Tokyo-based banking and financial services company Mizuho Financial Group announced today the issuance of a $500 million green bond, with proceeds aimed at financing green projects, and helping the bank reach its sustainable finance goals.

Mizuho has set a target environmental finance of 12 trillion yen (USD$105 billion) from FY2019 to FY2030, aiming to “to accelerate our environmental business and expand our positive impacts on the environment through finance.” In a statement announcing the financing, Mizuho stated:

“The green bond we have issued serves as a portion of funds for this environmental finance and responds to the needs of investors who have a high level of interest in the environmental field.”

According to Mizuho, the funds raised through the bond will be provided to its subsidiary, Mizuho Bank, which will use them to fund environmentally friendly projects, including renewable energy.

Mizuho added:

“At Mizuho, we have strengthened our initiatives toward a sustainable society (sustainability action) including climate change responses and transition to a low-carbon society. Leveraging our knowledge as a financial services group, we will proactively continue to provide advice, and solutions, including financing support such as sustainable finance and environmental finance, for strengthening and shifting our clients’ businesses towards decarbonization.”