In December 2018, Mitsui declared its support for the Task Force on Climate-related Financial Disclosures (TCFD). In accordance with the TCFD recommendations and as a responsible company operating globally, we actively promote information disclosure with an awareness of stakeholder demands.

---

Disclosure Based on TCFD Recommendations (December 2024) (PDF 630KB)

Climate Change-related Discussions

There were 22 major climate change-related discussions by the Sustainability Committee over the past three years.

Sustainability Advisory Board (SAB)/Collaboration with External Experts

We have established SAB, a group comprising external experts on societal and environmental topics such as climate change. The Sustainability Committee uses information and advice from SAB members in their deliberations. In addition to Sustainability Advisory Board members, we also communicate with external experts to help ensure that we address climate change appropriately.

Please refer to the links below for more information on Mitsui's Sustainability Management Framework and the activities of the Sustainability Committee.

---

• Our Approach to Sustainability: Sustainability Governance and Oversight
• Our Approach to Sustainability: Sustainability Committee
• Our Approach to Sustainability: Sustainability Advisory Board (SAB)

Since declaring our support for the TCFD recommendations in December 2018, we have been engaged in a step-by-step scenario analysis process to enhance the resilience of our strategy by responding flexibly to changes in the global business environment. Traditionally, business units have analyzed risks, countermeasures, quantitative impact, etc., for their selected businesses and discussed them at Sustainability Committee meetings; however, in response to its growing importance, we have integrated scenario analysis into the formulation process for the business plan starting the fiscal year ended March 31, 2023. By incorporating scenario analysis into the business planning process, which is approved by the Board of Directors after reporting and deliberation by the Executive Committee, the results of scenario analysis are confirmed and deliberated by management and reflected in the business plan and business portfolio strategy.

We are conducting scenario analysis in short- (0-1 year), medium- (1-10 years), and long-term (10-30 years) timeframes up to the year 2050. We conduct scenario analysis of transition risks^*1 and opportunities with reference to the scenarios set out in the World Energy Outlook (WEO) published by the International Energy Agency (IEA). Regarding physical risks^*2 , we utilizes external advisors and analyzes each future risk item (as of 2030 and 2050) for invested assets with high physical risk impact with reference to the Representative Concentration Pathway (RCP) used by the Intergovernmental Panel on Climate Change (IPCC).

*1 "Transition risks" refer to risks caused by changes in policy/legal regulations, technology development, market trends, market evaluation, etc.
*2 "Physical risks" refer to the risk of physical damage caused by increases in natural disasters and abnormal weather arising from climate change.

• IEA Stated Policies Scenario (STEPS): Scenario that reflects the current policy targets of each country
• IEA Announced Pledges Scenario (APS): Scenario that assumes the government's announced pledges are implemented
• IEA Net-Zero Emissions by 2050 Scenario (NZE): Scenario for achieving the target of limiting global warming to less than 1.5°C compared to pre-Industrial Revolution levels
• IPCC RCP 8.5 Scenario: Scenario in which the world's average temperature rises by around 4.0°C by 2100

Mitsui is engaged in a wide range of businesses in countries and regions around the world, and we view the diverse risks and opportunities presented by climate change as important factors that we must consider when formulating our business strategies. We are identifying the short-, medium-, and long-term risks and opportunities that accompany climate change, and we review them periodically. We also review each segment in response to changes in the macroenvironment and trends, and adjustments in our business portfolio, along with other changes in the internal and external environment, and reflect them in our business strategy in a timely manner.

In our Medium-term Management Plan 2026, we have positioned "Deeper Sustainability Management" as one of our Corporate Strategies. Additionally, we have designated "Global Energy Transition" as one of our Key Strategic Initiatives, aiming to provide practical solutions through our business activities from the dual perspectives of stable energy supply and climate change response. From a financial planning standpoint, the Medium-term Management Plan 2026 includes a cash flow allocation plan based on the premise of maintaining positive post-shareholder-return cash flow. According to the latest outlook as of May 2025, we expect to allocate a cumulative total of 2.3 trillion yen to growth investments over the three-year period of the Medium-term Management Plan. Of this amount, 600 billion yen is earmarked for the "Global Energy Transition" initiative, and we will continue to advance efforts aligned with our transition plan.

---

Medium-term Management Plan 2026 ~Creating Sustainable Futures~ (PDF 9.0MB)

Transition Risks	Policy and Legal Risks	Shift to the use of decarbonized energy due to various national and regional policies (changes in the energy and power mix) Government-imposed restrictions on greenhouse gas emissions, with carbon taxes and cap-and-trade emissions-credit schemes
	Technology Risks	Changes in supply and demand in markets for existing commodities and services, or the obsolescence of existing production equipment and facilities accompanying the introduction of new technologies geared toward climate change, or the development and dissemination of alternative products
	Market Risks	Changes in supply and demand for fossil fuel-related products and services and deterioration in value of Mitsui's ownership interests Fund procurement risks due to the adoption of decarbonization policies by financial institutions and insurance companies
Physical Risks	Acute Risks	Interruption of the operations of operating companies in Australia and the United States, etc., due to cyclones and hurricanes
	Chronic Risks	Impact of global warming on agricultural and marine products or impediments to operations accompanying rising sea levels

Further, for each of our segments we have analyzed the internal and external environment and identified risks and opportunities.

