＜Upper-Intermediate＞ Lesson No.14
Investor Briefing on Carbon Credit Trading Strategy / カーボンクレジット取引戦略の投資家説明
０．Greetings & Ice-break (2min.)｜挨拶と導入
0-1 Greetings
Let’s practice a short small talk that you can use to greet a business partner and start building a good relationship.
講師との挨拶を兼ねて、ビジネスパートナーと信頼関係を築くための短いスモールトークを練習してみましょう。
[Tips / 会話のヒント]
・Can you hear me clearly?
私の声はクリアに聞こえますか？
・How's your day going so far?
今日はどんな一日でしたか？
・Talk about one small topic (Work, Weather, News, Hometown, Sports event, etc.)
軽い話題について話しましょう（仕事、天気、ニュース、地元、スポーツイベントなど）
0-2 Introduction
In today’s lesson, we’ll learn about the following situation. Have you ever experienced something similar?
本日のレッスンでは以下のようなシチュエーションについて学びます。同様のシチュエーションを経験したことがありますか？
- If you have experience, please tell us what it was like, what was difficult, or what you learned.
経験があれば、どんな内容だったか、難しかったことや学んだことなどを教えて下さい。
- If you don’t have experience, try to imagine yourself handling that situation in English.
What do you think would be challenging?
経験がなければ、英語でその状況に対応しているところを想像してみましょう。どんなことが難しそうですか？
Situation / シチュエーション
This is a situation where carbon credit trading strategies accompanying the expansion of emissions trading systems are explained to overseas investors, including price volatility risks.
炭素排出量取引制度の拡大に伴うカーボンクレジット売買戦略を、価格変動リスクを含めて海外投資家に説明する場面です。
1. Read (2 min)｜型を学ぶ
Let's read the following key sentences aloud!
下記の文章や単語を順番に音読しましょう！
1-1 Basic phrases
１．Let me explain our approach...（当社のアプローチを説明させてください）
２．We anticipate generating...（...を創出する見込みです）
３．We estimate revenue of...（...の収益を見込んでいます）
４．We've assessed 3 scenarios...（3つのシナリオを評価しました）
５．We've calculated a maximum exposure...（最大エクスポージャーを計算しています）
６．We differentiate by maintaining...（...を維持することで差別化しています）
７．This conservative approach may reduce...（この保守的なアプローチは...を減少させる可能性があります）
1-2 Essential words
１．anticipate（見込む）
２．estimate（見込む）
３．assess（評価する）
４．utilize（活用する）
５．calculate（計算する）
６．mitigate（軽減する）
７．monitor（監視する）
８．detect（検知する）
９．differentiate（差別化する）
１０．enhance（高める）
2. Try (3 min)｜ロールプレイ練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
Situation / シチュエーション（Reference again）
This is a situation where carbon credit trading strategies accompanying the expansion of emissions trading systems are explained to overseas investors, including price volatility risks.
炭素排出量取引制度の拡大に伴うカーボンクレジット売買戦略を、価格変動リスクを含めて海外投資家に説明する場面です。
👨💼【Teacher / Overseas Institutional Investor】:
Thank you for taking the time today. I'd like to understand your carbon credit trading strategy in detail. Could you walk me through how your company plans to monetize emission reductions?
（本日はお時間をいただきありがとうございます。貴社のカーボンクレジット取引戦略について詳しく理解したいと思います。排出削減をどのように収益化する計画か、ご説明いただけますか？）
🧑🎓【Student / Investor Relations Manager】:
Certainly. Let me explain our approach in 3 parts. First, we anticipate generating approximately 2 million carbon credits annually through our facility modernization projects. Second, we estimate revenue of 40 USD per credit based on current market conditions. Third, we plan to sell 70 percent of credits and retain 30 percent as a buffer against future compliance needs.
（承知しました。3つのパートに分けてご説明します。第一に、設備近代化プロジェクトを通じて年間約200万カーボンクレジットを創出する見込みです。第二に、現在の市場状況に基づき、クレジット1単位あたり40米ドルの収益を見込んでいます。第三に、クレジットの70パーセントを売却し、30パーセントを将来のコンプライアンス需要に備えた緩衝材として保持する計画です。）
👨💼【Teacher / Overseas Institutional Investor】:
That sounds promising. However, I'm concerned about carbon price volatility. What happens if prices drop significantly? Do you have a hedging strategy?
