Responses to TCFD recommendations, 2023

Basic approach to climate change responses

The Nikkei (hereafter: Nikkei) has given high priority and positioned its responses to climate change as an important and management issue for the protection of the global environment. As part of its corporate social responsibility, Nikkei is striving to reduce the environmental impact of all its business activities and to provide relevant information by making the most of its media characteristics.
The Nikkei Group as a whole promotes the use of electricity derived from renewable energy sources at all of its sites. In addition, Nikkei will fulfil its responsibilities as a media outlet by providing extensive coverage of domestic and international decarbonization initiatives and the latest trends in technological innovation. Regarding its own initiatives, Nikkei will promote conservation of newspaper materials and appropriately use paper and electricity. In addition, it will strengthen its business continuity plan (BCP), which includes work on supply-chain issues in times of natural disaster.
With regard to climate-change-related information disclosure, we will endorse the TCFD recommendations of July 2022 and promote information disclosure in line with the recommendations as a sustainable initiative. The content of Nikkei's disclosures, including environmental information, is also available on our website.


Climate change initiatives are discussed by the Sustainability Committee (Chairman: President Tsuyoshi Hasebe), which was established in September 2022. They are then approved by the Group Management Committee, in which executives discuss management policy. The details approved by the Group Management Committee are reported to the Board of Directors twice a year on a regular basis and are subject to supervision by the same.
The Board of Directors will appoint an officer in charge of climate change issues and will take such issues in general into account when reviewing management plans and other matters and when making investment decisions.
In achieving emission reduction targets, each business unit works to reduce emissions, the Sustainability Committee monitors progress.

The Board of Directors/the Group Management Meeting


Nikkei conducted a scenario analysis based on the risks and opportunities posed by climate change exemplified in the TCFD recommendations. For several scenarios, including a case with a temperature increase of "less than 2°C," we chose the "1.5°C scenario1," which assumes a transition to a low-carbon society, and the "4°C scenario2," which requires the assumption that the physical risks of climate change will occur. Changes in the medium- and long-term (i.e., 2030 and 2050) business environment were identified, as were change risks and opportunities of the scenarios that were analyzed. We confirmed that resilient management would be possible in both scenarios.

▼ 1.5°C scenario1
This is a scenario that limits the temperature increase from pre-industrial times to 1.5°C at the end of the 21st century. Risks arise in relation to policy regulations, technology, other cost items, market trends, and reputation associated with an increasingly decarbonized society. Estimates were based on information from the IEA (International Energy Agency), IPCC (Intergovernmental Panel on Climate Change), and other sources, including the IEA NZE, which treats the possibility of net zero in 2050.

▼ 4°C scenario2
This is a scenario in which climate change countermeasures fail to make progress and the temperature rise from pre-industrial times reaches 4°C by the end of the 21st century. Physical risks associated with climate change, such as more severe natural disasters and rising sea levels, will increase. The estimates are based on information from the IEA, IPCC, and other sources, including the IPCC RCP8.5, which assumes a temperature increase of 2.6-4.8°C, and the IEA STEPS, which incorporates information on the implementation of policies already announced by each country.

<Scenario analysis results>
ItemOutlineImpact on BusinessCountermeasures
RiskCarbon price fluctuations
  • Increased production costs for newspapers and other products due to the introduction of carbon taxes and emissions trading in each country and border carbon adjustments
Low Low
  • Expand use of electricity derived from renewable energy sources at each site.
Raw material costs
  • Increase in cost of raw materials such as paper and petroleum-derived inks procured from overseas due to nature conservation-related legislation
  • Increase in raw material costs for paper procured from overseas due to increased forest fires
Medium High
  • Adoption of eco-ink, printing plates that do not require protective paper, and printing plates that are mounted directly on a rotary press (also known as a printing press) without using chemicals in the developing process
  • Use of newsprint with high recycled paper content
Energy costs
  • Increased costs associated with renewable energy procurement and energy-saving measures
  • Increased cost of air conditioning when temperatures rise
Low Low
  • Consideration of the introduction of private power generation equipment (for example, solar power generation equipment)
  • Promotion of review of energy-efficient equipment and services and optimization of frequency of use
Physical risk response
  • Losses due to plant shutdowns caused by extreme weather conditions
  • Increase in transportation and other costs due to extreme weather conditions
Low Medium
  • Reinforcement of manuals and equipment related to business continuity
  • Development of a system for alternative printing and transportation in case of disaster
  • Appropriate risk assets owned by the company
OpportunityDisaster information demand
  • Increased demand for information such as economic risk analysis arising from increased occurrence of natural disasters
Low Medium
  • Enhanced distribution of disaster information bulletins
  • Strengthening the dissemination of analytical articles and other information using satellite data
Demand for ESG information
  • Increased demand for ESG information targeting Millennials and Gen Z
  • Increased demand for ESG-related information and advertising from sustainability-related companies
Medium Low
  • Expanding readership with a strong interest in decarbonization, including the launch of the new digital media organ NIKKEI GX
  • Support human resource development through SDG-related educational events for high school students.
  • Regularly develop corporate advertisements that are proactive about sustainability.
  • Promote networking among companies through the NIKKEI Decarbonization Project, Nikkei SDGs Forum, NIKKEI Blue Ocean Forum, NIKKEI Metaverse Project, etc.

