It is important that many stakeholders work collaboratively to address the challenges of climate change and biodiversity. As the actions are being discussed in numerous initiatives both in Japan and the world, we are making an effort to show leadership in such initiatives.
Here we introduce some of our major activities. We also review the initiatives in which we participate in light of trends in the global community, such as alignment with the Paris Agreement.
Leadership for Climate Change and Biodiversity
Participation in the World Business Council for Sustainable Development (WBCSD)
The Sompo Group has been a member of WBCSD, a global organization comprising more than 200 leading companies committed to sustainable development since its founding in 1995, and has contributed to numerous projects, including the “Redefining Value” and “Vision 2050.”
Participation in CDP
The CDP is an initiative to promote corporate environmental disclosure at the request of institutional investors around the world. Sompo Japan Insurance Inc. (Sompo Holdings, Inc.) has been a member since 2005 as an institutional investor. Sompo Holdings has been selected for the CDP Climate A List—the highest rating—a total of eight times as a responding company.
Contributing to the development and dissemination of the TCFD and TNFD framework
Following the Task Force on Climate-related Financial Disclosures (TCFD) recommendations report, our Group declared its support for the TCFD and participated in the TCFD Insurance Working Group of the United Nations Environment Programme Finance Initiative(UNEP FI).
In addition, in preparation for the Task Force on Nature-related Financial Disclosures (TNFD) recommendations report in September 2023, Sompo Japan Insurance and Sompo Risk Management participated in the TNFD Forum and took part in the pilot test of the UNEP FI TNFD framework. Furthermore, we have also registered as a TNFD Early Adopter, which indicates our intention to disclose in a manner consistent with the TNFD by fiscal year 2025.
Through these efforts, we are striving to contribute to the development of TCFD and TNFD disclosure in the insurance industry.
Participation in Japan Climate Initiative (JCI)
In July 2018, the Japan Climate Initiative was established to enhance information dissemination and the exchange of opinions among corporations, local governments, and civil society organizations actively taking measures to combat climate change. We endorse the purpose of this initiative and are participating as a founding member.
Participation in Caring for Climate
“Caring for Climate” is an initiative established by the United Nations Global Compact (UNGC), the United Nations Environment Programme (UNEP), and the United Nations Framework Convention on Climate Change (UNFCCC) to advance the role of business in addressing climate change. Masao Seki, Advisor of Sompo Japan Insurance Inc., was a member of the steering committee.
Participation in Keidanren Initiative for Biodiversity Conservation
Sompo Japan Insurance Inc. is part of the Keidanren Initiative for Biodiversity Conservation — an initiative comprised of companies that are addressing, and agree with the purpose of, multiple items in the Keidanren Declaration for Biodiversity and Guideline. Sompo Japan Insurance Inc. has been a member of the initiative since 2009, when it started as "The Declaration of Biodiversity by Keidanren Promotion Partners."
The Chair of Keidanren Nature Conservation Council is Keiji Nishizawa, Executive Advisor of Sompo Japan Insurance Inc. is currently spearheading the business community’s initiatives on biodiversity and efforts aimed at achieving a nature-positive economy.
Participation in 30by30 Alliance for Biodiversity
As a company that is promoting the registration of OECMs in an effort to achieve the 30by30 global target of effectively conserving at least 30% of land and sea areas as healthy ecosystems by 2030, since 2022 Sompo Japan Insurance Inc. has participated in the 30by30 Alliance for Biodiversity, a platform set up by Japan’s Ministry of the Environment.
We are implementing a project geared towards achieving the 30by30 target by supporting applications for, and promoting the registration of, OECMs in areas owned and managed not only by the Sompo Group, but also by other corporations and local governments.
