Nikkei 225 Climate Change 1.5°C Target Index
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Nikkei 225 Climate Change 1.5°C Target Index

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The Nikkei 225 Climate Change 1.5°C Target Index is an index based on the Nikkei Stock Average (Nikkei 225) where the weights of the constituents are adjusted so that its overall Green House Gas (GHG) emissions (as normalized by enterprise value) of the index is 50% lower than that of the Nikkei 225, and will be further decreased by 7% in coming years. The index complies with the minimum standards for EU Paris-aligned Benchmarks (PAB) and is developed in association with US headquartered Wilshire. Wilshire provides “Wilshire Climate Content”, which means the climate change model and any other content as developed, modified or provided by Wilshire from time to time to be included in and/or applied to the index.
The constituents of the Nikkei 225 Climate Change 1.5°C Target Index are those of the Nikkei 225 where constituents meeting certain criteria are removed.
Changes in constituents
The constituents are changed at the end of April and October (final business days) as a result of the Periodic Review twice a year. The base dates for the Periodic Review are the 2nd business day of April and October each year respectively.
Calculation method
The index is calculated by summing up the constituent share prices multiplied by the Weight Factors, and dividing the summation by the Divisor. The Divisor is just like the base market value for the market capitalization based index. The Weight Factor is determined based on the weight on Nikkei 225 and is adjusted by each company's GHG emission intensity etc.
Base date etc
The commencement date of the calculation was May 30, 2022. The index value on October 30, 2020 was 22,977.13 and has been retroactively calculated to October 30, 2015. The index is currently calculated and published on the end-of-day basis.
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