We deeply appreciate the constant patronage and support extended to us by all our customers, shareholders, and other stakeholders. Please accept our heartfelt gratitude.
Despite the enormous challenges that the coronavirus pandemic has posed to our operations over the past year, we, the Tokyo Gas Group, have worked hard to overcome them under our principle of "We must never stop supplying energy." Although the pandemic will continue to impact what we do for the foreseeable future, we will make it our top priority to ensure the stability and safety of our supply of energy, and do all that we can to provide our customers with safety and peace of mind.
In November 2019, we set forth the Tokyo Gas Group management vision "Compass 2030" as a compass for the direction we should take in this era of rapid changes to our business environment, including changes such as decarbonization, digitalization, diversification of customer, and deregulation in the energy market. This vision lays out our commitment to being a corporate group that leads in next-generation energy systems and continuously creates value for customers, business partners, and society as a whole, all through our efforts to tackle the three challenges outlined in Compass 2030: 1) Leadership in the effort to achieve Net-Zero CO2, 2) Establishment of a value co-creation ecosystem, and 3) Transformation of the LNG value chain.
In particular, the shift toward decarbonization has been further accelerated by the green recovery movement for environmentally sound economic recovery from the pandemic. In October 2020, the Japanese government declared its goal of reducing the country's net carbon emissions to zero by 2050. For our part, we will further reinforce our management vision and take action to lead this paradigm shift.
To do so, we will more deeply implant ESG-driven management across our group and firmly advance the following actions.
- We will contribute to the reduction of carbon emissions on a global scale by expanding our use of renewable power sources and making effective use of natural gas as a resource that plays a vital role in the transition to a decarbonized society.
- We will advance the development and commercialization of technologies for hydrogen and CO2 management (carbon capture, utilization, and storage) as a path toward the future realization of a decarbonized society.
- In addition to our longstanding provision of value to people's lives and society through the stable supply of energy, we will further contribute to communities through our offering of diverse services and solutions, including decentralized energy systems.
- We will also strive for a reputation as a company that people can count on for help with problems in their everyday lives. We will do this by expanding our range of solutions for responding to diverse urban living challenges, such as the declining birthrate, population aging, and the growing number of single-person households, and by further increasing the value of our "last mile" services that, despite the advancement of digitalization, can be carried out only by humans.
- We will pursue management-driven reforms as we transition from being a company with a board of auditors to a company with a nominating committee, etc. and aspire toward industry-leading governance reforms.
- Leveraging the opportunity presented by the legal separation of our pipeline division in 2022, we will transition to a holding-company system and thus aim toward a structure that enables subsidiaries and internal companies to grow autonomously in ways that maximize our value as a group.
Our greatest strength comes from our brand values of Safety, Peace of Mind, and Reliability, which we have cultivated with our customers and other stakeholders throughout our 135-year history. Going forward, we will continue to preserve these brand values not only by guaranteeing safety and stable supply, but also by remaining mindful of our compliance responsibilities and sincerely engaging with our customers. We ask that you please grant us your continued understanding and support.
The Tokyo Gas Group, guided by its vision of "Providing energy and solutions to the future of our life, society and the earth," will strive together with you, our cherished stakeholders, to blaze a path to the future.