（それは有望に聞こえます。しかし、炭素価格の変動性が懸念されます。価格が大幅に下落した場合はどうなりますか？ヘッジ戦略はお持ちですか？）
🧑🎓【Student / Investor Relations Manager】:
Valid concern. We've assessed 3 scenarios. In the base case at 40 USD per credit, we generate 56 million USD annually. If prices drop to 25 USD, revenue falls to 35 million USD, but our reduction costs remain below 20 USD per credit, so we stay profitable. We also utilize forward contracts to lock in prices for 40 percent of our expected credits 2 years ahead.
（妥当なご懸念です。3つのシナリオを評価しました。ベースケースでクレジット単価40米ドルの場合、年間5600万米ドルを創出します。価格が25米ドルに下落した場合、収益は3500万米ドルに減少しますが、削減コストはクレジット単価20米ドル以下に抑えられるため、収益性は維持されます。また、予想クレジットの40パーセントについて、2年先までの価格を固定するフォワード契約を活用しています。）
👨💼【Teacher / Overseas Institutional Investor】:
I see. What about the purchase side? If your emissions exceed targets, how much will credit purchases impact your financials?
（なるほど。購入側についてはいかがですか？排出量が目標を超えた場合、クレジット購入は財務にどの程度影響しますか？）
🧑🎓【Student / Investor Relations Manager】:
We've calculated a maximum exposure of 500,000 credits per year in a worst-case scenario. At current prices, that represents 20 million USD in potential costs. However, our retained buffer of 30 percent covers approximately 600,000 credits, which mitigates this risk substantially. We also monitor our emissions monthly to detect any deviations early and adjust operations accordingly.
（最悪のシナリオで年間最大50万クレジットのエクスポージャーを計算しています。現在の価格では、潜在的コストは2000万米ドルに相当します。しかし、保持している30パーセントの緩衝材が約60万クレジットをカバーしており、このリスクを大幅に軽減します。また、排出量を毎月監視して早期に逸脱を検知し、それに応じて操業を調整しています。）
👨💼【Teacher / Overseas Institutional Investor】:
How does your strategy differ from competitors? I've heard some companies are taking more aggressive positions.
（貴社の戦略は競合他社とどう異なりますか？一部の企業はより積極的なポジションを取っていると聞いています。）
🧑🎓【Student / Investor Relations Manager】:
Good question. Our competitors tend to sell 90 percent or more of their credits immediately to maximize short-term revenue. We differentiate by maintaining a larger buffer, which provides flexibility and reduces the likelihood of forced purchases at unfavorable prices. This conservative approach may reduce immediate returns by 15 percent, but it enhances long-term stability and protects shareholder value during market volatility.
（良いご質問です。競合他社は短期収益を最大化するため、クレジットの90パーセント以上を即座に売却する傾向があります。当社はより大きな緩衝材を維持することで差別化しており、これにより柔軟性が提供され、不利な価格での強制購入の可能性が低減されます。この保守的なアプローチは即時リターンを15パーセント減少させる可能性がありますが、長期的な安定性を高め、市場変動時の株主価値を保護します。）
👨💼【Teacher / Overseas Institutional Investor】:
I appreciate the detailed explanation. Your balanced approach between revenue generation and risk management is reassuring. I'd like to proceed with further due diligence on your emission reduction projects. Could you provide the technical documentation?
（詳細なご説明に感謝します。収益創出とリスク管理のバランスの取れたアプローチは安心できます。排出削減プロジェクトについてさらなるデューデリジェンスを進めたいと思います。技術文書を提供いただけますか？）
3. Use (4 min)｜ロールプレイ & 実践（空欄補完）
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
Situation / シチュエーション（Reference again）
This is a situation where carbon credit trading strategies accompanying the expansion of emissions trading systems are explained to overseas investors, including price volatility risks.
炭素排出量取引制度の拡大に伴うカーボンクレジット売買戦略を、価格変動リスクを含めて海外投資家に説明する場面です。
👨💼【Teacher / Overseas Institutional Investor】:
Thank you for taking the time today. I'd like to understand your carbon credit trading strategy in detail. Could you walk me through how your company plans to monetize emission reductions?
