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Sustainability Report 2022 (for FY2021)

Sustainability Report 2022 (for FY2021)

Sustainability Management

Our Policy

We engage in sustainability management aimed at achieving the sustainable development, production, and supply of energy, with a focus on the Material Issues that are most important to both our business and our stakeholders. We strive to resolve sustainability challenges through our business and value chain.

Leadership Organization

Chaired by the INPEX Representative Director, President & CEO, our Sustainability Committee was established to provide clear messaging on executive management’s vision for sustainability, for deliberating on basic policies for sustainability, and to drive forward groupwide and systematic sustainability practices. The members include Representative Directors, the head of the General Administration Division, and the head of the Corporate Strategy & Planning Division (Vice-Chair of the Sustainability Committee). The Chairs of our Compliance Committee and Corporate HSE Committee also attend the meetings to facilitate collaboration with their respective committees. The Sustainability Committee convened two meetings in FY2021, and the matters deliberated upon were also discussed by the Executive Committee and the Board of Directors.

We have also created a groupwide consultation system supported by the Sustainability Working Group and the Climate Change Strategy Working Group, which are subdivisions of the Sustainability Committee comprising working-level members from various divisions.

Sustainability Committee

Sustainability Committee (graphic)
1 INPEX Value Assurance System: a mechanism for cross-organizational technical evaluation in each phase of exploration, evaluation, development.

Participation in External Initiatives

As part of our promotion of sustainability, we participate in domestic and international initiatives and organizations such as the United Nations Global Compact, the International Association of Oil & Gas Producers (IOGP), the Australian Petroleum Production & Exploration Association (APPEA), the Extractive Industries Transparency Initiative (EITI), IPIECA2, the Japan Petroleum Development Association (JPDA), and the Japan Natural Gas Association.

2 IPIECA: The global oil and gas association for advancing environmental and social performance across the energy transition

Participation in the United Nations Global Compact

In December 2011, we became a signatory to the United Nations Global Compact and declared our support for its ten principles related to the areas of human rights, labor, environment, and anti-corruption. We have been participating in activities of the various sustainability-related subcommittees of the Global Compact Japan Network since FY2012.

Identification of Material Issues and Prioritization Process

In April 2012, we identified five of the seven core sustainability themes in ISO 26000 as areas of high importance for INPEX and our stakeholders—that is, our Material Issues.

We reviewed the Material Issues in May 2015, considering factors such as the impact of business activities on the progress of our key projects and changes to stakeholder priorities. As a result, we redefined the Material Issues by adding the sixth issue of ‘Governance’ and identified priority actions (Key Tasks) for each Material Issue area that have been incorporated into our PDCA cycle to enable continuous improvement.

In FY2017, we reviewed and revised our Key Tasks through a four-step prioritization process (1. Issue identification and gap analysis; 2. Stakeholder dialogues; 3. Issue prioritization; and 4. Management review), also incorporating the perspectives of the United Nations Sustainable Development Goals (SDGs)3.

We most recently reviewed our Key Tasks in March 2022 following the issue of our Long-term Strategy and Medium-term Business Plan (INPEX Vision @2022) the previous month.

We will continue to review the Key Tasks on regular basis.

3 Sustainable Development Goals (SDGs) 17 goals and 169 targets adopted by the UN Sustainable Development Summit in September 2015 that represent common goals for ending poverty, protecting the planet and ensuring that by 2030 all people enjoy peace and prosperity.

Sustainability Material Issues (graphic)

INPEX Sustainability Material Issues

  • Strengthen our governance structure
  • Robust risk management system
  • Respect for Human Rights
  • Compliance with laws, prevention of bribery and corruption
  • Supply chain risk management
  • Prevention of major incidents
  • Ensure occupational health and safety
  • Water-related risk management and biodiversity conservation
  • Manage impact on local and indigenous communities
  • Contribute to local economies
  • Pursue climate change goals and provide TCFD-recommended disclosures
  • Promote five net zero businesses
    • Hydrogen/Ammonia
    • CCUS
    • Renewable Energy
    • Methanation
    • Forest Conservation
  • Cleaner oil & gas business and transition to natural gas
  • Create a rewarding company for personnel

For further details please see “Targets and Results of Material Issues