CENTRAL NIPPON EXPRESSWAY (NEXCO Central), rated A1/AA+/AAA (Moody's/R&I/JCR), announced a green bond framework last week with the aim of selling five-year US dollar green bonds in the near future, quickly drawing scrutiny over its planned use of proceeds. The state-owned toll road company, with a network covering Tokyo and the central part of the country's main island, plans to use the proceeds to finance its climate resilience and adaptation projects. These include slope reinforcements and drainage improvements to protect its highway network from damage caused by heavy rains.
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