I am Shunichi Kito, Representative Director President and Chief Executive Officer of Idemitsu.
Last May, we announced the Revision of the Medium-term Management Plan.
While we hammered out our first Medium-term Management Plan as a new integrated company in November 2019, we were met with a drastic drop in demand in petroleum, our flagship business, due to the COVID-19 pandemic. Amid the international community’s orientation toward “green recovery” from the coronavirus pandemic, the 2050 Carbon Neutral Declaration October 2020 in Japan is also expected to further accelerate decarbonization. This revision was based on the recognition that Idemitsu, founded on the fossil fuel business, needs to re-establish its medium-to-long term strategies while speeding up the necessary efforts and measures in order to become a highly resilient company that can weather environmental changes and remain sustainable.
In the revision, Idemitsu announced its corporate vision for 2030 to become “Your Reliable Partner for Brighter Future.” We have identified three responsibilities: the responsibility to protect the environment and lifestyles, the responsibility to support regional communities, and the responsibility to provide for society with technological capabilities. We aim to fulfill these responsibilities through our business activities involving energy/material transition to a carbon neutral/circulatory society, next generation mobility & community for an aging society, and new materials to make it possible to overcome such challenges.
Carbon neutrality will, in particular, be a great challenge for Idemitsu, with fossil fuel as its core operation, but we also consider this to be an opportunity to contribute to society by taking advantage of our technologies, findings, and infrastructure that we have cultivated over long years of experience with hydrocarbons. Idemitsu aims for net zero carbon emissions from our business operations by 2050 and contribute to our customers’ efforts to reduce carbon emissions through providing energy and materials that bolster the realization of a carbon neutral, recycling-oriented society.
Together with the revision of the Medium-term Management Plan we codified our Management Philosophy as “Truly inspired.” This philosophy is followed by the statement below:
How often do we consider the countries and communities we touch, and how much empathy do we have for the people living there?
Are we contemplating what’s best for them and then doing our utmost to act in their interests?
Each day, we must reflect on our actions; we must strive to do better not only for ourselves, but also for others.
When we come together and our efforts are united, we make the impossible possible.
With integrity, solidarity, and determination, we will overcome any challenge we face.
Since our foundation about 110 years ago, we have worked toward the objective of contributing to society through our business. Now is the time that each and every employee must bear in mind this philosophy and be truly inspired to work toward realizing a better future for the earth and society alongside all our stakeholders.