Segment	Risks	Opportunities
Mineral & Metal Resources	Decrease in demand for raw materials (iron ore, metallurgical coal) due to an increase in electrical arc furnace usage in anticipation of efforts to reduce GHG emmisions Increase in the cost of environmental measures and carbon taxes Increase in the difficulty of obtaining environmental permits	Expansion of recycling businesses in response to circular economy Increase in demand for raw materials for secondary batteries, copper, and aluminum, accompanying the spread of vehicle electrification
Energy	Significant fluctuations in energy supply, demand, and prices Increase in the cost of environmental measures	Expansion of markets for LNG and gas businesses that have a relatively low environmental impact Expansion of CCS/CCUS* business Expansion of markets for biofuel, hydrogen/ammonia fuel, and other next-generation fuel Expansion of business for Energy Solutions Business, including emissions credits and energy management businesses
Machinery & Infrastructure	Change in the social conditions surrounding coal-fired power plant businesses Change in the supply and demand of existing businesses accompanying the creation of new technologies and new markets The increase in the growing uncertainty of future policies	Development of renewable power generation businesses Increase in demand for power trading and grid stabilization services that help address rising volatility in power systems Circular economy and expansion of ZEV (Zero Emission Vehicle) business Expansion of next-generation fuel tanker business Initiatives toward low-carbon operations in shipping industries Ship electrification and digitalization
Chemicals	Change in demand for fossil fuel-derived chemicals Change in industrial structures due to strengthening of environmental restrictions Decline in demand for agri-inputs due to unfavorable weather	Expansion of recycling business in anticipation of a circular economy Increase in demand for biochemicals and energy-saving materials Increase in demand for forests as a source of absorption and emission credit businesses Increase in demand for regenerative agriculture business and environmentally-friendly agricultural material
Iron & Steel Products	Decrease in demand for materials and drilling equipment for the energy sector	Expansion of demand for building new supply chains responding to a decarbonized society Increase in demand for maintenance businesses to contribute to extending infrastructure life Increase in demand for lighter vehicles and highly efficient motors accompanying the spread of electric vehicles Increase in demand for conversion of oil and gas pipelines to hydrogen and other new energy sources Increase in demand for carbon management
Lifestyle	Change in food-producing regions accompanying global warming, etc. Impact on supply chains of climate change	Rising need for securing food resources and stable food supplies
Innovation & Corporate Development	Reduction of hedging demand for fossil fuel-related commodities	Increase in opportunities to create financial products related to natural capital and energy transition Increase in hedging demand for commodity trading contributing to a sustainable society

*CCS = Carbon Capture and Storage; CCUS = Carbon Capture, Utilization and Storage

We use multiple climate change scenarios for the selected business to assess the impact of transition risks on financial planning and business strategies, and apply the results to investigate necessary countermeasures.

Selection of Business for Scenario Analyses

Taking the scale of business operations and climate change impact into account, upon categorizing businesses as "high," "medium," or "low" priority, we have selected "high" priority business areas as targets for scenario analyses.

Results of Scenario Analysis

The results of scenario analysis for the ten businesses selected for this study are shown below. The scenarios referred to in the scenario analysis are organized into Current Policies and Transition Scenarios as follows.

• Current Policies Scenario: A scenario in which the current climate-related initiatives of each country are maintained, demand (mainly in emerging countries) for fossil fuels and other resources that emit GHGs remains to a certain extent, and business practices that could impact climate change continue (STEPS, etc.).
• Transition Scenario: A scenario in which there is a slowdown in demand for fossil fuels and other resources that emit GHGs, and a rapid increase in demand for renewable energy and other resources, as a result of the international development of advanced initiatives and systems to address climate change as well as a shift towards energy saving and electrification driven by widespread decarbonization and technological innovation (APS, NZE, etc.).

The impact of the Current Policies Scenario and the Transition Scenarios on the selected businesses from the present day to 2050 is shown in the following three levels. In addition, for the Upstream Oil and Gas Business and LNG Business, Metallurgical Coal Business, and Thermal Power Generation Business, which we have judged to be particularly important in terms of scale of business operations and climate change impact, we have analyzed the impact on net income for the fiscal years ending March 2030, 2040, and 2050. We have then presented them in three levels based on our assumed base case, taking into account our understanding of the business environment and various scenarios. The analysis is based on our internal carbon pricing system.

---

Internal Carbon Pricing System

Impacts on the Selected Businesses

• : Positive impact on business
• : No change or slight impact on business
• : Negative impact on business

Quantitative Impact on the Selected Businesses

Large: -USD 300 million or more but less than -USD 500 million
Medium: -USD 100million or more but less than -USD 300 million
Small: - less than USD 100 million

Upstream Oil and Gas Business and LNG Business

Please scroll horizontally to look at table below.

Please scroll horizontally to look at table below.

---

Financial Results for the Year Ended March 31, 2025_Presentation Material Presentation Material (PDF 10.7MB)_P.36 Energy: Main Businesses

Metallurgical Coal Business

Please scroll horizontally to look at table below.

Please scroll horizontally to look at table below.

---

Financial Results for the Year Ended March 31, 2025_Presentation Material (PDF 10.7MB)_P.34 Mineral & Metal Resources: Main Businesses

Thermal Power Generation Business

Please scroll horizontally to look at table below.

Please scroll horizontally to look at table below.

---

Power Generation Businesses (Gas-Fired Power Generation Business, Coal-Fired Power Generation Business, Oil-Fired Power Generation Business) as of March 31, 2025 (PDF 381KB)

Iron Ore Business

Please scroll horizontally to look at table below.

---

Financial Results for the Year Ended March 31, 2025_Presentation Material (PDF 10.7MB)_P.34 Mineral & Metal Resources: Main Businesses

Offshore Oil and Gas Production Facilities Business

Please scroll horizontally to look at table below.

