TCFD REPORT

Issued in October, 2023

INDEX█ Basic Approach2█ Governance2█ Risk Management

2█ Strategy

2

1. Scenario analysis results3

2. Details of the scenario analyses

5█ Metrics and Targets

7

1. CO2 emissions reduction targets and progress across theentire product lifecycle

7

2. CO2 emissions reduction targets and progress regarding
the Fujifilm Group’s energy consumption

7

3. Renewable Energy Usage Targets

7

4. Targets for contribution to the reduction of CO2 emissions
through products and services7█ Basic Approach
In December 2021, the Fujifilm Group set new CO 2
emissions reduction targets for the establishment of adecarbonized society. These new targets mean that wewill achieve our goal of zero CO 2 emissions from theenergy we consume*1 by fiscal 2040 by maximizing theefficiency of our energy use and by using renewableenergy sources. We will also reduce the CO2 emitted
throughout the entire lifecycle of our products, fromthe procurement of raw materials to the manufacture,transportation, use and disposal of products, by 50%(compared to fiscal 2019 levels) by fiscal 2030. These
new decarbonization targets established by the Fujifilm
Group are in line with the 1.5 °C goal set out in the Paris
Agreement.
To achieve these targets, we have established theGreen Value Climate Strategy,*2 the new Fujifilm Groupenvironmental strategy. Guided by this strategy, we will
promote manufacturing that pursues the minimalizationof environmental impact through the introduction andutilization of fuels that do not emit significant amountsof CO 2 such as synthetic methane and hydrogen in
addition to our use of electricity. We also promote thedevelopment and ubiquitization of products and services
that have excellent environmental performance. Anothermeasure we have started is our internal carbon pricing(ICP) system which accelerates the implementationof our sustainability efforts in fiscal 2022. We continue
to direct our strategy and efforts toward initiatives that
address climate change a global social issue that must be
addressed imminently.

*1 Direct emissions from our manufacturing processes (scope 1) and indirect emissions due to the use of electricity and steam supplied from othercompanies (scope 2).
*2 For more information about the Green Climate Strategy, please see the following website:
Environmental Strategy Briefing on April 13, 2022
https://ir.fujifilm.com/en/investors/ir-materials/presentations/main/0118/teaserItems1/0/tableContents/019/multiFileUpload2_0/link/ff_presentation_20220413_001j.pdf█ Governance
Our ESG Committee chaired by our president deliberates
and makes decisions regarding matters related to ourclimate change activities. The committee meets regularly,
and its agenda is reported to the Board of Directors, whothen provide instructions and guidance regarding thereports received from the ESG Committee to ensure theeffectiveness of the process.
The ESG Committee deliberates issues related to climatechange which it considers to be priority risks alongsidecompliance issues and other risks (2.2.3 Compliance andRisk Management Promotion Structure). In addition to
the targets for reducing CO2 emissions and expanding
the use of renewable energy, the committee makes

decisions regarding our participation in climate changerelated initiatives. Past deliberations have resulted in ourendorsement of the TCFD recommendations, our joining
RE100 and our obtainment of SBT validation.
In fiscal 2021, the Board of Directors deliberated andapproved our introduction of internal carbon pricing(ICP) and information disclosure in compliance with
the TCFD recommendations. Additionally, the ESG
Committee deliberates to determine the effect that thedegree of achievement of decarbonization targets will
have on medium-term performance-linked share-based
remuneration with final decisions on the matter made by
the Board of Directors.

█ Risk Management
The Fujifilm Group has established an IT systemmonitoring the environmental performance of all of its
group companies to ensure progress on climate change
issues. The system enables us to collect data on energy
consumption and the volume of greenhouse gases
emitted, including CO2 and CFCs, at each of our businesssites in many countries and regions and use this data toidentify risks. The Energy Strategy Promotion Committee
analyzes the factors affecting these risks and reports
high-priority issues to the ESG Committee and thensupports the ESG committee in their decisions to ensure

the appropriateness of operations. We utilize internalcarbon pricing in our evaluation of climate-related risks,
and we review the anticipated impact of our operations
and the actions required.
A scenario analysis based on the TCFD recommendations
enables us to identify the risks connected to our own
environmental performance as well as the risks in our
supply chains and on worksites. We implement measures
to address the important issues that require risk
mitigation.

