The Marubeni Long-Term Vision on Climate Change: Towards Net-Zero GHG Emissions(Formulated in March 2021)
Marubeni Corporation (hereinafter, “Marubeni”), based on the Paris Agreement, recognizes theimportance and urgency of limiting the global average temperature increase by the end of this century to
1.5°C (hereinafter, the “1.5°C pathways”). For the purpose of medium- and long-term contributions tomeasures addressing climate change, Marubeni has formulated a long-term vision on climate change.
In that vision Marubeni has set a goal to strive for net-zero GHG (greenhouse gas) emissions from thegroup by 2050. To make the goal of net-zero GHG emissions by 2050 an effective one, Marubeni has
formulated action plans to be implemented heading towards 2030.
(1) Net-Zero GHG Emissions by 2050
Marubeni will abate GHG emissions at a level consistent with the said 1.5℃ pathways. Any residualemissions that cannot be abated will be neutralized (GHG elimination) through internationally recognized
nature-based solutions (e.g., forests, farmland, etc.), or through technological solutions, with the aim ofachieving net-zero GHG emissions by 2050. *1*1 Boundary of the net-zero GHG emissions:
Scope 1: Direct emissions from owned or controlled sources of Marubeni and its consolidated subsidiaries, suchas through burning of fuel, industrial process, etc.
Scope 2: Indirect emissions from the generation of purchased energy consumed by Marubeni and its consolidated
subsidiaries.
Scope 3, Category 15 (Investments): Among all other indirect emissions that occur in the Marubeni Group’s value
chain, Scope 1 and Scope 2 for associate investees account for using the equity method (hereinafter, “associateinvestees”).

Action Plans towards 2030
Marubeni has formulated the following action plans heading towards the year 2030 in order to make thegoal of net-zero GHG emissions by 2050 effectively.
1) Halve the CO2 emissions of FYE 3/2020, about one million tons of CO2, emitted by Marubeni
and its consolidated subsidiaries (Scope 1 and Scope 2)
Marubeni has revised the targeted abatement figure released in September 2020 (a 25% abatement fromFYE 3/2019 levels by 2030) to make it at a more consistent level to the 1.5°C pathways, and will halve
its total volume of emissions, which was about one million tons of CO2 in FYE 3/2020 by 2030.

2) Reduce by one fifth the CO2 emissions of the FYE 3/2020, about 36 million tons of CO2*2, emitted byassociate investees of the Marubeni Group (Scope 3, Category 15 (Investments))*2 This emissions volume comprises the FYE 3/2020 performance of existing investees plus the estimated emissions
from projects already contracted at the current point in time (as for power generation projects, projects for whichassociate investees of the Marubeni Group have entered into power purchase agreements but have not yetachieved commercial operations.)

Changes in the emissions volume associated with increased emissions from new investments andfluctuations in the emissions volume by plant load factors, as well as reductions in the emissions volume
due to the utilization of new technologies (CCS*3, co-combustion of hydrogen and ammonia, etc.), are
not included in the assumptions for the above estimation. In the interest of meeting the needs of society
as it makes the low-carbon transition, the development of new gas-related projects such as gas-fired
power generation businesses will continue. For aspects which could affect the emissions volume byassociate investees going forward, we will monitor the progress of abatement of GHG emissions andconduct reviews thereof. In addition, we will continually perform studies with the aim of establishingmilestones towards net-zero GHG emissions by 2050 that are consistent with the 1.5°C pathways.
*3 CCS: Carbon dioxide Capture and Storage

3) Move up the timetable to halve the net power generation capacity of our coal-fired power generation
businesses
Based on our Business Policies Pertaining to Sustainability (In Relation to Our Coal-Fired PowerGeneration Business and Renewable Energy Generation Business) that Marubeni released in September
2018, and taking into account the progress made so far in pulling out of coal-fired power generation, wewill accelerate our goal of cutting our FYE 3/2019 coal-fired power net generation capacity in half by 2030
to 2025, and aim for approximately 1.3 GW as our coal-fired power net generation capacity in 2030
(included in the above reduction figure 2) for associate investees), and further, aim for zero by 2050.
4) Absorb and sequestrate CO2 through our forestsMarubeni will strive to expand the volume of carbon stocks in our forests (currently about 11 million tonsof CO2 equivalents*4) and, at the same time, expand the sequestrated volume of carbon through the multipurpose utilization of afforested assets.
*4 By enlarging some of our plantation areas, improving stock volume per-unit area, and through the proper
management of managed forests, estimated volume of carbon stocks in our forests will be about 19 million tonsof CO2 equivalents in 2030.

