In December 2018, Mitsui declared its support for the Task Force on Climate-related Financial Disclosures (TCFD). In accordance with the recommendations of the TCFD and as a responsible company operating globally, we actively promote information disclosure with an awareness of stakeholder demands.

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Disclosure Based on TCFD Recommendations (December 2022) (PDF 536KB)

Climate Change-Related Discussions

There were 13 major climate change-related discussions by the Sustainability Committee over the past three years.

Sustainability Advisory Board

We have established the Sustainability Advisory Board (formerly the Environmental and Societal Advisory Committee), a group comprising external experts in societal and environmental topics such as climate change. The Sustainability Committee uses information and advice from Sustainability Advisory Board members in their deliberations. In fiscal year ended March 2022, the Committee held a total of four meetings to discuss climate change initiatives.

Please refer to the links below for more information on Mitsui's Sustainability Management Framework and the activities of the Sustainability Committee.

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• Our Approach to Sustainability: Sustainability Governance and Oversight
• Our Approach to Sustainability: Sustainability Committee
• Our Approach to Sustainability: Sustainability Advisory Board

Since declaring our support for the TCFD recommendations in December 2018, we have been engaged in a step-by-step scenario analysis process to enhance the resilience of our strategy by responding flexibly to changes in the global business environment. Traditionally, business units have analyzed risks, countermeasures, quantitative impact, etc. for their selected businesses and discussed them at the Sustainability Committee; however, in response to its growing importance, we have integrated scenario analysis into the formulation process for the business plan starting the fiscal year ending March 31, 2023. By incorporating scenario analysis into the business planning process, which is approved by the Board of Directors after reporting and deliberation by the Corporate Management Committee, the results of scenario analysis are confirmed and deliberated by management and reflected in the business plan and business portfolio strategy.

We are conducting scenario analysis in short- (0-1 year), medium- (1-10 years), and long-term (10-30 years) timeframes up to the year 2050. We conduct scenario analysis of transition risks*1 and opportunities with reference to the scenarios set out in the World Energy Outlook (WEO) published by the (International Energy Agency) IEA. In addition, with reference to the RCP (Representative Concentration Pathway) used by the IPCC (Intergovernmental Panel on Climate Change), Mitsui has conducted analysis of investment assets above a certain value by surveying the impact of physical risks*2 based on natural disasters that have occurred over the last five years.

*1. "Transition risks" refer to risks caused by changes in policy/legal regulations, technology development, market trends, market evaluation, etc.
*2. "Physical risks" refer to the risk of physical damage caused by increases in natural disasters and abnormal weather arising from climate change.

• IEA Stated Policies Scenario (STEPS): Scenario that reflects the current policy targets of each country
• IEA Sustainable Development Scenario (SDS): Scenario needed to uphold the Paris Agreement, which seeks to keep global warming within 2.0°C (and further pursue efforts to limit the temperature increase to 1.5°C) of the pre-Industrial Revolution level
• IEA Net Zero Emissions by 2050 Scenario (NZE): Scenario for achieving the goal of limiting global warming to less than 1.5°C compared to pre-Industrial Revolution level
• IPCC RCP 8.5 scenario: Scenario in which the world's average temperature rises by around 4.0°C by 2100

Mitsui is engaged in a wide range of business in countries and regions around the world, and we view the diverse risks and opportunities presented by climate change as important factors that we must consider when formulating our business strategies. We are identifying the short-, mid-, and long-term risks and opportunities that accompany climate change, and we review them periodically. We also review each segment in response to changes in the macroenvironment and trends, and adjustments in our business portfolio, along with other changes in the internal and external environment, and reflect them in our business strategy in a timely manner.

Transition Risks	Policy and Legal Risks	Shift to the use of low-carbon-emission or decarbonized energy due to various national and regional policies (changes in energy and power mix) Government-imposed restrictions on greenhouse gas emissions, with carbon taxes and cap-and-trade emissions-credit schemes
	Technology Risks	Changes in supply and demand in markets for existing commodities and services or the obsolescence of existing production equipment and facilities accompanying the introduction of new technologies geared toward climate change or the development and dissemination of alternative products
	Market Risks	Changes in demand for fossil fuel-related products and services and deterioration in value of Mitsui's ownership interests Fund procurement risks due to the adoption of low-carbon/decarbonization policies by financial institutions and insurance companies
Physical Risks	Acute Risks	Interruption of the operations of project companies in Australia and the United States, etc., due to cyclones and hurricanes
	Chronic Risks	Impact of global warming on agricultural and marine products or impediments to operations accompanying rising sea levels

Further, for each of our segments we have analyzed the internal and external environment and identified risks and opportunities.

Segment	Risks	Opportunities
Mineral & Metal Resources	Decrease in demand for raw materials (iron ore, metallurgical coal) due to increase in Electrical Arc Furnace usage in anticipation of efforts to reduce GHG Increase in the cost of environmental measures and carbon taxes Increase in the difficulty for obtaining environmental permits	Expansion of recycling businesses in response to circular economy Increase in demand for raw materials for secondary batteries, copper, and aluminum accompanying the spread of vehicle electrification
Energy	Decrease in demand for fossil fuel Increase in the cost of environmental measures	Expansion of market for LNG and gas businesses that have a relatively low environmental impact Expansion of CCS/CCUS* business Expansion of market for biofuel, hydrogen/ammonia fuel, and other next-generation energy Expansion of business for Energy Solutions Business, including emissions credits and energy management businesses
Machinery & Infrastructure	Change in the social conditions surrounding coal-fired thermal power businesses Change in the supply and demand of existing businesses accompanying the creation of new technologies and new markets Impact of extreme weather on cargo transportation volumes	Development of renewable energy generation businesses Increase in demand for storage batteries that help address increased volatility in power grids Circular economy and sharing Expansion of business related to the shipping business using next-generation fuels
Chemicals	Change in demand for fossil fuel-derived chemicals Change in industrial structures due to strengthening of environmental restrictions	Expansion of recycling business in anticipation of a recycling-based society Increase in demand for biochemicals and energy-saving materials Increase in demand for forests as a source of absorption and emission credit businesses
Iron & Steel Products	Decrease in demand for materials and drilling equipment for the energy sector	Reform of steel production, processing and supply chains responding to low-carbon/decarbonized society Increase in demand for maintenance businesses to contribute to extending life of infrastructure Increase in demand for lighter vehicles and highly efficient motors accompanying spread of electric vehicles
Lifestyle	Change in food-producing regions accompanying global warming, etc. Impact on supply chains of extreme weather	Rising need for securing food resources and securing stable food supplies
Innovation & Corporate Development	Increase in insurance claims accompanying a rise in physical risks	Increase in demand for insurance accompanying a rise in physical risks Increase in business opportunities in relation to environmental derivatives

* CCS = Carbon Capture and Storage; CCUS = Carbon Capture, Utilization and Storage

We use multiple climate change scenarios for the selected business to assess the impact of transition risks on financial planning and business strategies, and use the results to investigate necessary countermeasures.