Gas Distribution Business

Please scroll horizontally to look at table below.

LNG Shipping Business

Please scroll horizontally to look at table below.

Renewable Energy Business

Please scroll horizontally to look at table below.

---

Power Generation Businesses (Renewable Energy Business) as of March 31, 2025 (PDF 381KB)

Next-Generation Fuel Business

Please scroll horizontally to look at table below.

Forestry Resources Business

Please scroll horizontally to look at table below.

We are conducting a quantitative analysis of the impact of climate-related transition risks on target businesses based on the Current Policies Scenario, the 2°C Scenario, and the 1.5°C Scenario.
As of fiscal year 2030, we have assessed the impact on current profit under both the 2°C and 1.5°C scenarios, focusing on price and cost factors.

We engages in a wide range of business activities in various countries and regions, and if abnormal weather conditions increase due to climate change, there is a possibility that risks will materialize and cause effects on its business.
Accordingly, when we invest in new businesses, in order to ensure appropriate risk management, we conduct physical risk analysis while taking advice from outside experts as necessary. We also review the effectiveness of countermeasures on-site at each business after making an investment.

In the event that physical risks materialize, while placing the highest priority on protecting human lives, we have established a Business Continuity Management Policy for business continuity that takes into consideration coexistence with local communities. We have also taken measures to mitigate and adapt to risks, such as obtaining insurance coverage, securing multiple suppliers, and upgrading our facilities, and will continue to regularly assess the adequacy of our risk management measures. To review the appropriateness of our current risk response, we have utilized an analysis tool developed by ERM, an environmental consulting firm, to evaluate the impact of physical risks on our portfolio companies in the future, as follows.

The location of the main assets of the selected investments and the physical risks of the 4°C scenario in 2030 are as follows.

The results of our analysis indicate that the four physical risk hazards that will have a particularly significant impact on the Company in 2030 and 2050 under the 4°C scenario are extreme heat, wildfires, water stress & drought, and tropical cyclones. The number of companies at high risk in 2050 of extreme heat will be approximately 80% of the 65 companies analyzed. With regard to risk of wildfire, water stress/drought, and tropical cyclones, nearly half of the companies analyzed will be at high risk in 2050, and the number of companies at high risk of wildfires will approximately double. Many companies are currently at high risk of tropical cyclones, and although there will only be a small increase in the number of companies at high risk, there is concern that the frequency and magnitude of their occurrence will make damage more severe. For example, if a cyclone were to directly hit port facilities in Western Australia, causing a 20-day operational shutdown and affecting 50% of our participating projects, we estimate a financial impact of approximately 6.5 billion yen per year on our Australian iron ore business. Based on this analysis and similar findings, we will continue to recognize physical risks across our portfolio and implement appropriate measures, such as reviewing business continuity plans and insurance coverage.
A summary of each physical risk hazard and the measures to address them is shown below, with the risk level determined by the number of companies at high physical risk.

• 4 companies or fewer
• 5-14 companies
• 15-24 companies
• 25-34 companies
• 35 companies or more

Please scroll horizontally to look at table below.

We identify company-wide material risks across organizational boundaries and implement a wide range of initiatives to hedge and control risks. For this purpose, Mitsui has established an integrated risk management system that centrally manages company-wide risks, through the Portfolio Management Committee under the Executive Committee. Under the integrated risk management system, the Corporate Staff Division, which acts as the secretariat, manages risks from a company-wide perspective. Material risks we assume include those related to the environment, society, and governance, such as risks from climate change, compliance, and infectious disease, disasters, terrorism, etc. We position risks regarding climate change (physical and transition) in particular as second in importance only to business investment, geopolitical, and country risks and are taking corresponding measures. For details of our risk management structure, please refer to the following page.

---

Risk Management

For Mitsui & Co., which operates in countries and regions around the world, the policies of each country and region related to climate change have a significant impact on the profitability and sustainability of each of our businesses. We use the climate-change scenarios published by the IEA and other organizations when analyzing scenarios involving businesses that have significant impacts. We do so to gain an understanding of business impacts both in terms of risk and opportunity, and when considering investment projects, M&A, and other business decisions, we determine business priorities and take these scenarios into account.

In conducting business, we have put in place a system to ensure we give utmost consideration to the environment and society in projects at all stages, including at the launch of a new business, during operations, and even when withdrawing from the business. Our Sustainability Committee discusses response policies and measures regarding environmental and social risks (including climate-change risk), then reports to the Executive Committee and the Board of Directors, which then applies them following approval.

Mitsui has established achieving net-zero emissions as our Vision for 2050, and has set the following interim targets as the pathway to achieving the goal.

1. For Scopes 1 and 2, and Scope 3 Category 15 (Investments) of the company and its consolidated subsidiaries (including unincorporated JVs^*1):
   Halving GHG Impact as of 2030 compared to 34 million t-CO₂e in the fiscal year ended March 2020
2. For Scopes 1 and 2, and Scope 3 Category 15 (Investments) of the company and its consolidated subsidiaries (including unincorporated JVs^*1):
   Reducing GHG emissions as of 30% compared to 44 million t-CO₂e in the fiscal year ended March 2020^*2
3. For Scopes 1 and 2 of the company and its consolidated subsidiaries:
   Halving GHG emissions as of 2030 compared to 0.8 million t-CO₂e in the fiscal year ended March 2020.
4. The renewable energy ratio of our power generation portfolio:
   Raising the ratio of renewable energy to over 30% as of 2030.