Under the 1.5°C scenario, the price of petroleum-based ink is expected to rise, and in the 4°C scenario, paper costs will increase due to more severe forest fires, and damage from heavy rain and flooding will have a certain impact on Nikkei's business and management. On the other hand, under the 1.5°C scenario, we recognize the need to play a major role in expanding the provision of information to Millennials and Generation Z, who are highly sensitive to sustainability, as well as ESG investors, including those overseas. The immediate provision of information on natural disasters and the development of related articles are expected under the 4°C scenario.
Based on the results of these analyses, we will expand procurement of renewable energy through the use of non-fossil certificates throughout the Nikkei Group. We will continue to promote the use of eco-inks and newsprint with high recycled paper content - a matter that we have been working on. As for media, in November 2022, we launched NIKKEI GX, a new digital media organ that explores hints for change toward a decarbonized society. We will continue to actively disseminate information on this issue. Internally, we will review our equipment and services for energy efficiency, optimize the frequency of use of various types of equipment, and strengthen manuals and facilities related to business continuity against natural disasters.

Risk management

The Nikkei Group considers climate-related risks to present management risks for the entire group. In order to maintain management stability and enhance corporate value, we have put in place a risk management system that is tailored to the nature of our business operations. Specifically, each business unit works with Nikkei's Sustainability Committee and its secretariat to identify and manage risks. The Sustainability Committee then evaluates the risks.
Risks are identified and assessed on a regular basis from a medium- to long-term perspective, with the 1.5°C scenario assuming a transition to a low-carbon society and the 4°C scenario assuming physical risks from climate change. The impacts on management and business are carefully examined. The financial impact of each risk is assessed comprehensively, and risks with particularly large impacts are rated on a three-point scale of major, medium, or minor. The results of these risk assessments are reported to the Group Management Committee and the Board of Directors as appropriate, and the entire Group inspects and supervises the efforts.

<Climate Change Risk Management Process>
Identification and evaluationManagementReporting
  • Each business unit collaborates with the Sustainability Committee and its secretariat to identify and assess risks.
  • We conduct periodic assessments based on external factors such as the introduction of new regulations (such as carbon taxation) and increases in related costs.
  • Climate change risks are managed by the Sustainability Committee and its secretariat.
  • Scenario analysis considers the business and financial impact of each risk and prioritizes countermeasures.
  • The results of climate change risk assessments are reported to the Group Management Committee and the Board of Directors as appropriate. The area in question is then positioned based on what kind of a management risk is presented for the Group.

Indicators and Targets

The international community is accelerating the movement toward decarbonization as a common global challenge. The reduction of greenhouse gas (GHG) emissions to curb global warming has become an essential activity. The Nikkei Group is also working toward the realization of a decarbonized society in conjunction with the government's emission reduction targets. We will monitor GHG emissions in our business activities and steadily reduce them.
The Nikkei Group, including Nikkei and its consolidated companies, has set a carbon zero goal to reduce GHG emissions to virtually zero, with the 2019 GHG emissions (= CO2 emissions, with those from sources other than CO2 being omitted due to accounting for less than 5% of all emissions) of 45,000 tons from its own business activities (Scope 1 and Scope 2) and 45,000 tons from its value chain activities (Scope 3). We aim to achieve virtually zero Scope 1 and Scope 2 emissions by 2030, and to achieve total carbon zero emissions by 2050, including value chain emissions (Scope 3).

<Image of emission reductions>
The Nikkei Group's carbon zero target, which aims to reduce greenhouse gas emissions to virtually zero, aims to achieve Scope 1 and Scope 2 emissions by 2030 and value chain emissions (Scope 3) by 2050. is.