Today, in a world that is continually changing with varied elements entangled in a complex manner, we are witnessing rapid shifts in megatrends that potentially affect the business activities of Mitsui & Co. With the future becoming increasingly unpredictable, including the impact of COVID-19 pandemic on global economy and society, it is more vital than ever before, as a company engaged in business on a global scale, to enable ourselves to adapt flexibly to external change, and to strive toward achieving social and corporate sustainability.
In consideration of such change in environment, Mitsui & Co. has revised its Mission, Vision, Values ("MVV"). While retaining the core spirit of our existing corporate philosophy adopted in 2004, the new MVV provides new definitions of the corporate mission and vision that Mitsui & Co. needs to fulfill through its global group management in this new environment. "Build brighter futures, everywhere" as our corporate mission, we will create and grow businesses with our shared value, "Challenge and Innovation," while addressing material issues for sustainable development, in order to realize a better tomorrow for the earth and people around the world.
We identified Materiality (material management issues) that reflect international frameworks, such as the Sustainable Development Goals (SDGs) adopted by the United Nations for the year 2030, and the perspectives of a broad spectrum of stakeholders, as well as the impact on business corporations. The identified Materiality is namely, "Secure sustainable supply of essential products", "Enhance quality of life", "Create an eco-friendly society", "Develop talent leading to value creation" and "Build an organization with integrity". These constitute the basis for conducting all of our business activities and we will strengthen our sustainability management which aims to achieve sustainable development of both society and the company.
The main theme for our Medium-term Management Plan 2023, which begins in the current fiscal year, is "Transform and Grow." The three-year plan is dedicated to the achievement of further growth through transformation of some of our structures and systems, and of our traditional behavior patterns and mindsets. As for climate change, we have set a new goal which is to achieve net-zero emissions by 2050, and as a milestone for such goal, to reduce GHG impact by 2030 to half of what it is in 2020. As one of the measures to realize such goal, we established the Energy Solutions Business Unit in April 2020 to accelerate its efforts to tackle climate change through its business operations, especially in the areas of next-generation electric power, new energy (hydrogen, biofuels, etc.), and next-generation mobility infrastructure.
People are the foundation of Mitsui & Co.'s sustainability management. The entire Mitsui & Co. global group has a shared awareness of the importance of integrity. As stated in the Mitsui & Co. Group Conduct Guidelines — "With Integrity", going beyond simply following the established rules, we must act with conscience and dignity as business people, and we must think about our own words and actions from the perspective of integrity.
The first president of the former Mitsui & Co.*, Takashi Masuda, said "Let not short term gains tempt your mind, seek only enduring prosperity by embracing grand aspirations." We will continue to value such approach to business and a fundamental philosophy that form the unchanging basis of Mitsui & Co.'s values in relation to social and corporate sustainability. We will respond with integrity to the trust and expectations of its stakeholders and will work through its diverse business activities to contribute both to sustainable economic and social development on a global scale, and to the solving of global issues, such as climate change.
Senior Executive Managing Officer,
Chief Strategy Officer (CSO),
Chairperson of the Sustainability Committee
* Legally speaking, there has been no continuation between the former Mitsui & Co. and the current Mitsui & Co.