Selection of Business for Scenario Analyses

In consideration of scale of business operations and climate change impact, upon categorizing business as "high", "medium" or "low" priority, we have selected "high" priority business as targets for scenario analyses.

Results of Scenario Analysis

The results of scenario analysis for the ten businesses selected for this study are shown below. The scenarios referred to in the scenario analysis are organized into Current and Transition Scenarios as follows.

• Current Scenario: A scenario in which current climate related initiatives of each country are maintained, demand (mainly in emerging countries) for fossil fuels and other resources that emit GHGs remains to a certain extent, and business practices which could impact climate change continue (STEPS, etc.).
• Transition Scenario: A scenario in which there is a slowdown in demand for fossil fuels and other resources that emit GHGs, and a rapid increase in demand for renewable energy and other resources, as a result of the international development of advanced initiatives and systems to address climate change as well as a shift towards energy conservation and electrification driven by widespread decarbonization and technological innovation (SDS, NZE, etc.).

The impact of the Current Scenario and the Transition Scenario on the business between now and 2050 is shown in the following three levels.

• : Positive impact on business
• : No change or slight impact on business
• : Negative impact on business

Upstream Oil and Gas Business and LNG Business

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Financial Results FY Mar/2023 Presentation Material (P.26 Energy: Main Businesses) (PDF 1.19MB)

Metallurgical Coal Business

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Financial Results FY Mar/2023 Presentation Material (P.24 Mineral & Metal Resources: Main Businesses) (PDF 1.19MB)

Thermal Power Generation Business

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Power Generation Businesses (Gas-Fired Power Generation Business, Coal-Fired Power Generation Business, Oil-Fired Power Generation Business) as of March 31, 2023 (PDF 118KB)

Iron Ore Business

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Financial Results FY Mar/2023 Presentation Material (P.24 Mineral & Metal Resources: Main Businesses) (PDF 1.19MB)

Offshore Oil and Gas Production Facilities Business

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Gas Distribution Business

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LNG Shipping Business

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Renewable Energy Business

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Power Generation Businesses (Renewable Energy Business) as of March 31, 2023 (PDF 118KB)

Next-Generation Energy Business

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Forest Resources Business

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We operate a wide range of businesses in various countries and regions, which may be affected by the manifestation of physical risks if climate change causes an increase in extreme weather events. In order to clarify the impact of physical risks on our business, we conducted analyses that refer to the RCP8.5 scenario and others, and for businesses with investable assets above a certain amount, we conducted research and impact analysis based on climate disasters that have occurred in the past five years. The major physical risks facing assets owned by Mitsui include the potential for localized storms, particularly strong tropical hurricanes and cyclones arising in the Atlantic and South Pacific, which could cause negative impacts on operations in our mineral and metal resources projects. Furthermore, in cases of severe damage to production plants, facilities or infrastructure, such as the roads, railways, and ports used for shipments, there is a risk that production or shipments could be suspended for long periods until these facilities are restored. On top of Mitsui's own investments, in cases where Mitsui suppliers suffer significant damage, there is a possibility of the risk of the overall supply chain failing, including failures to receive supplies of raw materials.

We place the highest priority on protecting human lives in the event of a disaster. In addition, we have established crisis management policies for business continuity that also takes into consideration coexistence with local communities. We have also taken measures to mitigate and adapt to risks, such as securing multiple suppliers, enhancing our facilities, and obtaining insurance coverage as necessary. We will continue to assess the adequacy of our risk management measures on a regular basis.

The major physical risks in our assets are as follows.

We identify company-wide material risks across organizational boundaries and implement a wide range of initiatives to hedge and control risks. For this purpose, Mitsui has established an integrated risk management system that centrally manages company-wide risks, through the Portfolio Management Committee under the Corporate Management Committee. Under the integrated risk management system, the Corporate Staff Divisions, which act as the secretariat, manage risks from a company-wide perspective. Material risks we assume include those related to the environment, society and governance, such as risks from climate change, compliance, and infectious disease, disasters, terrorism, etc. We position risks regarding climate change (physical and transition) in particular as second in importance only to business investment and country risks and are taking corresponding measures. For details of our risk management structure, please refer to the following page.

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Risk Management

For Mitsui & Co., which operates in countries and regions around the world, the policies of each country and region related to climate change have a significant impact on the profitability and sustainability of each of our businesses. We use the climate-change scenarios published by the IEA and other organizations when we analyze scenarios involving businesses that have significant impacts. In this way, we are gaining an understanding of business impacts both in terms of risk and opportunity. When considering investment projects, M&A, and other business decisions, we take these scenarios into account.

In conducting business, we have put in place a system to ensure that utmost consideration is given to the environment and society in projects at all stages, including at the launch of a new business, during operations, and even at the time of withdrawal from the business. Our Sustainability Committee discusses response policies and measures regarding environmental and social risks (including climate-change risk), then reports to the Corporate Management Committee and the Board of Directors, which then applies them following approval.

GHG impact refers to the amount of our emissions minus the GHG emission reduction contribution amount we achieved through our business activities. We not only focus on reducing our own emissions, but also on contributing to the transition to a low-carbon/ decarbonized society through our business activities. Going forward, we will accelerate our company-wide initiatives by setting specific goals, including our reduction contribution amount.
Net zero emissions in 2050 means to reduce our emissions to effectively zero by subtracting only the amount of absorption and offset from our emissions. The reduction contribution amount is not included in the 2050 target figures, though we will continue to actively contribute to GHG emissions reductions for society as a whole through our business.

We promote emission reduction (Reduction) and reduction contribution (Opportunity & Transition) in a variety of ways, taking advantage of the cross-industrial business structure that only a sogo shosha can offer.

Roadmap to Halving GHG Impact by 2030

We aim to halve our GHG impact from 34 million tons in the FY Mar/2020 to 17 million tons in FY Mar/2030.