█ Strategy
In our TCFD scenario analyses, we considered two
climate-related scenarios, referencing Representative
Concentration Pathways (RCP) 2.6 to 8.5 detailed ina report by the Intergovernmental Panel on Climate
Change (IPCC). One is the 1.5 °C scenario in which
rigorous measures are implemented for the establishmentof a decarbonized society to effectively keep temperature

the rise down to 2 °C or less from the level during theIndustrial Revolution by the year 2100. The other isthe 4 °C scenario in which the average temperature ispredicted to rise between 3.2 and 5 °C from the level
during the Industrial Revolution as a result of a failure to
implement measures that surpass current efforts.

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1. Scenario analysis results(1) 4 °C scenario:
Measures surpassing the current efforts have not been
implemented, resulting in the average temperature rising
3.2 to 5 °C above the level during the Industrial Revolution
by the year 2100.
① Risks (Physical risks)
In the 4 °C scenario, we identified risks such as the impact
of climate change on production facilities, the disruptionof the supply of raw materials and factory shutdowns due
to power failures. To address these risks, we have beendeveloping preventive measures based on our BusinessContinuity Plans (BCPs), which include the diversificationof production sites and procurement sources and theimplementation of measures to secure the stable supplyof power. In recent years in particular, typhoons andheavy rains caused by climate change have damage
the power grids which are important lifelines in various
regions, disrupting their operations. Since the 1960s, theFujifilm Group has been mitigating the risk of operational
shutdowns due to power failures by gradually establishingin-house cogeneration systems at its major production
sites, thereby ensuring a stable supply of power.
Changes to animal and plant habitats due to increased
temperatures changes in precipitation patterns may leadto a decline in the animal and plant population and to their
extinction. These changes are likely to cause procurement
instabilities and a steep increase in the prices for plantderived materials. In addition, the depletion of fossil fuelresources is expected to cause supply instabilities andcause the prices of petroleum-based materials to rise. The
Fujifilm Group is working to reduce these risks by reducing
the materials that it consumes, including the use of thinner
films made from plant-derived materials and the recyclingof multifunction device components in the area of business
innovation.
② Opportunities
Global warming has increased the frequency and severityof extreme heat events, marine heatwaves, rainstorms,
droughts and tropical cyclones. We anticipate a rise insociety's demand for products and services aimed at
adapting to extreme weather patterns and to the impact ofthese extreme weather events on ecosystems and humanhealth.
Resilience of social infrastructure
In the face of the growing frequency of extreme weather
events, the resilience of the social infrastructure is an
important issues that must be addressed. To adapt to thesechanges in the climate, the Fujifilm Group is committed
to contributing to society through its high-definition lensprocessing and manufacturing technologies to create highsensitivity surveillance cameras for the monitoring of riverand sea levels at night and during inclement weather. The
Fujifilm Group will also leverage its degradation analysis
technologies for bridges and embankments using highprecision image analysis and AI technologies to contributeto society. In addition, we foresee a rise in the importanceof solutions that are able to quickly contribute to disaster
relief efforts and the restoration of the livelihoods ofresidents after a disaster, and solutions contributing to
the maintenance of local government functions throughthe digitalization of local governments' disaster response
procedures.
Securing drinking water and water for agricultural use
Changes in the climate and ecosystem will also increase
the difficulty of accessing food and drinking water. This is
expected to result in an increase in the amount of drinking
water produced and manufactured at factories. The global
water shortage is growing into a major risk, and we believe
we can leverage our filtration technology employing ion
exchange membranes for the desalination of brine andseawater to contribute significantly to the securing of
drinking water and water for agricultural use.
Reducing the burden on medical professionals andimproving access to medical services
The rise in temperature is seriously impacting people’s
health. The burden on medical professionals has increased
with the unforeseen spread of infectious and otherdiseases. Typhoons, torrential rains and heat waves haveincreased in frequency, impeding the movement of patientsand medical professionals. The possibility of the collapseof the medical care system is a real risk in countries andregions suffering from a shortage of medical professionals.
Applying our medical IT technologies, diagnostic imaging
systems and AI technologies globally will enable us tocontribute to the reduction of the burdens borne by medical
professionals and to improve people access to medicalcare through remote diagnosis technologies and others
methods.
(2) 1.5 °C scenario
Rigorous measures are implemented for the establishmentof a decarbonized society, keeping the temperature rise to
2 °C or less from the level during the Industrial Revolution
by the year 2100.
① Risks (Physical risks)
In the 1.5 °C scenario, measures to reduce the useof fossil fuels and encourage technological innovation
are implemented in the transition to a decarbonizedsociety. These efforts include, for example, a carbon tax
and carbon border adjustment mechanism designed to
discourage the transfer of business operations promptedby differences between the carbon taxes of different
countries and regions. The Fujifilm Group’s direct andindirect CO 2 emissions in fiscal 2021 were 1,053,000
tons. Assuming that the carbon tax is in line with theinternal carbon pricing set for the first half of fiscal 2022,¥11,000/ton-CO2, our financial risk is estimated to beapprox. ¥11.6 billion.
In December 2021, the Fujifilm Group raised its climatechange targets in its Sustainable Value Plan 2030 (SVP2030), and we set the target of achieving net zero CO2emissions from our energy consumption by fiscal 2040.
To achieve this, we are promoting energy conservation
and using renewable energy sources. Through energy
conservation and the use of renewable energy sources,
our direct CO2 emissions in fiscal 2021 were reduced 3%from the fiscal 2019 level, the base year we are using toevaluate progress toward our target.
② Opportunities
As the CO2 emissions from human activity are chiefly the
result of energy usage, we expect to increase energy

