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Sustainability Report 2022 (for FY2021)

Sustainability Report 2022 (for FY2021)

Message from the President & CEO

Communities around the world continued to be seriously affected by COVID-19 throughout 2021. On behalf of INPEX Corporation, I extend our deepest condolences to those who have lost loved ones in the pandemic. We also wish a speedy recovery to everyone afflicted with this disease.

This year, the turmoil in Ukraine has had an enormous impact on global affairs and the energy market. This deeply concerning situation is a strong reminder of the importance of a society where all people can live in peace and safety. For the people of Ukraine, we sincerely hope for an end to the current conflict and a swift return to peaceful lives. On our part, as we continue to monitor the global energy situation, we will step up our efforts to support the stable supply of energy around the world.

INPEX will promote both stable energy supply and energy transformation in our efforts to realize a net zero carbon society.

As part of our “Business Development Strategy: Towards a Net Zero Carbon Society by 2050” launched in February 2021, we have set a goal of reducing the net carbon intensity of greenhouse gas emissions from our operations by at least 30% of our 2019 level by 2030. In FY2021, we took a firm step forward on this path by achieving a carbon intensity reduction of 20% of our 2019 level. And, in February of this year, we formulated the Long-term Strategy and Medium-term Business Plan (INPEX Vision @2022) to lay out a more concrete roadmap and set of goals for driving energy transformation forward while maintaining our commitment to the stable supply of energy. The period covered by the Medium-term Business Plan—2022 through 2024—is a time for us to hit the ground running, as we will launch and quickly accelerate our initial actions toward realizing our vision for 2030. In addition, we will continue to steadily grow our renewable energy portfolio, which is one of the five net zero businesses1on which we will focus in the years ahead. We will also lay the groundwork for advancing full-scale commercialization of our initiatives in hydrogen/ammonia, CCUS, and other net zero businesses. At the same time, we will proactively expand our oil and natural gas businesses while striving to make them cleaner and more resilient.

Reduction of net carbon intensity

The goals set by INPEX Vision @2022 will by no means be easy to achieve, but they will be an indispensable compass to help INPEX remain a company that society depends upon. I will continue to lead us toward those goals through sound sustainability management.

It goes without saying that realizing a net zero carbon society will require cooperation not only within our company but also across national borders and industry lines. Accordingly, we will actively pursue collaboration throughout our entire value chain, including by participating in diverse initiatives such as the UN Global Compact.

We cannot bring our vision to reality by doing things the way we always have. Instead, we must take on challenges in new realms of technology and business with ambition. To that end, we will continue to cultivate a company where all employees are joined by a strong sense of solidarity, and to create a most rewarding company to work for. Going forward, INPEX will continue contributing to the development of a more prosperous society by sustainably supplying diverse forms of energy.

1Five net zero businesses: (1) Hydrogen/ammonia, (2) CCUS (carbon capture, utilization and storage for reducing CO2 emissions in oil/natural gas businesses), (3) Renewable energy, (4) Carbon recycling & new business, and (5) Forest conservation