Sumitomo Chemical Receives Highest Rating in CDP's Assessment of Corporate Action on Climate Change and Water Security
Dec. 14, 2022
Named on the Climate A List for the fifth consecutive year, becoming the one and only diversified chemical company that has achieved this distinction
Sumitomo Chemical (“the Company”) has been named on CDP’s “Climate A List 2022” and “Water Security A List 2022,” where it is recognized as a company delivering outstanding performance in action on climate change and water security, including target setting, actions, and transparency. The Company has been on the A List, the highest rating given by CDP, for climate change for the fifth consecutive year, and for water security for the third consecutive year. Of approximately 19,000 companies that provided information on their environmental efforts for the CDP 2022 scoring, only 45 companies in the world, including 10 Japanese companies, received the highest rating for climate action for five straight years.
CDP is an international non-governmental organization that incentivizes companies and governments to become leaders in reducing greenhouse gas (GHG) emissions, managing water resources, and conserving forests. CDP collects information from major companies about their environmental efforts on behalf of institutional investors around the world and scores their performance on an eight-level scale.
In December 2021, Sumitomo Chemical formulated and published a grand design to achieve carbon neutrality by 2050, setting out a direction and goals for the Sumitomo Chemical Group’s GHG emissions reduction initiatives. Specifically, the Company set the Group’s FY2030 emissions reduction target at 50%, a significant increase from the previous target of 30%, which has been certified by the Science Based Targets (SBT)*1 initiative as meeting the standard of “well-below 2°C.” *2 Under this grand design, the Company is further stepping up efforts to address climate change. With regard to water security, the Company is working to reduce water use at its production sites based on water risk assessments. In addition to these climate and water security efforts, the Company is also committed to the conservation of biodiversity. Recognizing the importance of collaborating with suppliers on biodiversity, the Company revised the Sumitomo Chemical Group Supplier Code of Conduct in August 2022, enhancing the requirements regarding biodiversity conservation.
The Sumitomo Chemical Group has taken strong encouragement from these CDP 2022 scoring results, and will continue to work as one to step up its sustainability efforts. The Group will also strive to deliver sustained growth and meet stakeholders’ expectations by contributing to creating a sustainable society through its business.
*1 Science based targets refers to ambitious GHG emissions reduction targets set by companies in line with climate science in order to achieve the goals set out in the Paris Agreement.
*2 The term “well-below 2°C” refers to the global common long-term goal put forward in the Paris Agreement, aiming to hold the increase in the global average temperature to well below 2°C above pre-industrial levels and pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels.
Message from Keiichi Iwata, Representative Director & President
“Our designation on the A list 2022 by CDP” (posted on February 3, 2023)
* This video will be posted on Sumitomo Chemical Official LinkedIn Account on February 9, 2023.
Sumitomo Chemical Official LinkedIn Account
Sumitomo Chemical Co., Ltd.
Corporate Communications Dept.