SDGs in Business Management: SOMPO Climate Action

With the adoption of the SDGs conclusion of the Paris Agreement in 2015, companies are increasingly expected to take concrete action to combat climate change. With this in mind, we have positioned “SDGs in business management” as part of our management foundation. We will also accelerate our “SOMPO Climate Action” program, which calls for us to “adapt to climate change,” “mitigate climate change,” and “contribute to societal transformation.”

Since the 1990s, the Group has been tackling global environmental issues in collaboration with a wide range of stakeholders. Through partnerships with stakeholders built up over many years, we will promote initiatives that emphasize environmental, economic, and social sustainability. Our aim is to realize a resilient, carbon-neutral society where people and nature are in harmony.

In 1992, SOMPO’s president at the time participated in the Rio Summit as the chairman of the Keidanren Committee on Nature Conservation. In the same year, we established the Department of Global Environment—the first for a Japanese financial institution—and have since been working on global environmental issues in collaboration with NPOs and other organizations. In 1997, we obtained ISO 14001 certification for environmental management systems (another first for a Japanese financial institution), and been working to “adapt to” and “mitigate” climate change.

We are also contributing to “societal transformation” by participating in sustainability promotion and rule-making organizations. Recently, we have been working hard to promote climate-related information disclosure in the insurance industry, including by developing methods for analyzing climate risks. For example, we joined the insurance pilot working group of the Task Force on Climate-related Financial Disclosures (TCFD), promoted by the United Nations Environment Programme Finance Initiative. We are also committed to the Science Based Targets (SBT) initiative, which aims to achieve the 1.5°C target of the Paris Agreement, and since September 2018 we have been the only domestic insurance group to participate in the Expert Advisory Group for the development of SBT guidelines for financial institutions. In December 2020, meanwhile, we joined the Business for Nature Strategic Advisory Group, which consolidates the opinions of industry and makes policy proposals to address the growing sense of crisis about biodiversity.

Through the SOMPO Climate Action initiative, we will help realize a resilient, inclusive, and sustainable society.