Figure C: Phases of Development
Mainstream
Innovate
Pilot
Plan
Time
In August 2024, executives Masahiro Minami, President of Resona Holdings, Toshiaki Sumino, President of Dai-ichi Life Insurance, and Masahiro Kihara, President of Mizuho Financial Group, convened to clarify their support for “impact finance,” calling for private financial institutions to collaborate in addressing social and environmental challenges, such as renewable energy. 63 The Japan Impact-Driven Financing Initiative (IDFI) was started in 2021 with twenty-one banks, insurance companies, asset managers, and other organizations. Today, there are seventy- three companies listed as signatories. 64 The IDFI’s purpose is to promote impact investing through collaboration with different financial institutions. 65 According to these leaders, there is a growing awareness of impact finance, and the market environment has improved due to supportive government policies. In response, financial institutions are increasingly using this type of financing to not only generate returns but also address social issues.
21
Ten Years in the Making
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