Business Development Strategy
Towards a Net Zero Carbon Society by 2050
Basic Policy on Management
INPEX will proactively engage in energy structure reforms towards the realization of a net zero carbon society by 2050, while responding to the growing energy demands of Japan and the world and fulfilling its responsibility for the development and stable supply of energy over the long-term.
1. Upstream business as a core business
- The company will continue to position its upstream business as a core business and will work to fulfill its two social responsibilities of providing a stable supply of energy and responding to climate change by strengthening its upstream business and making it cleaner.
- INPEX will accelerate a shift to natural gas and continue to enhance initiatives for expansion of its Global Gas Value Chain in Japan and the growing markets of Asia, while promoting carbon neutral LNG.
2. Goals and Initiatives Towards a Net Zero Carbon Society
- INPEX will set climate change response goals to achieve its own net zero carbon emissions by 2050 to contribute to the realization of the Paris Agreement objectives in relation to climate change.
- *1on INPEX equity share basis
- *2in comparison with 2019
- What is Scope1.2.3
Direct emissions from resources owned or controlled by the reporting company
Indirect emissions from the consumption of electricity, steam, heat and cooling purchased by the reporting company
All indirect emissions that occur in the value chain of the reporting company
- The company will actively promote five business pillars in order to offer solutions responding to the needs of society.
- *3Carbon dioxide Capture, Utilization and Storage
- CO2 EOR Demonstration Tests in Niigata, Japan
- Ichthys LNG Project CCS
- Concept of Integrated Hydrogen Business Test Project in Kashiwazaki, Niigata, Japan
- Clean Ammonia Business in Abu Dhabi
- Carbon-Free Hydrogen Business outside Japan
- Geothermal: Japan & Indonesia
- Wind: Fixed-bottom offshore project in Akita, Japan, Creation of offshore wind business
- Methanation: Scale-up of test facilities in Niigata
- Artificial Photosynthesis
- New Fields: Drones, Methane cracking, Carbon material business
- Support for the Rimba Raya REDD+* Project in Indonesia
- *Concept defined at the 2010 United Nations Climate Change Conference that augments REDD (Reducing Emissions from Deforestation and forest Degradation) with the active prevention of forest degradation through forest management and enhancement of carbon stocks through forestation
Cash Allocation Concept
INPEX expects the average annual scale of investment over the next five years to be between approximately 250 billion and 300 billion yen. (Oil price assumption of $50~60 per barrel)
Of this amount, the company foresees allocating around 20 to 30 billion yen annually to the five business pillars.
- *Scale of investment based on US$50~60 oil price assumption
in the medium-term for the five initiatives