With the adoption of the Paris Agreement at the 21st Framework Convention on Climate Change (COP21) and the Sustainable Development Goals at the United Nations Sustainable Development Summit, momentum is building in the global effort to achieve a sustainable society. In light of these developments, in August 2017 Yokogawa established sustainability goals (Three goals) for achieving sustainability. These aim to make the world a better place by means such as enabling the use of low-carbon energy sources and the recycling of materials. As described below, the Company is committed to transforming itself in several key ways to better position itself to achieve these goals.
Statement on Yokogawa's aspiration for sustainability
Yokogawa will work to achieve net-zero emissions, make a transition to a circular economy, and ensure the well-being of all by 2050, thus making the world a better place for future generations.
We will undergo the necessary transformation to achieve these goals by 1. becoming more adaptable and resilient, 2. evolving our businesses to engage in regenerative value creation, and 3. promoting co-innovation with our stakeholders.
Sustainability goals "Three goals"
Achieve net-zero emissions; stopping climate change
Climate change is an urgent issue that requires a global response. We aim for net-zero emissions, which means that the greenhouse gas concentrations in the atmosphere do not rise due to the balance of emissions and the absorption of greenhouse gases, which can be accomplished through the introduction of renewable energy and efficient use of energy. We are also working to reduce the impact of natural disasters and respond to biodiversity issues.
Make the transition to a circular economy; circulation of resources and efficiency
The transformation from a one-way economy based on the take, make, and dispose model to an economy where resources are circulated without waste, and the transition to businesses that emphasize services, are under way. We aim to realize a social framework and ecosystem in which various resources are circulated without waste and assets are utilized effectively. We also are contributing to the efficient use of water resources and the supply of safe drinking water.
Ensure well-being; quality life for all
With the aim of achieving the physical, mental, and social well-being described in the 2030 Agenda for Sustainable Development adopted by the United Nations in 2015, we support people's health and prosperity through the achievement of safe and comfortable workplaces and our pursuits in such areas as the life sciences and drug discovery. We promote human resource development and employment creation in local communities, and diversity and inclusion.
While continuing to emphasize the quality, trust, and integrity that have long been a source of strength for Yokogawa, the Company will undergo the transformation needed to achieve its sustainability goals by becoming more adaptable and resilient, evolving its business to engage in regenerative value creation, and promoting co-innovation with its stakeholders.
Transformation needed to achieve our sustainability goals
Becoming more adaptable and resilient
While rooted firmly in an identity that is based on our corporate philosophy and vision, respond flexibly to and show resilience in the face of social change, and be determined to overcome the great challenges that this presents.
Evolving our business to engage in regenerative value creation
Reduce waste, recycle resources, and create robust and durable products by making the needed changes in design, production, logistics, and use. Together with customers and business partners, make maximum use of assets and increase resource efficiency.
Promoting co-innovation with our stakeholders
Through engagement with our stakeholders, including customers, suppliers, partners, employees, shareholders, investors, and members of the local community, create the new value needed to realize a sustainable society.
Yokogawa has long provided measurement, control, and information technologies that have played vital roles in numerous industries, and has contributed to sustained economic growth. A great number of Yokogawa products and other solutions are at work right now in plants all over the world, in industries such as oil and gas, petrochemicals, chemicals, iron and steel, paper, power, pharmaceuticals, water, and foods. Based on its technologies, the Company is working to create a brighter future for all by providing solutions that make more efficient use of energy resources and support the creation of next-generation energy technologies.
Yokogawa will continue to create new value together with our customers and will contribute to achieving a sustainable society.
The contributions we make to society through our various solutions can be viewed on our website.
To remain a growing enterprise, we believe that Yokogawa must incorporate sustainability in the long-term vision for its business, and be guided by this vision as it prepares its next mid-term business plan. To make sure that we remain on track in carrying out this plan, we will establish sustainability key performance indicators (KPIs). In so doing, we aim to make steady progress toward our goal of achieving a sustainable society.