Sustainability Report 2023

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Sustainability Report 2023

Our Policy

In line with the long-term goals of the Paris Agreement, INPEX is committed to addressing climate change and established a target in January 2021 to achieve net zero emissions by 2050 (Scope 1 and 2).

In February 2022, we announced INPEX Vision @2022 as part of efforts to reform our energy structure towards the realization of a net zero carbon society by 2050, while still meeting the energy demands of Japan and the world. Climate change forms one of our Material Issues. As such, we are working to address climate change by reducing our net carbon intensity and driving our five net zero businesses which include hydrogen and renewable energy.

Our disclosures related to climate change response are in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We support the Japanese government’s laws and regulations ( Act on Rationalizing Energy Use and Shifting to Non-fossil Energy, Act on Promotion of Global Warming Countermeasures, etc.) and range of policies related to climate change, and incorporate them into our own policies and business strategies. At our primary work locations in Japan, we are active participants in the government endorsed GX League1. We engage in emissions trading schemes and market-formation rule(GX-ETS), demonstrating our leadership and commitment toward achieving net zero.

1 GX League: A framework for companies, taking on the challenge of green transformation (GX) and targeting sustainable growth for current and future society, to have the opportunity to work with other like-minded companies in collaboration with government and academia with a view to achieving carbon neutrality and reforming society by 2050

Message from the Officer in Charge of Climate Change Response

Toshiaki Takimoto
Director, Senior Managing Executive Officer, and Senior Vice President in charge of the Corporate Strategy & Planning Division

This is the final year of our Long-term Strategy and Medium-term Business Plan of INPEX Vision @2022, which lays out our path to achieving the target of net zero emissions by 2050 as announced in 2022. This plan states that net carbon intensity shold be reduced by 10% (4.1 kg-CO2-e/boe) or more over three years from 2022, and we have made good progress in 2023. We will continue to work towards achieving our targets. In 2023, we also joined OGMP 2.02, which is an international reporting framework for reducing methane emissions. This framework enables us to share technological innovation and information on specific initiatives among members of the partnership, while working to reduce greenhouse gas (GHG) emissions across the industry as a whole.

We plan to release a new vision and Medium-term Business Plan at the start of 2025, including a roadmap to achieving our target of net zero emissions by 2050. As part of that, I would like to share our medium- to long-term climate change response policy, which will include the following initiatives.

First, we will continue to strengthen our efforts to achieve low-carbon energy and provide related solutions. INPEX Vision @2022 includes our basic policy for a net zero carbon society by 2050, 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.” Our specific initiatives to promote low-carbon energy in Japan and overseas include: promotion of CCS/CCUS projects to make existing energy cleaner; construction of aboveground plant facilities for integrated demonstration testing of blue hydrogen and ammonia production and utilization in Japan to achieve a next-generation clean energy supply; subsequent development of a commercialization project; and participation in a renewable energy business in Australia.

Secondly, is to address the energy trilemma. The energy industry is currently facing three issues: energy security and supply stability, equitable access to affordable and clean energy, and realizing a sustainable global environment. While these issues are at times contradictory, and difficult to simultaneously address, our projects aim to respond to demands for energy supply and work towards a society with net zero carbon emissions. As an energy development company, we will continue to provide a stable supply of existing energy and accelerate efforts toward cleaner, low-carbon energy. Therefore, as an energy development company, we will continue efforts to maintain a stable supply of existing energy with a commitment to making it cleaner, and we will accelerate efforts to promote low-carbon energy. In addition, we will strive to maximize the disclosure of information on these initiatives to all stakeholders.

2 The Oil & Gas Methane Partnership 2.0: The international, comprehensive, measurement-based reporting framework that is developed by the United Nations Environment Programme, UNEP.

Climate change response past efforts






  • Made the Climate Change Strategy Working Group an advisory body to the Sustainability Committee
  • Established our Guidelines for Assessment and Management of Climate-related Risks and Opportunities
  • Obtained a CDP Climate Change A- score
  • Disclosed greenhouse gas emissions on an equity share basis
  • Announced our Business Development Strategy and set climate change response goals
  • Revised our Corporate Position on Climate Change
  • Established our Guidelines for Transactions and Management of VCUs1
  • Established our Guidelines for Climate Change Response Goals
  • Obtained a CDP Climate Change A- score
  • Participated in the IC-VCM2 consultation group
  • Announced our Long-term Strategy and Medium-term Business Plan (INPEX Vision @2022)
  • Revised our Corporate Position on Climate Change
  • Participated in the CCS+ initiative3
  • Created a forestation credit screening form (improved the process)
  • Obtained a CDP Climate Change A- score
  • Implemented the financial impact assessment based on the NZE scenario
  • Updated our Current Initiatives based on INPEX Vision @2022
  • Joined the Oil & Gas Methane Partnership 2.0
  • Obtained a CDP Climate Change A- score
  • Join the GX League
  • Updated our Current Initiatives based on INPEX Vision @2022
  • Joined the Oil and Gas Decarb­onization Charter


VCUs: Verified Carbon Units


IC-VCM: Integrity Council for Voluntary Carbon Markets, an organization promoting the development of global standards for the quality of voluntary carbon credits


CCS+ initiative: An international initiative to develop a methodology for creating credits from projects related to CCUS