Alignment with multiple UN SDGs NOF Group materiality issues mapped to SDGs including 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17.
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New Corporate Philosophy and Guiding Framework, business unit reorganisation In April 2023, the NOF Group shifted to a new Corporate Philosophy and Guiding Framework. Business units reorganised; Oleo & Specialty Chemicals and Functional Chemicals & Polymers divisions merged into Functional Materials business.
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Diversity & inclusion targets to 2030 Targets include: ratio of female management-level employees over 3-fold by 2030 vs 2021; 3% or more employees with disabilities by 2030; 100% male childcare leave by 2030; pay gap ratio 75% or more by 2030.
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RSPO-certified oil purchase ratio doubled The purchase ratio of RSPO-certified oil in fiscal 2023 was about 13%, about double that of fiscal 2022.
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Forest maintenance for carbon absorption (Nippon Koki) Nippon Koki Co., Ltd. owns approximately 149 hectares of forest in Fukushima Prefecture and has been certified under the Fukushima Prefecture Carbon Dioxide Absorption by Forest Maintenance Activities Certification System as having absorbed 282 tons of CO2 (2012-2013). NOF METAL COATINGS ASIA PACIFIC supports forest maintenance on about 10 hectares under the Kanagawa Forest Restoration 50-Year Project, with forests absorbing about 247 tons of CO2 over five years.
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Primary: Process electrification and CFC regulatory control Promoting electrification of vacuum generators that previously utilized steam. Introducing equipment using natural refrigerants to address regulatory control of CFCs. Investments in energy conservation and efficiency improvement of manufacturing facilities to reduce CO2 emissions.
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Dependent: Sustainable raw materials and biomass procurement Promoting initiatives for a sustainable society including production of raw materials for chemicals made from biomass. Switching from petrochemical-based raw materials to plant-based raw materials, utilization of biomass chemicals, and carbon recycling (solvent recycling). RSPO-certified oil purchase ratio reached ~13% in fiscal 2023, double the previous year.
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Net zero / carbon neutrality target 2050 NOF Group aims to become carbon neutral in 2050 through phased approach: Phase 1 energy conservation, Phase 2 conversion to renewable energy, Phase 3 new processes and technologies.
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TNFD LEAP approach analysis adopted Since FY2023, the NOF Group has been conducting analysis in accordance with the LEAP approach required by the Task Force on Nature-related Financial Disclosure (TNFD) to identify and assess risks and opportunities related to biodiversity.
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Scope 3 expanded to consolidated Group including overseas affiliates From fiscal 2023, the scope of Scope 3 is calculated as a consolidated Group that includes major overseas affiliate companies (Categories 1, 2, 3, and 6).
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