*1 Unincorporated JVs = unincorporated joint ventures.
*2 Emissions in the baseline year (the fiscal year ended March 2020) include GHG emissions of 36 million t-CO₂e and the 8 million t-CO₂e that is expected to increase from the standard operation of the thermal power generation business that has made reached final investment decisions (FID) by the end of March 2020.

GHG Emissions

Mitsui has carried out GHG emissions surveys in Japan since the fiscal year ended March 2006, and overseas since the fiscal year ended March 2009. Previously, we disclosed Scope 1 and 2 GHG emissions under the GHG Protocol^*1 control standards^*2. Since the fiscal year ended March 2020, we have additionally disclosed Scope 3, Category 15 (indirect emissions associated with investments), which covers emissions from investments in energy, mineral, and metal resources as well as thermal power generation business not included in Scopes 1 and 2, and other affiliated company business areas that fall under Scopes 1 and 2. Furthermore, since the fiscal year ended March 2024, we have expanded disclosure to include all applicable Scope 3 categories. Moreover, we have enhanced the scope of disclosures to promote continuous reviews of our portfolio in response to stakeholders' wishes and in consideration of our risk tolerance to climate change, which also takes into account Mitsui's strategy of using our wide range of business activities to take on the challenge of new opportunities in an agile way.

The Ruwais LNG Project in the UAE reached final investment decision status in July 2024, is a low-carbon LNG business that features measures to reduce GHG emissions at the LNG production stage by employing electric motors instead of conventional gas turbines for liquefaction plants and utilizing clean power. Together, they contribute to making a sustainable transition to a decarbonized society in addition to providing a long-term stable earnings base.

*1 The GHG Protocol is a GHG emissions calculation and reporting standard formulated through an initiative led by the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD).
*2 Coverage: Head Office and branches and offices in Japan, all consolidated subsidiaries (100%), and unincorporated joint ventures.

---

• Environmental Performance Data

As a responsible global company, we are advancing and expanding our response to climate change by participating in initiatives based on international frameworks and wide-ranging partnerships through industry organizations in Japan. In our international initiatives, we signed the United Nations Global Compact in 2004 and declared our support. We also participate in the Human Rights Due Diligence Subcommittee of the Global Compact Network Japan, among other activities. Furthermore, to comply with the Paris Agreement and achieve medium- to long-term targets for reducing greenhouse gas emissions of national governments including Japan, we comply with environmental laws and regulations such as the Energy Conservation Law. We are also actively involved in the formulation and design of government-led policies and programs such as the GX League, etc. Our decision to invest in each initiative is made once we have confirmed that it is compatible with our basic policy and initiatives concerning climate change, and we will disclose information appropriately to our stakeholders.

---

Participation in Initiatives

Our Medium-term Management Plan and Environmental Policy both call for action on climate change, and we are promoting initiatives to reduce our environmental impact through dialogue with suppliers and other business partners along the value chains in which we are involved; the aim is to achieve both economic development and a response to climate change. In addition to renewable energy and modal shift businesses, we are also working to expand and promote various businesses and technologies that contribute to the reduction of CO₂ emissions and improvement in energy consumption efficiency.

Making Energy Use Carbon-Neutral across All Business Locations in Japan (Using J-Credits)

We offset the CO₂ emitted from the use of energy, at our Head Office, all branches and offices in Japan, and training centers, by applying carbon credits (J-Credits) generated by Konan Utility and a company in which we have invested.

• Infrastructure Projects Business Unit
• Energy Solutions Business Unit

In our power generation business we intend to lower the share of coal-fired power in our equity share of power generation capacity, and increase the renewable energy ratio (including hydropower) to 30% by 2030. As of March 31, 2025, renewable energy, including hydropower, accounted for approximately 35% of Mitsui's equity share of power generation capacity of 9.49 GW.

Power Generation Businesses

Please scroll horizontally to look at table below.

(As of March 31, 2025)

*Including assets under construction

Please refer to the link below for more information.

---

Power Generation Businesses (Renewable Energy Business, Gas-fired Power Generation Business, Coal-fired Power Generation Business, Oil-fired Power Generation Business) as of March 31, 2025 (PDF 381KB)

Investment in India's Large-Scale Renewable Energy Business

• Infrastructure Projects Business Unit

Through our wholly owned subsidiary MIT Power India, we are an investor in the development of a large-scale renewable energy business promoted by ReNew Private Limited, the largest renewable energy company in India. The business will consist of three newly built wind farms in India (900 MW in total) and one solar power plant (400 MW plus a battery storage farm with a capacity of up to 100 MW). The business will provide 400 MW of electricity to Solar Energy Corporation of India Limited (SECI), an entity owned by the Indian Ministry of New & Renewable Energy, based on a 25-year power purchase agreement. Whereas it is difficult for conventional renewable energy projects to commit stable electricity supply due to the intermittent nature of winds and solar irradiation, this business commits electricity supply on a round-the-clock basis from a portfolio consisting of multiple wind and solar facilities plus battery storage farms. This "round-the-clock scheme" is the first of its kind in India. The total cost of the business will be around USD 1.35 billion. Commercial operations have started in phases site by site. Mitsui will contribute to the business by using its accumulated knowledge of the electric power business in Japan and other countries to ensure steady progress toward completion and the smooth rollout of commercial operations.
India, the third-largest emitter of GHGs, declared its commitment to cut its emissions to net-zero by 2070 at the 26th Conference of Parties (COP26) held in November 2021 and announced that it will raise its non-fossil energy capacity to 500 GW by 2030. This round-the-clock scheme project, enabling electricity supply with 100% renewables, is in line with the Indian Government's policy and is expected to play an important role in the future to replace the coal-fired power plants currently predominant in India. Renewable energy is a business field that is likely to keep expanding in India, where continuous population and GDP growth are expected. Through this business, we will contribute to solving the power shortage in India and encourage decarbonization.

