GPIF Publishes the FY2025 Sustainability Investment Report

The Government Pension Investment Fund, Japan (GPIF) has published the "2025 Sustainability Investment Report" as a way of reporting on GPIF's sustainability-related initiatives, including Environmental, Social, and Governance (ESG), and the effects thereof to all pension beneficiaries and other stakeholders.
　In the 2025 Sustainability Investment Report, the chapter structure was revised to reflect the Sustainability Investment Policy established in March 2025. Specifically, we have more clearly articulated our efforts to enhance the long-term performance of GPIF's entire portfolio by achieving both "reduction of sustainability-related risks and improvement of sustainability of markets" and "securing of market average return" through a combination of various approaches to sustainability investment, rather than relying on ESG index investment as the main strategy as in the past.
　This report introduces GPIF's sustainability investment initiatives in FY2025; an overview of the research study on impact investing, conducted as the first step in exploring "investments that take impact into account" an approach set forth in the FY2025 Annual Plan, as well as the restructuring of ESG investments. It also introduces stewardship activities, including dialogue with asset managers.
　In addition, we brought the previously outsourced Climate VaR analysis and Implied Temperature Rise analysis in-house, with a view to incorporating sustainability-related risk analysis into the PDCA cycle for future sustainability investment.

Sustainability Investment Report 2025 Key Contents

Chapter 1: What Is Sustainability Investment at GPIF?

Interview with the President
What Is Sustainability Investment at GPIF?
History of Sustainability Investment Initiatives at GPIF
Governance and Organizational Structure Related to Sustainability Investment
Sustainability Initiatives within GPIF

Chapter 2: Investment Considering ESG and Impact