🧑🎓【Student / Investor Relations Manager】:
Certainly. Let me explain our approach in 3 parts. First, we ［見込む］ generating approximately 2 million carbon credits annually through our facility modernization projects. Second, we ［見込む］ revenue of 40 USD per credit based on current market conditions. Third, we plan to sell 70 percent of credits and retain 30 percent as a buffer against future compliance needs.
👨💼【Teacher / Overseas Institutional Investor】:
That sounds promising. However, I'm concerned about carbon price volatility. What happens if prices drop significantly? Do you have a hedging strategy?
🧑🎓【Student / Investor Relations Manager】:
Valid concern. We've ［評価した］ 3 scenarios. In the base case at 40 USD per credit, we generate 56 million USD annually. If prices drop to 25 USD, revenue falls to 35 million USD, but our reduction costs remain below 20 USD per credit, so we stay profitable. We also ［活用する］ forward contracts to lock in prices for 40 percent of our expected credits 2 years ahead.
👨💼【Teacher / Overseas Institutional Investor】:
I see. What about the purchase side? If your emissions exceed targets, how much will credit purchases impact your financials?
🧑🎓【Student / Investor Relations Manager】:
We've ［計算した］ a maximum exposure of 500,000 credits per year in a worst-case scenario. At current prices, that represents 20 million USD in potential costs. However, our retained buffer of 30 percent covers approximately 600,000 credits, which ［軽減する］ this risk substantially. We also ［監視する］ our emissions monthly to ［検知する］ any deviations early and adjust operations accordingly.
👨💼【Teacher / Overseas Institutional Investor】:
How does your strategy differ from competitors? I've heard some companies are taking more aggressive positions.
🧑🎓【Student / Investor Relations Manager】:
Good question. Our competitors tend to sell 90 percent or more of their credits immediately to maximize short-term revenue. We ［差別化する］ by maintaining a larger buffer, which provides flexibility and reduces the likelihood of forced purchases at unfavorable prices. This conservative approach may reduce immediate returns by 15 percent, but it ［高める］ long-term stability and protects shareholder value during market volatility.
👨💼【Teacher / Overseas Institutional Investor】:
I appreciate the detailed explanation. Your balanced approach between revenue generation and risk management is reassuring. I'd like to proceed with further due diligence on your emission reduction projects. Could you provide the technical documentation?
4. Challenge (7 min)｜応用実践
Let's perform the role-play and fill in the blanks by translating the Japanese into English!
空欄の日本語を英語に訳しながら、ロールプレイを実践してみましょう！
*Let's practice this part repeatedly until we can speak it smoothly.
このパートはスムーズにスピーキングできるようになるまで繰り返し練習しましょう。
Situation / シチュエーション（Reference again）
This is a situation where carbon credit trading strategies accompanying the expansion of emissions trading systems are explained to overseas investors, including price volatility risks.
炭素排出量取引制度の拡大に伴うカーボンクレジット売買戦略を、価格変動リスクを含めて海外投資家に説明する場面です。
👨💼【Teacher / Overseas Institutional Investor】:
Thank you for taking the time today. I'd like to understand your carbon credit trading strategy in detail. Could you walk me through how your company plans to monetize emission reductions?
🧑🎓【Student / Investor Relations Manager】:
Certainly. ［当社のアプローチを3つのパートに分けてご説明します。］ ［第一に、設備近代化プロジェクトを通じて年間約200万カーボンクレジットを創出する見込みです。］ Second, we estimate revenue of 40 USD per credit based on current market conditions. Third, we plan to sell 70 percent of credits and retain 30 percent as a buffer against future compliance needs.
👨💼【Teacher / Overseas Institutional Investor】:
That sounds promising. However, I'm concerned about carbon price volatility. What happens if prices drop significantly? Do you have a hedging strategy?
🧑🎓【Student / Investor Relations Manager】:
Valid concern. ［3つのシナリオを評価しました。］ In the base case at 40 USD per credit, we generate 56 million USD annually. If prices drop to 25 USD, revenue falls to 35 million USD, but our reduction costs remain below 20 USD per credit, so we stay profitable. We also utilize forward contracts to lock in prices for 40 percent of our expected credits 2 years ahead.
