Sustainable Oceans and Fishery Industries

Initiatives Focused on the Blue Economy

As a financial institution founded partly in the fisheries industry, the Norinchukin Bank promotes initiatives focused on the Blue Economy, which promotes the conservation and sustainable use of oceans and rivers.

Promoting Blue Carbon

The concept of blue carbon, such as the absorption and fixation of CO₂ by seaweed beds, was introduced in a 2009 report by the United Nations Environment Programme (UNEP); however, seaweed beds are not only important as a way of tackling climate change. Their role in nurturing and protecting aquatic organisms is also attracting global attention as a Nature-based Solution (NbS) to biodiversity issues. Seaweed beds in particular in Japanese coastal zones have long been maintained by fishermen and local residents, and this has brought about the effects of blue carbon. However, in recent years, these beds have been in rapid decline because there are fewer people conserving them due to the fall in the numbers of fishermen and local populations. In addition, changes in the marine environment brought about by intensifying climate change and increasing damage caused by feeding fish and sea urchins are also factors behind the rapid decline of these once abundant seaweed beds. Responding to this situation, the Bank, in cooperation with members of the JF (Japan Fisheries Cooperatives), local communities, and companies, is setting up and supporting blue carbon projects that focus on the creation and restoration of seaweed beds. In addition, we are examining and developing initiatives to create carbon credits to quantify and economically value the effects of these projects.

Investments in Water Bonds Issued by the Asian Development Bank

The Bank invested a total of $200 million AUD in water bonds issued by the Asian Development Bank (the “Bonds,” below).
The Bonds will be used on financing projects aimed at resolving issues in water supply, sanitation, water resource management, and flood control in the Asia-Pacific region.

Promoting registration of marine areas as Shizen kyosei sites

The 30by30 Target refers to Target 3 of the Kunming-Montreal Global Biodiversity Framework (GBF), aiming to conserve and manage 30% of land, waters, and seas by 2030. Areas effectively conserved outside of protected areas are referred to as Other Effective area-based Conservation Measures (OECMs). These areas are crucial to achieving the 30by30 Target.
However, there remains a gap in Japan between the percentage area actually under managed conservation and the target of 30%. As of 2021, there was also a difference between the conserved land and sea areas, with only 13.3% of sea areas being conserved compared with 20.5% of land areas. That boundaries and ownership are not as clear offshore as onshore may be a factor here. But that said, there are sea areas where fishermen and JF members carrying out both ecosystem conservation and commercial fishing are also playing a central role in creating blue carbon ecosystems, and we recognize these areas are extremely important for achieving the 30by30 target offshore. In a move toward bringing about nature-positive activities in sea areas, the Bank is promoting Shizen kyosei sites in cooperation with motivated JF members and others. Shizen kyosei sites are areas designated by private initiative, etc., for preserving biodiversity.

Working With Startups

Innovation is essential to overcoming challenges related to climate and nature. To that end, through a mix of setting up demonstration projects and providing corporate venture capital (CVC), the Bank is actively collaborating with important venture capital companies and startups who are leaders in innovation. We will contribute to accelerating innovations that help overcome these challenges, including in areas related to the Blue Economy.