We established our Sustainability Policy in 2021. We lay out clearly initiatives related to sustainability in the aim of bringing the entire Idemitsu Group together to contribute to the resolution of environmental and social issues.
As a reliable partner , the Idemitsu Group fulfills the following three responsibilities through its business activities: "Protect the Environment and Lifestyles," "Support Regional Communities," and "Provide for Society with Technological Capabilities." The Idemitsu Group discloses information appropriately , engages in earnest dialogue and collaboration with stakeholders, and aims to enhance its corporate value while remain ing a sustainable company that observes the following priority policies.
This policy has been approved by the Board of Directors of Idemitsu Kosan Co., Ltd.
Effective: October 19, 2021
With our core business being energy, we believe that sustainability is the very definition of a management issue.
In addition to core ESG issues such as climate change and human rights, the various issues of each business are also closely tied to sustainability. We have a structure in place for all agenda items to be discussed by the Management Committee. The President & Representative Director serves as chair of the Management Committee, and the details discussed are reported to the Board of Directors as appropriate.
Furthermore, the Corporate Sustainability Office, which is dedicated to matters pertaining to sustainability, has been established within the Corporate Planning Department. Although each ESG issue is overseen by a designated department, the Corporate Sustainability Office is involved across departments to coordinate and promote sustainability management at Idemitsu.
The Corporate Sustainability Office puts together a summary of progress on sustainability issues and reports to management at least once a year, and the details are submitted by the supervising departments to enable sufficient discussion and monitoring of sustainability by management.
Since identifying materiality in 2019, the Idemitsu Group has been engaging in business activities based on recognition of the social issues important to Idemitsu.
Recently, the Vision for 2050 and the Medium-term Management Plan were established, and based on the changes in the external environment, we conducted a review of materiality.
|KPI / Progress management||Major related SDGs|
|1||Contribute to carbon neutrality / circular society||
|2||Contribute to regional society (energy and mobility)||
|3||Maximize employee growth and engagement||
|5||Acceleration of digital innovations||
|6||Progress in governance||
|7||Ensure the health, safety, compliance and human rights||
While emphasizing continuity with the materiality identified in 2019, we reviewed materiality using the process below to reflect changes in the internal and external environment as well as to achieve the targets of the Medium-term Management Plan and the Vision.
We seek to contribute to achieving the SDGs as a member of the international community.
We recognize that our activities concern all 17 of the SDGs. At the same time, from among the material issues we recently identified, we have recognized and sorted the SDGs where we can make a larger difference and the SDGs requiring attention due to risks arising from our business activities.
The Idemitsu Group will engage in technological development to promote initiatives to minimize or negate our negative impact on social issues and implement them through our business.
In July 2019, Idemitsu Kosan expressed its support for the ten principles of the U.N. Global Compact (UNGC) concerning human rights, labor, the environment, and prevention of corruption. We also joined the Global Compact Network Japan (GCNJ).
UNGC is a global initiative to urge private enterprises and associations to join efforts to address social issues with the aim of realizing a sustainable society, and they express their intention to participate by signing the compact on their own initiative. GCNJ is a local platform in Japan, and 300 enterprises and associations have joined it. By taking part in both initiatives, enterprises and associations can share expertise, latest trends, and examples of social and environmental activities with other members.
We support the 10 principles on human rights, labor, the environment, and anti-corruption, and raise the awareness of our employees to solve social issues, and as a global energy co-creation company, it will further step up its efforts to create a sustainable society through business operations.
Idemitsu expressed its support for the TCFD (Task Force on Climate Financial Disclosures) recommendations in February 2020. Considering and implementing the risks and opportunities of climate change and their countermeasures in line with the TCFD recommendations are the very essence of our business strategy and we believe that these will lead to contributions to a sustainable society. We will use the TCFD framework to appropriately disclose information to stakeholders and make sincere efforts to address climate change.
Current disclosures on our response to climate change in accordance with TCFD recommendations are as follows:
|Governance||The Safety & Environmental Protection Headquarters manages environmental issues including climate change. The Safety & Environmental Protection Headquarters reports the important issues of climate change to the Board of Directors and they can be oversighted by the Board of Directors.|
|Strategy||Based on scenario analysis including 2-degree scenario, we are considering risks and opportunities in the low-carbon society.|
|Risk management||The Safety & Environmental Protection Headquarters identifies and assesses risks, reports to Management. We are also developing the ESG governance system to manage risks comprehensively.|
|Metrics and Targets||We manage CO2 reduction targets and monitoring indicators.|
In November 2020, we joined IPIECA (International Petroleum Industry Environmental Conservation Association). This association is an international organization that examines how to respond to environmental and social issues in the oil and gas industry. Oil and gas companies, including oil majors in Europe and the United States, and industry groups from each country are members of this association, and we are working in collaboration with external groups such as the United Nations, NGOs, universities and research institutes. Through IPIECA, we understand the sustainability issues that companies should address and are involved in solving them from a global and diverse perspective.
We have joined the GX League which has been established based on the GX League Basic Concept announced by the Ministry of Economy, Trade and Industry. The GX League was established as a forum for companies proactively tackling green transformation (GX) looking ahead to achieving carbon neutrality and transforming society by 2050. It is a place for those companies to hold discussions to transform the entire economic and social system and to put the fruits of those discussions into practice to create new markets in cooperation with the government, educational institutions and financial institutions. We want to contribute to the realization of a carbon neutral and circular society by participating in the GX League.