By executing these actions, by 2030 the Marubeni Group will try to abate its FYE 3/2020 emissions by

one fifth over the total scope covered by our net-zero GHG emissions goal. This plan was formulated toapply to the Marubeni Group’s business portfolio at the present time and is based on certain assumptions
about current international recognition and foreseeable changes in system and technological innovations.
Marubeni will revise them appropriately in light of any future changes to these premises.
(2) Contributing to low-carbon/carbon-free goals through business activities
The Marubeni Group views the transition to low-carbon/carbon-free goals as a business opportunity, andwill use its business activities to continue contributing to the abatement of GHG emissions that our society
produces. In terms of contribution by energy supply, Marubeni strives to construct the energy systems
that will serve as the foundations for a decarbonized society, and in terms of energy demand, Marubeni
will help other emitters to control/abate GHG emissions over a broad range of industries. Moreover, inthe realm of land use, Marubeni will promote initiatives towards sustainable agri-input businesses andforest management.
For further details, please see The Marubeni Long-Term Vision on Climate Change.
The Marubeni Group aims to transform the total environmental impact of its business activities to a
positive one by contributing to low-carbon and decarbonization through its business activities while itself
achieving net-zero GHG emissions.

The Marubeni Long-Term Vision
on Climate Change
March 2021
Marubeni CorporationContributions to Measures Addressing Climate Change(Marubeni Group’s efforts so far and the direction of future initiatives)

2018

Disclosure of business policies pertaining to coal-fired power generation
business/renewable energy power generation business•••As a general principle, Marubeni had no longer entered into any new coal-fired power generation
business since Sept 2018.
By 2030, Marubeni will cut its FYE 3/2019 coal-fired power net generation capacity of approx.
3GW in half.
Strive to expand the ratio of power generated by renewable energy sources in its own net power
supply to approx. 20% by 2023

2019

 Identifying climate change as a materiality Affirm the Recommendations of the TCFD

Ratio of power generated byrenewable energy sources in ourown net power supply, around 15%(projected as of end of March 2021)*As a factor of the net generation capacity

Enhancing disclosure based on theTCFD Recommendations

2020

 Disclosure of business policy pertaining to equity interests in thermal coal•

Marubeni has no equity interests in thermal coal and will not acquire any in the future (from disclosure in line with the TCFD
disclosure) Establishing targets for emissions abatements for Scopes 1 & 2 [Cut of 25% for Scopes 1 & 2 by 2030]

2021 The Marubeni long-term vision on climate change～2050Net-zero GHG emissions


2018

2019

2020

～2030

Action Plans
Pursuit of business opportunities

2021

2030

2050
© 2021 Marubeni Corporation All Right Reserved.

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The Marubeni Group Long-Term Vision on the Climate ChangeTransforming the environmental impact of our businesses to a positive one

The Marubeni Group aims to transform the total environmental impact of its business activities to a positive one
by contributing to low-carbon and decarbonization through its business activities while itself achieving net-zero
GHG emissions.

① Net-zero GHG emissions by 2050 (including zero coal-fired power generation)② Promote contributions to low-carbon/carbon-free goals through Marubeni Group businesses

The ideals that Marubeni Group aims for
To generate a positive impact on the climate change and grow as a corporate group①Achieve net-zero GHG emissions by 2050

②Contribute to low-carbon/carbon-free goals

Net-ZERO Emissions

Positive Impact

through our businesses

 Action Plans towards 2030
Marubeni has formulated action plans heading towards 2030 in order to make the 2050 net-zero GHG
emissions effective. (See following page)*The boundary of the net-zero GHG emissions goal The scope of the 2050 net-zero GHG emissions goal: In addition to Scope 1 and Scope 2, given the influence that the Marubeni Group
is capable of wielding on the matter of emissions as well as its lines of business, Marubeni is including emissions by associate
investees accounted for using the equity method (hereinafter, “associate investees”) covered by Scope 3, Category 15 (Investments)
 Targets for inclusion in carbon dioxide removal: Marubeni will make determinations going forward in light of new trends ininternational standards, etc.
© 2021 Marubeni Corporation All Right Reserved.

