Tokyo-based banking and financial services company Mizuho announced a new goal to facilitate JPY 100 trillion ($USD 700 billion) in sustainable finance between 2019 – 2030, including JPY 50 trillion in environment and climate change-related finance.

The new goal marks a substantial increase from Mizuho’s prior 2030 target, initially set in 2020, to implement JPY 25 trillion in sustainable finance, including JPY 12 trillion in environmental finance.

According to a statement from Mizuho, the new sustainable finance goal forms part of the company’s new medium-term business plan, centered on “personal well-being and the achievement of a sustainable society and economy to support it,” and including contributing to the structural transformation of economy and industry and the establishment of next-generation technologies to realize a low-carbon society.

Mizuho also announced the issuance of a $1.4 billion green bond, its largest to date, and the largest-ever ESG bond issued by Japanese financial. Funds raised from the offering will be provided to Mizuho Bank to finance green projects, including renewable energy. The offering marks Mizuho’s fifth green bond to date, including $500 million and €800 million offerings last year.

Mizuho said:

“At Mizuho, we are strengthening our initiatives to realize sustainable society. We make challenges for SX (Sustainability Transformation) with our customers by providing not only sustainable finance to create money flow to solve environmental and social issues but also solutions leveraging our knowledge and capabilities beyond financings.”