Rapid climate change poses a major threat to humanity and to all life-forms on earth. We recognize that helping combat this threat and contributing to the decarbonization of society are corporate responsibilities and important management issues.
Under the guidance of the Working Group for Climate Change, a working group chaired by an operating officer positioned under the Sustainability Committee, which is chaired by the president, the Yamaha Group is working to contribute to the global movement to reduce CO2 emissions. At the same time, we are preparing for the potential impact of climate change by identifying risks, formulating mitigation measures, and incorporating these into business strategies. Endorsing the goals of Science Based Targets (SBT),*1 the Group received certification from this initiative for its medium- to long-term reduction targets in June 2019. Later, in September 2021, the Company received certification for a new greenhouse gas emission target of achieving a reduction of 55% in Scope 1*2 and Scope 2*3 emissions from fiscal 2018 to be achieved by fiscal 2031, substantially higher than the prior target of a 32% reduction. The certification indicates that this new more ambitious target is viable for limiting global warming to 1.5ºC above pre-industrial levels. The move was taken in response to the carbon neutrality trends of the international community. Furthermore, the Group declared its endorsement of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD)*4 in June 2019 and commenced initiatives for analyzing the impact of climate change on its finances and disclosing related information.
Going forward, the Yamaha Group will continue to seek to achieve net zero emissions in its operations and across its value chains. At the same time, we will strive to create products, services, and business models that help mitigate climate change and promote the decarbonization of society through energy-efficient products and other means.
Moreover, we will conform our initiatives to the Keidanren Carbon Neutrality Action Plan, which was released by Keidanren, an organization to which Yamaha is a member. The Company has also joined the Japan Climate Initiative and declared its participation in the GX League.