INPEX CORPORATION (INPEX) announced that it has partially revised its "Corporate Position on Climate Change," which outlines the company's climate change response measures. The company has also revised the contents of "INPEX's Current Initiatives," which provide details on these measures by incorporating achievements since the last revision (for the period from February 2021 to March 2022) as well as ongoing efforts. These revisions are based on INPEX's "Long-term Strategy and Medium-term Business Plan (INPEX Vision@2022) ¹" announced in February 2022.

Key components of the "Corporate Position on Climate Change"

1. 1. Basic Management Policy Towards a Net Zero Carbon Society by 2050

4. 2. Climate Change Goals

7. 3. Initiatives in the 5 Net Zero Businesses

3-1. Develop a Hydrogen Business

3-2. Promote CCUS²

3-3. Enhance and Emphasize Renewable Energy Initiatives

3-4. Promote Carbon Recycling and Cultivate New Business Opportunities

3-5. Promote Forest Conservation

6. 4. Towards a Cleaner Upstream Business and Implementation of a Shift to Natural Gas

(https://www.sustainability-report.inpex.co.jp/2022/en/_assets/downloads/20220325.pdf)

To proactively contribute to a net zero carbon society based on the long-term targets outlined in the Paris Agreement, INPEX will continue its sustainable efforts to enhance its initiatives addressing climate change and disclose climate-related information in line with the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD).

¹ www.inpex.co.jp/english/company/pdf/inpex_vision_2022.pdf

² Carbon dioxide Capture, Utilization and Storage