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The Resona Group Establishes Long-Term Sustainability Targets

June 22, 2021

Resona Holdings, Inc.

Resona Holdings, Inc. (President: Masahiro Minami) have established the common Long-Term Sustainability Targets for the Resona Group (hereinafter the "Group"), introduced with the aim of accelerating its efforts to help realize the United Nations Sustainable Development Goals (hereinafter "SDGs").

Today, our socio-economic environment is undergoing major structural changes, reflecting such factors as the ongoing novel coronavirus (COVID-19) pandemic and the acceleration of across-the-board initiatives aimed at achieving carbon neutrality. Against this backdrop, the presence of viable small and medium-sized enterprises (SMEs) is essential for the creation of a sustainable society strengthened by a spirit of mutual support as together they constitute the bedrock of Japan's industrial sector. As the Group aims to contribute to such a society, it considers it important, for the sake of future generations as well as the current generation, to help SMEs adapt to the above changes and enhance their competitiveness.

To date, as Japan's largest commercial banking group with full-line trust banking capabilities, the Group has been supported by and striven to grow in tandem with customers and local communities. We believe that our role in the current moment is to use our financial services to assist our customers, mainly those in the retail field, in their efforts to promote sustainability transformation (hereinafter "SX"*1). Through the fulfillment of this role by supporting our corporate and individual customers undertaking initiatives we hope, ultimately, to effect a significant movement involving society as a whole.

With this in mind, Resona Holdings and Kansai Mirai Financial Group respectively formulated Long-Term Sustainability Targets covering three categories that build on the "Resona Sustainability Challenge 2030." In line with its management vision, the Group is simultaneously pursuing the creation of a sustainable society and sustainable corporate growth, ensuring "resonance" between these two endeavors. This means that, in striving to update the Group's business model, we are also helping customers embrace new lifestyle norms so that we can together adapt to change. In this regard, we also aim to become the most significant contributor to customer success in SX. To this end, we will maintain in-depth dialogue with customers and strive to overcome challenges one by one, rallying the Group's entire strength to realize our vision.

Overview of the Group's Sustainability Transformation

1.Retail Transition*2 Financing Target

Through supply chains, our retail customers are being affected by spillover from the efforts of large corporations striving to accelerate SX initiatives like the pursuit of carbon neutrality. Also, the status of sustainability efforts undertaken by SMEs and the management resources they can afford to allocate to such efforts varies greatly by company. Accordingly, we recognize that our solution lineup must be diverse and capable of assisting each SME seeking to push ahead with sustainability initiatives according to their current situation. Therefore, we will strive to engage in in-depth dialogue with retail customers with regard to risks and opportunities possibly affecting them due to the accelerating trend toward SX. In these ways, we will step up the provision of solutions designed to help these customers update their awareness and transform their modes of behavior, thereby enabling them to stably move forward toward the resolution of issues they currently confront.

Priority Themes Local communities,Low birthrate And aging society,Environment,Human rigts(Diversity&inclusion)
Target

Cumulative total of transition financing from fiscal year 2021 to fiscal year 2030: 10 trillion yen
Financing coverage

Financing*3 aimed at helping retail customers update their awareness, transform their modes of behavior and stably move forward from their current situation.

Examples of transition of customer awareness and modes of behavior

Corporate customers:

  • Launch assessments of the social and environmental impact of their business and otherwise address ESG issues in light of the current shift toward carbon neutrality, growing risk of exclusion from supply chains and other factors
  • Utilize their strengths and otherwise execute business operations in a way that contributes to the resolution of environmental and social concerns

Individual customers:

  • Adapt lifestyles that give due consideration to environmental and social concerns in both consumption and residential choices;
  • Ensure robust preparedness against future anxieties regarding economic or social crisis

2.Carbon Neutrality Target for the Group

As Japan's national target of achieving carbon neutrality by the end of 2050 requires across-the-board efforts involving both the private and public sectors, it is expected that in regions nationwide, businesses and municipalities will act in close collaboration to help achieve this target. As a member of society, the Group has formulated its own carbon neutrality target, with the intention to contribute to the realization of carbon neutrality and the popularization of renewable energy in the regional communities in which it operates.

Priority Theme Environment
Target

Reduce CO2 emissions*4 attributable to energy used by the Group to Net Zero by the end of fiscal 2030 via the proactive switchover to renewable energy*5

3.Targets for the Empowerment and Promotion of Women at the Group

The Group's ongoing efforts related to the empowerment and promotion of women began with the belief that "new ideas often come from an encounter between individuals with differing values."　In the wake of major, ongoing structural changes in the socio-economic environment, we need to constantly take on the challenge of innovation that challenges past experience and conventional norms. This is, we believe, essential to delivering new value on a regular basis to support customers' happiness. With regard to diversity & inclusion,*6 we intend to place ever stronger focus on empowering women to serve as a driving force of our value creation. Building on the outcomes of our empowerment efforts thus far, which have proven effective in terms of equipping the Group with new strength, we will promote innovation via the incorporation of unconventional ideas. We will thus work to create new value on diverse fronts, with the aim of realizing our vision.

Priority Themes Local communities,Low birthrate And aging society,Environment,Human rigts(Diversity&inclusion)
Targets

Achieve the ratios presented below for the representation of women in various positions, an increase of 10% or more from the current levels, by the end of fiscal 2030

  • Ratio of female Directors and Executive Officers at Resona Holdings: 30% or more
  • Ratio of female senior managers at six Group companies: 20% or more*7
  • Ratio of female line managers at six Group companies: 40% or more*7
  • *1The Group defines SX as voluntary efforts undertaken by corporations and individuals to transform business models or lifestyles to stay ahead with an across-the-board shift toward a sustainable society.
  • *2Transition from current situation to the next stage in terms of sustainability
  • *3Including financing for such green projects as renewable energy generation, as well as large corporate financing involving third-party verification
  • *4Consisting of SCOPE 1 (direct GHG emissions) and SCOPE 2 (indirect GHG emissions from energy sources)
  • *5 In fiscal 2021, efforts are under way to introduce renewable energy use at head office and other key facilities run by Group companies (e.g., Osaka Head Office of Resona Group, Head Office Building of Saitama Resona Bank, Biwako Building of Kansai Mirai Bank and Head Office of Minato Bank).
  • *6At the Group, the term diversity & inclusion is defined as fostering a culture whose members accept each other's differences, that encourages mutual respect, and that maximizes the potential afforded by a workforce consisting of diverse individuals.
  • *7Sum of Resona Holdings, Resona Bank, Saitama Resona Bank, Kansai Mirai Financial Group, Kansai Mirai Bank and Minato Bank
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