OECD GIFF 2016 Session 4: Mariko Kawaguchi

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The current state of Sustainable Investment

Market in Japan

ESG Research

Kawaguchi, MarikoChief Researcher, Daiwa Institute of Research,

Representative Board Member, Japan Sustainable Investment Forum

October 13, 2016

Copyright © 2016 Daiwa Institute of Research Ltd. All rights reserved.

What is happening now in Japan?

Sustainable Investment Market is TAKING OFF due toNew Framework ：　• Stewardship Code （ 2014 ） + Corporate Governance

Code(2015) Entry of the most influential investor• GPIF signed PRI (Sept 2015) → Japanese signatories Before GPIF (2006 ～ Sept2015 ）　： 33

　　　　　　　　　　　　　　　　　　　　 Now (Oct 　 2016 ）　　　　　 50Government is expecting GPIF (and other investors) as an

effective tool to promote green economy, SDGs and productivity improvement.

More CEOs are now aware that ESG is a core part of their Long term strategy.

More investors are now adopting ESG research.

　

2


Snap shot of Japanese Sustainable Investment Market

Japanese Sustainable Investment Market been very minor

(less than \1 tril)

According to A JSIF Survey conducted December 2015 to 59 major institutions including signatories of Stewardship Code,

Balance of 24 institutions assets totaled \ 26.6 tril

Strategy: ESG integration \17.6 tril, Engagement \11.7 tril 3


What does Sustainable Investment means by different asset class?

4

Equity Investors: ESG valuation & ESG integration, Engagement

Corporations are now working on ;Long-term Strategy, Integrated Reporting, ESG information disclosure, governance

Fixed income Investors: Green Bond, Social Impact bond

Definition of GreenMeasurement of Social Impact

CarbonIs the first and most important step To graspIndustry-wide

①ESG value

②ESG impacｔ


Performance of low carbon emission companies outperforming (CO2emission/sales)

5

社数 1期前実績 ROE実績 ROE予想（社） ROE （％）（％）（％）

上場企業全体 3,132 6.0 5.6 7.5CO売上高当たり 2排出量が

20％以上減少76 9.0 8.8 9.0

CO売上高当たり 2排出量が減少 181 8.2 5.6 8.2CO売上高当たり 2排出量が増加 174 5.9 5.9 7.7

　ＲＯＥ　と　売上高当たり排出量増減率（ 2010 年度－ 2014 年度）

５年間の各ポートフォリオのリターン指数推移（２００９年１２月末＝100 ）

出所）　大和総研　伊藤正晴「ＣＯ２排出量の動向と企業パフォーマンス」　 2015.7.17 　出典　経済産業省、「環境報告書プラザ」、東洋経済新報社、東京証券取引所　等より大和総研作成

More than 20% reduction

More than 20% increase


Developing economies are successful in decoupling but not Japan

6

　主要排出７か国の CO2 排出量と GDP の関係

0 10,000 20,000 30,000 40,000 50,000 60,000 0

5

10

15

20

25 一

人当

たり

CO2排

出量

（t

）

一人当たり GDP PPP （ 2005年米ドル）

日本

中国

米国

ＥＵ

インド

ロシア

1971

1971

ブラジル

（ 2℃ 目標における 2030年の水準）

× ： 2030( 予 )

2030(予 )

（注）ロシアおよびＥＵは 1990～ 2013年の推移。これ以外は 1971～ 2013 年の推移。（出所） CO2排出量は、 IEA、” CO2 Emissions from Fuel Combustion - 2015 edition”, 2015、人口は、 UN、” World Population Prospects: The 2015 Revision.”, 2015、 GDP は、 IMF, “World Economic Outlook October 2015 Edi-tion”, 2015。から大和総研が作成

2013

1971

2013

1990

1990

2013

2013

2013

20131971 2013

Source ） Osawa,Shuichi 「 Ideal of Paris Accord and actual emissions reduction target’ Daiwa Quarterly 　Ｖｏｌ 22

Japan

Russia

USA

China

Brazil;India

ＧＤＰ　ＰＥＲ　Ｃａ pita (US$)

CO2 ＰＥＲ　Ｃａ pita (t)

OECD GIFF 2016 Session 4: Mariko Kawaguchi

Environment

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