We are working to build a value chain for low-carbon ammonia by leveraging our strengths as a diversified global investment and trading company with touchpoints across a wide range of industries.

Low-carbon Ammonia Production Business (UAE)

• Energy Solutions Business Unit
• Basic Materials Business Unit

We have begun construction of an ammonia production facility in the United Arab Emirates, in partnership with TA'ZIZ (backed by Abu Dhabi National Oil Company (ADNOC). The partnership also includes Fertiglobe (a manufacturer and exporter of urea and ammonia), and GS Energy (a Korean energy-related business). The plant is being developed within the TA'ZIZ Development Area in the Ruwais Industrial Complex, UAE. Beginning in 2027, the facility is expected to produce 1 million tons of ammonia annually with lower CO₂ emissions compared to conventional methods. In addition, additional facilities will be installed to capture and store CO₂ generated during production, aiming to manufacture low-carbon ammonia by 2030.

Ammonia is attracting attention as a zero-emission fuel that does not emit CO₂ when burned, and also as a carrier for hydrogen. A certain portion of the ammonia produced will be procured and supplied mainly to Japan and other parts of Asia. In addition to fuel applications, it will be used as a feedstock for chemicals and fertilizers, contributing to decarbonization across society, including other industrial sectors.
In the energy sector, we have been developing and managing liquified natural gas business with ADNOC in UAE since the 1970s. We also have approximately 50 years of experience in the ammonia business and are the largest Japanese importer of ammonia. By integrating the cross-sectoral expertise and partnerships we have cultivated through existing businesses, we will advance the development of a low-carbon ammonia supply chain that responds to the decarbonization needs of countries and regions.

Low-carbon Ammonia Production Project (US)

• Basic Materials Business Unit
• Energy Solutions Business Unit

Mitsui has made a final investment decision to participate in the Blue Point low-carbon ammonia production project in the United States (the "Project"), together with CF Industries Holdings, Inc. (CF Industries) and JERA Co., Inc. (JERA).

The plant will be constructed in the state of Louisiana in partnership with CF Industries, the world's largest ammonia producer, and JERA, Japan's largest power generation operator. It will be one of the world's largest low-carbon ammonia production facilities, with an annual production capacity of approximately 1.4 million tons. Construction will begin in 2025, with operations scheduled to start in 2029.

The low-carbon ammonia produced will be procured by each shareholder, and we plan to supply our share mainly to Europe and Asia. The business is expected to capture and store 2.3 million tons of CO₂ annually, reducing CO₂ emissions from the production process by more than 95%.

As a priority area within "Global Energy Transition," one of the Key Strategic Initiatives under Medium-term Management Plan 2026, we aim to contribute to a wide range of low-carbon industries through the production and sale of low-carbon ammonia, which is attracting attention as a next-generation fuel in addition to its conventional use as a feedstock for fertilizers and chemicals.

Renewable Diesel and SAF Production in Portugal

• Energy Solutions Business Unit

Hydrogen-related

• Energy Solutions Business Unit

When hydrogen is consumed, it generates no greenhouse gases or environmentally harmful substances. Hydrogen is a focus of attention around the world as a clean fuel that does not generate an environmental burden. With our Energy Solutions Business Unit at the core, we engage in cross-company collaboration utilizing the networks and knowledge of each business segment, working on our hydrogen business in a way that demonstrates our comprehensive strength. We regard the hydrogen business as an effective approach to achieve our net-zero emissions goal, and will work together with our stakeholders to build necessary social infrastructure and create profitable businesses.

Green Hydrogen Production Business in Western Australia

• Energy Solutions Business Unit

Green hydrogen, which is produced from renewable energy, will play a pivotal role in industrial decarbonization and holds significant potential as a clean energy source. This is because renewable hydrogen emits no CO₂ in the production and burning process and can be used in various industries. We are participating in a green hydrogen production business in the Pilbara region of Western Australia. In this business, a joint venture between major French energy player Engie S.A. and Mitsui will deploy a 10-MW electrolyzer powered by 18 MW of solar PV to generate and supply renewable hydrogen for an existing ammonia production facility owned by Yara Pilbara Fertiliser Pty Ltd (YPF). YPF is a wholly owned subsidiary of Yara International ASA, one of the world's largest producers of nitrogen-based mineral fertilizers, and will use the renewable hydrogen as a zero-carbon feedstock for ammonia production.

Green Hydrogen Production Business in Europe

• Performance Materials Business Unit

Decarbonization Solutions for the Mobility Sector

• Performance Materials Business Unit

e-Methanol Production and Sales Business in Denmark

• Basic Materials Business Unit
• Infrastructure Projects Business Unit

Distributed Solar Power Generation Business

• Energy Solutions Business Unit

We have established a 100% subsidiary, Forefront Power, in California, the center of clean energy, and acquired the Commercial & Industrial Division (C&I) of SunEdison in 2017, which develops and operates a distributed solar power generation business. The purpose is to pursue new opportunities at the forefront of the renewable energy business.

Forefront Power is working on an "Onsite Solar" business, which sells electricity from solar power facilities installed by customers to the customers themselves, and "Community Solar" business, which sells electricity to multiple customers from solar power facilities installed outside of customer sites. The company is also working on energy management services such as solar advising, third-party solar asset management services, and solar + storage services.