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Halve the CO2 emissions of FYE 3/2020, about one million tons of CO2, emitted by Marubeni andits consolidated subsidiaries (Scope 1 and Scope 2)

Marubeni has revised the targeted abatement figure released in September 2020 (a 25% abatement from FYE 3/2019 levelsby 2030) to make it at a more consistent level to the 1.5°C pathways, and will halve its total volume of emissions, which wasabout one million tons of CO2 in FYE 3/2020 by 2030.

Reduce by one fifth the CO2 emissions of FYE 3/2020, about 36 million tons of CO2*1, emitted byassociate investees of the Marubeni Group (Scope 3, Category 15 (Investments))

Changes in the emissions volume associated with increased emissions from new investments and fluctuations in the emissions
volume by plant load factors, as well as reductions in the emissions volume due to the utilization of new technologies (CCS*2, cocombustion of hydrogen and ammonia, etc.), are not included in the assumptions for the above estimation. In the interest ofmeeting the needs of society as it makes the low-carbon transition, the development of new gas-related projects such as gas-fired
power generation businesses will continue. For aspects which could affect the emissions volume by associate investees going
forward, we will monitor the progress of abatement of GHG emissions and conduct reviews thereof. In addition, we will continually
perform studies with the aim of establishing milestones towards net-zero GHG emissions by 2050 that are consistent with the1.5°C pathways.
*1 This emissions volume comprises the FYE 3/2020 performance of existing investees plus the estimated emissions from projects already contracted atthe current point in time (as for power generation projects, projects for which associate investees of the Marubeni Group has entered into power purchaseagreements but has yet achieved commercial operations.)*2 Carbon dioxide Capture and Storage

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Move up the timetable to halve the net power generation capacity of our coal-fired powergeneration businesses
Based on our Business Policies Pertaining to Sustainability (In Relation to Our Coal-Fired Power Generation Business andRenewable Energy Generation Business) that Marubeni released in September 2018, and taking into account the progress madeso far in pulling out of coal-fired power generation, we will accelerate our goal of cutting our FYE 3/2019 coal-fired power net
generation capacity in half by 2030 to 2025, and aim for approximately 1.3 GW as our coal-fired power net generation capacity
in 2030 (included in the above reduction figure ② for associate investees), and further, aim for zero by 2050.

Absorb and sequestrate CO2 through our forests

Marubeni will strive to expand the volume of carbon stocks in our forests (currently about 11 million tons of CO2 equivalents*3)
and, at the same time, expand the sequestrated volume of carbon through the multi-purpose utilization of afforested assets.

*3 By enlarging some of our plantation areas, improving stock volume per-unit area, and through the proper management of managed forests,
estimated volume of carbon stocks in our forests will be about 19 million tons of CO2 equivalents in 2030.

By executing these actions, by 2030 the Marubeni Group will try to abate its FYE 3/2020 emissions by one fifth over the total scope covered by our net-zero
GHG emissions goal. This plan was formulated to apply to the Marubeni Group’s business portfolio at the present time and is based on certain assumptions
about current international recognition and foreseeable changes in system and technological innovations. Marubeni will revise them appropriately in light ofany future changes to these premises.
© 2021 Marubeni Corporation All Right Reserved.

