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SUSTAINABILITY MANAGEMENT

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.

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Mitsubishi Estate's GHG Reduction Targets Approved by Science Based Targets Initiative

Mitsubishi Estate's group-wide medium- to long-term greenhouse gas emissions reduction targets, which the Group formulated in order to help realize a society of zero carbon emissions, were approved by the Science Based Targets initiative in April 2019 as consistent with scientific knowledge related to achieving the 2℃ target under the Paris Agreement.

Targets

MITSUBISHI ESTATE CO., LTD. commits to reduce absolute scope1+2+3 GHG emissions 35% by 2030 and 87% by 2050 from a 2017 base-year.

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Participating in RE100

On January 31, 2020, Mitsubishi Estate joined RE100, a global corporate leadership initiative bringing together businesses committed to 100% renewable electricity. The Group builds on this affiliation to enhance its sustainable urban development efforts utilizing renewable energy with a target of 100% renewable electricity use by 2050.

  • 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.

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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.

Information Disclosure Based on TCFD Recommendations

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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 participates as a member of the planning committee for the Real Estate Working Group of the PRI Japan Network as well as submitting the Transparency Report 2019, an annual report under PRI, which received the following ratings.

Module Score
Strategy & Governance A+
Property A
  • The rating system uses a 6-rank scale (A+, A, B, C, D, E)

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.

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