• Energy Business Unit II
• Infrastructure Projects Business Unit

Fukushima Gas Power Co., Ltd., our equity accounted investee, has two natural gas-fired power facilities at its Fukushima Natural Gas Power Plant in Soma, Fukushima Prefecture. These have a total power output of 1.18 million kW. The power generation facilities use a gas turbine combined-cycle system with high power generation efficiency. This combination of a gas turbine and a steam turbine generates a lower level of CO₂ than coal-fired or gas turbine-only power generation methods.
This business is in line with Fukushima Prefecture's goals of the "introduction of energy with a low environmental impact" and "new urban development" under the Fukushima Innovation Coast Framework. Through promoting this business, Mitsui & Co. will contribute to the economic revitalization in the Hama-dori region of Fukushima prefecture to help in its ongoing recovery from the 2011 earthquake. We will continue to work on the sustainable and stable supply of resources that are essential for social development and the creation of a society that is in harmony with the environment.

• Mobility Business Unit I
• Energy Solutions Business Unit

Among the mobility (transportation) areas that we have defined as our new growth areas, we expect electrification (the shift to electric vehicles) to be particularly promising. In Europe, where the introduction of EVs is gathering momentum, we are building a comprehensive business model that supports the changeover to EVs, including infrastructure, and are expanding it in other regions as well.
We are organically linking several companies in which we have an interest in order to build a new business model that can provide comprehensive solutions. These include EV makers (CaetanoBus-Fabricação De Carroçarias S.A, Letenda Inc.), battery pack manufacturers (Forsee Power SA), and an energy management company that uses EV batteries (The Mobility House AG). For example, if a city considers switching its fixed-route buses to EV, we would like to help the city speed up its changeover to electric vehicles. In concrete terms, we can offer a comprehensive range of services including EV bus supply, battery leasing, and energy management. Furthermore, in future, we are also considering businesses involved in the reuse and re-leasing of used batteries. We will begin these initiatives in Europe and the United States, and then expand them to Asia.

ZEV (Zero-Emission Vehicle) Business in Europe and India

• Mobility Business Unit I

Caetanobus - Fabricacao de Carrocarias, S.A. (CaetanoBus) of Portugal, in which we have invested, has been developing electric buses since 2010. It has introduced EV ramp buses for airport passenger transportation, EV city buses and FC (fuel cell) city buses, mainly in Europe, to the market in stages, providing optimal solutions tailored to operations for a decarbonized society. We will continue looking to provide the optimal solutions suitable for operations seeking to achieve a carbon-free society.
In India, we have invested in Pinnacle Mobility Solutions Private Limited (Pinnacle Mobility), which is developing an electric bus and electric light commercial vehicle manufacturing and sales business under the EKA brand, and World of River Limited, which is developing an electric motorcycle manufacturing and sales business under the River brand since 2023. Pinnacle Mobility will take on the challenge of creating demand for EVs in India, which is expected to grow in the future, and help to ease India's serious air pollution problem. With CaetanoBus and Pinnacle Mobility at the core of our ZEV business, we will further promote the electrification and decarbonization of mobility and contribute to the creation of a society in harmony with the environment.

---

360° business innovation: FULL CHARGE AHEAD: Assembling an EV value chain for the smart-city era

Biodiesel Fuel Solution Equipment Manufacturing and Sales Business

• Mobility Business Unit I

• Corporate Development Business Unit

---

Circular Economy: Initiatives

Investment in the CCS Business

• Energy Business Unit I
• Energy Business Unit II
• Energy Solutions Business Unit

We are focusing on launching and promoting the CCS as a Service (CCSaaS) business as a core business of the current and next-generation E&P business, in addition to reducing CO₂ emissions from our own assets. We position the CCS/CCSaaS business, which leverages our expertise in the upstream oil and gas business and extensive business network, as one of our energy solution areas. Based on our experience in developing businesses related to CO₂ separation, recovery, and storage, which are ahead of those in Europe, we are promoting the launch of the CCS business globally.

We are conducting investigations and considering business viability across the entire value chain of CCS in the Asia-Pacific region, including Japan, in collaboration with Kansai Electric Power Co., Inc., Chugoku Electric Power Co., Inc., Mitsubishi UBE Cement Corporation, and Resonac Holdings Corporation. In Malaysia, we have signed a contract with Petronas, an oil company in Malaysia, and TotalEnergies in France for the joint development of CO₂ storage sites. This partnership will focus on the gas fields and surrounding regions off the Malay Peninsula, including a development plan based on the technical evaluation of CO₂ underground storage, and optimization of logistics that includes transportation by liquefied CO₂ ships and design of port facilities.

We are working on a joint study with Sempra Infrastructure in US, Total Energies in France, and Mitsubishi Corporation, who are partners in the Cameron Liquefied Natural Gas (LNG) Project, aiming to commercialize CCS in Louisiana, USA, through Hackberry Carbon Sequestration, LLC (100% subsidiary of Sempra Infrastructure). This project mainly involves storing CO₂ emitted from the Cameron LNG Project in underground areas near the project, which will help to reduce greenhouse gas emissions during LNG production. In addition, this study will also consider the possibility of receiving CO₂ emissions from surrounding industries and storing them underground. Prior to the start of the study, in August 2021, we applied to the US Environmental Protection Agency for permits for well drilling and CO₂ storage of up to 2 million tons per year at the CCS project site.