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efficiency to the highest possible level and move toward
a society that uses chiefly renewable sources of energy
with no CO2 emissions (wind, solar, hydroelectric, etc.).
Energy conservation
To increase the energy efficiency of society as a whole,
we will prioritize the use of more energy efficient methods
in our products and services. We contribute to the
reduction of CO2 emissions through our products that,when in use, emit less CO2 during data storage due to theuse of large-capacity magnetic tape data archive systems
and due to the energy-saving features of our multifunction
devices.
Creating energy
It is expected that many different infrastructuredevelopment projects will enable the use of naturalenergy sources. Among these projects, there is expected
to be an increase in the number of wind power generation
facilities, both on land and offshore. These locations
require difficult inspections in high places and remoteareas, and require advances in technologies for facility
degradation diagnosis and inspection. We are presently
working in collaboration with wind power energy suppliers
to develop technologies that will enable the inspection
and diagnosis of wind power turbine blade defects while
in operation, even in the strong winds experienced incoastal and offshore areas, through a combination ofhigh-performance, vibration-proof, superzoom camerasthat employ our imaging technologies and high-precision
forming technologies together with high-precision image
analysis and AI technologies. We will contribute to thepromotion and stable operation of wind power generation
facilities.
Storing energy
Due to the fluctuations in the electric power generated
by natural energy sources that are dependent on theweather, time of day and season, energy storage
technology is essential for ensuring a stable supply of
power. We are using our dispersion and coating andmaterials technologies and material technologies to workwith other companies to develop a semi-solid battery thatis lower in cost and higher in capacity than existing liquid
lithium-ion batteries. We believe that these batteries will
also be usable in electric vehicles and in many stationary
applications.

CO2 recovery and sequestration
In the transition to a decarbonized society, it is necessary
for industries that cannot avoid using CO2-emitting fossil
fuels to capture CO2 in the atmosphere and sequester it.
In this area, we believe we will be able to produce usefulmaterials from CO2 using our bioengineering technology.
materials from CO2 using our bioengineering technology.
Solutions services adapted to a decentralized society
To shift from a centralized society made up of large cities
into a decentralized society spread across local areas
through the use of natural energy, we believe we need todisseminate solutions that support the living conditions
and business activities in decentralized communities.
In support of this, solutions services for business activities
that foster digitization, automation and the paperless
execution of business processes are expected to become
necessary in a decentralized society that includes remote
working and hybrid workstyles to reduce CO2 emissions
by reducing the time needed for operations and thetransportation and space required. Demand for these
activities is likely to grow in the future.
To continue to provide the medical care necessary forlife, it is expected that solutions capable of supporting
medical professionals and the use of medical IT systems,
diagnostic medical imaging systems and AI technologies
and solutions will be necessary in every community
to contribute to increased access to medical care as
described in the 4 °C scenario. This will be a big business
opportunity for us. Therefore, we are contributing to
the regional medical services that will be a critical partof a decentralized society through our medical systembusiness (sales target for FY2030: one trillion yen).
In view of these developments, the Fujifilm Group plans
to continue refine its core technologies and develop awide variety of products and services that will become
essential in a society built upon the foundation of a
resilient energy platform.

