Climate Policy Engagement Analysis
Climate Policy Engagement Overview: Mitsubishi Corporation appears to have mixed engagement on climate and energy policy in Japan. It communicates broadly positive top-line positions on climate change. However, at a more detailed level, it appears to have mixed positions on several policy issues. It has stated support for carbon levy and emissions trading with a premise of ensured fairness of the burden, while also strongly supporting the role of unabated LNG and nuclear in energy transition. In addition, Mitsubishi Corporation retains membership to a number of industry associations that have been negative on climate policies.
Top-line Messaging on Climate Policy: Mitsubishi Corporation appears to have broadly positive top-line messaging on climate change. In Mitsubishi Corporation’s Roadmap to a Carbon Neutral Society announced in October 2021, the Company stated support for the ‘Paris-aligned target of net zero by 2050’. Since then, InfluenceMap was not able to find its statement on carbon neutrality.
Engagement with Climate-related Regulations: Mitsubishi Corporation appears to have limited recent engagement with climate-related regulations. At GX (green transformation) Executive Committee in November 2022, Mitsubishi Corporation supported carbon levy and emissions trading with a premise of ensured fairness of the burden.
Positioning on Energy Transition: Mitsubishi Corporation appears to have negative position on the energy transition. Mitsubishi corporation constantly presents in two committees related to energy policy in Japan. One is the GX (green transformation) executive committee hosted by the Cabinet Secretariat and other is Resources and Fuel committee hosted by METI (Ministry of Economy, Trade and Industry). One is the GX executive committee hosted by the Cabinet Secretariat. In the 8th committee in November 2023, the entity supported decarbonization of hard-to-abate industries while utilizing renewable energy and nuclear. Mitsubishi Corporation also constantly communicates the need for government intervention to support a transition towards renewables, in August 2023 and December 2023. The company also supports expanded role for zero-emission, green hydrogen, though without stating the need to fully decarbonize the production and its intended use in November 2023.
At a Resources and Fuels committee, in February 2023, May 2023 and June 2023, Mitsubishi Corporation continued to appear to support a new long-term contract that will lock in unabated LNG. in February 2023, it emphasized the importance of nuclear and LNG in the energy mix, as they are cost effective.
At a Energy Efficiency committee hosted by METI in March 2022, while presenting that Mitsubishi Corporation aims for “true success” in the offshore wind business, the entity appeared to support ammonia blending in coal-fired power and supported the role of unabated LNG in the energy transition in Asia.
Industry Association Governance: Mitsubishi Corporation has not disclosed a full list of industry association membership in its corporate reporting, neither has it published a review of its alignment with industry associations on climate policy. In its 2023 CDP submission, Mitsubishi Corporation disclosed membership to only one industry association along with the associations’ climate position and the company’s role in influencing their policy position. The company also disclosed position on and engagement with legislative issues including expansion of renewable energy and ESG information disclosure, but without mentioning specific legislative pieces or the outcomes sought. Mitsubishi Corporation remains a member of an industry associations engaged in negative climate policy lobbying, including Australian Petroleum Production & Exploration Association, Japan Business Federation (Keidanren), and Queensland Resources Council.