Panasonic endorsed the TCFD recommendations*1 in May 2019. As we recognize risks and opportunities concerning climate change as a critical management issue, we identify our business risks and opportunities and verify business resilience and strategy by thoroughly analyzing the scenarios, considering the TCFD's recommendation. We also disclose information on thematic areas recommended by TCFD, i.e. 'governance', 'strategy', 'risk management', and 'indices and targets', assuming future engagement with investors.

*1 TCFD: The task force was set up by the Financial Stability Board (FSB) in response to a request by the G20 Finance Ministers and Central Bank Governors. TCFD published its recommendations in 2017.

Governance

Our system to promote Panasonic Environmental Sustainability Management is headed by board of directors, so that information on environmental sustainability management from all of the group companies are reported to the board of directors. Also, the progress and results of activities for the key environmental targets we promised to society to achieve under the Green Plan 2021, as well as Environment Vision 2050, are examined and determined on the directions, issues, and particularly key measures in the Group Strategy Meeting where Panasonic president, presidents of group companies, and senior managers participate. Matters of special importance are deliberated on by the Board of Directors Meeting. The Board discussed the current state of progress and issues in achieving our Environment Vision 2050 in the Meeting held in March 2021.

In fiscal 2017, the Environmental Compliance Administrators (ECA) Meeting (held twice a year) was set up. Senior managers in charge of environmental affairs and persons in charge of environmental affairs in Companies participated in the ECA meeting and make decisions speedily on corporate-wide environmental management. In addition, examples of past good practices, challenges in implementation, and approaches to mid-term to long-term targets that respective Company and Regional Headquarters have are shared and discussed at the Global Environmental Working Committee Meeting, held twice a year, which consists of managers and persons in charge of environmental affairs in Companies and Regional Headquarters, seeking to enhance the level of corporate-wide environmental sustainability management through the PDCA management cycle. 

Strategy

We analyzed their impacts on matters that are likely to affect climate change, based on our assessment of the risks and opportunities in our business operations. The results were used to develop a social scenario for the year 2030, focusing on matters with the greatest impact. We then used the scenario as the basis for examining strategies, and verified the business resilience in our strategy.

Risk Management

As a tool to continuously reduce environmental risks, Panasonic is working to establish Company-specific Environmental Risk Management Systems, in accordance with the basic risk management policy for all Companies. The management policy includes (1) identification of environmental risks and group-wide risk management each year, and (2) ensuring quick responses to reported environmental risks.
In addition, the Global & Group (referred to as G&G, hereinafter) Risk Management Committee examines and discusses those major risks that require taking up as corporate risks from a corporate-wide points of view. The G&G Risk Management Committee also monitors progress of the measures as a means to improve and strengthen Group-wide risk management. In fiscal 2021 we listed natural disasters (earthquakes, flood damages) as one of our major risks.

Metrics and Targets

We announced the Environment Vision 2050, placing "energy" on the axis, and set up the Green Plan 2021 towards realizing Environment Vision 2050 with short-term targets based on the amount of energy as metrics.
In addition to these energy indices, we also set the medium- and long-term targets for the reduction of Green House Gas (GHG) emissions. These targets were accredited as Science Based Targets (SBTs)*2 in October 2017. Environmental Action Plan "Green Plan 2021" for more details on indicators for energy.

*2 SBT: an abbreviation of Science Based Target. It is a target to reduce GHG emissions in consistent with scientific knowledge toward the goals to limit the increase of global temperature to less than 2°C above pre-industrial levels.

GHG emissions reduction targets (SBT accreditation)

Targets

Progress rate

Emissions from business activities (Scope 1 and 2)

Reduce by 30%
(compared to FY2014)

123%

Zero by 2050

37%

Emissions from use of our products (Scope 3)

Reduce by 30%
(compared to FY2014)

11%

In addition, in May, 2021, we announced a target to make our total GHG emission (Scope 1 and 2) net-zero by 2030 as a milestone towards making the Environmental Vision 2050 real