For the three-year period from FY Mar/2021 to FY Mar/2023, the GHG impact is expected to be approximately 33 million tons.
Although emissions are expected to increase slightly from FY Mar/2024 to FY Mar/2030 due to the start of operations of thermal power generation projects and other factors, we will aim to achieve our goal of halving of the GHG impact in 2030 through a robust combination of emission reduction and reduction contribution projects.

GHG Emissions Breakdown

At Mitsui, we introduced the internal carbon pricing system in April 2020 for the purpose of improving the medium to long-term resilience of businesses emitting large volumes of GHG, and to encourage the development of projects that are effective at reducing our, and society's, GHG emissions. Regarding new business projects, in projects with potential risks or opportunities from GHG regulations, etc., we have added analysis of the potential impact of a 2°C scenario to the project screening factors, as well as the adequacy of countermeasures in the event these risks are realized. We are also using the internal carbon pricing system to assess risks in existing projects. The pricing is based on definitions and prices published by the IEA and other external organizations, taking into account the location and time horizon of the assets, and over the period through 2050 we have applied prices generally in the $10 to $200 range for developed countries and $0 to $160 for the rest of the world.

As the transition towards a low-carbon or decarbonized society accelerates, we are working to reduce the GHG emissions from our operations while simultaneously engaging in business that contributes to reducing GHG for society. We aim to realize sustainable growth while helping to solve the challenges faced by society. For these reasons, we decided to establish the Environmental ("Green") Business Assessment Working Group, which launched on April 1, 2021. Its role is to carry out comprehensive evaluations as part of the screening process for new projects with the potential to turn climate change responses, such as the development of renewable energy, into opportunities. The evaluations include qualitative factors, such as the strategic significance of initiatives from ESG perspectives.

Aside from our GHG reduction targets, the following environmental indicators and targets have been established and are being monitored on an ongoing basis.

• Energy consumption:
  • Reduce energy consumption intensity by 1% or higher on average per year at Mitsui & Co. (non-consolidated).
• Water Resources:
  • Reduce water consumption at Mitsui & Co. (non-consolidated) to less than the amount used in the previous fiscal year, and improve the efficiency of water use.
• Pollution Prevention:
  • Increase the waste recycling rate at buildings owned by Mitsui & Co. as a non-consolidated entity (Head Office, Osaka Office) to over 90% by 2030.
  • Reduce paper consumption at Mitsui & Co. (non-consolidated) by 50% or more compared to the fiscal year ended March 2020 by 2030.

For specific performance data, please refer to the following.

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Environmental Performance Data

As a responsible global company, we are advancing and expanding our response to climate change by participating in initiatives that encourage appropriate information disclosure to stakeholders and that make contributions which correspond with the Paris Agreement and the achievement of Japan's medium- to long-term targets for reducing greenhouse gas emissions through initiatives based on international frameworks and wide-ranging partnerships with industry organization in Japan. Our decision to participate in each initiative is made once we have confirmed that it is compatible with our basic policy and initiatives concerning climate change.

TCFD (Task Force on Climate-related Financial Disclosures)

In December 2018, Mitsui declared its support for the TCFD (Task Force on Climate-related Financial Disclosures) recommendations, which aim to facilitate companies to recognize financial impacts arising from the risks and opportunities associated with climate change and to disclose such climate-related information.

TCFD Consortium

The TCFD Consortium was established in 2019 to promote unified action between companies, financial institutions, and other organizations that have declared support for the TCFD and as a forum to further discussion on effective and efficient corporate disclosure of information, as well as the use of disclosed information by financial institutions in making appropriate investment decisions. The Ministry of Economy, Trade and Industry, Financial Services Agency, and Ministry of the Environment participate in the consortium as observers. As a member of the consortium, Mitsui will continue to practice appropriate disclosure in line with TCFD recommendations.

CDP (Climate Change)

Since 2011, we have responded to the questionnaire from the CDP Climate Change, a global disclosure program for corporate information on climate change risks. Based on our response to the questionnaire carried out in 2022, we received the score "B" in relation to Climate Change.

Maersk Mc-Kinney Moller Center for Zero Carbon Shipping

Reducing emissions is a global issue for the shipping industry. In April 2021, Mitsui became a Strategic Partner of the Maersk Mc-Kinney Moller Center for Zero Carbon Shipping (MMMCZCS), a not-for-profit international research and development center dedicated to the decarbonization of the shipping industry.

International Iron Metallics Association

The International Iron Metallics Association is a worldwide organization with a focus on ore-based metallics (pig iron, hot briquetted iron, direct reduced iron, granulated pig iron). It's members, including Mitsui, account for more than 80% of production and international trade in ore-based metallics. We have been distributing and investing in ferrous raw materials, including ore-based metallics, for a long time and amid a growing focus on these materials in relation to the low-carbonization of the iron and steel industry, we will continue contributing to industry low-carbonization through our business development in this area.

ASI (Aluminium Stewardship Initiative)

ASI was established in 2012 with a vision of maximizing the contribution of aluminum to a sustainable society. As of May 2022, approximately 226 companies and groups have joined ASI, including a variety of stakeholders such as aluminum producers and users and the International Aluminium Institute. Its purpose is to increase sustainability in the aluminum supply chain and contribute to ESG engagement by formulating international standards and establishing certification systems. Mitsui joined in January 2020 and supports these initiatives as a member.

Battery Association for Supply Chain

The Battery Association for Supply Chain (BASC) is an organization that promotes the enhancement of the international competitiveness of supply chains related to battery raw materials and components, with the aim of realizing a decarbonized society. BASC was established in April 2021, and Mitsui has been a member since its establishment. Together with other member companies, we are addressing issues such as the international standardization of lithium, and rule-making for the establishment of a battery ecosystem.

Japan Business Federation (Keidanren)

Mitsui is a member of various Keidanren committees, including the following:

• Committee on Responsible Business Conduct & SDGs Promotion, which works to make the Charter of Corporate Behavior well known, disseminate and promote "Society 5.0 for SDGs", and promote corporate social contribution activities
• Committee on Energy and Resources, which promotes energy policies that provide a balance of S+3E (Safety + Energy Security, Economic Efficiency, and Environment)
• Committee on Overseas Development Cooperation, which aims to coordinate with national governments and international institutions for the purpose of developing infrastructure overseas, in particular, in emerging countries
• Committee on Environment and Safety, which works on countermeasures to deal with climate change, formation of a circular society, and improvements in environmental regulations and systems

Japan Foreign Trade Council

As a member of the Global Environment Committee of the Japan Foreign Trade Council Inc., Mitsui is actively involved in activities in the field of climate change. In particular, we monitor energy use for all trading companies and promote reduce/reuse/recycle (3Rs) activities. We also gather information about new energy technology through our business activities, and contribute to the formulation of the Long-term Vision for Climate Change Measures. Mitsui also engages in activities as a member of the Japan Foreign Trade Council's Sustainability Promotion Committee, which studies Sustainability/CSR-related issues and conducts surveys and research about trends in Japan and overseas.