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2. Details of the scenario analyses(1) 4 °C scenario:

Risks (Physical risks)

4 °C scenario: Measures that surpass the current measures have not been implemented, resulting in the averagetemperature rising 3.2 to 5°C above the level during the Industrial Revolution by the year 2100.
Environment, Social Conditions and Systems

Risks

Measures (Activities)

Increase in the frequency and severity of heatwaves, rainstorms, tropical cyclones, etc.
Torrential rains on land will trigger flooding.
When these events happen in ocean areas,
they are expected to trigger high waves andhigh tides that will eventually lead to flooding
and landslides.

Cessation of procurement andfactory production due to sea
level rise or natural disasters,such as flooding.
• Factory production
stoppages due to droughts.
• Breakdown of power grids
and power outages due totyphoons.

• Study hazard maps and risk assessments at ourown sites and major suppliers' sites.
• Develop Business Continuity Plans (BCPs) that include
the diversification of suppliers and production sites
geographically.
• Obtain and monitor the latest rain forecasts andprevent flooding by controlling water gates to factories.
• Continually assess water risks for all sites using ourown water risk assessment system (Please see 3.4.5.)• Install regular and emergency in-house power
generation systems.

In some areas, anomalies may result indroughts, negatively impacting farmland andecosystems.
Changes in temperature and precipitation
patterns alter animal habitats, lowering
their population and even driving them into
extinction.
This causes supply instability and priceincreases for plantderived materials.
Other results include the depletion of fossil
fuels as well as supply instability and priceincreases for oil-derived materials.

• Material shortages due totrees and forests dying.
(paper: pulp, film: cellulose)

Paper• Reduce paper through Document Solutions
Services utilizing digital and IT technologies.
Film• Reduce film materials by designing thinner films
and promoting recycling.

• Materials shortages due tofossil fuel depletion.

• Utilize used multifunction devices. (reuse)• Aim for an appropriate number of devices and the
reduction of unimportant printouts by providing
appropriate management throughout the lifecycleof multifunction devices (device selection/operation/
disposal). (Managed Print Services)

Increase in the frequency and severity of heatwaves increases heat stress, which
affects people’s wellbeing.

• Intense heat has a growing
adverse impact on thehealth of employees, suchas heatstroke and sleep
deprivation.

• Measure the heat index at work sites and communicate
heatstroke warnings to employees.

Environment, SocialConditions and Systems

Our Technologies*2

Business Opportunities• Lens processing, polishing,coating and manufacturing
technology/Image
processing technology

Resilience of social infrastructure• Provide high-sensitivity surveillance cameras capableof monitoring rivers and weather even in stormy
weather or at night

There is increased demand for systems,
products and technologies that are requiredby society to adapt to extreme weather.
• Monitoring and predicting climate

High-Precision
Forming
Technology• Preventive maintenance of infrastructuresuch as structures and catchments

Opportunities*1

SystemDesign• High-precision image
analysis and AI technologies

Imaging
Technology• Securing water for everyday life

Imaging
Technology

SystemDesign• Ion exchange technologies
enabling selective ion
permeation

Functional
Polymer
Technology

High-Precision
Coating
Technology• Provide infrastructure degradation diagnosis services
for bridges, dam walls, and embankments to beprepared for typhoons.
• Solutions that contribute to local government
operations and the fast support and restoration of
the normal lives of citizens in the event of a disaster,through the digitalization of local government disaster
response processes.
Securing drinking water and water for agriculturaluse• Contribution to measures to address water shortages
using water filtration technologies and ion exchange
membranes.

