MISSION NET ZERO: MHI Sets Bold Targets to Achieve Carbon Neutrality by 2040

Tokyo, October 29, 2021 – Mitsubishi Heavy Industries, Ltd. (MHI) today has strengthened its commitment to realizing a Carbon Neutral society by setting two ambitious new targets.

First, MHI Group is aiming to remove all carbon dioxide (CO₂) emissions from its own operations by 2040. As an interim step and in line with MHI’s commitment to addressing climate change, CO₂ emissions from its own business activities will be cut in half by 2030 (compared to 2014). These targets include the CO₂ emissions emitted throughout its operations. MHI Group will work on decarbonizing its factories by implementing the technologies it has developed in its own facilities and further advancing energy conservation.

Second, MHI is adopting a new goal to achieve Net Zero emissions through its entire value chain by 2040. It will aim to halve them by 2030 (compared to 2019). These targets include the reduction in emissions attributed to our customers’ use of our products and services, and the reduction contribution from MHI’s Carbon dioxide Capture, Utilization and Storage (CCUS) business.

By making use of the portfolio of innovative technologies and services developed across all of our business areas, MHI will respond to customer needs, including decarbonization of existing infrastructure, and thereby support the world to reduce CO₂ emissions. A key objective will be to help customers to bend the cost curve of their energy transition with affordable and reliable solutions, as we help to realize a sustainable society.

• Scope 1&2: The calculation standard is based on the GHG Protocol.
• Scope 3: The calculation standard is based on the GHG Protocol.
• CCUS: Carbon dioxide Capture, Utilization and Storage

Seiji Izumisawa, President & CEO of MHI, said:
“We hereby make the declaration of achieving Carbon Neutrality by 2040. Realizing a Carbon Neutral society is a global issue and we believe that as a technology leader, with a proven track record in the field of decarbonization, it is MHI’s responsibility to help lead the fight against climate change. Through our group products, technologies, and services that help reduce CO₂ emissions, and in collaboration with partners around the world, MHI Group will contribute to realizing “Net Zero” emissions for the society. To this end, each and every one of us will be embracing and internalizing “MISSION NET ZERO”, a guiding principle representing our commitment.”

See our webpage regarding MHI Group’s declaration of achieving Carbon Neutrality for more information:

• https://www.mhi.com/expertise/carbon-neutral

Editor’s Notes:

• Given that actions to contain the climate change have become a global requirement, MHI Group identified five key issues in 2020 (“Materiality”), including "Solving energy issues for a decarbonized society" as priorities in order to contribute to the resolution of social issues and continue growth over the medium- and long-term.
• In addition, MHI has defined two growth areas to focus on in its 2021 Medium-term Business Plan, announced last year: "Energy Transition," which aims to decarbonize the energy supply side, and “New Mobility and Logistics”, which aims to realize the decarbonization, and promote the energy efficiency, manpower saving in the energy demand side. MHI Group is committed to promoting the business strategies of these two areas, and to advancing the decarbonization of the existing businesses, electrification, and intelligence, in order to achieve Net Zero by 2040, and to help create a Carbon Neutral society.