Support of TCFD Recommendations and Scenario Analysis
In July 2021, Maruha Nichiro Corporation expressed its support for the TCFD recommendations and joined the TCFD Consortium. In the same year, Maruha Nichiro was selected as a participating company in the “Climate Risk and Opportunity Scenario Analysis Support Project in line with the TCFD (Task Force on Climate-related Financial Disclosure) Recommendations” organized by the Ministry of the Environment, and conducted a scenario analysis of its aquaculture business.
In FY2023, we conducted a scenario analysis for other businesses in the value chain (fisheries, marine products trading, overseas, processed foods, and foodstuff distribution units) and disclosed climate-related financial information.
Governance
Maruha Nichiro Group's Sustainability Promotion Structure
The Maruha Nichiro Group established the Sustainability Committee in 2018 directly under the Management Committee in order to promote sustainability strategies. The committee is chaired by the Director and Managing Executive Officer, and consists of the President &CEO, Executive Officers who also serve as Directors of Maruha Nichiro Corporation, Directors in charge of related departments, and heads of related departments as committee members, and Outside Directors and Auditors as observers.
The Sustainability Committee meets quarterly to report on the progress of each materiality, including important issues such as “biodiversity and ecosystem conservation” and “addressing climate change issues.” Discussions held by the Sustainability Committee are reported to the Board of Directors at least four times a year through the Executive Officers' Committee.
Participation in Seafood Business for Ocean Stewardship (SeaBOS)
The SeaBOS (Seafood Business for Ocean Stewardship) is a global initiative that was launched in 2016 together with the world's eight largest seafood companies (currently 9 companies), and scientists who research the ocean, fishing, and sustainability through cooperation and strategy and activities based on scientific evidence to ensure sustainable seafood products production and a healthy ocean environment. We are actively contributing to meeting the United Nations Sustainable Development Goals (SDGs), in particular, Goal 14 to “Conserve and sustainably use the oceans, seas and marine resources for sustainable development.”
We are currently divided into the following five task forces to discuss solutions.
Maruha Nichiro Corporation is actively participating as a co-lead of Task Force V and as a member of Task Forces I, III, and VI. Maruha Nichiro has been involved since the launch of SeaBOS, and in September 2018, at the time of the organization's establishment, Shigeru Ito, then President of our company, was appointed as the first chairperson, serving in that role until October 2020.
Managing Risks and Impacts
In our group, we have established a system centered around the Legal Affairs & Risk Management Department, where risk management officers and personnel from various departments of Maruha Nichiro Corporation and group companies collaborate on risk management activities. While this analysis does not yet include the identification of nature-related risks and opportunities, future plans for identifying and assessing these risks and impacts will encompass all stages of the value chain, including upstream and downstream, in addition to our direct operations. This will cover all timeframes: short-term (0–5 years), medium-term (5–10 years), and long-term (10+ years).
In this anticipated process, the secretariat, as a subcommittee of the Sustainability Committee, will gather information and understand the situation in collaboration with planning officers from each unit, environmental officers and personnel from business divisions and group companies, as well as corporate departments to identify risks and opportunities. The Sustainability Promotion Committee will also discuss nature-related issues and evaluate the nature-related risks, impacts, and responses reported and recommended by the secretariat.
Strategy
The Maruha Nichiro Group operates across a wide value chain centered on marine products, from production and procurement to the dining table. Climate change impacts our business, affecting marine resources, raw material procurement, and potentially halting operations due to large-scale natural disasters.
In light of the transition to a decarbonized society, we conducted scenario analysis based on TCFD recommendations to understand the business risks that may arise from climate change. In FY2021, we focused on our aquaculture business, and in FY2023, we expanded our analysis to include other business areas within the value chain (Fishery, Marine Products Trading, Overseas Business, Processed Foods Business, and Foodstuff Distribution Units), examining the entire value chain under two scenarios: one where decarbonization efforts advance to limit warming to 1.5°C, and another where warming progresses to 4°C without significant mitigation measures.
* For details on the Maruha Nichiro Group's scenario analysis, please see below.
TCFD Scenario Analysis (PDF: 532 KB/ 13 page)
Indicators and Goals
The Maruha Nichiro Group has established “Action against climate change” as one of the materialities in its Medium-term management plan, “For the ocean, for life MNV2024.” The KGI (Vision for 2030) states that we aim to “Establish a leading position in the industry for decarbonization and action for climate change.” One of the KPIs is to measure CO₂ emissions, with the goal of reducing them by over 30% compared to the FY2017 by 2030 and achieving carbon neutrality by 2050.
To achieve these goals, we have divided the period leading up to 2030 into three phases, setting more detailed targets. In Phase 1 (2022–2024), we aim for a 10% reduction in CO₂ emissions; in Phase 2 (2025–2027), the target is a 20% reduction; and in Phase 3 (2028–2030), we aim for a reduction of over 30%. Ultimately, we strive to achieve carbon neutrality by the end of FY2050, advancing various initiatives to reach this goal.
