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GPIF Publishes the "2024 Sustainability Investment Report"

October 15, 2025

The Government Pension Investment Fund, Japan (GPIF) has published the "2024 Sustainability Investment Report" as a way of reporting on GPIF's sustainability-related initiative, including Environmental, Social, and Governance (ESG), and the effects thereof to all pension beneficiaries and other stakeholders.
　In the "2024 Sustainability Investment Report," in addition to presenting the initiatives on sustainability investment undertaken during the year and the ESG evaluation of the portfolio, we also conducted the "Analysis of the Exercise of Voting Rights by Asset Managers," which analyzed changes in the differences in voting practices between investee companies with potential conflicts of interest and other investee companies.
　We also focus on natural risk and biodiversity, and in the 2024 Sustainability Investment Report, we announced a new initiative: "'Excellent TNFD Disclosure' Selected by Our Domestic Equities Asset Managers." In addition to environmental initiatives, we undertake new initiatives such as the "Analysis of the Status of Sustainability-related Financial Information" and the "Analysis of the Impact of Controversies on Corporate Performance," which includes social and governance themes.
　For "Evaluation and Analysis of Sustainability-related Financial Information," please refer to the report of the research companies to which we commissioned, published in conjunction with the "2024 Sustainability Investment Report."

Sustainability Investment Report 2024 Key Contents

Chapter 1: Sustainability Initiatives

ESG Index-Based Equity Investment to Date
Optimization of ESG Index-Based Investment Amounts and Future Outlook
Sustainability in Equity and Fixed Income Mandate
Column: "Interactions" with Investee Companies in the Investment Processes of Active Equity Funds
Stewardship Activities and Sustainability Promotion
Sustainability in Alternative Asset Management
Review of Sustainability Investment and Future Outlook

Chapter 2: Measuring the Effects of ESG and Stewardship Activities

ESG Index Performance
Portfolio ESG Ratings, ESG Rating Rankings by Country, and Correlation Between ESG Ratings
Topics: Measuring the Effects of Stewardship Activities
Analysis of the Exercise of Voting Rights by Asset Managers -- Project Overview and Analysis --

Chapter 3: Evaluation and Analysis of Sustainability-Related Financial Information

Analysis of Portfolio Greenhouse Gas Emissions
Financial Impact -- Climate VaR Analysis --
Impact on the Environment and Climate -- Implied Temperature Rise Analysis --
"Excellent TNFD Disclosure" Selected by Our Domestic Equities Asset Managers
Analysis of the Status of Disclosure of Sustainability-Related Financial Information
Analysis of the Impact of Controversies on Corporate Performance

Comment by UCHIDA Kazuto, President of GPIF

GPIF is a "universal owner" that invests broadly across global capital market. It is our duty to secure long term investment return by reducing sustainability-related risks and improving overall market sustainability. To this end, we aim to foster a virtuous cycle within the investment chain by considering sustainability considerations across all assets and promoting dialogue between asset managers and investee companies. Reflecting this approach, we have renamed our report from "ESG Report" to "Sustainability Investment Report."
　With this report, we introduced "'Excellent TNFD Disclosure' Selected by Our Domestic Equities Asset Managers," focusing on risks related to natural capital and biodiversity. We also conducted an "Analysis of the Status of Disclosure of Sustainability-Related Financial Information," including themes related to social and governance issues.
　We reported these themes that can be referred by asset owners and managers as well as IR and sustainability related departments in companies . I hope you can utilize them for the time of sustainability Information disclosure and engagements.

Sustainability Investment Report 2024 (For Viewing) [PDF:7.8MB]

Sustainability Investment Report 2024 (For Printing) [PDF:7.5MB]



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