Response to Climate Change

• Climate Change Response Measures
• Greenhouse Gas Emission Reduction Initiatives
• Endorsement of the TCFD and TNFD Recommendations
• External Recognition

• 1 The Science Based Targets initiative is an international organization that encourages companies to formulate greenhouse gas emission reduction targets based on scientific evidence and that assesses and certifies such targets to contribute to the accomplishment of the goals of the Paris Agreement.
• 2 The TCFD is a task force created by the Financial Stability Board that has released recommendations aimed at facilitating appropriate investment decisions through disclosure of the potential financial impacts of climate change.

Participation in Organizations Responding to Climate Change

The Yamaha Group has joined the Japan Climate Initiative and declared its participation in the GX League. Moreover, we conform our decarbonization initiatives to the Keidanren Carbon Neutrality Action Plan, which was released by Keidanren (Japan Business Federation), an organization to which Yamaha is a member. As a Japan Climate Initiative member in 2025, the Yamaha Group endorsed the message of the initiative to continue striving to overcome the climate crisis with the aim of limiting global warming to 1.5°C above preindustrial levels. This declaration also accelerates the expansion of energy efficiency improvement and renewable energy adoption efforts.

Greenhouse Gas Emission Reduction Initiatives

Yamaha Corporation and domestic production sites are continuing to implement energy conservation and other initiatives in manufacturing processes and at offices to achieve the long-pursued target of reducing energy usage per unit of production by 1% or more each year. For example, in addition to implementing a carbon pricing system in 2022, we have also been introducing renewable energy at our business sites. As a result, we were able to transition to renewable energy for 100% of the power used at the Company headquarters in April 2021. We also made the same transition at the Tenryu Factory beginning in April 2025 and are advancing the transition in stages at other bases. At overseas production sites, quantitative reduction targets are set on an individual-site basis, and proactive initiatives are being implemented toward the accomplishment of these targets.

In advancing emission reduction initiatives, we manage greenhouse gas emission volumes in accordance with the Greenhouse Gas Protocol.^*3 In addition, third-party verification has been received for Scope 1 and Scope 2 emissions and certain Scope 3 emissions since fiscal 2017.

• 3 The Greenhouse Gas Protocol is a set of standards for calculating and reporting greenhouse gas emission volumes.

Greenhouse Gas Emission Reduction Targets, Measures, and Results

Reduction Targets (Science Based Target initiative (SBTi) Certified)

Major Reduction Initiatives

• Introduction and utilization of electricity monitoring systems to conserve energy
• Energy-saving initiatives including optimization of production methods and equipment placement, installation of highly energy-efficient equipment and LED lighting, and exhaustive management of facility operation times, air-conditioning temperatures, and other energy consumption factors
• Introduction of cogeneration systems and solar power generation systems
• Transition to fuel sources with low greenhouse gas emissions
• Switch to purchasing renewable energy
• Utilize internal carbon pricing system
• Improvement of transportation efficiency and shift to low-carbon transportation methods (ships and trains) in distribution
• Development of energy-efficient products (reduction of emissions from large-volume Scope 3 emissions category (product use))

Internal Carbon Pricing

The Yamaha Group introduced an internal carbon pricing system in April 2022 based on the belief that investing in renewable energy and selecting more energy-efficient equipment will be important to mitigating climate change risks. This system entails converting CO₂ emission volumes into monetary amounts based on virtual prices and using these amounts when making investment decisions. This approach motivates the Company to invest in facilities with higher levels of energy efficiency and is expected to drive investment in solar power and other renewable energy generation equipment. The Group will use an internal carbon price of ¥14,000 per every ton of CO₂.

Results

Scope 1 and Scope 2 Emissions (Yamaha Corporation and all production sites) ^{*4, 5, 6}

• 4 The scope of data collection is comprised of Yamaha Corporation headquarters and major production sites and resort facilities worldwide (estimated to account for more than 95% of all Yamaha Group sites).
• 5 Figures differ from those previously released as figures were recalculated to further subdivide regional and power company coefficients by base and by fiscal year.
• 6 Figures use the combined value of indirect emissions through purchased electricity and steam, direct emissions of CO₂ through in-house power generation and heat usage, and greenhouse gas emissions from manufacturing processes.

