Mizuho Financial Group has included responding to climate change as a key pillar of our business strategy, and we are harnessing our groupwide capabilities to contribute to achieving a low-carbon society (net zero GHG emissions) by 2050. Mizuho has set medium-term targets for financed emissions (to be reached by FY2030) for the electric power, oil and gas, coal mining (thermal coal), automotive, maritime transportation, steel, and real estate sectors. We hereby notify we have revised the medium-term targets for the oil and gas sector.
Our initial targets for the oil and gas sector were aimed at companies and projects whose primary business is in upstream production (including integrated oil and gas companies) (Scope 1 and 2 (development and mining) and Scope 3 category 11 (usage)). In the revision, companies and projects whose primary business is gas liquefaction and oil refining (Scope 1 and 2) are added to the target.
With respect to the value chain in the oil and gas sector, the addition of “gas liquefaction and oil refining” to the previously covered stages of “development and mining” and “usage”, which have particularly high GHG emissions percentages, will allow for coverage of nearly all major emissions sources in the value chain.1
Mizuho is promoting an integrated approach to address climate change under the Net Zero Transition Plan,2 focusing on the 3 areas of “Contributions to transition in the real economy”, “Capturing business opportunities”, and “Appropriate risk identification and management”. Going forward, we will continue to mobilize our groupwide capabilities to meet the challenges of achieving a low-carbon society, working with a wide range of stakeholders including clients.
1: See “Coverage of value chains in sectors with targets” on p. 2 of the Attachment.
2: See pp.18–19 of our Climate & Nature-related Report 2024 for details of the Net Zero Transition Plan. With regard to this report, see our news release dated June 19, 2024: “Publication of Climate & Nature related Report 2024”: https://www.mizuhogroup.com/news_release/20240619release_eng.html