Dai ichi Life : Investment in the World's First “Carbon Capture and Storage Bond”- Supporting CO2 Transport and Offshore Storage Project at Europe's Largest Port- PDF

December 22, 2025

The Dai-ichi Life Insurance Company, Limited (the "Company"; President and Representative Director: Toshiaki Sumino) hereby announces that it has invested approx. JPY 4.7 billion in the Carbon Capture and Storage Bond issued by Havenbedrijf Rotterdam N.V. (the "Port of Rotterdam Authority"). This is the world's first corporate bond with its use of proceeds exclusively allocated to Carbon Capture and Storage (CCS). As the largest investor in this pioneering issuance, the Company collaborated closely with the Port of Rotterdam Authority and HSBC Securities to structure this landmark transaction.

The Port of Rotterdam is Europe's largest logistics hub, hosting a concentration of industrial facilities such as chemical, petrochemical, and logistics operations. The Port of Rotterdam Authority, responsible for managing, operating, and developing the port and industrial area, is committed to strengthening the port's competitive position while accelerating the transition to a carbon-neutral future.

Funds raised by this bond will be allocated to Port of Rotterdam's equity investment in Porthos - the Port of Rotterdam CO₂ Transport Hub and Offshore Storage project, jointly promoted by the Port of Rotterdam Authority and its partners. Porthos will establish shared infrastructure for the collecting and transporting of CO₂ emitted by companies in the port area and permanently store it in depleted gas fields 1 beneath the North Sea. The project targets CO₂ emissions from blue hydrogen2 production and industrial processes such as chemical and oil refining, and plans to transport and store approx. 2.5 million tonnes of CO₂ annually for 15 years. The onshore segment of the pipeline is capable of carrying 10 million tonnes annually, meaning it can also service future CCS developments. Notably, Porthos adopts an open-access model, enabling multiple companies to use the infrastructure as a common resource rather than a dedicated facility.

CCS is an innovative technology that directly reduces CO₂ emissions by capturing and storing CO₂ underground instead of releasing it into the atmosphere. It is considered an effective solution for industries where significant emission reductions are difficult and is expected to play a vital role in achieving net zero by 2050. The EU has set a target of storing 50 million tonnes of CO₂ annually by 2030, and projects like Porthos will make a measurable contribution toward this goal.

Dai-ichi Life Group has identified Core Materiality3as important issues to be addressed through its business activities to realize its vision for society in 2030. This investment represents an initiative aligned with one of our four Core Materiality themes, "Environmental Leadership" (strategic response to environmental challenges). In addition to expecting stable investment returns, we aim to support the Port of Rotterdam Authority's decarbonization efforts through financial support and will continue to monitor the progress of these initiatives continuously.

1 Gas fields where extraction has progressed to the point that natural gas can no longer be obtained.

2 Hydrogen produced from fossil fuels such as natural gas, where the CO₂ generated during the production process is captured and stored (or otherwise managed) to suppress emissions.

3 For information on the Dai-ichi Life Group's Core Materiality, please click here. https://www.dai-ichi-life-hd.com/en/sustainability/important/status.html

As a responsible institutional investor, the Company will continue to actively engage in sustainable investment to realize a sustainable society as well as to improve its investment returns through sophisticated and diverse investment methods.

Photo by Porthos

CFO at the Port of Rotterdam Authority, Vivienne de Leeuw, provided the following comments:

"Many of our investments directly reduce CO₂ emissions, such as the construction of the CO₂ pipeline infrastructure for the Porthos CO₂-transport and storage project. Our collaboration with Dai-ichi Life enables us to realise these kind of decarbonisation projects and build a future-proof port."

[Summary of the Bond]