Cosmo Energy Updates Roadmap Towards Achieving Carbon Neutrality by 2050

Cosmo Energy's Ambitious Roadmap Update for Carbon Neutrality by 2050

In a significant move towards achieving its goal of carbon neutrality by the year 2050, Cosmo Energy Holdings Co., Ltd. has announced the revision of its roadmap. This revision aligns with the company's 8th consolidated medium-term management plan and its long-term vision outlined in "Vision 2035".

The journey towards carbon neutrality began in May 2021 when Cosmo Energy officially declared its commitment to achieving this ambitious target. A detailed roadmap was subsequently created in May 2022 to outline the necessary steps and measures to be taken. However, the latest update has been prompted by the dynamic changes in energy policies across different nations, advancements in technology, and shifts in social and economic conditions that are continuously influencing the business environment.

Overview of the Roadmap Revision

The updated roadmap takes into account the increasing unpredictability of external factors affecting society and the economy. To better navigate potentially unpredictable circumstances, Cosmo Energy has designed three distinct social scenarios that outline various future possibilities. These scenarios serve as a framework for the company’s operations, enabling it to adapt more flexibly to changing conditions.

In accordance with these scenarios, Cosmo Energy has established interim targets for reducing greenhouse gas emissions (Scope 1+2). The company aims to reduce emissions by over 21% by the fiscal year 2030, referencing the 2013 baseline, and intends to achieve carbon neutrality throughout its entire supply chain by the year 2050.

Additionally, the company has broadened its focus beyond just Scope 1 and 2 emissions. It is actively working on reducing Scope 3 emissions and those across its entire supply chain. The roadmap revision sets specific goals for enhancing the Carbon Intensity (CI values) of the energy products supplied by the company and aims to expand its contributions to emissions reductions through innovative products and services.

For more detailed information about the roadmap, visit Cosmo Energy's Official Website.

Transparency is key in this journey, and updates on the progress toward carbon neutrality by 2050 will be shared through the company's sustainability website and the Cosmo Report (integrated report).

By balancing its responsibility for stable energy supply with the expansion of renewable energy initiatives, Cosmo Energy is committed to contributing to the formation of a carbon-neutral society. The company aims to work collaboratively with its customers, local communities, and stakeholders to collectively reduce greenhouse gas emissions across society.

For those interested in the formal declarations made by Cosmo Energy, please refer to these press releases: