Sompo Holdings

Sompo Holdings, a Japan-based company in the insurance and pension funding services industry, reported total carbon emissions of about 1.64 billion kg CO2e in 2023. This total comprises Scope 1 emissions of 39.3 million kg CO2e, Scope 2 emissions (market-based) of 116.6 million kg CO2e, and Scope 3 emissions of 1.73 billion kg CO2e, primarily driven by investments.

Looking back, their total emissions were about 308.7 million kg CO2e in 2022, 309.2 million kg CO2e in 2021, and 345.2 million kg CO2e in 2020. Historical data indicates a total of 384.5 million kg CO2e in 2019, 412.8 million kg CO2e in 2017, and 147.4 million kg CO2e in 2016.

Sompo Holdings has established several climate commitments. The company adopted the "Sompo Climate Action Plan" in May 2021, setting a long-term goal to achieve net-zero GHG emissions across all scopes, including investments and insurance underwriting, by FY 2050.

For near-term targets, Sompo Holdings aims to reduce Scope 1 emissions by 60% by 2030 compared to 2017 levels, and by 25% by 2025 compared to 2019 levels. Additionally, they target a 30% reduction in Scope 1 emissions from 2020 levels by 2030. For Scope 2 emissions, the company is committed to a 25% reduction by 2025 compared to 2019 levels, and a 60% reduction by 2030 compared to 2017 levels. They also aim for a 25% reduction in Scope 2 emissions from 2020 levels by 2030. The company also states a broader goal to reduce its own GHG emissions (Scopes 1, 2, and 3, excluding insurance underwriting, investments, and loans) by 60% by 2030 compared to 2017 levels. Long-term net-zero targets for Scope 1, Scope 2, and Scope 3 emissions are set for 2050.

Sompo Holdings is a financial institution that has committed to the Science Based Targets initiative (SBTi), with targets to be submitted by July 31, 2023, and has received an extension under the FINZ extension policy. However, their near-term commitment status with SBTi is currently listed as "Commitment removed."