Indonesia's Tangguh Ubadari, CCUS, Compression (UCC) Project reached Final Investment Decision in late 2024. It is an initiative contributing to the transition to a decarbonized society in a sustainable manner. It also contributes to helping to maintain a stable energy supply to Asian countries, including Japan, and is Indonesia's first at-scale LNG project.

We will continue to contribute to reducing CO₂ emissions from each company through CCS and the supply of low-carbon LNG.

CCU — Producing Methanol in the US that Uses CO₂ Effectively

• Basic Materials Business Unit

Our equity accounted investee, Fairway Methanol LLC has begun producing methanol by using carbon dioxide (CO₂) emitted from plants surrounding the joint venture's facility. Fairway Methanol is expected to capture 180 thousand tons of CO₂ and produce 130 thousand tons of low-carbon methanol per year, which brings its annual production capacity to 1.63 million tons per year.

This additional methanol production, using industry-derived CO₂, is one of the carbon capture and utilization (CCU) projects that Mitsui has undertaken. The concept behind these projects considers CO₂ as a resource that can be reused as a raw material and fuel, thus realizing carbon recycling and helping to reduce CO₂ emissions into the atmosphere. This project provides Mitsui with another low-carbon solution in its methanol business portfolio, following the bio-methanol (mass-balance basis) production at Fairway Methanol and the e-methanol production at Solar Park Kasso, Denmark.

In our Medium-term Management Plan 2026, we identified Global Energy Transition as one of our Key Strategic Initiatives. In the course of building a next-generation fuel value chain, we assume that CCU fosters circularity by using emitted CO₂ to create various chemical products that can reduce the need for fossil fuels and thereby contributes to the sustainable development of the whole of society.

Certifications

• Performance Materials Business Unit
• Energy Business Unit I

---

Responsibilities to Customers: Acquisition of Environment-Related Certification in Company-Owned Forests "Mitsui's Forests," Forestry Resources Business, etc.

We aim to invest in environmentally friendly buildings and make energy use in our existing buildings more efficient through environmental and energy-saving measures in order to build a portfolio of properties that have a low environmental impact.

Otemachi One (Mitsui & CO. Building and Otemachi One Tower)

DBJ Green Building Certification is a certification system that evaluates environmentally and socially conscious real estate. Otemachi One (Mitsui & CO. Building and Otemachi One Tower), an office building owned by our company and others, has been certified as "one of Japan's top-class, superior buildings exhibiting excellent environmental and social awareness" under DBJ Green Building Certification system.

Japan Logistics Fund, Inc.

• Corporate Development Business Unit

Japan Logistics Fund, Inc. (JLF), a listed REIT is operated by our subsidiary Mitsui & Co., Logistics Partners Ltd., owns and manages 53 logistics facilities (as of March 2025).
With regard to JLF, we actively promote ESG initiatives in the management of logistics facilities. We believe that obtaining objective evaluations and certifications will enable us to understand the positioning and the challenges of JLF's ESG initiatives, and enable us to further strengthen our efforts. We are therefore working to obtain Green Building Certification and improve the results in third-party evaluations.

Acquiring External Certification

GRESB Real Estate Assessment

GRESB is an annual benchmarking assessment, which measures the ESG integration of real estate companies and funds. In the 2023 assessment, Japan Logistics Fund, Inc. received the highest rating of five stars. In addition, the company received a "Green Star" for the seventh consecutive year in both the "Management Component," which evaluates the company's policies and organizational structure for ESG promotion, and the "Performance Component," which evaluates the company's environmental performance and tenant engagement at owned properties.

SBT for SME Certification

JLF has established Scope 1 and 2 greenhouse gas emission reduction targets of 42% below the FY 2021 level by FY 2030 and net-zero by FY 2050. Of these, the greenhouse gas emission reduction targets by FY 2030 were recognized by the SBT Initiative, an international organization, as following the goals of the Paris Agreement that "aims to keep the global average temperature well below 2°C above pre-industrial levels and pursue efforts to limit global warming to 1.5°C." JLF has received the Science-Based Targets (SBT) for SME certification from the international SBT initiative in 2022.

Green Finance Framework Assessment

We have established the Green Finance Framework, with the aim of further promoting sustainability-related initiatives through green finance and strengthening our fund-raising base by expanding the investor base interested in ESG investment. JLF has obtained a Green 1(F) (highest for JCR Green Finance Evaluation) rating for the competence of its Green Finance Framework from Japan Credit Rating Agency, Ltd. (JCR)

Acquisition of Green Building Certifications

JLF aims to build a portfolio with low environmental impact by investing in properties that have a small environmental footprint, and improve energy efficiency through environmental and energy conservation measures in the management of its properties. In addition, when redeveloping owned properties (OBR), the company intends to obtain Green Building Certification after the redevelopment.

Percentage of Portfolio with Green Building Certification (as of March 31, 2025)

Please scroll horizontally to look at table below.

