Global Environment Protection
To support healthy lifestyles, we have constantly carried out various activities in consideration of the impact of our business activities on the global environment. We will continue to actively engage in such activities while keeping abreast of the times.
Sumisei Environmental Policy
Sumitomo Life believes that maintaining and preserving the global environment is indispensable for our goal of realizing “a society of affluence, vitality, health and longevity.”
In keeping with the public nature of our business and our responsibilities to society, the Sustainability Management Policy stipulates that “We contribute to the realization of a sustainable society through efforts to solve social and environmental issues.” We will observe the following principles in our daily activities and carry out actions to steadily and sustainably protect the global environment.
- We shall fully recognize the importance of protecting the global environment and the environmental impact of our business activities, and promote global environmental protection and conservation of biodiversity through our business activities.
- Aiming to “the realization of a sustainable society”, we contribute to realization of a carbon-neutral society by facilitating the transition to a decarbonized society through initiatives as life insurance company and institutional investor.
- We shall pursue energy and resource conservation, introduction of electricity derived from renewable energy sources, waste recycling, and green purchasing for consumables, fixtures and equipment in offices.
- We shall raise the environmental awareness of each officer and employee of the Company, support their activities to protect the global environment, and actively contribute to society on the environmental front.
Addressing Climate Change
Adoption of TCFD recommendations
Sumitomo Life aims to achieve net zero GHG emissions by 2050, and has accordingly set the following reduction targets to be achieved by 2030. In March 2019, Sumitomo Life has announced its endorsement of the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) established by Financial Stability Board (FSB). We will redouble our initiatives thus far related to climate change while also enhancing our disclosure taking into account the TCFD recommendations. We disclosed information based on TCFD recommendations in Sustainability Report.GHG Emissions Reduction targets and Performance
Sumitomo Life aims to achieve net zero GHG emissions by 2050, and has also set an interim reduction target for 2030.In order to contribute to the realization of a carbon-neutral society, in March 2023, the Sumitomo Life decided to aim for net-zero GHG emissions from Sumitomo Life Insurance Group by 2050, and set a Group reduction target for 2030 and revised Sumitomo Life’s reduction targets.
Sumitomo Life Group (*1)
| Category | 2030 Target | 2050 Target |
| Scope 1 + 2 + 3 (*2) | -50% (compared with FY2019) | Net zero |
*1 Scope of coverage is Sumitomo Life Insurance and its consolidated subsidiaries.
*2 Scope 1, 2, and 3 are concepts in the GHG emissions accounting and reporting standards for businesses stipulated by the GHG Protocol and refer to the following.
• Scope 1: Direct emissions from fuel use at Sumitomo Life Group
• Scope 2: Indirect emissions from use of electricity and heat purchased by Sumitomo Life Group
• Scope 3: Indirect emissions from business activities other than those in Scope 1 and 2
For Scope 3, the categories that can be reduced through proactive efforts by Sumitomo Life Group and our employees are covered.
The target categories are 1, 3, 4, 5, 6, 7, and 12.
Sumitomo Life (Non-Consolidated)
| Category | 2030 Target | 2050 Target |
| Asset Portfolio (*3) | -50% (compared with FY2019) | Net zero |
*3 For the 2050 target, this encompasses all assets excluding government bonds, etc. For the 2030 target, this encompasses domestic and overseas listed stocks, corporate bonds, loans, real estate for investment and infrastructure investment. The target Scope shall be Scope 1 and 2 of the investees. The reduction indicator expresses “GHG emissions proportional to the amount of balance held in the portfolio, in order to assess emissions excluding effects of asset size. It is measured by dividing the GHG emissions from the asset portfolio by the amount of balance held (intensity).
