Response to Climate Change

CO₂ Reduction Targets (Scope 1+2) and Monitoring Indicators (for Scope 1,2,3)

CO₂ Reduction Targets (Scope 1+2) and Monitoring Indicators (for Scope 1,2,3)

We recognize that an environmental contribution consisting only of a reduction in our CO₂ emissions is not enough to secure corporate sustainability. Along with these reduction efforts, we need to contribute to society by providing low-carbon energy with a view to transitioning to a low-carbon society in the future. Moreover, we also aim to contribute economically by generating profits and enhancing our resilience as a company even as we shift our business portfolio. We consider all of these endeavors to be matters of equal importance.
Based on this idea, the Group has created a system for evaluating and managing CO₂ reduction initiatives using the following three indicators.

Indicator1Target value … Contributing to the Environment

Reduction of CO₂ emissions in our own operations (Scope 1+2)

Indicator2Monitoring indicator … Contributing to Society

Reduction of CO₂ emissions per unit of energy supplied, including Scope 3

Indicator3Monitoring indicator … Contributing to the Economy

Revenue level per unit of CO₂ emitted, including Scope 3

Figure
CO₂ Reduction Target (Scope 1+2)
Indicator 1CO₂ Reduction Target (Scope 1+2)

Idemitsu aims to achieve carbon neutrality (net zero CO₂ emissions) for emissions from its own operations (Scope 1+2) by 2050. We have expanded the scope of the 4 million ton-CO₂ emission reduction target for 2030 established as a waypoint to encompass the entire Group, including affiliates. Dealing mainly with fossil fuels, Idemitsu recognizes CO₂ reduction as a priority and will continue striving to achieve its targets

2030 Target: Cut levels by 4 million ton-CO₂ (compared to 2017 levels)
Scope: Idemitsu and its consolidated subsidiaries as well as Group affiliates

Calculation formula = CO₂ emissions in target year (Scope 1+2) - CO₂ emissions in base year (Scope 1 + 2)

FY2020 Results: down 1.36 million ton-CO₂ (compared to 2017 levels)

In FY2020, energy conservation activities at refineries and complexes helped reduce CO₂ emissions by 300,000 tons, while a slowdown in refinery operations, which reflected lower demand and decreased planned supply, resulted in a reduction of CO₂ emissions totaling 1,060,000 tons.

Volume of reduction in CO₂ emissions (Scope 1+2)
Graph
Monitoring Indicator (Scopes 1, 2 and 3)
Indicator 2Low carbon level of supplied energy

(Indicator of the extent to which an energy company can reduce the “CO₂ emissions per unit of energy” supplied to society)

2050 Indicator Level: down 30% (compared to 2017 levels)
Calculation formula
FY2020 Results: up 0.2% (compared to 2017 levels)

In FY2020, this monitoring indicator was up 0.2% from 2017 levels due to changes in the energy mix.

  • * CO₂ reduction contribution throughout the entire value chain

(We intend to revise this target from time to time in light of social trends.)

Indicator 3Degree of carbon exit from corporate earnings

(Indicator of how the “Revenue level per unit of CO₂” emitted by the Company as a whole is being raised)

Calculation formula

We have not currently established a target for this indicator and use it for internal purposes only.

  • * CO₂ reduction contribution throughout the entire value chain
  • Note: In the above formulas, Scope 3 emissions refer to those classified as the “Category 11: Use of Sold Products.”
Reducing CO₂ Emissions Throughout Entire Value Chains

We are committed to reducing CO₂ emissions globally along the entirety of our value chains. We will promote the reduction of CO₂ emissions through our business activities in the following five areas.

出光興産, DFF Inc.