Our Policy
In January 2021, INPEX defined its goals for addressing climate change to meet the objectives of the Paris Agreement, establishing a corporate target of net zero emissions by 2050 (Scope 1 and 2). This will require a reduction in net carbon intensity of at least 30% by 2030.
Our disclosures related to climate change response are in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We continue to expand the oversight and involvement of our Board of Directors in the governance of our climate change response. In designing business strategies, we assess our ability to respond to multiple scenarios, including the scenarios outlined by the International Energy Agency (IEA) World Energy Outlook (WEO) and the Institute of Energy Economics, Japan (IEEJ) as we evaluate our business portfolio. We also reference the Net Zero Emissions by 2050 Scenario (NZE)1 in the IEA WEO.
We maintain an annual assessment structure to assess climate change risks and opportunities and implement measures derived through that process. Our program to manage GHG emissions involves promoting initiatives to achieve our climate change response goals and monitoring our progress.
1 Net Zero Emissions by 2050 Scenario (NZE): An IEA scenario that shows a pathway for the global energy sector to achieve net zero CO2 emissions by 2050
Message from the Officer in Charge of Climate Change Response
Director, Senior Managing Executive Officer, Senior Vice President in charge of Corporate Strategy & Planning
In February 2022, INPEX launched its Long-term Strategy and Medium-term Business Plan (INPEX Vision @2022). This lays out our path to achieving the target of net zero emissions by 2050 as announced in 2021. We have additionally set a goal to reduce net carbon intensity by 10% (4.1 kg-CO2-e/boe) or more over the three years from 2022 as a quantitative target in our Medium-term Business Plan.
Our basic policy for a net zero carbon society by 2050 is 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.” We aim to transform net zero carbon from an ideal to reality by around 2030.
Specifically, we will accelerate expansion of the five net zero businesses: (1) hydrogen and ammonia; (2) reduce CO2 emissions from oil & gas operations (CCUS); (3) renewable energy; (4) carbon recycling and new businesses; and (5) forest conservation. At the same time, we will maintain a stable supply in our oil and gas business while taking great steps to make the business cleaner.
INPEX Vision @2022 is also reflected in our Corporate Position on Climate Change (revised March 2022), and the progress of our initiatives for responding to climate change and the five net zero businesses as outlined in the vision is included in INPEX’s Current Initiatives.2
2 Corporate Position on Climate Change and INPEX’s Current Initiatives
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