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CSR
CORPORATE SOCIAL RESPONSIBILITY

Climate Change

Basic Policy

INPEX recognizes that climate change is a critical business issue. To achieve the long-term goals of the Paris Agreement, an economy wide transition to a low carbon society is under way. Global climate change response requires action by all members of the international community. Governmental policy measures, technology, development, industry response, and other long-term initiatives are particularly pertinent. We are committed to fulfilling our role in addressing climate change as a responsible member of the oil and natural gas industry.
Furthermore, we comply with national regulations of each country in which we operate - including those introduced to support the international policy framework for greenhouse gas (GHG) emissions reductions. Our businesses will work with governments and other stakeholders to address the two societal demands of meeting energy needs and reducing greenhouse gas (GHG) emissions to achieve a balance between the two.
In our actions towards achieving a low-carbon society, we will strengthen initiatives on promoting natural gas development and renewable energy as a means to reduce the emissions associated with INPEX’s value chain. In addition, we will also exercise proper management of greenhouse gases from our operations and proceed with technology development for practical application of carbon capture and storage (CCS)*1 to capture and sequester GHG emissions.
We shall also undertake analysis and initiatives in line with the Task Force on Climate Related Financial Disclosures (TCFD) recommendations and seek to complete disclosure of exposure to climate-related risks as well as information on climate related opportunities.
Furthermore, we have developed a Position Paper, “Corporate Position on Climate Change,” (issued December 2015, last revised July 2018) to report our approach and initiative of climate change.

*1 CCS : Carbon dioxide Capture and Storage

Targets and Results

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Key Tasks FY2017 Targets FY2017 Results FY2018 Targets
Promotion of
renewable energy
  • Ensure stable operation of solar power generation facilities
  • Start commercial operations of second and third unit of the Sarulla geothermal Independent Power Producer (IPP) Project in Indonesia
  • Promote commercialization of geothermal power generation business in Japan
  • Promote R&D of new energy and renewable energy
  • Ensured stable operation of solar power generation facilities
  • Started commercial operation of Unit 2 at the Sarulla Geothermal IPP Project in Indonesia, cleared a path to commercial operation of Unit 3
  • Geothermal plant in the Oyasu region in Akita Prefecture moved to the next-period survey phase; Continued drilling surveys and short-term fumarolic testing in the Amemasudake region of Hokkaido
  • Set a clear path to the start-up of a domestic wind power business
  • Promoted R&D for construction of a renewable energy value chain, including artificial photosynthesis
  • Ensure stable operation of solar power generation facilities
  • Start commercial operation of Unit 3 of the Sarulla Geothermal IPP Project in Indonesia, achieve stable operations of the power plant as a whole
  • Promote existing geothermal power generation business in Japan
  • Pursue new geothermal and wind power business
  • Promote various forms of R&D towards the building of a renewable energy value chain
Development of
natural gas as
a cleaner source
of energy
  • Continue a stable supply of natural gas through safe operation of domestic gas fields, the Naoetsu LNG Terminal, and the approximately 1,500km gas pipeline network; increase supply volume
  • Engage in activities to promote natural gas use
  • Achieved stable supply of natural gas through safe operation of domestic gas fields, the Naoetsu LNG Terminal, and a 1,500km network of pipelines; Increased volume of gas supplied by 11.2% versus fiscal 2016
  • Proactively promoted natural gas to potential buyers along the domestic gas pipeline
  • Continue a stable supply of natural gas through safe operation of domestic gas fields, the Naoetsu LNG Terminal, and the approximately 1,500km gas pipeline network; increase supply volume
  • Engage in activities to promote natural gas use
Strengthen climate
change-related
risk management
  • Introduce and implement internal carbon pricing
  • Develop scenarios for a low-carbon society
  • Hold climate change strategy workshops
  • Introduced and started administering internal carbon pricing in October 2017
  • Established four scenarios for a low-carbon society including a 2°C scenario
  • Held a climate change risk assessment workshop in December 2017
  • Erect a framework for assessing the risks and opportunities related to climate changev
  • Construct a process for evaluating the financial effects of our ability to respond to the 2°C scenario
  • Construct a process for estimating the volume of methane leaks

Sustainability Initiatives on the TCFD Recommendations

TCFD*2 is a task force established by the FSB*3 in December 2015, which encourages companies to disclose information on the impact of climate change from the viewpoint of stable financial system. Since the final report was published in June 2017, social concern about responses to climate change and climate-related financial disclosures has been growing.
The TCFD recommendations include challenges requiring company-wide, long-term initiatives. After examining the adequate methods for disclosure, we will prepare the systems and processes for disclosure to specify the necessary information & data, and build the collection process.

Disclosure Content and Location in Line with TCFD Recommendations

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Overview of the TCFD Recommendations INPEX Disclosure Content Sustainability
Report 2018
Disclosure location
Governance Disclose the organization’s governance around climate-related risks and opportunities.
1. Describe the board’s oversight of climate-related risks and opportunities. ・ Governance framework for climate change P39
2. Describe management’s role in assessing and managing climate-related risks and opportunities. ・ Governance framework for climate change P39
Strategy Disclose the actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning where such information is material.
Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term. ・ Identification of risks and opportunities
・ Development and implementation of an assessment framework for climate change risks and opportunities, both transition or physical risks, and its governance framework
P39
P40
2. Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning. ・ Strategy on the transition to a low-carbon society
・ Initiatives on renewable energy
P41
P43-44
3. Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. ・ Establishing scenarios
・ Evaluation of the financial impacts of a 2°C scenario
P41
Risk Management Disclose how the organization identifies, assesses, and manages climate-related risks.
1. Describe the organization’s processes for identifying and assessing climate-related risks. ・ Risk assessment process related to climate change P39
2. Describe the organization’s processes for managing climate-related risks. ・ Risk management process related to climate change
・ Application of an internal carbon price
P39
3. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s overall risk management. ・ Comprehensive risk management framework P17
Metrics and targets Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.
1. Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process. ・ Management of GHG emissions P42
2. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks. ・ Performance data: Addressing climate change P52
3. Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets. ・ Targets of the Japan Petroleum Development Association
・ Setting emissions management targets
P42

*2 Task Force on Climate-related Financial Disclosures

*3 Financial Stability Board : An international body that monitors and makes recommendations about the global finance system. It was established after in April 2009 as a successor to the Financial Stability Forum (FSF)

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