👨💼【Teacher / Overseas Institutional Investor】:
I see. What about the purchase side? If your emissions exceed targets, how much will credit purchases impact your financials?
🧑🎓【Student / Investor Relations Manager】:
［最悪のシナリオで年間最大50万クレジットのエクスポージャーを計算しています。］ At current prices, that represents 20 million USD in potential costs. However, our retained buffer of 30 percent covers approximately 600,000 credits, which mitigates this risk substantially. We also monitor our emissions monthly to detect any deviations early and adjust operations accordingly.
👨💼【Teacher / Overseas Institutional Investor】:
How does your strategy differ from competitors? I've heard some companies are taking more aggressive positions.
🧑🎓【Student / Investor Relations Manager】:
Good question. Our competitors tend to sell 90 percent or more of their credits immediately to maximize short-term revenue. We differentiate by maintaining a larger buffer, which provides flexibility and reduces the likelihood of forced purchases at unfavorable prices. This conservative approach may reduce immediate returns by 15 percent, but it enhances long-term stability and protects shareholder value during market volatility.
👨💼【Teacher / Overseas Institutional Investor】:
I appreciate the detailed explanation. Your balanced approach between revenue generation and risk management is reassuring. I'd like to proceed with further due diligence on your emission reduction projects. Could you provide the technical documentation?
\ If you have some extra capacity, give it a try（余力があればやってみましょう）/
5. Real-world application (5 min)｜実務応用
Let's speak freely with the phrases and flow we learned today. If you can, imagine your real job—it makes practice more effective.
本日学習した単語やフレーズ、会話の流れを思い出しながら、自由に話してみましょう。可能であれば、自身の実務を想像しながら話すと効果的です。
Situation / シチュエーション
An overseas institutional investor is evaluating your company's carbon credit trading strategy during an investor relations meeting.
You need to explain credit sales revenue projections, potential purchase costs, carbon price volatility risks, and how your strategy differs from competitors.
海外機関投資家が投資家向け説明会で貴社のカーボンクレジット取引戦略を評価しています。
クレジット販売収益見込み、潜在的な購入コスト、炭素価格変動リスク、競合他社との戦略の違いについて説明する必要があります。
👨💼【Teacher / Overseas Institutional Investor】:
I'd like to understand your carbon credit strategy. Could you explain how you balance revenue generation with risk management in this volatile market?
（カーボンクレジット戦略について理解したいと思います。この変動の激しい市場で、収益創出とリスク管理をどのようにバランスさせているか説明いただけますか？）
🧑🎓【Student / Your Role】:
(Free Speaking based on today's lesson)
Hints / ヒント
１． Explain credit generation projections
２． Describe revenue scenarios
３． Clarify risk mitigation measures
４． Differentiate your strategy from competitors
※This is not a role-play. Please speak until you finish your thoughts.
このパートはロールプレイ形式ではありません。最後まで通して話してみましょう。
6. Wrap-up (2 min) ｜レッスンの振り返り
Let's review today's lesson with your teacher!
今日のレッスンについて講師と振り返ってみましょう！
6-1 Comments from student
・Good points / 良かったところ・上手くできたところ
・Things to work on / 今後強化したいところ
6-2 Feedback from teacher
・Good points / 良かった点
・Things to work on / 今後の強化ポイント
・What to review / 復習ポイント
*6-3 Questions from student (if any)
Japanese translation（日本語訳）
1. Read (2min)（型を学ぶ）｜基本フレーズ
2. Try (4min)（ロールプレイ練習）｜型を使った練習
Let’s practice the role-play.
ロールプレイの練習をしましょう！
3. Use (7min)｜応用
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
4. Challenge (7min)｜実践
Let’s perform the role-play and filling in the missing English!
英語を補完しながら、ロールプレイを実践してみましょう！
5. Wrap-up (3min) – レッスンの振り返り
"Let’s review today’s lesson with your teacher!”
「今日のレッスンについて講師と振り返ってみましょう！」
5-1. Comments from Student
- Good points / 良かったところ・上手くできたところ
- Things to work on / 今後強化したいところ
5-2. Feedback from Teacher
- Good points / 良かった点
- Things to work on / 今後の強化ポイント
- What to review / 復習ポイント
5-3. Question from Students (If any)