GHG Emissions Performance
Sumitomo Life Group
（Unit : t-CO2e）
| Scope/Category | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | |
|---|---|---|---|---|---|---|
| Total (1 − 2) | 153,171 |
136,814 |
141,983 |
136,370 |
115,398 |
|
| Emissions (1) | 153,171 |
136,814 |
141,983 |
136,370 |
122,486 |
|
| Scope1 Gas consumption | 29,727 |
26,323 |
26,422 |
26,099 |
22,505 |
|
| Scope2 Electricity consumption | 38,795 |
30,514 |
30,432 |
28,687 |
18,756 |
|
| Scope3 Other indirect GHG emissions | 84,649 |
79,978 |
85,129 |
81,584 |
81,225 |
|
| Category1 Purchased goods and services | 38,046 |
35,745 |
41,443 |
35,807 |
37,989 |
|
| Category3 Fuel- and energy-related activities | 6,337 |
5,278 |
5,132 |
4,838 |
4,677 |
|
| Category4 Upstream transportation and distribution | 1,367 |
1,317 |
1,650 |
1,519 |
1,686 |
|
| Category5 Waste generated in operations | 2,022 |
1,689 |
1,981 |
2,275 |
1,184 |
|
| Category6 Business travel | 5,906 |
4,259 |
3,049 |
6,757 |
7,589 |
|
| Category7 Employee commuting | 30,605 |
31,419 |
31,505 |
30,140 |
27,633 |
|
| Category12 End-of-life-treatment sold products | 365 |
270 |
369 |
249 |
466 |
|
| Offsets (2) | - |
- |
- |
- |
7,088 |
|
*Emission factors are based on energy-specific emission factors and utility-specific emission factors (adjusted emission factors) published in accordance with the Law Concerning the Promotion of the Measures to Cope with Global Warming.
Sumitomo Life (Non-Consolidated)
| Scope/Category | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | |
|---|---|---|---|---|---|---|
| Asset Portfolio | Intensity (t-CO2e/million yen) |
1.22 |
0.92 |
0.82 |
0.81 |
－ |
(reference)
| Scope/Category | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | |
|---|---|---|---|---|---|---|
| Asset Portfolio | Total emissions (million t-CO2e) |
8.7 |
8.0 |
7.9 |
7.3 |
－ |
External Evaluation of GHG Emissions Data
In order to enhance the reliability of GHG emissions of Sumitomo Life performance date, we have received third-party assurance review.
Initiatives as a life insurer
Energy and resource conservation
Each department takes the initiative in reducing paper and electricity consumption in its business activities, which has a large environmental impact. In addition, we began digitalizing new policy application in 2019 and commenced online application for new policies in 2021. These efforts are expected to further reduce paper consumption.
Environment-friendly print materials
We use environment-friendly print materials for calendars and product pamphlets we provide to our customers, and for in-house training materials. We also put our unique eco symbol on such print materials, raising environmental awareness of our employees as part of company-wide efforts.
Environment-friendly property management
We make efforts to save energy by installing energy-saving equipment and carefully setting the temperature of air conditioners at approximately 100 tenanted buildings owned by the Company across Japan.
Initiatives as an institutional investor
We have been promoting responsible investment (ESG investment and stewardship activities) with the aim of realizing a sustainable society while also improving our medium- to long-term investment returns. In particular, we have been promoting initiatives to reduce the GHG emissions of our investees including dialogue on environmental issues and investments that contribute to decarbonization. We are also a signatory to the “Climate Action 100+” and “CDP” international initiatives in order to motivate our portfolio companies in collaboration with other investors. We will continue to promote ESG integration, dialogue (engagement) with our portfolio companies, thematic investment including environment-related financing, thereby further augmenting our responsible investment efforts.
Please see the following page for specific initiatives.
- Asset Management
Support for the Environment and Social Contribution Activities
Addressing the marine plastic issue
We abolished the use of plastic straws and switched to paper straws at our Head Office and Tokyo Head Office in October 2019. In addition, the stores at our Head Office and Tokyo Head Office stopped giving out plastic shopping bags in July 2020 to encourage the use of reusable shopping bags.
In support of the Ministry of the Environment’s Plastics Smart Campaign, we also engage in efforts to reduce disposable plastics and in beach and river cleanup activities.