Nomura Research Institute Ltd

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Direct Lobbying Transparency

Overall Assessment	Comment	Score
Comprehensive	Nomura Research Institute discloses climate-policy lobbying with a high degree of clarity. It identifies multiple concrete policy instruments it has worked on, including the Ministry of Economy, Trade and Industry’s “GXリーグ”, the bilateral “二国間クレジット制度 (JCM)”, and the “Tokyo Metropolitan Environmental Security Ordinance”, as well as its effort to have Japanese data-centre energy-efficiency indicators adopted as an ISO international standard. The company explains exactly how it seeks to influence these measures: it serves as the secretariat of the GX League, provides “官公庁に対するコンサルティングサービス”, tables policy proposals on JCM and conducts feasibility studies in Indonesia and Vietnam, submits recommendations to the Tokyo Metropolitan Government through the Information Service Industry Association, and chairs international ISO committees, thereby making both the mechanisms and the governmental or standard-setting bodies it targets explicit. NRI also sets out the specific outcomes it is pursuing, such as raising Japan’s renewable-energy share to 40-50 % by 2030, having the data-centre indicator pass the ISO WD-CD-DIS approval stages, creating rules for greenhouse-gas trading platforms under the GX League, and ensuring data centres receive differentiated treatment under Tokyo’s emissions ordinance, all of which it states are intended to advance Japan’s 2050 carbon-neutral commitment and the Paris Agreement. This breadth and depth of information show comprehensive transparency across the policies lobbied, the methods used, and the results sought.	4

Lobbying Governance

Overall Assessment	Comment	Score
Strong	Nomura Research Institute discloses a clear governance framework that links its public-policy engagement to its climate objectives. It states that “the NRI Group is actively collaborating with stakeholders to help achieve the goals of the Paris Agreement” and confirms that it has “a public commitment… to conduct [its] engagement activities in line with the goals of the Paris Agreement.” Oversight is assigned to named bodies: “The Sustainability Activities Committee regularly reviews whether these initiatives are consistent with NRI's core policies on climate change and their alignment with the Paris Agreement,” while, for direct advocacy, in-house experts are “selected as members of the Sustainability Promotion Committee… to confirm that direct policy-influencing activities are consistent with NRI Group’s climate-change policy.” These committees monitor both channels of influence: indirect participation in “a wide range of partnerships with both domestic and international industry associations” is reviewed for consistency, and direct policy advice delivered as a think-tank to “government agencies” is likewise checked for alignment. Although the company does not disclose outcomes such as changing or exiting misaligned associations, the recurring committee review, the explicit mandate to test alignment with the Paris goals, and the identification of the responsible governance bodies indicate strong governance of both direct and indirect climate-related lobbying activities.	3