Sustainable Oceans and Fishery Industries：Sustainability：The Norinchukin Bank

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 importance of “blue carbon,” which refers to the absorption and fixing of CO₂ by coastal seaweed beds, tidal flats, and mangroves, was highlighted in a 2009 UNEP report. Blue carbon is not only vital for climate change mitigation. It is also attracting global attention for its contributions to the sustainability of fisheries through conservation of ecosystems and restoration of marine resources.
Since long ago, Japanese fishermen have wisely sustained their livelihoods by creating and maintaining seaweed beds alongside their fishing operations. In recent years, however, the number of fishermen has declined due to shrinking and aging populations. At the same time, global warming has led to higher water temperatures and growing losses of seaweed due to rampant feeding by fish and sea urchin. For these reasons, these abundant seaweed beds (and consequently many satoumi ecosystems) are fast disappearing.
To address this issue, the Bank is working together with members of JF (Japan Fisheries Cooperatives), local communities, and companies to develop and support blue carbon projects focused on creating and restoring seaweed beds. Given that the importance of a landscape/seascape approach (an integrated approach that incorporates geographical and ecological perspectives) that comprehensively deals with diverse human activities and natural environments to derive problem-solving methods for the advancement of nature positive objectives has been pointed out both in Japan and abroad, blue carbon projects that promote desirable outcomes for local sea and coastal communities through dialogue and consensus-building can be considered a practical example of the seascape approach. Recognizing the importance of blue carbon in discussions of nature positive, the Bank contributes to project development through a variety of approaches. For example, we build frameworks for collaboration with stakeholders both in and outside regions, we quantify the effectiveness of carbon absorption and create carbon credits to monetize it, we clearly define contributions to ecosystem conservation, and we help in certification of Nature Coexistence Sites to promote the appeal of such initiatives.

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Practical Example of Cooperative-centered Landscape Approach: “Yamakawa Mother Sea” by JF Yamagawa-cho

Yamagawa-Cho,Ibusuki City,Kagoshima Prefecture, JF Yamagawa-Cho and members(ﬁshermen) are collaborating with academia, business, and government on a “blue carbon” initiatives titled “Yamakawa Mother Sea,” centered on regenerating seaweed beds and conserving the marine ecosystem. This initiative is viewed as a model case of landscape/seascape approach. It is taking place in an area where ﬁshing is central to the economy, with a vision of striking a balance between the human practice of ﬁshing and marine conservation. It also involves a variety of stakeholders. The Bank is participating in the project with the intention of expanding it nationwide, providing wide-ranging support including assistance with certiﬁcation as a “Nationally Certiﬁed Sustainably Managed Natural Site.”

Overview of collaboration with the Yamakawa Mother Sea initiative and Our support

Requirements for landscape approach and compliance of Yamakawa Mother Sea Initiative

Note: SBTs for Nature Step 3 land guidance and WWF SBTs for Nature trial analysis are prepared from the perspective of the international 2030 Nature Positive agreement and the usefulness of landscape engagement.

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.

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.

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Participation in the Kaginowa Project: Feeding kagikenori seaweed to livestock to reduce methane emissions while increasing fishermen’s incomes

One such project involves our collaboration with Arnul Co., Ltd. and the Yamakawa Fisheries Cooperative Association to establish and implement kagikenori seaweed aquaculture technology. This project aims to help decarbonize agriculture, a key regional industry, and find new sources of income for the fishing industry. kagikenori seaweed suppresses methane emissions in cattle eructation (burping), a major source of methane emissions. Moreover, providing a stable supply of kagikenori through aquaculture will create new business for fishermen while reducing livestock-derived methane emissions. This project is expected to not only reduce agricultural methane emissions, but also provide extra income to fishermen, who are the main players in the creation of seaweed beds, which are themselves blue carbon ecosystems.