News Release
JFE Holdings, Inc.
JFE Raises 2030 CO2 Emissions-reduction Target to 30% or more above FY2013
JFE Holdings announced today that it has raised its fiscal 2030 CO2-reduction target to a 30% or more above the JFE group’s fiscal 2013 level, up from a previous target of 20%. The more aggressive target reflects factors including the ongoing advancement of carbon-neutrality initiatives within the steel business and continued improvement in external conditions for pursuing carbon neutrality. JFE, which positions climate-change countermeasures as one of its top priorities, believes that, together with sustainable growth, the implementation of such initiatives contribute to the company’s value.
In September of 2020, a year that JFE viewed as a turning point in the climate-change movement, the company announced ahead of other Japanese steelmakers that it would reduce its steel-business CO2 emissions by a 20% or more as of fiscal 2030 relative to its fiscal 2013 level. Thereafter, in May 2021, the company formulated the JFE Group Environmental Vision for 2050, which includes reducing its steel-business CO2 emissions by 18% as of fiscal 2024. The Vision also includes the goal of a carbon-neutral steel business by 2050.
JFE Steel has established an efficient framework to accelerate the company’s transition to carbon neutrality, setting up both specialized organizations for elemental technology development and the Carbon Neutral Advancement Committee. The company has also continued to expand its application of existing impact-reduction technologies as well as add new measures for CO2 reduction. In addition, the company is investigating its introduction of electric arc furnaces and other new processes that may become more feasible as a result of R&D that is expected to be accelerated under the Green Innovation Fund, which was adopted for Japan’s steel sector by the New Energy and Industrial Technology Development Organization (NEDO) in December 2021.
Meanwhile, steady progress is being realized externally to facilitate carbon-neutrality initiatives. The Japanese Cabinet’s approval of the country’s Sixth Strategic Energy Plan in October 2021, for example, is expected to improve factors for purchasing energy emissions.
Regarding the goal to become carbon-neutral by 2050, JFE expects to provide updates concerning its progress with R&D and related capital investments going forward.
JFE is also contributing to CO2 reduction across society through its engineering business, particularly by facilitating the expanded adoption of renewable energy generation. The engineering business aims for such endeavors to contribute 12 million tons of CO2 reduction in society by fiscal 2024 and 25 million tons by fiscal 2030. Under a dual-pronged approach of pursuing reductions both internally and externally, JFE intends to serve as a driving force behind continued efforts to address climate change, ultimately to help realize a more sustainable world.
JFE’s Internal and External CO2 Emission Reductions
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