GX League Basic Concept

In February 2022, Mitsui endorsed the GX (Green Transformation) League Basic Concept published by the Ministry of Economy, Trade and Industry.
The GX League calls for companies to actively work on GX and acts as a forum for discussing the transformation of the overall economic and social system and creating new markets accordingly for achieving carbon neutrality in Japan and the world.
We will actively participate, together with other endorsing companies, in discussions of detailed design and empirical demonstration working towards the implementation of GX League.

Japan Hydrogen Association

The Japan Hydrogen Association was established in December 2020 with the aim of building and expanding the hydrogen economy by fostering global alliances and developing a hydrogen supply chain. The organization became a general incorporated association in April 2022, and Mitsui, which has participated in this initiative since the establishment of the preparatory committee and as a Board member, will continue working with other member companies toward the realization of a hydrogen society.

Forest Stewardship Council^® (FSC^®)

The Forest Stewardship Council^® (FSC^®) is an international non-profit organization that promotes management of the world's forests in a way that is environmentally appropriate, economically viable, and socially beneficial, including with regard to respect for human rights. Mitsui has obtained FSC^® forest management (FM) certification (FSC^®-C057355) at all 74 of its forests, which in total approximately 44,000 hectares, while Mitsui Bussan Forest Co., Ltd., a Mitsui subsidiary, has obtained Chain of Custody (CoC) certification for the processing and distribution of cut lumber (FSC^®-C031328). As one of the top private-sector suppliers in terms of volume of FSC^®-certified Japanese-grown lumber, Mitsui is helping to promote FSC^® in Japan and to discuss and draft the Japanese version of principles, standards, and risk assessments. Mitsui has obtained FSC^® certification for its forest resources business as well, and promotes responsible management of forest resources.

Carbon Recycling Fund Institute

Carbon recycling policies that see CO2 as a resource to be used and promote innovation in this field are coming to play an important role in Japan's energy policies. The Carbon Recycling Fund Institute was established in August 2019 to promote the creation of carbon recycling innovation with the aim of both addressing the global warming issue and improving energy access throughout the world. Mitsui has been a member since January 2020. We aim to pursue business opportunities and contribute to solving climate change issues by providing access to the latest information regarding CCUS (CO2 Capture, Utilization and Storage), which is important for decarbonization, and by strengthening relationships with other member companies.

The Institute of Applied Energy, Society of Anthropogenic Carbon Cycle Technology

Carbon capture and storage technology can process huge volumes of CO2 and is considered to be an effective way to reduce CO2 emissions. However, in recent years, there has been growing demand for the building of carbon capture and utilization technologies and systems that can also process large volumes of CO2. The Society of Anthropogenic Carbon Cycle Technology was established by the Institute of Applied Energy in October 2018 with the goal of investigating and researching viable technologies for utilizing CO2 and sharing relevant information in order to contribute to the earlier realization of these technologies and their social application. Mitsui has been a member since July 2020.

Clean Fuel Ammonia Association

The Clean Fuel Ammonia Association is an industrial-academic-governmental platform for the development and evaluation of technology, economic evaluation, policy proposal, and international collaboration. It aims to find social applications for energy technologies that use ammonia and to build value chains spanning from the supply to usage of CO2-free ammonia. Mitsui has participated as a member of the Board of Directors since April 2019.

Our Medium-Term Management Plan and Environmental Policy both call for action on climate change, and we are promoting initiatives to reduce our environmental impact through dialogue with suppliers and other business partners along the value chains in which we are involved, with the aim of achieving both economic development and a response to climate change. In addition to renewable energy and modal shift businesses, we are also working to expand and promote various businesses and technologies that contribute to the reduction of CO2 emissions and improvement in energy consumption efficiency.

Making Electricity Use Carbon Neutral across All Business Locations in Japan (Using Renewable Energy-Derived Credits)

As one of the concrete measures aimed at realizing our 2050 vision, all power supplied to our new Head Office, which we relocated to in May 2020, is carbon neutral. This has been achieved by mainly procuring energy from the Fukushima Natural Gas Power Plant (Shinchi, Soma, Fukushima Prefecture), a facility which has Mitsui as one of its main investors, and by applying renewable energy-derived credits generated by the biomass power generation of our affiliate company Konan Utility Co., Ltd. ("Konan Utility"). We have also applied credits generated by Konan Utility and Mitsui's Forests to the electricity used in all offices and training centers in Japan, enabling us to make all business locations in Japan carbon neutral.

Initiatives in Adaptation to Climate Change — Controlled Environment Agriculture Business in the Middle East

• Nutrition & Agriculture Business Unit

• Infrastructure Projects Business Unit
• Energy Solutions Business Unit

In our power generation business we intend to lower the share of coal-fired thermal power in our equity share of power generation capacity and increase the percentage of renewable energy (including hydropower) to 30% by 2030. As of June 30, 2023, renewable energy, including hydroelectric power, accounted for approximately 23% of Mitsui's total power generating capacity of 11.1GW.

Power Generation Businesses

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(As of June 30, 2023)

* Including assets under construction

Please refer to the link below for more information.

