Norinchukin Bank



Financial Servies




13-2, Yurakucho 1-chome, Chiyoda-ku,
Tokyo 100-8420, Japan

Hong Kong (China) Representative Office
34th Floor, Edinburgh Tower, The Landmark, 15 Queen’s Road, Central, Hong Kong, People’s Republic of China

Phone: 852-2868-2839
Fax: 852-2918-4430





The company does not disclose this information.




The company does not disclose this information.


The company does not disclose this information.



Report created by Emilia Sharples

Norinchukin Bank

SECTIONS :  Sustainability •  Targets  Evaluation •  Key Points  •  Overview

Company Activity

The Norinchukin Bank, also known as Nochu Bank, is a Japanese cooperative banks serving over 5,612 agricultural, fishing and forestry cooperatives from its headquarters in Tokyo. It was founded in December, 1923 by the Japanese government to support the country’s agriculture industry.

The bank is one of Japan’s largest institutional investors with an investment portfolio of more than US$400 billion and assets exceeding US$840 billion.

The bank invests in bond, securitisation, products, stock, private equity and real estate.


Company Sustainability Activity

Norinchukin supports political lobbies that oppose agricultural imports and the deterioration of living standards in rural areas. 

They provide financial services to members that include Japan Agricultural Cooperatives (JA), Japan Fisheries Cooperatives (JF), and Japan Forest Owners’ Cooperatives (JForest). In so doing, they contribute to the development of agriculture, forestry and fisheries, while also contributing to national economic prosperity. This social duty is defined under Article 1 of the Norinchukin Bank Act. 

Participation in Initiatives:

 Investing in Sustainable Development Bonds:

  • A total of US$1.4 billion has been invested in sustainable development bonds issued by the World Bank.
  • These were issued through a partnership between the Norinchukin Bank and the World Bank.
  • Show the world the importance of initiatives related to the SDGs that are highly regarded by investors 

Sustainability linked loans:

  • In May 2020, the Norinchukin Bank executed a sustainability linked loan with the Mitsubishi Estate Co. Ltd – the first sustainability linked loan funding a project in Japan’s real estate industry.
  •  Loan was executed under SPTs to reduce CO2 emissions and increase the ration of renewable electricity.
  • This loan supports the Mitsubishi Estate Group’s efforts towards creating a sustainable society.

Initiatives against COVID-19:

  • Created the COVID-19 Emergency Fund for corporations operating in the agriculture, fishery and forestry industries that have been directly or indirectly harmed by COVID-19.
  • Within the JA Bank branches offer consultations about lending and other services for branch users who have been affected by COVID-19.
  • Within the JF Marine Bank, branches offer consultations about lending and other services for branch users who have been affected by COVID-19.
  • In collaboration with HIBIYA-KADAN FLORAL CO, LTD, the Norinchukin Bank has distributed individually wrapped fresh flowers at Tokyo Midtown Hibiya every Friday and Saturday of the months of June and July 2020 – support the producers of flowers during the crisis. 

Partnering with four renewable energy construction and sales companies:

Realising financing for everybody:

  • Implementation of mobile branches equipped with financial and ATM services for all nationwide.
  • Serves as a lifeline for rural and depopulated areas, and can also be utilised in times of disaster, offering financial services to affected areas.
  • JA Bank offers the JA Bank App application service to individual customers.
  • Convenient access to JA Bank services even when they are too busy or otherwise cannot visit a branch.

Ensures a transparent organisational governing structure:

  • Decision-making is split and coordinated between the Norinchukin Bank Act-stipulated Supervisory Committee and the board of directors.
  •  Define risk types as well as management systems/methods.
  • Dialogue with experts – February 2019 held a dialogue with three sustainability experts and bank directors and employees 

Improving diversity and equal opportunities:

  • Nurture high employee satisfaction by helping each employee to understand the strategies and goals of the banks and its cooperative group.
  • Conducts director seminars as an opportunity for employees to talk with directors.
  • Conducts staff awareness surveys for all employees once a year.
  • Engaged in a variety of activities to prevent harassment at the workplace.
  •  Initiatives for hiring people with disabilities.
  • Supporting the success of senior talent.


  • Of roughly ¥64 trillion in market assets, have allocated ¥1.8 trillion to ESG-oriented investment and financing (as of March 2020).
  • Began handling sustainability linked loans in May 2020.




This bank does not disclose this information.

UN Sustainable Development Goals

UN SDGs Compliance

SDG 5: Gender Equality

  • Create a work environment where diverse human resources including women, people with disabilities and older workers can perform to their fullest potential.
  • Efforts to cultivate human resources targeted at employees.

SDG 6: Clean Water and Sanitation

  • Provide financing for water treatment projects (e.g. power generation, seawater desalination, sewage treatment) in Australia and the Middle East (total lending ¥110.7 billion).

SDG 8: Decent Work and Economic Growth

  • Improve financial access in each and every location throughout Japan using a variety of channels, including mobile branch vehicles and internet banking.
  • Create a work environment where diverse human resources including women, people with disabilities and older workers can perform to their fullest potential.

SDG 13: Climate Action

  • Continue to provide financing for solar power station projects in Japan (total lending ¥128.1 billion).
  • Provide financing for offshore wind and undersea power transmission lines in the UK and Continental Europe, as well as renewable energy projects in the US and Middle East (total lending ¥408 billion).

SDG 15: Life on Land

  • Provide financial support and solutions to management issues for agriculture, fishery, and forestry organisations.
  • Collaborate with the Japan Institute of Agricultural Management, which trains next-generation farm operators.
  • Conduct food and farming education activities.

SDG 17: Partnerships for the Goals

  • Engage in dialogue with sustainability experts.
  • Exchange opinions on sustainability with stakeholders.
  • Enhance alliances with cooperative organisations, such as national-level cooperatives.


Despite signing up to a number of sustainability initiatives during the 2010s, Norinchukin has only recently committed itself to fully ingratiating direct environmental processes into its business structure. For this reason, their reporting is in its primitive stages and there is little in terms of documented ‘progress’ when assessing the success of the bank. 

The bank has been proactive in recent years and has a relatively impressive history in helping post-COVID crises. Sustainability could easily be a core component of the values of the bank.

The company also does not disclose awards or listings, despite aligning its initiatives with a handful of the UN’s SDGs. Whether not achieved by the bank or not clearly disclosed, no listings, awards, or certificates can be included within this report.

This company has received a D.

Analyst Outlook: Positive

It is evident that Norinchukin Bank is at the beginning of its sustainability journey. By implementing future goals that are clear, achievable, and measurable Norinchukin Bank can receive a higher rating.

Key Points

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