Scope 3 Emissions (Fiscal 2026)

Factory Initiatives

• Introduction and utilization of electricity monitoring systems to track electricity use and conserve energy
• Use of inverters and appropriate pressure for compressors, partitioning of work booths, introduction of power usage monitors, and conservation of space by consolidating equipment inside factories and rationalizing equipment layouts
• Improvement of air-conditioning efficiency by spraying water on and applying thermal-barrier coating to factory roof
• Removal of unnecessary lighting, optimal positioning of lighting, reduction of amount of time lighting is used, and replacement of fluorescent lighting with LED lighting
• Utilization of cogeneration systems to cut CO₂ emissions
• Appropriate operation management of dust collectors

Initiatives at Resort Facilities

• Electricity conservation through installation of LED lighting and motion sensors in restrooms
• Reduction of CO₂ emissions by switching from gasoline golf carts to electric carts
• Conservation of electricity through adjustment of turf surface aeration fans and facility air-conditioning
• Reduction in boiler fuel consumption (heavy oil) and operation time through replacement of all large-scale, air-conditioning systems that use hot water for heating with energy-efficient air-cooling systems
• Introduction of electric vehicle charging stations that use renewable energy

Initiatives at Offices

• Introduction of LED lighting, installation of motion sensor lighting, and notification of employees of electricity consumption amounts to raise awareness in pursuit of electricity savings
• Appropriate air-conditioning management and promotion of “Cool Biz” and “Warm Biz” initiatives advocated by the Ministry of the Environment in Japan

Initiatives in Logistics

• Improvement of transportation efficiency and shortening of transportation lead times
• Heightening of truck and container loading ratios, reviewing of warehouse locations and transport routes to shorten transportation distances, and examination of the possibility of incorporating low-carbon transportation methods (ships and trains)
• Revision of transportation packing specifications, joint transportation with other companies, and disposal of waste products at the relevant base

Resource Conservation and CO₂ Emission Reduction in Piano Frame Transportation

To conserve resources when transporting piano frames from Japan to overseas factories, the Yamaha Group has made the transition from disposable iron packing racks to returnable packing racks that can be used multiple times. In addition, by shortening transportation routes and improving load efficiency, the Company has achieved a 100-ton reduction in CO₂ emissions associated with the disposal of iron packing and a 1,600-ton reduction in iron resource consumption

Standardization of Packaging for Shipping to Conserve Resources and Reduce CO₂ Emissions

The Yamaha Group is pursuing enhanced efficiency in transportation by increasing the number of products shipped per container through the use of more compact packaging that better matches the sizes of the containers used during shipping. For example, a 17% reduction in the size of the packaging used for Yamaha P series digital pianos resulted in a 12.5% increase in container packing rates. This change led to an annual reduction of 269 in the number of 40-foot high-cube containers used together with a decrease of 26 t-CO₂ in annual CO₂ emission volumes.

CO₂ Absorption Through Tree Planting Activities in Indonesia

After conducting Yamaha Forest tree planting activities in Indonesia over the period from 2005 to 2016, the Company confirmed the growth status of the forest via satellite imagery and estimated the volume of CO₂ absorbed by the trees in 2017. The Company estimates that approximately 42,000 t-CO₂ had been absorbed leading up to 2017, and that more than 6,000 t-CO₂ have been absorbed on a consistent basis each year thereafter.

Endorsement of the TCFD and TNFD Recommendations

In June 2019, the Yamaha Group declared its endorsement of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and commenced initiatives for analyzing the impact of climate change on its finances and disclosing related information. In addition, we registered as a TNFD Early Adopter in January 2024 to demonstrate our intent to quickly begin disclosure based on the framework provided by the Taskforce on Nature-related Financial Disclosures (TNFD). Based on this framework, we performed an assessment of Yamaha’s nature-related dependencies and impacts. Furthermore, we began issuing documents disclosing information in a manner that reflects the recommendations of both the TCFD and the TNFD in June 2024 to analyze and report on the risks and opportunities faced by the Yamaha Group in terms of both climate change and biodiversity.

Going forward, the Yamaha Group will continue to reflect climate change and biodiversity risks and opportunities, based on the TCFD and TNFD recommendations, into its management strategies while disclosing information on how these risks and opportunities could affect the Group financially.

External Recognition

Inclusion on CDP A List for Both Climate Change and Water Security Categories, the Highest Honor

Yamaha Corporation has been included in the 2025 CDP A List in both the Climate Change and Water Security categories (the highest honor), compiled by international NPO CDP, as a reflection of its proactive climate change and water conservation initiatives and the transparency thereof. The Company has been included in the Climate Change category four times and for three consecutive years. However, this is the first year the Company has been selected for the Water Security category. Going forward, the Yamaha Group aspires to contribute to the realization of a sustainable society through its climate change response measures and conservation of natural capital. To this end, we are advancing initiatives for addressing climate change and nature-related issues from a long-term perspective.