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Power Generation Businesses (Renewable Energy Business, Gas-Fired Power Generation Business, Coal-Fired Power Generation Business, Oil-Fired Power Generation Business) as of June 30, 2023 (PDF 118KB)

Investment in Mainstream Renewable Power, which Develops Renewable Energy Businesses Globally

• Infrastructure Projects Business Unit

We have invested in renewable energy company Mainstream Renewable Power Limited ("Mainstream") through its holding company Aker Horizons ASA ("Aker Horizons"), a Norwegian clean energy investor.
Mainstream is, as a developer of wind and solar assets, one of the leading companies in the renewable energy sector, in particular in Latin America and Africa. It has a successful track record of having developed 6.5 GW of generation capacity to financial close-ready stage, including offshore wind farms in UK. Currently, Mainstream has a portfolio of approximately 16.6 GW of high-quality energy assets in Latin America, Africa, and Asia-Pacific, which are currently operating, under-construction or in development phases. Mainstream recognizes energy transition as an opportunity to expand its global portfolio and aims to develop 25 GW of energy assets over the next 10 years.
Aker ASA, the owner of Aker Horizons, was founded in 1841 and is an industrial investment company, the second-largest oil & gas major in Norway. Aker ASA established Aker Horizons as its platform dedicated to investing in, incubating, and developing companies within renewable energy and decarbonization technologies. In addition to Mainstream, Aker Horizons owns Aker Carbon Capture (a CO2 capture and storage development company), Aker Clean Hydrogen (a clean hydrogen and ammonia development company), and Aker Offshore Wind (an offshore wind power development company).
We will contribute to the growth of Mainstream and the enhancement of its corporate value by utilizing our know-how in the construction and operation of large-scale power plants around the world and our global customer network. Through this investment, we will promote the development of renewable energy power sources with a sense of scale, further improve the quality of our power generation portfolio, and accelerate the reduction of GHG emissions in society through our operations.

Investment in India's Large-Scale Renewable Energy Business

• Infrastructure Projects Business Unit

Through our wholly-owned subsidiary MIT Power India, we have invested in the development of a large-scale renewable energy project promoted by ReNew Power Private Limited, the largest renewable energy company in India. The project will consist of three newly built wind farms in India (900 MW in total) and one solar power plant (400 MW plus a battery storage farm with a capacity of up to 100 MW). The project will provide 400 MW of electricity to Solar Energy Corporation of India Limited ("SECI"), an entity owned by the Indian Ministry of New & Renewable Energy, based on a 25-year power purchase agreement. While it is difficult for conventional renewable energy projects to commit stable electricity supply due to the intermittent nature of winds and solar irradiation, this Project commits electricity supply of 400 MW with high capacity factor on a round-the-clock basis from a portfolio consisting of multiple wind and solar plus battery storage farms. This is the first of its kind in India ("round-the-clock scheme"). The total cost of the project will be around US$1.35billion. The commercial operations are scheduled to start by August 2023. Mitsui will contribute to the project by using its accumulated knowledge of the electric power business in Japan and other countries to ensure steady progress toward completion and the smooth start-up of commercial operations.
India, the third-largest emitter of GHG, declared its commitment to cut its emissions to net-zero by 2070 at the 26th Conference of Parties ("COP26") held in November 2021 and announced that it will raise its non-fossil energy capacity to 500 GW by 2030. This round-the-clock scheme Project, enabling electricity supply with 100% renewables, is in line with the Indian Government's policy and is expected to play an important role in the future to replace coal-fired generation currently dominant in India. Renewable energy is a business field that is likely to continue to expand in India, where continuous growth in population and GDP is expected. Through this project, we will contribute to solving the power shortage in India and encourage decarbonization.

Hydrogen Related

• Energy Solutions Business Unit

When hydrogen is consumed, it generates no greenhouse gases or environmentally harmful substances. Hydrogen is a focus of attention around the world as a clean fuel that does not generate an environmental burden. With our Energy Solutions Business Unit at the core, we are engaged in a cross-company collaboration utilizing the networks and knowledge of each business segment, working on our hydrogen business in a way that demonstrates our comprehensive strength. We regard the hydrogen business as an effective approach to achieve our net-zero emissions goal. We will work together with our stakeholders to build needed social infrastructure and create profitable businesses.

Development of Clean Hydrogen Production Technology

• Energy Solutions Business Unit

Green Hydrogen Production Business in Europe

• Performance Materials Business Unit

Green Hydrogen Refueling Station Business for Fuel Cell-Powered Heavy Vehicles in New Zealand

• Energy Solutions Business Unit

Agricultural Biomass Supply Chain Management Business in India

• Energy Solutions Business Unit

We will work to build value chains that leverage our strengths as a general trading company active across many industries. Examples of these strengths include our partnerships with host countries, our customer base that we have built up over many years, our marketing know-how, and our involvement in the Clean Fuel Ammonia Association.

Joint Feasibility Study for the Creation of a Supply Chain of CCS Clean Fuel Ammonia in Western Australia

• Energy Business Unit I

Mitsui & Co., Ltd. and Japan Oil, Gas and Metals National Corporation ("JOGMEC"), looking ahead to the commercialization of clean fuel ammonia production in Western Australia, reached an agreement in 2021 to conduct a joint feasibility study into carbon capture and storage (CCS). Our wholly-owned subsidiary Mitsui E&P Australia Pty. Ltd. ("MEPAU") concluded the agreement with JOGMEC.
In addition, MEPAU has also agreed with Wesfarmers Chemicals, Energy & Fertilisers Limited ("WesCEF") to jointly study the commercial and technical viability of building a low carbon ammonia production plant in Western Australia. The two companies exchanged memorandums of understanding.
MEPAU is developing the Waitsia gas field in Western Australia, in which it has a 50% working interest. MEPAU also holds a 100 percent working interest in depleted gas fields near the Waitsia gas field. By linking these two underground resources (natural gas production and CO2 storage) that are near to one another, we plan to not only be an operator of oil and gas production in Western Australia but also be involved in the production of clean fuel ammonia using our excellent gas assets and to export this fuel to Asia, including Japan.
Specifically, the study will consider the manufacture and export of clean ammonia in which the hydrogen made from the reformation of the natural gas produced by the Waitsia gas field is used to synthesize ammonia, and the CO2 generated in the synthesis is stored in the depleted gas field. In this joint study, we will look into the effectiveness of CCS in depleted gas fields.
MEPAU decided to work with WesCEF, as it has a wealth of knowledge in ammonia manufacturing and sales. MEPAU and WesCEF are planning to collaborate by utilizing the strengths and know-how of both companies, to achieve the supply of clean fuel ammonia to Australia and Asia (including Japan). The two companies will also contribute to the Australian economy through investment and job creation to establish a supply chain for clean fuel ammonia.
We will utilize our extensive knowledge of the upstream natural gas industry, as well as the knowledge gained through our investment in Storegga Limited (UK) in March 2021 to develop our CCS business globally. We aim to provide low-carbon energy and CO2 reduction solutions to the world to help achieve an "environmentally harmonious society."

