Target for reducing greenhouse gas emissions
In accordance with the policy of the Medium- to Long-term Management Targets “SUMINOE GROUP WAY 2022-2024-2027,” the Group established its long-term target for reducing greenhouse gas (CO2) emissions in April 2022.
Specifically, by FY2031 (fiscal year ending May 2031) all the Group companies will strive to reduce CO2 emissions in business activities by 35% from the levels of FY2014 (fiscal year ended May 2014).
To promote the reduction of CO2 emissions resulting from our business activities, we will implement concrete measures, including improving logistics systems, unifying the production bases, improving energy efficiency, changing fuels used, and promoting working style reforms. In conjunction with these measures, we will strive to expand sales of environmentally friendly products. Through these two approaches, the Group will contribute to the realization of a decarbonized society.
Information disclosure in alignment
with the TCFD recommendations
In July 2022, the Group declared its support for the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD). We will disclose the Group’s information on climate change issues in alignment with the TCFD recommendations.
1. Governance
The Group has established the following governance system. The Environmental Promotion Subcommittee set up within the CSR Promotion Committee, which comprises members from respective business headquarters and departments, draws up a plan for measures to address environmental challenges as a whole, including climate change issues. The CSR Promotion Committee deliberates on and finalizes the plan, which is implemented in all departments throughout the Group. The matters deliberated on and decided by the CSR Promotion Committee are reported to the CSR & Internal Control Council (Executive Committee) to obtain approval.
We have also formulated “Eco Challenge,” as a set of goals on activities regarding environmental issues in general, established in line with the Medium- to Long-term Management Targets. The Group strives to achieve Eco Challenge goals to reduce environmental impact from its business operations. Each fiscal year, the activity results are evaluated and reported via Integrated Report, etc.
In addition, in May 2021 we launched the CO2 Visualization Subcommittee as an organ tasked with grasping and analyzing the Group’s overall greenhouse gas emissions and designing strategies for reducing these emissions.
2. Strategy
To reduce environmental impact that may arise from our business operations, we have formulated “Eco Challenge,” a set of goals on activities regarding environmental issues in general, in line with the Medium- to Long-term Management Targets. For three years from FY2022 to FY2024, we have worked on “Eco Challenge 2024,” under the policy of the Medium- to Long-term Management Targets “SUMINOE GROUP WAY 2022-2024-2027.”
In April 2022, we established the Suminoe Textile Group’s Target for Reducing Greenhouse Gas Emissions to set up our long-term target for reducing greenhouse gas (CO2) emissions. At the core of the Group’s development philosophy is the development of environmentally friendly products. Efforts to develop and increase sales of these products will provide us with an opportunity associated with the transition to a decarbonized society. With this recognition, we will further intensify and focus on these efforts.
3. Risk management
With regard to climate change-related risks, the Environmental Promotion Subcommittee plays a central role in the formulation of relevant polities and strategies to minimize risks and seize opportunities, and in management of activity monitoring.
4. Metrics and targets
① Eco Challenge 2024
Eco Challenge 2024 covers the three years from FY2022 to 2024 and aims to reduce CO2 emissions by 3% from the levels of FY2021 (per unit of sales).
② The Suminoe Textile Group’s Target for Reducing Greenhouse Gas Emissions
By FY2031 (fiscal year ending May 2031), the Group aims to reduce CO2 emissions (per unit of sales) resulting from business activities by 35% from the levels of FY2014.
In the Group’s Target for Reducing Greenhouse Gas Emissions, Scopes 1 and 2 emissions are used as metrics.
As for Scope 3, we started calculation of emissions from the six major Group companies in Japan. As the first step toward reducing Scope 3 GHG emissions, we will figure out the actual situations of these six companies and discuss specific measures.
Analysis of impacts on the Group based on the TCFD final report
We have analyzed impacts that climate change-related risks and opportunities will have on the Group’s business and financial performance.
