bank, which is the upper organization. However, among the 99 lines of regional banks (regional banks + second regional banks), only 28 lines of this operation were 28 % of the total. After all, the hurdle of being the target of the operation was high for small and medium -sized financial institutions. The Bank of Japan would have been able to loosen the conditions for the target, but it would have chosen a way to encourage financial institutions to take more time to disclose higher information over time. If the conditions were loosened and the target was expanded, the scale of the operation became larger, and it was possible to appeal externally as a monetary easing measure. The reason not to do so is that this operation prioritized climate change in financial institutions rather than increasing funding to financial institutions.