Blue Ammonia Production

• Basic Materials Business Unit

The Smart Grid and Distributed Electricity Resources

• Infrastructure Projects Business Unit

Demand for energy has been growing throughout the world, especially in Asia and Africa, along with the steady economic growth of these regions. The power sector has seen a pronounced trend towards Decarbonization, Decentralization, and Digitalization (the "3 D's"), and a rapid shift is underway towards renewable energy, which is more environment-friendly. Mitsui & Co. is responding to the "3 D's" trend not only through the development of utility scale solar power and wind power projects, but also through the global roll-out of distributed power generation projects that provide service closer to the end-user. Globally, approximately one billion people—mostly in Asia and Africa—have limited access to electricity*, and for India also, this is a major problem. At the same time, mobile phone penetration rates tend to be very high even in the inadequately-electrified regions of India and Africa, making electricity necessary for communication purposes. In 2017, we invested in OMC Power Private Limited (OMC), which is specialized in a business model with a combination of solar power and batteries to implement a distributed electricity generation business in which electricity is produced and consumed locally. With mobile carriers' telecom towers being the anchor customers, OMC supplies reliable electricity to local businesses and communities as well. OMC provides stable and affordable electricity mainly through environment-friendly solar power, as well as enhancing the lives and economic prosperity of rural communities. Currently, OMC operates 280 power generation plants, which supply power to 238 telecom towers, 11,000 local businesses, and approximately 100,000 residents in 15,000 households. We will be working with OMC to deliver electricity to other inadequately-electrified regions.
We also help to supply electricity to sub-Saharan Africa through our investment and participation in M-KOPA Holdings Ltd. ("M-KOPA"). M-KOPA runs a business called the Solar Home System ("SHS"), through which solar panels are installed on the roofs of houses or small stores, and solar power generation is used to provide power for lighting, mobile phone chargers, and home appliances (radios and televisions). Up until recently, more than 600 million people living in sub-Saharan Africa have been using kerosene, which is a fossil fuel, for lighting and cooking, because of the delayed development of the power transmission grid. However, thanks to the SHS, there has been a reduction in kerosene use, helping to reduce the environmental load. In Africa, a large increase in demand for electricity is expected as a result of the improved living standards and lifestyle changes that will result from future rapid economic growth. By accelerating efforts to strengthen and expand the services M-KOPA provides, we will support more convenient and comfortable lives for people living in Africa.

*Source: "Our World in Data "Access to Energy"

An Energy Management Business that uses Battery-powered ICT Systems

• Energy Solutions Business Unit

While the amount of new renewable energy is increasing globally, issues such as growing loads on transmission and distribution systems, an imbalance in the burden of electricity charges, and complicated supply and demand coordination are becoming prominent. In response to these issues, we have invested in Stem, Inc. and Sunverge Energy, Inc., two companies that offer energy management services that employ energy storage ICT systems. We are also working on the development of new business models to meet diversifying needs -- for example, providing solutions that package Stem's energy storage system and Forefront Power's distributed solar power. Forefront Power is a wholly-owned subsidiary engaged in the distributed solar business for industrial and commercial consumers and public institutions in North America. Another issue is the increasing volatility in the electricity market due to the rapid spread of renewable energy. We are responding to new needs due to structural changes by providing solutions such as price hedging and supply and demand adjustment functions. In Europe, through such initiatives as our investment in Evora Energy Limited of Ireland, we are doing our part to help business expansion and functional improvement in the electric power logistics sector.

• Energy Business Unit II
• Infrastructure Projects Business Unit

Fukushima Gas Power Co., Ltd., a company in which we have a 29% stake, has two natural gas-fired power generation facilities at its Fukushima Natural Gas Power Plant at Soma, Fukushima Prefecture. These have a total power output of 1.18 million kW. The power generation facilities use a gas turbine combined-cycle system with high power generation efficiency. This combination of a gas turbine and a steam turbine generates a lower level of CO2 than conventional thermal power generation methods.
This project is in line with Fukushima Prefecture's goals of the "introduction of energy with a low environmental impact" and "new urban development". Through the promotion of this project, Mitsui & Co. will contribute to the economic revitalization in the Hama-dori region of Fukushima prefecture to help in its ongoing recovery from the 2011 earthquake. We will continue to work on the sustainable and stable supply of resources that are essential for social development and the creation of a society that is in harmony with the environment.

In addition to the railway leasing business that we have been engaging in over many years, we have also been actively launching and operating various railway projects, thereby developing and improving social infrastructure while promoting modal shift to contribute to green logistics. Of the rail networks in whose operation Mitsui participate as of March 31, 2022, the freight railroad network has a total route length of 10,700 kilometers, and the passenger network has a total route length of 2,810 kilometers.

Please scroll horizontally to look at table below.

(As of March 31, 2022)

• Mobility Business Unit I
• Energy Solutions Business Unit

Among the mobility (transportation) fields that we have defined as our new growth fields, we expect electrification (the shift to electric vehicles) to be particularly promising. In Europe, where the introduction of EVs is gathering momentum, we are building a comprehensive business model that supports the changeover to EVs, including infrastructure, and are expanding it in other regions as well.
We are organically linking several companies in which we have an interest in order to build a new business model that can provide comprehensive solutions. These include EV makers (Lucid Group, CaetanoBus-Fabricação De Carroçarias S.A, Letenda Inc.), battery pack manufacturers (Forsee Power SA), and an energy management company that uses EV batteries (The Mobility House AG). For example, if a city considers switching its fixed-route buses to EV, we would like to help the city speed up its changeover to electric vehicles. In concrete terms, we can offer a comprehensive range of services including EV bus supply, battery leasing, and energy management. Furthermore, in future we are also considering businesses involved in the reuse and re-leasing of used batteries. We will begin these initiatives in Europe and the United States, and then expand them to Asia.

ZEV (Zero Emission Vehicle) Bus Operations in Europe

• Mobility Business Unit I

In December 2017 we invested in Caetano Bus, S.A. of Portugal. This company has been involved in the development of electric buses since 2010. In 2016 they began the sale of ramp buses used to transport passengers within airports, and in 2017 the company started commercial production and sales of electric transit buses in Europe. We are using our global network to help in the expansion of sales of the company's buses. As an example of Caetano's global expansion, a total of 34 single-deck electric buses were delivered to two London routes in the spring of 2020. The company also completed the development of an FC (fuel cell-powered) transit bus at the end of 2020. Beginning with Germany and Saudi Arabia, we have started selling FC buses that use Toyota fuel cell systems. In our partnership with Caetano Bus, we will continue looking to provide the optimal solutions suitable for operations seeking to achieve a carbon-free society.

