Sustainability Management
Participation in Global Initiatives
Participation in Global Initiatives
Participation in Global Initiatives
Signed the United Nations Global Compact
In April 2018, the Mitsubishi Estate Group became a signatory to the United Nations Global Compact. Our brand slogan is "A Love for People. A Love for the City" and our Group mission is to contribute to society through urban development. Henceforth the Group will uphold the Ten Principles of the UN Global Compact and endeavor to respect human rights, eliminate unfair labor, protect the environment and avoid corruption as it continues to contribute to the development of a sustainable world by establishing targets and policies suited to its business and pursuing them using the PDCA management cycle.
Mitsubishi Estate's GHG Reduction Targets Approved by Science Based Targets Initiative
Mitsubishi Estate's GHG Reduction Targets Approved by Science Based Targets Initiative
The Mitsubishi Estate Group formulated group-wide medium- to long-term greenhouse gas (GHG) emissions reduction targets in March 2019. In April 2019, the Group’s targets were approved by the Science Based Targets initiative as consistent with the level required under the Paris Agreement (limiting average global temperature rise due to climate change to well below 2°C above pre-industrial levels and pursuing efforts to limit warming to 1.5°C) based on scientific evidence. Moreover, in March 2022, the Group revised its targets in line with the Net-Zero Standard published by the SBTi in October 2021 based on its 1.5°C scenarios (Targets approved by the SBT initiative in June 2022).
GHG Emissions Reduction Targets (revision in March 2022)
(Targets approved by the SBT initiative in June 2022)
- Reduce Scope 1 + 2 by 70% or more and Scope 3 by 50% or more by fiscal 2030 compared to fiscal 2019 emissions
- Achieve net-zero emissions by 2050 (reduce Scope 1, 2, and 3 by 90% or more. Neutralize residual emissions*.)
- Emissions that remain unabated within the value chain in the target year are termed “residual emissions.” The SBTi standard requires neutralizing any residual emissions using forest absorption and carbon removal technologies outside the value chain to counterbalance the impact of these unabated emissions and to achieve net-zero emissions.
Signing on to Race to Zero and Business Ambition for 1.5°C
In line with the commitment to the Net-Zero Standard set by the SBTi, the Group has also signed on to the international decarbonization campaigns Race to Zero*1 and Business Ambition for 1.5°C*2.
- Race to Zero is an international campaign announced in June 2020 by the secretariat of the United Nations Framework Convention on Climate Change (UNFCCC) to rally leadership and support from “real economy” actors, including businesses, cities, regions, investors, and universities, to commit to achieving net zero carbon emissions by 2050, and to take immediate action to achieve this goal.
- Business Ambition for 1.5°C is an international campaign led by the UN Global Compact, the We Mean Business Coalition, and the SBTi that makes an urgent call for businesses to set science-based GHG emissions reduction targets with the goal of achieving net-zero emissions by 2050.
Participating in RE100
Participating in RE100
On January 31, 2020, Mitsubishi Estate joined RE100, a global corporate leadership initiative bringing together businesses committed to 100% renewable energy. With its March 2022 formulation of GHG reduction targets in line with the Net-Zero Standard established by the SBTi (Targets approved by the SBT initiative in June 2022), Mitsubishi Estate is aiming to achieve group-wide 100% renewable power use by fiscal 2025.
See the following for the renewable energy rate and a list of buildings to introduce renewable energy.
Reference: ESG Data > E: Environmental data > (1) KPI > Renewable energy rate
Reference: List of Buildings Introducing Renewable Energy
- RE100 is a global corporate initiative led by The Climate Group, an international NGO working to accelerate climate action, in partnership with CDP, an international NGO that provides investors, companies, cities, states and regions with a global disclosure platform to manage their environmental impacts. RE100 brings together influential businesses committed to switching to 100% renewable energy for the electricity they use.
Participating in JCLP
Participating in JCLP
In April 2020, Mitsubishi Estate became an executive member of the Japan Climate Leaders' Partnership (JCLP), a group of companies that aim to realize a sustainable decarbonized society. Through its participation in JCLP, Mitsubishi Estate will work with other companies toward decarbonization and make policy proposals to the government.
JCLP also serves as Japan's point of contact for RE100 memberships in partnership with The Climate Group, an international, non-profit organization.
Signed on to TCFD
Signed on to TCFD
On February 3, 2020, Mitsubishi Estate announced its support for the recommendations of TCFD. In May 2020, the Company disclosed such information as governance, strategies, risk management, indicators and targets on climate change risks and opportunities in accordance with the framework recommended by TCFD. Going forward, the Company will consider expanding the scope of information to be disclosed as it works to further improve governance and business strategies pertaining to climate change based on the results of the scenario analysis.
- The Task Force on Climate-related Financial Disclosures (TCFD) was established by the Financial Stability Board (FSB) based on a G20 request to investigate how to disclose climate-related information and respond to financial institutions. The task force issued its final report in June 2017, encouraging companies and others to disclose climate change-related risks and opportunities.
Signed the Principles for Responsible Investment (PRI)
Signed the Principles for Responsible Investment (PRI)
The Principles for Responsible Investment (PRI) comprises an international network of investor signatories that works to realize the Six Principles established for the finance industry in 2006 under the leadership of the then United Nations Secretary-General, Kofi Annan. This network is promoted through the United Nations Environment Programme (UNEP) and the United Nations Global Compact (UNGC).
PRI encourages the incorporation of Environment, Social and Governance issues into investment decision-making processes, with the aim to help companies enhance long-term investment performance and better fulfill their fiduciary duty.
Endorsing the basic approach of PRI, Japan Real Estate Asset Management (JRE-AM) became a signatory in August 2018, while Mitsubishi Jisho Investment Advisors became a signatory in March 2020.
JRE-AM has received the following evaluation results for which we made the report* in 2021.
- PRI signatories are required to report on the status of their ESG integration practices to PRI each year.
| Module | Score |
|---|---|
| Investment & Stewardship Policy | ★★★★☆ |
| Real Estate | ★★★★★ (Highest rating) |
The Six Principles of PRI
- 1.We will incorporate ESG issues into investment analysis and decision-making processes.
- 2.We will be active owners and incorporate ESG issues into our ownership policies and practices.
- 3.We will seek appropriate disclosure on ESG issues by the entities in which we invest.
- 4.We will promote acceptance and implementation of the Principles within the investment industry.
- 5.We will work together to enhance our effectiveness in implementing the Principles.
- 6.We will each report on our activities and progress towards implementing the Principles.
