ESG bonds, change to support/increase in target but decrease in subsidy rate

　There are signs of change in the support system that subsidizes the issuance costs of ESG (Environmental, Social, Corporate Governance) bonds. While the Ministry of the Environment and the Tokyo Metropolitan Government have increased the number of products eligible for subsidies, the subsidy limits and subsidy rates are trending downward. Green finance, including ESG bonds, is expanding, and the independence of the private sector is increasing. In the future, while support for new products will increase, policy support in forms other than subsidies is likely to spread.