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360° business innovation: FULL CHARGE AHEAD: Assembling an EV value chain for the smart-city era

• Corporate Development Business Unit

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Circular Economy: Initiatives

Participation in the CCS Business

• Energy Business Unit I

CCS stands for Carbon Capture and Storage. We have invested in CCS company Storegga Limited ("Storegga") of the UK. Storegga is developing the Acorn CCS project to capture, transport, and store CO2 emitted from the UK and neighboring countries, to reduce CO2 emissions and achieve CO2 net-zero emissions by 2050, a target that has been set by the UK government. The Acorn CCS project will use depleted oil and gas fields where production has ceased as reservoirs for the storage of CO2. In this way, the project will reutilize existing infrastructure and will achieve cost competitiveness. Storegga is also working to commercialize its Direct Air Capture (DAC) technology to extract CO2 directly from the atmosphere, and Mitsui and Storegga have entered into an MOU for the commercialization of this technology. In addition to joint studies with Storegga to commercialize DAC technology, Mitsui will carry out the purchase and sale of carbon credits, and will assess the possibility for investment in the business.
We have also launched a joint feasibility study with Indonesian state-owned oil company Pertamina on CCUS commercialization in Indonesia. This study aims to evaluate the CO2 subsurface storage capacity of the oil and gas fields in Rokan Block, which is operated by Pertamina in Central Sumatra, and to examine the feasibility of establishing a CCUS value chain, including capture and transportation of CO2 emitted from industrial plants, power generation plants, and other facilities. The project aims to create new low-carbon solution business in Indonesia.
Leveraging our knowledge of upstream oil and gas businesses and our extensive business network, we aim to develop a global CCUS business that will include Asia and will provide CO2 reduction solutions to the world, utilizing our comprehensive strengths together with the knowledge gained in the UK and Europe where the development of governmental rules and regulations is advancing.

CCU — Producing Methanol in the U.S. that Effectively Uses CO2

• Basic Materials Business Unit

Our affiliate, Fairway Methanol LLC, decided in March 2021 to expand its facilities to increase methanol production (approximately 130,000 tons per year) by purchasing and effectively utilizing by-product carbon dioxide (CO2) from surrounding plants (up to approximately 180,000 tons per year) as the source. The decision to expand its facilities was made to maximize the effective capacity of the existing plant, and carbon dioxide sourced from neighboring plants will be used as the raw material for the plant's newly added capacity. This is a CCU (Carbon Capture and Utilization) initiative, which involves separating and effectively utilizing carbon dioxide. Under this concept, CO2 is considered a resource that can be reused as a material or fuel, thus realizing carbon recycling to reduce emissions into the atmosphere.
Demand for methanol is expected to grow steadily in the future as a basic raw material for a variety of industries, including housing and construction materials, high-performance resins for automobiles and electronics, and pharmaceuticals. Recently, methanol has also been attracting attention as a key chemical substance that can be sourced from carbon dioxide. Mitsui has been engaged in the methanol trading business for many years. In addition to the business in North America where this expansion will take place, Mitsui is also involved in a methanol production business in Saudi Arabia.
Through the stable supply of methanol, Mitsui is supporting the development of a wide range of industries and contributing to the realization of a sustainable society. Furthermore, to achieve Net-Zero Emissions by 2050, which is the target set in our Medium-term Management Plan, we will make use of our existing businesses and the know-how we have accumulated through them to promote initiatives to realize a decarbonized society.

Development of a Recycled Polypropylene Manufacturing Business

• Performance Materials Business Unit

Certifications

• Performance Materials Business Unit
• Energy Business Unit I

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Responsibilities to Customers: Acquisition of Environment-Related Certification in Company-Owned Forests "Mitsui's Forests", Forest Resources Business, etc.

• Corporate Development Business Unit

We aim to invest in environmentally friendly buildings and make energy use in our existing buildings more efficient through environmental and energy-saving measures, in order to build a portfolio of properties that has a low environmental impact.

Japan Logistics Fund, Inc.

Listed REIT Japan Logistics Fund, Inc. ("JLF"), which is operated by our subsidiary Mitsui & Co., Logistics Partners Ltd., has acquired DBJ Green Building certification*1 at 15 of its properties and has also received certification under the BELS*2 and CASBEE*3 evaluation systems. Also, in order to further advance its environmental efforts, in April 2021 the fund issued a green bond. Its green finance framework also received a Green 1 (F) rating from the Japan Credit Rating Agency, Ltd. ("JCR"), the highest rating under the JCR Green Finance Evaluation system.

*1. A certification system established by the Development Bank of Japan ("DBJ") in April 2011 to assess real estate that takes the environment and society into consideration (green buildings).
*2. A third-party certification system that indicates the energy efficiency of buildings
*3. A system for evaluating the overall environmental performance of a building. It evaluates and rates the environmental performance of buildings based on energy and resource conservation, recycling and other environmental burden reductions as well as interior comfort and landscaping.

Acquiring External Certification

GRESB Real Estate Assessment

The GRESB* is an annual benchmarking assessment, which measures the ESG integration of real estate companies and funds. In the 2021 assessment, Japan Logistics Fund, Inc. received the highest rating of "Five Stars". In addition, the company received a "Green Star" for the fourth consecutive year in both the "Management Component" which evaluates the company's policies and organizational structure for ESG promotion, and the "Performance component" which evaluates the company's environmental performance and tenant engagement at owned properties. Furthermore, in the GRESB disclosure evaluation, which measures the level of ESG information disclosure, the company was highly evaluated for its ESG information disclosure efforts and received the highest "A Level" rating.

* An annual benchmarking assessment to measure ESG (Environmental, Social and Governance) integration of real estate companies and funds, as well as the name of organization which runs the assessment.

Acquisition of Green Building Certifications

We will continue to promote the acquisition of environmental certifications and assessments, such as Green Building Certifications, and aim to achieve the following targets regarding the percentage of properties we own that have acquired Green Certifications (based on leasable floor area).

• Acquire green certifications in 50% of portfolio in FY 2025.
• Acquire green certifications in 70% of portfolio in FY 2030.

Percentage of Portfolio with Green Building Certification (as of July 31, 2021)

Please scroll horizontally to look at table below.