Functional
Molecules
Technology

Film
Formation
Technology• The burden on medical professionals
will grow with the increase in unforeseen
diseases and infections.
Disruptions to transportation networks due
to inclement weather will restrict the mobilityof medical professionals and patients.

• Medical IT, diagnostic
medical imaging and AI
technologies

Imaging
Technology

SystemDesignReducing the burden on medical professionals andimproving accessibility to medical services• Solutions that support medical professionals andincrease access to medical care using medical IT,
diagnostic medical imaging and AI technologies∙ Highly portable X-ray devices that are small andrechargeable∙ Diagnostic medical equipment with AI features for theinspection of infectious diseases on remote islands
and in other regions• Highly portable and waterless clinical chemical
inspection system*1 Develop and offer products that contribute to the mitigation of climate change and adaptation to it utilizing the Green Value Products Certification
Program. (See 3.5.3.)*2 Icons indicate proprietary core technologies that support our accumulated technologies

FUJIFILM Holdings Corporation5(2) 1.5 °C scenario

Risks (Physical risks)

1.5 °C scenario: Rigorous measures are implemented for the establishment of a decarbonized society, keeping thetemperature rise down to 2 °C or less above the level during the Industrial Revolution by the year 2100.
Environment, Social Conditions and Systems

Risks

Measures (Activities)

During the transition to a decarbonizedsociety, the government implements
policies restricting the use of fossil fuels andpromoting technological innovation.
Carbon pricing (carbon taxes, emissions
trading and carbon border adjustment
mechanisms) is introduced.

• Increase in costs to build
new facilities due to carbon
taxes on fossil fuel andtransition to fuel without
emitting CO2.
• Rise in procurement prices
due to carbon taxes on raw
materials.
Total financial impact
due to direct and indirect
CO2 emissions from ourmanufacturing is likely to be
11.6 billion yen/year.*1

Promote energy saving and renewable energy usage• In December 2021 we raised our targets for addressing
climate change to align them with the SBTi 1.5 °C
criteria.
• Reduce CO2 emissions by 50% across the entire
product lifecycle by FY2030 (compared to the FY2019
level).
• Achieve net zero CO2 emissions from our energy
consumption by fiscal 2040.
• Promote low carbon investment using the internalcarbon pricing system.
Prediction for 2030
• Accomplish CO2 emission targets in our SVP 2030
through these measures and other energy saving
measures. Reduce carbon taxes on CO2 emissions
during manufacturing by 5.6 billion yen/year comparedto FY2021 level.*2

Environment, SocialConditions and Systems

Our Technologies*4

Business Opportunities• Methods with excellent energy efficiency areprioritized to reduce CO2 emissions fromenergy use.

• Barium ferrite magnetic
material with excellent
magnetic properties andlong-term storage

Grain
Formation
Technology

High-Precision
Coating
Technology

Energy conservation• Reduce the energy consumption of energysaving
data storage using high-capacity magnetic tape dataarchiving systems.

Functional
Molecules
Technology

Nano
Dispersion
Technology• Advanced toner technology
with a low fusing temperature• Downsizing, reusing, recycling, and reduced energy
consumption using energy-saving multifunction
devices.

Functional
Polymer
Technology

Opportunities*3• Photopolymer materials
technology with highdeveloping performance inthe printing process• Technology development and infrastructure
improvements will shift to using renewableenergy sources.

Functional
Polymer
Technology

Redox
Formation
Technology

Grain
Formation
Technology

Functional
Molecules
Technology

Nano
Dispersion
Technology• Lens processing, polishing,coating, and manufacturing
technologies, highspeed
and high-precision
mechatronics technology/
image processing and highprecision image analysis andAI technology

High-Precision
Forming
Technology

Imaging
Technology• Reduce the use of resources and energy using
process-less CTP plates for printing.

Creating energy• Solutions that enable remote inspection and diagnosis
of wind power turbines offshore and on land while inoperation

SystemDesign• Due to the fluctuation of electric power
generated by renewable energy sources
dependent on the weather, time of day andseason, storage battery technology will
become essential for ensuring the stablesupply of power.