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Net-Zero GHG Emissions
2030 Action Plans
Abate CO2 emissions by one fifth

Scope of the 2050
net-zero GHG
emissions goal:
About 37 million
tons of CO₂*1① Scopes 1 & 2 CO₂: Abate in half
② Scope 3 (investments) CO₂: Abate by one fifth③ Coal-fired power generation businesses : Move up theschedule for halving: 2030➡2025
2030: About 1.3GW④ Forests: CO₂ absorption/carbon sequestration
Expand the volume of carbon stocks

Scope 3(investments):
About 36 million
tons of CO₂*2

Net-zero GHG emissions by 2050
 Zero emissions from coal-fired power generation
 Further abatements in volume of emissions via
technological innovations, etc.
 Neutralizing residual emissions via carbon sequestration inforests, etc.(GHG removal)

Scopes 1 & 2 (CO2):
About 1 million tons ofCO2

The volume ofsequestrated carbon
in forests

Annual absorption ofCO2 in plantation:

About 4 million tons of CO₂

The volume of carbon
stocks *3:
11 million tons of CO₂equivalents

Amount ofavoidedemissions

FYE 3/2020

Amount of
avoidedemissions

Action plans
heading towards 2030

Amount of
avoidedemissions

2050 Long-Term Vision

Amount of avoided emissions: Positive Impact

Contributions to avoided emissions via Marubeni Group businesses*1 Includes GHGs that are biological in origin (in tons of CO2 equivalents）*2 This emissions volume comprises the FYE 3/2020 performance of existing investees plus the estimated emissions from projects already contracted at the current
point in time (as for power generation projects, projects for which associate investees of the Marubeni Group has entered into power purchase agreements but has yetachieved commercial operations.)*3 Equivalent volume in CO2 of carbon currently stored in standing timber of plantation.
This was formulated to apply to the Marubeni Group’s business portfolio at the present time and is based on certain assumptions about current internationalrecognition and foreseeable changes in system and technological innovations. Marubeni will revise them appropriately in light of any future changes to these premises.
*This figure is a graphical rendering of actual numerical figures. Note that the proportionally smaller items have been adjusted.
© 2021 Marubeni Corporation All Right Reserved.

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Contributions to Measures Addressing Climate Change

Contributing to low-carbon/carbon-free goals through our businesses(Major business opportunities)

Supply of power fromrenewable energy (power
generation business and power
retail business)• Strive to expand the ratio of power
generated by renewable energy
sources in our own net power supply
to approx. 20% by 2023 (around 15%,
projected as of end of March 2021)• Fully-owned subsidiary
SmartestEnergy Ltd., a power retailprovider in the UK, derives approx.
80% of its contracted power capacityfrom renewable energy sources•

Energy demand

Energy systems
to serve as thefoundations for adecarbonizedsociety

Control/abate GHG
emissions over abroad range ofindustries

Maximization of value
created by couplingknowledge*1

Sustainable agri-input
businesses and forest
management

Develop distributed energysystems•

Supply cobalt, nickel and other raw
materials for lithium battery for EVs



Improve agricultural productivity and decrease
environmental burden through agri-input businesses•

Marubeni owns North America’s 2nd largest agricultural materials
retailer Helena Agri-Enterprises, LLC. Launch environmentallyconscious agri-input businesses in Europe

Sustainable forest management and utilization offorest assets•

About 310,000 ha in forest assets, expertise and knowhow inforest management

Initiatives contributing torecycling and the circular
economy••Invest in U.S.-based Circ LLC(formerly known as Tyton
BioSciences LLC), which hastechnologies to recycle textile
products such as textile and usedclothes into raw textile materials
Develop in the lithium-ion battery
recycling businessSupply energy-saving
materials, products, andservices

Solutions using
decarbonization technologies
such as CCUS*2

Land use

Participate in demonstration projects
to develop CO₂-free fuel supply chain
Invest in US-based biojet fuelproducer, Fulcrum BioEnergy, Inc.

Carbon-free mobility and EVinfrastructure/battery relatedbusinesses

Crossvalue

Alternative energy businesses,including new energy sources
such as hydrogen/ammonia•

Energy supply*2 Carbon dioxide Capture, Utilization andStorage•

Invest in the UK’s Carbon Clean Ltd.,
which develops CO₂ capturetechnology

Responding to modal shifts*1 Promote Group-wide initiatives• Hydrogen and Fuel Ammonia
Business Strategy Committee• Strategy Committee for Renewable
Energy/Storage Battery/Distributed
Power Business© 2021 Marubeni Corporation All Right Reserved.

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