Japan’s Ministry of Finance has announced the issuance of its first climate transition bond for an amount in local currency equivalent to approximately 11 billion dollars, for the beginning of July.

The resources to be obtained in the issuance will finance Japan’s Green Transformation program (known as GX program), which aims to mobilize nearly 1 trillion dollars in public and private investments over the next decade, focusing on cutting-edge sustainable technologies to reduce national emissions. About 55.5% of the proceeds will be used to finance research and development (R&D) related to renewable energy and hydrogen, while the remaining 44.5% will support energy efficiency measures and battery manufacturing.