Nissui Corporation, one of the world’s largest seafood companies, has concluded a loan agreement with Sumitomo Mitsui Trust Bank as the first transaction under SuMi TRUST Bank’s new “Impact Finance for Nature” (“IFN”) offering.
IFN is a form of impact finance designed to contribute to the development of a sustainable society. SuMi TRUST Bank encourages enhanced information disclosure based on the TNFD (Taskforce on Nature-related Financial Disclosures) recommendations while evaluating the impact of corporate activities on nature.
As part of the agreement Nissui has set targets of only procuring 100% sustainable marine resources by 2030 and committing to suspend procurement of marine resources at high risk of depletion if scientific and practical measures are not taken to recover the resources by 2030. Nissui has designated “driving the mainstreaming of marine biodiversity” as one of its material issues, incorporating marine biodiversity conservation and sustainable resource use into management decision-making.
A 2023 assessment of Nissui by the World Benchmarking Alliance shows Nissui ranking 61 out of 380 for ecosystems and biodiversity.
The evaluation related to this agreement, Nissui said, consists of a Sustainability System Assessment by SuMi TRUST Bank, as well as an Impact Assessment and Natural Capital Management Assessment (TNFD-aligned assessment) by environmental, social and governance consulting company ERM Japan. Through the Evaluation, impacts of corporate activities on nature are identified, and SuMi TRUST Bank will monitor the progress of established KPIs and targets to support the manifestation of these impacts.
“ERM is proud to support Nissui and SuMi TRUST Bank in pioneering nature-focused impact finance in Japan,” said Kosuke Kanematsu, Sustainable Finance Partner at ERM. “This initiative marks a significant step forward in integrating nature-related considerations into financial decision-making. By applying ERM’s rigorous assessment approach, developed in line with TNFD, SBTN, and ultimately the Kunming-Montreal Global Biodiversity Framework (GBF) Target 15, we ensure that businesses not only understand their impact on nature but also take meaningful action to help shape a sustainable future that includes the protection and restoration of nature.”
In addition, the product’s framework has received the Second Party Opinion by the Japan Credit Rating Agency, regarding conformity with the Concept Paper on Impact Finance published by the Ministry of the Environment.
The company said the evaluation not only confirms the validity of Nissui’s nature-related initiatives but also indicates future challenges for advancing management that considers nature. Based on this evaluation, Nissui said it will further strengthen the company’s nature-related initiatives and aim to realize the Nissui Group’s long-term vision “Good Foods 2030” of becoming “a leading company that delivers friendly foods for people and the earth” by enhancing both business and natural capital sustainability.”
