The Tokyo Metropolitan Government (TMG) has announced its plan to issue approximately JPY 50 billion (USD $330 million) in “Resilience Bonds” as part of the TOKYO Resilience Project. Proceeds from the issuance will explicitly fund adaptation- and resilience-oriented infrastructure including flood-defence upgrades, coastal protection for the Port of Tokyo and nearby islands, reinforcement of river and port facilities, and undergrounding utility poles to reduce disaster risk.

What makes this issuance particularly notable is its certification under the Climate Bonds Initiative’s newly launched Resilience Taxonomy and Criteria, marking a major shift in sustainable finance away from purely mitigation/transition-focused instruments toward robust adaptation-linked capital. With TMG positioning this issuance as a global precedent, it signals that cities and governments are increasingly treating climate resilience as investable infrastructure, not just an add-on to climate strategy.