May 07, 2021
Sumitomo Corporation
Revision to “Policies on Climate Change Issues”
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo; hereinafter, “the Company”) considers climate change mitigation as a key social issue, and has proactively worked to reduce CO2 emissions by utilizing renewable energy and other measures. In order to further accelerate those initiatives, the Company has revised its “Policies on Climate Change Issues” (hereinafter, “the Policies”).
Given the growing importance of global initiatives for achieving a carbon neutral society and overcoming climate change problems, this revision clarifies the acceleration of shifting to a power generation portfolio with lower environmental burden. The Company has decided not to pursue new coal-fired power generation business including both IPP (Independent Power Producer) and EPC (Engineering, Procurement, Construction), and to reduce CO2 emissions from the IPP business by 60% or more by 2035 (compared to 2019). The Company will end all the coal-fired power generation business in the late 2040s. The Policies also state that the Company will not make any additional investment in the thermal coal mining interest and aim to achieve zero production from thermal coal mines by 2030. (Please refer to the reference material for the entire text of the revised Policies.)
Furthermore, Sumitomo Corporation has established medium-term goals.
This specific action plans address the six key social issues that were set in June 2020, including “climate change mitigation,” as well as the Company’s long-term goals.
https://www.sumitomocorp.com/en/jp/news/release/2021/group/14710
Going forward, the Company will take a step toward achieving the medium-term goals in accordance with the revised Policies, and then work to achieve Sumitomo Corporation Group’s long-term goals, such as making its business activities carbon neutral in 2050 and achieving sustainable energy cycles.
In March 2019, Sumitomo Corporation announced its support for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and made disclosures in line with the framework in the ESG Communication Book 2020. The Company will continue to disclose its metrics and goals associated with climate change through annually published ESG Communication Book (*1) and the Integrated Report (*2), and endeavor to further improve and expand the scope of disclosure.
Given the growing importance of global initiatives for achieving a carbon neutral society and overcoming climate change problems, this revision clarifies the acceleration of shifting to a power generation portfolio with lower environmental burden. The Company has decided not to pursue new coal-fired power generation business including both IPP (Independent Power Producer) and EPC (Engineering, Procurement, Construction), and to reduce CO2 emissions from the IPP business by 60% or more by 2035 (compared to 2019). The Company will end all the coal-fired power generation business in the late 2040s. The Policies also state that the Company will not make any additional investment in the thermal coal mining interest and aim to achieve zero production from thermal coal mines by 2030. (Please refer to the reference material for the entire text of the revised Policies.)
Furthermore, Sumitomo Corporation has established medium-term goals.
This specific action plans address the six key social issues that were set in June 2020, including “climate change mitigation,” as well as the Company’s long-term goals.
https://www.sumitomocorp.com/en/jp/news/release/2021/group/14710
Going forward, the Company will take a step toward achieving the medium-term goals in accordance with the revised Policies, and then work to achieve Sumitomo Corporation Group’s long-term goals, such as making its business activities carbon neutral in 2050 and achieving sustainable energy cycles.
In March 2019, Sumitomo Corporation announced its support for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and made disclosures in line with the framework in the ESG Communication Book 2020. The Company will continue to disclose its metrics and goals associated with climate change through annually published ESG Communication Book (*1) and the Integrated Report (*2), and endeavor to further improve and expand the scope of disclosure.
<Overview of the revised “Policies on Climate Change Issues” and Medium- and Long-term Goals for Climate Change Mitigation>
(*1) ESG Communication Book
(*2) Integrated Report
[Reference material]
Policies on Climate Change Issues (PDF/531KB)- Inquiries
- Corporate Communications Department, Sumitomo Corporation
- News Release Contact Form
