Hitachi Sets New Target to Contribute to a Net Zero Society

Hitachi (TSE: 6501) has underlined its commitment to address climate change by strengthening its own climate target to contribute to a Net Zero society by achieving carbon neutrality through its entire value chain including production, procurement and the use of products and services by FY2050. This bolsters the existing commitment of reaching carbon neutrality at all its factories and offices globally by FY2030.

This new target revises Hitachi's previous target of 80% reduction by FY2050 which was set in 2016. Hitachi will contribute to the reduction of its customer's CO2 emissions and continue to reduce environmental impact from the design stage in all its products to help develop world-class energy efficiency. Hitachi is also committed to working with partners in its supply chain, through its sustainable procurement guideline, issued in July 2021.

In addition, Hitachi announced it will spend YEN1.5 trillion (almost EUR10 billion) over a three- year period on R&D technologies to foster digital innovation. This will include research and development of high-efficiency products, energy management systems and hydrogen- related technologies to help unlock digital innovation to achieve a decarbonized society. Hitachi is a principal partner of COP26 and is committed to becoming a climate change innovator, helping governments, cities and companies cut their greenhouse gas emissions. Hitachi aims to contribute to a Net Zero society through these activities.

Alistair Dormer, Chief Environmental Officer of Hitachi, Ltd., said: "We already had science-based carbon emission targets but these new targets underline our commitment to pass on a prosperous planet to future generations. Digital technology has a key role to play in helping society reach Net Zero and today's announcement is another sign of Hitachi's commitment. As a Principal Partner of COP26 and a social, purposeful business, we need to do much more than put our own house in order. Green technology in a digital world is a real engine for growth and it's an exciting time to help cities, governments and companies cut carbon whilst accelerating our own potential as a climate change innovator.

At the end of 2020, Hitachi joined the UN's Race to Zero campaign through the Business Ambition for 1.5degC, committing to aligning its business with the most ambitious aim of the Paris Agreement - to limit global temperature rise to 1.5degC above preindustrial levels. Hitachi has taken a socially responsible approach to business since its establishment in 1910 and seeks to do business in a way that prioritizes environment, resilience and safety & security. Hitachi's Environmental Vision states 'we will resolve environmental issues and achieve both a higher quality of life and a sustainable society in collaborative creation with stakeholders.'