In January 2021, we defined our goals for addressing climate change to meet the objectives of the Paris Agreement, establishing a corporate target of net zero emissions by 2050 (Scope 1+2). This will require a reduction in greenhouse gas (GHG) emissions of at least 30% by 2030.
INPEX’s disclosures related to climate change are in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). Specifically, we have maintained the Board of Directors’ oversight role and expanded its involvement in corporate governance. In designing business strategies, we assess our ability to respond to multiple scenarios, including the IEA1 WEO Sustainable Development Scenario (SDS: scenario consistent with the Paris Agreement goals) as we evaluate our business portfolio. In FY2021, we also started factoring in the Net Zero Emissions by 2050 Scenario (NZE).2
We conduct an annual assessment and management cycle to assess climate change risks and opportunities and implement measures and work plans developed by that process. Our program to manage GHG emissions involves promoting initiatives to achieve our climate change response goals and to monitor our progress.
1International Energy Agency
2 IEA’s Roadmap for the Global Energy Sector to Reach Net Zero by 2050
Message from the Director in Charge of Climate Change Response
In February 2022, INPEX announced its Long-term Strategy and Medium-term Business Plan (INPEX VISION @2022). This lays out the path to achieving the target of net zero emissions by 2050 as announced in 2021.
Our basic policy for a net zero carbon society by 2050 is summed up in the statement: “As a pioneer in energy transformation (EX), INPEX will provide a stable supply of diverse and clean energy sources, including oil and natural gas, hydrogen and renewable power.” We aim to transform net zero carbon from an ideal to reality by around 2030.
Specifically, we will accelerate expansion of five net zero business areas: (1) hydrogen and ammonia; (2) carbon capture, usage and storage (CCUS); (3) renewable energy; (4) carbon recycling and new businesses; and (5) forest conservation. At the same time, we will maintain a stable supply of oil and natural gas while exerting our utmost efforts to make these products cleaner.
To balance the two social demands of a net zero carbon society and the world’s need for energy, we believe it is important to properly assess climate change risks and opportunities and to manage them appropriately.
INPEX VISION @2022 is also reflected in our Corporate Position on Climate Change (published December 2015, the latest revision made in March 2022), available on our website.*
We will continue to accelerate our efforts to achieve our climate change goals.