Second-Party Opinion Download

Sustainalytics is of the opinion that the Mizuho Financial Group, Inc.’s (Mizuho FG or the issuer) Green Bond Framework (the Framework) is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 (GBP). This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds – Renewable Energy, Clean Transportation, Pollution Prevention and Control, and Green Buildings – are aligned with those recognized by the GBP. Sustainalytics considers that the Eligible Green Projects will lead to positive environmental impacts and advance the UN Sustainable Development Goals 3, 7, 9 and 11.

PROJECT EVALUATION/SELECTION

Mizuho FG’s eligible projects are evaluated and selected based on the defined eligibility criteria under the Framework by various department members, including Mizuho Bank, Ltd.’s Real Estate Finance Department and Project Finance Department, Mizuho FG’s Global Products Coordination Department, Global Markets Coordination Department and Financial Planning Department. This process is aligned with market practice.

MANAGEMENT OF PROCEEDS

Mizuho FG will track the proceeds in its wholly-owned subsidiary Mizuho Bank, Ltd.’s internal loan data system. Mizuho Bank, Ltd. will allocate an equivalent amount of the green bond net proceeds to Eligible Green Projects. Pending allocation, the net proceeds will be held in overnight or short-term financial instruments. This procedure is in line with market practice.

REPORTING

Mizuho FG intends to provide allocation and environmental impact reporting annually on its website until full allocation and as necessary thereafter in the event of new developments. Allocation report will include the amount of allocated and unallocated proceeds along with brief description of the eligible projects, current funded amounts, and funding dates. In addition, Mizuho FG commits on environmental impact indicators for renewable energy and green buildings and to receive an annual review from an independent provider. Sustainalytics views Mizuho FG’s planned reporting and commitment on annual review to be aligned with market practice and further encourages Mizuho FG to report, where feasible, on additional impact indicators for the rest of the project categories in the Framework.