Type of certification	Number of properties	Leasable area (m2)	Percentage of portfolio (by area)
DBJ Green Building	15	572,847	44.0%
BELS	3	153,067	11.8%

List of Properties that Have Obtained DBJ Green Building Certification

Certification	Year	Property
4 Stars	2018	M-6 Funabashi Nishiura Logistics Center
		M-12 Yokohama Fukuura Logistics Center
		M-13 Yachiyo Logistics Center II
		M-19 Souka Logistics Center
		M-26 Sagamihara Logistics Center
		M-31 ShinKiba Logistics Center II
		M-32 Yokohama Machida Logistics Center
	2019	M-11 Yachiyo Logistics Center
		M-24 Shin-Koyasu Logistics Center
3 Stars	2018	M-5 Urayasu Chidori Logistics Center
		M-22 Musashimurayama Logistics Center
	2019	M-28 Chiba Kita Logistics Center II
		M-25 Misato Logistics Center
		M-39 Saitama Kisai Logistics Center
		M-40 Kazo Logistics Center

List of Properties that Have Obtained BELS Certification

Certification	Year	Property
5 stars	2020	M-11 Yachiyo Logistics Center
	2021	M-19 Souka Logistics Center
		M-22 Musashimurayama Logistics Center

CASBEE

Yachiyo Logistics Center and Ichikawa Logistics Center II (following their redevelopment), and Yokohama Machida Logistics Center, each received an A rating under CASBEE.

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Japan Logistics Fund, Inc.: Certification

Mirai Corporation

Mitsui Bussan & Idera Partners Co., Ltd., our affiliate which manages the assets of listed Real Estate Investment Trust MIRAI Corporation, is promoting sustainability-related measures that include ongoing participation in real estate assessments, and green financing, in accordance with our Sustainability Policy.

Acquiring External Certification

GRESB Real Estate Assessment

Listed Real Estate Investment Trust MIRAI Corporation earned "2 Stars" in the GRESB Real Estate Assessment, based on the relative evaluation of its overall score. MIRAI also earned a "Green Star" in both the "Management Component" which evaluates the company's policies and organizational structure for ESG promotion, and the "Performance component" which evaluates the company's environmental performance and tenant engagement at owned properties.

DBJ Green Building

Mirai Corporation has acquired DBJ Green Building certification for seven of its properties.

The percentage of environmental certifications in the portfolio is as follows. (As of April 15, 2022)

Based on acquisition price	Based on gross floor area
55.4%	74.4%

Certification	Year	Property
4 Stars	2019	Shinjuku Eastside Square
3 Stars	2018	Shinagawa Seaside Parktower
	2019	Rokko Island DC
	2020	Tokyo Front Terrace
	2021	Mi-Nara
1 Star	2020	MI Terrace Nagoya-Fushimi
		Kawasaki Tech Center

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MIRAI Corporation: Third-party Accreditation

Forest Carbon Sinks and Carbon Credit Business

• Performance Materials Business Unit

Afforestation asset managed by New Forests in Australia.

We have invested and participate in New Forests Pty Limited ("New Forests") in Australia, which is engaged in the forestry asset management business in Oceania, Asia, and North America (Asset under management totaling approximately ¥470 billion and approximately 790,000 hectares). New Forests manages forest assets that store 170 million tons of CO2 equivalent (tCO2e) and generated 7.5 million tCO2e carbon credit in 2020.
In December 2021, we invested in a forestry carbon credit fund jointly developed with New Forests. The total investment will be approximately AUD 50 million in the initial phase, and the total estimated volume of carbon offset contribution to be generated through plantation activities will be around 4 million tCO2e, which can be further scaled up to over 10 million tCO2e. We are committed to the supply of sustainable forest resources and will continue to contribute to the prevention of global warming through forestry fund management businesses that create forest carbon sinks and generate carbon credit.

Performance

GHG Emissions

Mitsui has carried out GHG emissions surveys domestically since the fiscal year ended March 2006 and in overseas since the fiscal year ended March 2009. Until now we have disclosed Scope 1 and Scope 2 GHG emissions under the GHG Protocol*1 control standards*2. Since the fiscal year ended March 2020, we have also disclosed emissions equivalent to Scope 1 and 2 from energy, mineral and metal resources, and thermal power generation projects not covered under Scope 1 and 2, as well as Scope 1 and 2 emissions from other affiliated company businesses, as Scope 3, Category 15 (indirect emissions associated with investments). We have enhanced the scope of disclosures to promote continuous reviews of our portfolio considering our risk tolerance to climate change. This also takes into account Mitsui's strategy of using our wide range of business activities to take on the challenge of new opportunities in an agile way.
In the fiscal year ended March 2022, our GHG emissions at the Head Office, all offices in Japan and subsidiaries were 0.59 million tons, whereas GHG emissions at un-incorporated joint ventures in mineral and metal and energy resources fields totaled 3.59 million tons. In total, our emissions came to 4.18 million tons. GHG emissions from investments covered by Scope 3, Category 15 came to 36 million tons.

*1 GHG Protocol is a GHG emissions calculation and reporting standard formulated through an initiative led by the WRI (World Resources Institute) and the WBCSD (World Business Council for Sustainable Development).
*2 Coverage: Head Office and all offices in Japan, all consolidated subsidiaries (100%) and Un-incorporated Joint Ventures.

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• Environmental Performance Data: Energy Consumption
• Environmental Performance Data: Greenhouse Gas (GHG)

Other Reference Data

	FY Mar/2021	FY Mar/2022
R&D expenditure included in Selling, General and Administrative Expenses (including R&D for resolving environmental issues)	4 billion Japanese Yen	4.1 billion Japanese Yen

Our Company-Owned Forests, "Mitsui's Forests," Absorb and Fixate 160,000 Tons of Carbon Dioxide Annually

It is estimated that Mitsui's Forests absorb and fixate approximately 160,000 tons of CO2 per year, and that they have accumulated approximately 10 million tons*1. We contribute to the mitigation of climate change risk through sustainable forest management. The public value of Mitsui's Forests is estimated to be approximately 200 billion yen*2.

*1 Calculation based on the Tier 2 approach in Chapter 4, "Forest Land," in Volume 4 of the "2019 Refinement to the 2006 IPCC Guidelines on National Greenhouse Gas Inventories." In the past, the calculation was based on the Tier 1 approach in the 2006 IPCC Guidelines, but we changed the calculation method in the fiscal year ended March 31, 2021, to improve accuracy.
*2 Calculation based on the "Comprehensive Assessment of Biodiversity and Ecosystem Services" published by the Ministry of Environment