• Dispersion and coating
technology• Industries that cannot avoid the use of CO2emitting fossil fuels will develop technology
for capturing CO2 in the atmosphere andsequestering it underground. Recycling CO2
will be also be promoted by converting CO2
into useful materials.

• Highly efficient cell culture
technology/genetic
engineering

High-Precision
Coating
Technology

Storing energy• Practical use of semi-solid batteries, expected to
be lower cost and larger capacity than existing
liquid lithium-ion batteries, in vehicle and stationary
applications
CO2 recovery and sequestration• Biotech production of useful materials from CO2
utilizing hydrogen-oxidizing bacteria

Bioengineering

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Opportunities*3• Due to the regional characteristics ofrenewable energy use, a transition willtake place from centralized urban societies
to decentralized regional communities.
For this reason, solutions that support the
lives of people and business activities inthese decentralized communities will gain
acceptance.

• IT solution and systemdesign technology withexcellent communication
quality and confidentiality

Solutions services adapted to a decentralized society• Business solutions that support remote and hybrid
workstyles through the digitalization and automationof business processes, and paperless business
operations

SystemDesign• Medical IT, medical imaging
AI technology

Imaging
Technology

SystemDesign• Solutions that support medical professionals andincrease access to medical care using medical IT
systems, diagnostic medical imaging systems and AI
technologies∙ Highly portable X-ray devices that are small andrechargeable∙ Diagnostic medical equipment with AI features for theinspection of infectious diseases on remote islands
and in other regions*1 Assuming a carbon tax of ¥11,000/ton, the same level as the internal carbon pricing set for the first half of fiscal 2022, FY2021 CO2 emissions at
the manufacturing stage were 1,053,000 tons, which is 1,053,000 × ¥11,000/ton ≒ ¥11.6 billion/year.
*2 FY2021 CO2 emissions at the manufacturing stage are 1,053,000 tons. IN SVP 2030, the CO2 emissions target for the manufacturing stage
in the year 2030 is 542,000 tons. If this target is achieved, the carbon tax savings will be (1,053-542) thousand tons × ¥11,000/ton in FY2030
compared to FY2021 (identical to *1) ≒ ¥5.6 billion/year.
*3 Develop and provide products that contribute to the mitigation of climate change and adaptation to it utilizing the Green Value Products Certification Program. (See 3.5.3.)*4 Icons indicate proprietary core technologies that support our accumulated technologies█ Metrics and Targets
In SVP 2030, The Fujifilm Group established the following targets for addressing climate change and it plans to proactively
promote energy conservation and renewable energy. In addition, we manage the Green Value Products certification
program certifying our products and services that excel in the reduction of the environmental impact to make greater
contributions to the reduction of society's CO2 emissions.
1. CO2 emissions reduction targets and progress across the entire product lifecycle
Long-term target: Reduce CO2 emissions by 50% by the end of FY2030 (compared to the FY2019 level).
Progress: 7.5% reduction at the end of FY2021 (compared to the FY2019 level).
2. CO2 emissions reduction targets and progress regarding the Fujifilm Group’s energy consumption
Long-term target:Reduce the Fujifilm Group’s CO2 emissions by 50% by the end of FY2030 (compared to the FY2019
level).
Progress: 3% reduction at the end of FY2021 (compared to the FY2019 level).
Medium-term target:Reduce the Fujifilm Group’s CO2 emissions by 11% by the end of FY2023 (compared to the
FY2019 level)
Progress: 3% reduction at the end of FY2020 (compared to the FY2019 level).
Short-term target:Reduce the Fujifilm Group’s CO2 emissions by 4% by the end of FY2022 (compared to the FY2019
level).
3. Renewable Energy Usage Targets• Convert 50% of purchased electric power to renewable energy-derived power by FY2030.
• Convert 100% of purchased electric power to renewable energy-derived power aiming at zero CO2 emissions from ourenergy consumption by converting fuels used in our in-house cogeneration systems to fuels with no CO2 emissions
such as hydrogen by FY2040.
• This target was recognized as being in line with the purpose of the RE100 by the Climate Group, an international
NPO. We joined the RE100 in April 2019.
4. Targets for contribution to the reduction of CO2 emissions through products and services• Contribute to reducing a total of 90 million tons of CO2 emissions by FY2030.

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