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Japan’s Sumitomo Corporation Updates Material Issues and Climate Policies for Sustainable Growth

Japan’s Sumitomo Corporation Updates Material Issues and Climate Policies for Sustainable Growth

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Key Impact Points:

  • Sumitomo Corporation revises its material issues to integrate value creation with sustainability efforts.
  • New policies aim for carbon neutrality by 2050, with a 50% emissions reduction target by 2035.
  • Focus on optimal energy development and collaboration to address biodiversity and human rights impacts.

Sumitomo Corporation has updated its material issues and policies to align with its goals for sustainable growth and addressing social challenges, particularly climate change. These updates reflect discussions with stakeholders and aim to integrate value creation with sustainability efforts.

Updated Material Issues:

  • Initially identified in 2017 and revised in 2020, these issues focus on sustainable growth and solving social problems.
  • The latest update merges material issues with key social issues, considering value creation, climate change, biodiversity loss, the Group’s strengths, and stakeholder expectations.
  • This update represents a medium- to long-term commitment to addressing social challenges.

Policies on Climate Change:

  • Climate change is a critical issue for Sumitomo Corporation.
  • The Group aims for carbon neutrality by 2050, with a mid-term goal of reducing emissions by 50% by 2035.
  • Strategies include reducing emissions from its operations and promoting energy transition.

“This system will be a cornerstone in our efforts to monitor and reduce carbon emissions,” said a spokesperson for Sumitomo Corporation. “By 2027, we aim to have a robust framework that supports our sustainability goals.”

“Data accuracy and transparency are vital for our success,” added the spokesperson. “We believe this system will set a new standard in environmental management.”

  • Revised policies focus on optimal development and stable energy supply, considering regional decarbonization plans.
  • Specific commitments include clarifying the end of thermal coal mining interests and the role of natural gas in the energy transition.
  • The Group emphasizes collaboration with partners to achieve carbon neutrality, while addressing biodiversity and human rights issues in its supply chain.

“Our aim is to lead by example,” the spokesperson concluded. “We are committed to making significant strides in global carbon management.”

Material Issues and Goals:

For detailed information on each material issue and the medium- and long-term goals, refer to Sumitomo Corporation’s website: Sumitomo Corporation Material Issues

Sumitomo Corporation has integrated material issues and key social issues after a year-long review involving stakeholders. This integration aims to strengthen the Group’s sustainable growth by tackling worsening social issues such as climate change and biodiversity loss. The material issues serve as a commitment to addressing critical social challenges, leveraging the Group’s strengths, and meeting stakeholder expectations.

Climate Change Policies:

Sumitomo Corporation’s updated climate policies highlight the urgency of balancing decarbonization with stable energy supply. The Group has set ambitious goals:

  • Achieving carbon neutrality by 2050.
  • Reducing emissions by 50% by 2035.

To reach these goals, Sumitomo Corporation will optimize power sources in gas-fired and renewable energy sectors, and clarify its exit from thermal coal mining. The company will focus on the role of natural gas in the energy transition and collaborate with partners to contribute to carbon neutrality while considering biodiversity and human rights impacts.

These efforts underscore Sumitomo Corporation’s dedication to leading by example in sustainable development and environmental responsibility.

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