We joined the ESG Information Disclosure Study Group in November 2020. The purpose of this study group, which was launched in June, 2020 is to help create a mechanism that harmonizes the sustainable development of society with the company growth through research on the appropriate way of ESG information disclosure. By participating in it, we strive to improve mutual understanding with stakeholders.
Idemitsu has joined the Japan Clean Ocean Material Alliance (CLOMA), which aims to solve the marine plastic problem. In addition, the group company Idemitsu Unitech Co., Ltd. also joined the alliance. CLOMA was established on January 18, 2019 to accelerate initiatives that span different industries, such as those focused on properly managing plastic waste, promoting the three Rs,* and spurring development of alternative materials. We aim to provide safe, stable energy and materials and is actively engaged in environmental conservation activities, including those aimed at solving the marine plastic waste problem, thereby helping build a sustainable society.
Idemitsu Unitech participated as a member company in a CLOMA seminar held on September 5, 2019 and was able to spark communication among member companies by announcing its stance on the marine plastic waste problem, which is a major topic at the moment, and showcasing eco-friendly products it has developed. The company received a lot of feedback on the products it exhibited that day, specifically various products that incorporate eco-friendly raw materials and zipper tape for mono-material packages. Idemitsu Unitech, which manufactures and sells packaging-related products, considers addressing environmental problems a key issue and will continue to take proactive initiatives going forward.
Idemitsu participates in the Japan Initiative for Marine Environment (JaIME), which was established by five groups in the chemicals industry: Japan Chemical Industry Association, The Japan Plastic Industry Federation, Plastic Waste Management Institute, Japan Petrochemical Industry Association, and Vinyl Environmental Council. JaIME promotes a wide range of activities, including the gathering of scientific knowledge on plastic waste and responding to enhanced management in Asian countries. We will actively contribute to the response of the newly emerging marine plastics problems throughout the chemical industry.
As an energy company, we engage in global activities to lead society toward a sustainable path. Since February 2007, we have been dispatching researchers to the University of Tokyo Integrated Research System for Sustainability Science (currently Institute for Future Initiatives), with the aim of helping craft sustainable energy strategies.
As a part of these efforts, we run the Energy Sustainability Forum. This new framework for collaborative research between business and academia promotes sustainability science with the aim of solving global environmental and energy problems and realizing a sustainable society. On February 25, 2019, we jointly held the 14th Energy Sustainability Forum’s public symposium entitled, “A Sustainable Energy Society that Aims to Achieve the SDGs.” Through panel discussions and lectures featuring experts and business veterans, we got people talking about their vision for a sustainable energy society that aims to achieve the SDGs and initiatives to help create that kind of society.
Since fiscal 2020, Idemitsu has participated in Chuo University Graduate School’s Project to Research and Promote Work-Life Balance and Diversity. The project was launched in 2008 with the aim of exchanging information and assessing specific measures for achieving work-life balance and realizing workplaces and communities where diverse human resources can reach their full potential. With the aim of promoting diversity and inclusion within the company, Idemitsu is gathering data on companies taking progressive measures related to work-life balance, work styles, and the promotion of diversity and inclusion as well as hearing advice from experts and networking with other companies.
Our Group will continue striving to create new value together with our stakeholders.
We organize the stakeholders based on consideration of the impact we have on them and the impact we receive from them in terms of the environment, society, and economy. We conduct engagement activities by also considering the interests of each stakeholder and the degree of impact on the future, including risks.
We think high transparency in disclosing information to stakeholders builds relationships of trust and leads to creating value. Our Group strives to be thorough in compliance and in managing safety and quality. When a problem occurs, we disclose information on our website and disclose the appropriate information in a timely manner through a press release or other form, even when the information is negative for us.
We will enhance corporate value and contribute to social development through responsible dialogue with a diverse range of stakeholders.
|All||Information disclosure via website||
|PR activities through advertising and publicity||
|Shareholders and investors||Information disclosure to individual investors||
|Holding briefings for and individual meetings with analysts and institutional investors.
|Customer center counters in place||
|PR activities through advertising and publicity||
|Corporate customers||Holding customer seminars||
|Partner companies||Collaboration with partners||
|NPOs, NGOs, and research organizations||Participation in initiatives, etc||
|Country and community||Holding community briefing sessions||
|Implementation of environmental education||
|Implementation of environmental protection activities||
|Holding Townhall Meeting, a platform where all employees can directly have a dialog with top management||
|Conducting an employee engagement survey||
|Communicating information via Group bulletins, in-house signage, the intranet, etc.||
We believe it is important to co-create value in our corporate management together with diverse stakeholders including our employees, dealers, business partners, partner companies, creditors and local communities in addition to our shareholders. Based on that belief, we engage in appropriate collaborations with multi-stakeholders. In addition, we think it is important to give back to our employees and to give consideration to our business partners from the perspective that appropriately distributing profits and results produced through the co-creation of value and improved productivity to multi-stakeholders will lead to maintenance in the momentum of wage raises and sustainable economic development. Based on that idea, we will work on the following initiatives.
We will continue to steadily work on these initiatives while confirming the situation surrounding them for these items.
April 19, 2023
Idemitsu Kosan Co.,Ltd.
President and Chief Executive Officer
We don’t just respond to customer inquiries; to make people feel glad they called, we strive to achieve the following and thereby provide exceptional service.
In addition, to sincerely address customer feedback, we are working to improve the quality of our responses through regular training.
|Total number of inquiries received||12,372|