Type of certification	Number of properties	Leasable area (m2)	Percentage of portfolio (by area)
CASBEE Certification for Real Estate*1	50	1,487,349.31	98.2%
BELS Certification*2	25	716,850.89	47.3%
CASBEE Certification for Buildings (New Construction)*3	1	41,968.06	2.8%
Percentage of portfolio with Green Building Certification	51	1,498,004.77	98.9%

As some properties have multiple certifications, the total of the figures for each certification type does not equal the figure for the "Percentage of portfolio with Green Building Certification."
*1 CASBEE is a method designed to comprehensively assess the environmental efficiency of buildings, and is promoted throughout Japan under the guidance of the Ministry of Land, Infrastructure Transport and Tourism. Certification for CASBEE for Real Estate is a system where third-party institutions examine and certify assessment results prepared in accordance with CASBEE for Real Estate. The certification rating is represented by the number of stars on a four-tier scale from five stars "★★★★★" ("S") to two stars "★★" ("B").
*2 BELS is a third-party certification system in Japan that indicates the energy efficiency of buildings. Since April 2016, the Act on the Improvement of Energy Consumption Performance of Buildings (Building Energy Efficiency Act) requires real estate companies to make efforts to indicate the energy efficiency of buildings. The specific indication method is stipulated in the guidelines for energy efficiency labels of buildings. BELS is evaluated based on the same guidelines, and the assessment result is represented by the number of stars (one star "★" to five stars "★★★★★"); from April 2024, it is shown on a scale of seven levels (Level 0 to 6). A Net-Zero Energy Building (ZEB) is a building that aims for zero energy balance with considerably reduced annual energy consumption by saving as much energy as possible. Ways to save energy include better heat insulation, solar shading, natural energy and high-efficiency equipment, coupled with creating energy by solar power generation (or other energy-generating methods), while maintaining a comfortable environment. In addition, in the BELS certification system, it is possible to obtain certification under four levels (ZEB, Nearly ZEB, ZEB Ready, and ZEB Oriented).
*3 CASBEE Certification for Buildings (New Construction) is a system for evaluating the overall environmental performance of a building. It evaluates and rates the environmental performance of buildings based on energy and resource conservation, recycling and other environmental burden reductions, as well as interior comfort and landscaping.

Mirai Corporation

• Corporate Development Business Unit

Mitsui Bussan & Idera Partners, our associated company that manages the assets of listed Real Estate Investment Trust MIRAI Corporation, is promoting sustainability-related measures that include ongoing participation in real estate assessments, as well as green financing, in accordance with our Sustainability Policy.

Acquiring External Certification

GRESB Real Estate Assessment

Listed Real Estate Investment Trust MIRAI Corporation earned four Stars in the GRESB Real Estate Assessment in 2024, based on the relative evaluation of its overall score. MIRAI also earned a "Green Star" in both the "Management Component," which evaluates the company's policies and organizational structure for ESG promotion, and the "Performance Component," which evaluates the company's environmental performance and tenant engagement at owned properties. It was also awarded a "Level A" in GRESB Public Disclosure, which assesses the adequacy of sustainability information disclosure.

Percentage of Environmental Certifications Acquired

The percentage of environmental certifications in the portfolio is as follows.

(As of March 4, 2025)

Based on gross floor area
69.0%

Mirai Corporation has acquired DJB Green Building Certification for nine properties, CASBEE Certification for Real Estate for five properties, and Building-Housing Energy-efficiency Labeling System (BELS) Certification for one property.

Forest Sinks and Emission Credits Business

• Energy Solutions Business Unit

Generation and Sale of Carbon Credits through Regeneration of Native Vegetation

Climate Friendly carbon farming project site

We have invested in Climate Friendly Pty Ltd, which generates and sells carbon credits through vegetation restoration on farms in Australia. Climate Friendly is engaged in GHG reduction business through restoring vegetation in Australia. The regenerated farms absorb CO₂ from the atmosphere and Climate Friendly sells the resulting GHG reductions as carbon credits. They had achieved 30 million tons of GHG reductions by 2023, making them the largest emissions credit developer in the country. The vegetation restoration business also has secondary effects such as protecting ecosystems and biodiversity, and improving soil, in addition to CO₂ absorption and fixation in the atmosphere. This contributes to the Australian government's GHG reduction targets. The demand for credit for private companies to reduce emissions is also expected to keep growing.

Generation and Sale of Forestry-derived J-Credits through Proper Forest Management

One of the forests managed by the Okayama Forest Maintenance Public Corporation to generate J-Credits

Mitsui has been working on the generation and sale of J-Credits (forest J-Credits) by conducting appropriate forest management in Japan as part of our efforts to address the issue of climate change by applying industrial solutions.

Since 2019, we have lobbied for regulatory reforms to enable large-scale J-Credit creation using aerial survey data and satellite data, and have commenced commercialization activities by using our 45,000 hectares of company-owned forests across Japan. Currently, we are promoting joint creation projects with several forestry corporations (such as the Okayama Forest Maintenance Public Corporation) and local governments. As of August 2024, we have completed project registration of forest J-Credits for about 5 million tons of CO₂, which accounts for approximately 60% of the total expected forest J-Credit certification by the fiscal year 2050. Furthermore, we have started making sales since obtaining credit certification and issuance in 2023. We provide these J-Credits as a way for GHG-emitting companies to meet their offset needs for emissions that cannot be reduced through their own GHG reduction efforts, such as energy-saving devices and the adoption of renewable energy sources, to achieve their carbon-neutrality targets. Moreover, by utilizing the revenue from these J-Credits to manage forests appropriately, we aim to enhance the multifaceted value of regional forestry resources, solve forest management challenges through revitalizing the forestry management business, and help to rebuild local economies. We will continue to actively engage in the creation and sale of credits moving forward.

Financing

Use of Sustainability Linked-Loans

Mitsui uses sustainability linked-loans (SLLs) as part of our efforts to realize a sustainable society. These loans incorporate KPIs related to climate change response, and the financing terms and conditions are subject to change depending on the extent to which these targets are achieved. Through such financing methods, we aim to integrate response to environmental issues into our corporate management and achieve both sustainability and increased corporate value.