| 研究実績の概要 |
The project has progressed according to plan by establishing the fundamental project. This initially comprised the mapping and framing of the Japanese landscape for sustainable finance and ESG (environmental, social, and governance) investing. The first stage involved more traditional research methods rooted in qualitative social science such as literature review, stakeholder engagement via individual meetings with actors and policymakers in the finance and investment sectors in Japan. These revealed to be mostly located in Tokyo and its vicinity. This allowed for multiple in-person interaction and outreach prior to the coronavirus outbreak in early January 2020.
In the meantime, my research work saw its culmination in the publication in the first comprehensive and peer-reviewed scholarly article on sustainable finance in Japan (https://doi.org/10.1080/20430795.2020.1735219), which was produced in collaboration with two Europe-based co-authors. I was the lead author and the open access article generated significant impact across the financial community, especially in Japan and the Asia-Pacific. It was covered by media outlets in Japan and generated further opportunities for engagement and collaboration with local stakeholders. It also permitted the establishment of a support stream from the Ministry of Environment in the area of green bonds.
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| 現在までの達成度 (区分) |
現在までの達成度 (区分)
1: 当初の計画以上に進展している
理由
The initial setup presented itself to be promising, given the emerging interest in the areas of sustainable finance and ESG investing in Japan. However, the formal knowledge-sharing activities between academia and the financial sector were still scarce in Japan at the time of JSPS FY2019 research period. Hence, through intense groundwork, including engagement and outreach activities, I gradually gained access to a broader pool of relevant stakeholders and integrated by research findings into my work. The research publication, which was first submitted in raw form in autumn 2019, was heavily revised with data collected during the JSPS FY2019 period. After a profound revision, it was accepted to the highest-impact peer-reviewed journal in the area of sustainable finance.
Thanks to these efforts and my continuing industry engagement and outreach activities, I was also able to secure significant support from various government agencies, notably from the Ministry of Environment in the area of green bonds, one of the product categories of sustainable finance. This will facilitate the next research stages considerably and allow for more detailed comparative and data analysis research activities. It should be noted, however, that the coronavirus outbreak severely affected the research between January and March 2020. As most travels between Europe and Japan, as well as most events, were cancelled, it heavily impacted any engagement and outreach activities planned for the said period. In light of these adverse conditions, the progress made was considerable.
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| 今後の研究の推進方策 |
In light of the coronavirus-related disruptions globally but especially in Europe and Japan, the FY2020 activities will be affected to a significant degree through reduced travel, engagement, and outreach capacities.
Most activities are now being adapted to a virtual environment, and the work with the FY2019 data purchases will permit an uninterrupted continuation of the non-engagement-related research activities. FY2020 will see a heavier emphasis on the European context and the establishment of comparative policy and data benchmarks with Japan in multiple areas, notably green bonds, given the relative maturity of the latter in both markets. That research will then subsequently be crystallised in one or two academic publications in high-impact peer-reviewed journals. Further collaborations with the Ministry of Environment, the Financial Services Agency, and the Asian Development Bank in Japan will open new research inroads and facilitate EU-Japan research activities.
The project will likely encounter some hurdles caused by the coronavirus-related disruptions such as reduced travel capacities or cancelled events. However, generally, the research project will be fully implemented in FY2020 with the next stage concentrating on comparative Europe-Japan elements.
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