Kawasaki’s Revised Sustainable Finance Master Framework Includes World’s First Sales Promotion Framework
Mar. 16, 2026
Tokyo, March 16, 2026 - Kawasaki Heavy Industries, Ltd. announced the revision of its Master Framework for all types of sustainable finance.
Since the publication of the world’s first Master Framework on November 30, 2023, Kawasaki has built a steady track record thanks to the understanding and support of numerous corporate bond investors and financial institutions. Meanwhile, as activities in three focus fields put forward in the Kawasaki Group’s Vision 2030 — Safe and Secure Remotely Connected Society, Near-Future Mobility, and Energy and Environmental Solutions — have progressed, the scope of sustainable finance has also expanded from green/transition fields into human capital and natural capital.
Addressing this situation, the present revision includes updated reference principles and introduces a ground-breaking, world-first “sales promotion framework” that customers can use when purchasing Kawasaki’s green/transition products to promote lower CO2 emissions along the entire supply chain.
Furthermore, by adding targets for Scope 3 emissions from the acquisition of SBTi (Science Based Targets initiative)*1 certification and including the fields of social robotics, aquaculture, and social innovation in the eligible projects, Kawasaki is helping to promote fundraising for the development and provision of solutions to social issues.
As with the original version in November 2023, the preparation of this revision was supported by Mizuho Securities Co., Ltd. as structuring agent, while transparency and objectivity was independently verified in writing by Japan Credit Rating Agency, Ltd.
Revisions to the Master Framework (March 2026 Revised Version)
(1) Introduction of the world’s first sales accelerator framework for customer utilization
The existing Master Framework restricted fundraising to Kawasaki alone as issuer and borrower, but Kawasaki now becomes the first in the world to introduce a framework that customers can utilize when purchasing its green/transition products. By using this sales accelerator framework, customers do not need to formulate new frameworks and can carry out fundraising by themselves. This will contribute to reduced Scope 1 and 2 emissions at customers and lower Scope 3 emissions for Kawasaki, while also helping to boost Japan’s transition finance.
(2) Addition of projects eligible for Scope 3 targets
With tough targets proposed for Scope 3 category 11*2 — CO2 emissions in 2032 to be 30% lower than in 2022 — Kawasaki has considered the acquisition of SBTi certification and reflected these details in the revision. Furthermore, by adding the fields of social robotics, aquaculture, and social innovation to the eligible projects, and promoting fundraising for them, Kawasaki is striving to improve stakeholder recognition for its projects that tackle social issues.
(3) Updating of reference principles
The revised Master Framework is based on the following principles.
| Type | Reference Principles, etc. |
| Green | Green Bond Principles 2025; Green Loan Principles 2025; Green Bond Guidelines 2024; Green Loan Guidelines 2024 |
| Social | Social Bond Principles 2025; Social Loan Principles 2025; Social Bond Guidelines 2021 |
| Sustainability Linked | Sustainability Linked Bond Principles 2024; Sustainability Linked Loan Principles 2025; Sustainability Linked Bond Guidelines 2024; Sustainability Linked Loan Guidelines 2024 |
| Blue | A Practitioner's Guide for Bonds to Finance the Sustainable Blue Economy; Guidelines for Blue Finance Version 2.0; Green Bond Principles 2025; Green Loan Principles 2025; Green Bond Guidelines 2024 Version; Green Loan Guidelines 2024 |
| Transition*3 Transition Linked |
Climate Transition Bond Guidelines; Guide to Transition Loans; Climate Transition Finance Handbook 2025; Green Principles, etc. for basic policies and specified use of proceeds connected to climate transition finance; Sustainability Linked Principles for unspecified use of proceeds |
（Sustainability finance (Green/Social) is also based on the Sustainability Bond Guidelines）
By revising the Master Framework, Kawasaki promotes the implementation of more advanced and flexible sustainable finance and the solution of social issues.
| *1 | SBTi (Science Based Targets initiative) is an international organization that supports industries to establish greenhouse gas reduction targets based on scientific evidence. Established in 2015 by United Nations Global Compact, World Sources Institute (WRI), World Wide Fund for Nature (WWF), and CDP (international environmental NGO). |
| *2 | Scope 3, Category 11: ”Use of sold products” which measures greenhouse gas emissions in the supply chain |
| *3 | Adopted as a FY2025 Transition Finance Subsidized Project by the Ministry of Economy, Trade and Industry |
Related links
Master Framework (March 2026 Revised Version)
https://global.kawasaki.com/news_260608-1e.pdf
Master Framework (November 2023 Original Version)
https://global.kawasaki.com/news_231130-1e.pdf
Japan Credit Rating Agency, Ltd. website
https://www.jcr.co.jp/en/greenfinance/
Transition Finance Subsidized Projects
https://www.meti.go.jp/english/policy/energy_environment/transition_finance/index.html
Related press release
Establishment of the World's First Framework for All Types of Sustainable Finance (November 30, 2023)
https://global.kawasaki.com/en/corp/newsroom/news/detail/?f=20231130_7207
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