『保健医療科学』 保健医療科学 2025 Vol.74 No.3 p.243－ 255（2025年8月）
特集：日本の健康的で持続可能な食環境づくりのための戦略的イニシアチブをはじめとする食環境整備の現状とこれから
＜総説＞
食環境整備の経済的価値―ESG金融の観点から―
夫馬賢治1,2）
1） 信州大学グリーン社会協創機構
2）厚生労働省「健康的で持続可能な食環境イニシアチブ」金融・栄養意見交換会共同座長
The economic value of improving the food environment : From an ESG finance perspective
FUMA Kenji 1,2）
1） Shinshu Sustainability Transformation Institute
2） Ministry of Health, Labour and Welfare “Kenkoteki de jizoku kanona shokukankyo initiative”Co-Chair of the Finance-Nutrition Discussion Meeting
＜抄録＞
本稿は，栄養課題が経済および資本市場に与える影響をESG金融の観点から分析し，食環境整備の重要性を論じるものである．従来，栄養政策は国際機関や保健当局の所掌領域とされ，金融機関や投資家の関与は限定的であった．しかし，近年では，年金基金や資産運用会社といった機関投資家が，気候変動と並び社会課題にも注目し，ESG投資の一環として栄養問題への関心を高めている．
特に，ATNI（Access to Nutrition Initiative）による提言や評価スキームの普及により，食品関連企業の栄養戦略が「マテリアル」として認識され，企業価値評価に影響を及ぼしつつある．肥満や栄養不良による経済損失はGDPの数％に達するとされ，企業収益にも中長期的なリスクをもたらす．これを受け，機関投資家は「健康的な製品」比率の明示，栄養プロファイリングモデル（NPM）に基づく情報開示，ロビイングの健全性などを企業に求めている．
一方，日本では，ESG投資は環境分野に偏重し，栄養への関心は低い．上場企業の食品市場シェアも限定的であり，機関投資家の影響力は限定的である．これに対し，地域金融機関がESG融資の担い手となることが期待される．また，日本版NPMの開発が進み，食文化に適した栄養評価基準の整備も始まっている．
本稿は，食環境整備が国民の健康のみならず，企業の持続的成長と経済全体の安定に資するとの観点から，ESG金融との接続による新たな政策と実務の可能性を提示するものである．
キーワード：栄養，ATNI，ESG，栄養プロファイリング，金融
Abstract
This paper explores the significance of addressing nutrition-related challenges through the lens of ESG (Environmental, Social, and Governance) finance, highlighting the growing role of institutional investors and capital markets in transforming food environments. Traditionally, nutrition policy has been the domain of public health authorities and international organizations. However, recent developments̶such as the Access to Nutrition Initiative (ATNI) and the adoption of the Principles of Responsible Investment̶have brought nutrition to the forefront of ESG finance strategies, particularly in the food and beverage industry.
Institutional investors, especially “universal owners” such as pension funds and life insurers managing large and diversified portfolios, are increasingly recognizing that long-term financial returns depend on the sustainability of the overall economy. Unhealthy nutrition outcomes̶such as obesity, undernutrition,and micronutrient deficiencies̶impose significant macroeconomic costs, including reduced productivity,increased healthcare spending, and slower GDP growth. These risks are now considered to be material to long-term financial performance.
Global forums, such as the 2025 Paris Nutrition for Growth (N4G) Summit, have emphasized the need for private sector engagement and transparency. ATNIʼs investor frameworks ncourage companies to disclose sales-weighted nutrition scores, adopt credible Nutrient Profiling Models (NPMs), and integrate nutrition into corporate governance and strategies. In response, global food companies are ncreasingly being assessed with regard to the nutritional quality of their product portfolios, marketing practices, and affordability strategies.
In Japan, ESG investment has grown rapidly, but remains heavily focused on environmental issues, with limited awareness of nutrition as a financial and societal issue. The market structure, which is dominated by small and mid-sized food companies outside of institutional investor reach, places further limits on impact.In this context, regional financial institutions̶particularly banks̶are seen as key actors in promoting nutrition-sensitive business practices through ESG banking.
This paper also highlights Japanʼs progress in developing a localized NPM that reflects national dietary patterns and public health priorities. As the global financial community seeks standardization, reconciling local relevance with global comparability remains a central challenge.
Overall, the paper argues that improving food environments through ESG finance is not only a public health imperative but also a strategic economic agenda. By integrating nutrition into financial evaluation and corporate dialogue, both financial institutions and policymakers can drive systemic change toward healthier and more sustainable societies.
keywords : nutrition, ATNI, ESG, nutrition profiling, finance