Corporate Position onClimate Change
March 25, 2022

Introduction
INPEX has revised its “Corporate Position on Climate Change*1” based on its “INPEX Vision@2022*2” announced on February 9th, 2022.

2 This paper outlines INPEX’s position and initiatives concerning the key themes listed to provide
stakeholders with a better understanding of how the company is responding to the challenges ofclimate change.

1. Basic Management Policy Towards a Net Zero Carbon Society by 2050
2. Climate Change Goals
3. Initiatives in the 5 Net Zero Businesses
3-1. Develop a Hydrogen Business
3-2. Promote CCUS *3
3-3. Enhance and Emphasize Renewable
Energy Initiatives

3-4. Promote Carbon Recycling and Cultivate New
Business Opportunities
3-5. Promote Forest Conservation

4. Towards a Cleaner Upstream Business and Implementation of a Shift to Natural Gas
For more information on the company’s initiatives relating to sustainability including Climate
Change response, please refer to our Sustainability Report*4.
*1：This document is a provisional English translation of the “Corporate Position on Climate Change”.
If any ambiguity of interpretation is found in this provisional translation, the Japanese text shall prevail.
*2：https://www.inpex.co.jp/english/company/pdf/inpex_vision_2022.pdf*3：Carbon dioxide Capture, Utilization and Storage*4：https://www.inpex.co.jp/english/csr/csr/

1

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Basic Policy on Management
Towards a Net Zero Carbon Society by 2050

1INPEX will proactively engage in energy structure reforms towards the realization of a net zerocarbon society by 2050, while responding to the growing energy demands of Japan and the world
and fulfilling its responsibility for the development and stable supply of energy over the long-term.

2The company will set climate change response goals to achieve its own net zero carbon emissions
by 2050, to contribute to the realization of the Paris Agreement objectives in relation to climatechange.

3INPEX will expand 5 net zero businesses at an accelerated pace through the following three
initiatives, in order to offer solutions responding to the needs of society and become recognized as acredible key player.
ReduceCO2 emissions
from upstream
operations(CCUS)

1. Leverage the company’s strengths (knowledge and experience)
INPEX will make the most of its strengths such as its management,
technical and operational experience gained in Japan and around theworld to select business targets and apply its management resources
including human resources, finances and business knowledge.

2. Strengthen collaboration with industry, academia and government
Responding to changing times requires innovation and the realizationof new business models. INPEX will promote long-term ties andcollaboration with industry, academia and government in a broad
spectrum of business fields.

3. Utilize policy support measures
The company will collaborate on the improvement of policy
frameworks and promote rapid and efficient initiatives making use ofpolicy incentives.

Enhance andemphasize
renewableenergyinitiatives

Becominga Pioneer ofEnergy
Transformation

Promotecarbon recycling
and cultivate newbusiness opportunities

Develop ahydrogenbusiness

Promoteforestconservation2

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Climate Change Goals
INPEX has set its own goals to contribute to realizing a net zero carbon society as outlined inthe Paris Agreement.

2050

2030

Scope 3NET ZERO*1

30% OR MORE*2

REDUCTION

in absolute emissions(Scope 1+2)

reduction of net carbon intensity(Scope 1+2)

*1: on INPEX equity share basis*2: in comparison with 2019

work together withall relevant stakeholders toaddress challenges
across the value chains

TO ACHIEVE THESE GOALS INPEX WILL…
Promote CCUS;
Strengthen renewable energy initiatives;
Promote forest conservation for CO2 absorption;
Maintain current low methane emissions intensity of approximately 0.1% *3 (calculated by methaneemissions / natural gas production); andAim to eliminate routine flaring by 2030.*3*3: in INPEX-operated projects

PROMOTE THE ONGOING DISCLOSURE OF CLIMATE-RELATED INFORMATION IN LINE WITH TCFD RECOMMENDATIONS.

33 Initiatives in the 5 net zero businesses
3-1. Develop a Hydrogen Business
Commercialize 3 or more projects by around 2030 and aim to produce and supply 100 thousand tons ormore of hydrogen/ammonia per year

3-2. Promote CCUS
Aim to become a leading company in the CCUS business by targeting an annual CO₂ injection volume of
2.5 million tons or more in around 2030 and promoting technical development and commercialization

3-3. Enhance and Emphasize Renewable Energy Initiatives
Aim to secure 1-2 gigawatts of installed capacity, mainly in the offshore wind and geothermal power
generation business, and become a key player by accelerating business expansion using assets acquired
through M&A and other means as a platform

3-4. Promote Carbon Recycling and Cultivate New Business Opportunities
Promote the adoption of methanation in society and aim to supply about 60 thousand tons* of synthetic
methane per year through INPEX’s natural gas trunk pipeline network by 2030 while pursuing further
development*Equivalent to approx. 200 thousand households

3-5. Promote Forest Conservation
Strengthen and expand projects aimed at CO₂ absorption through forest conservation, from supportive
measures to project participation

44Towards a Cleaner Upstream Business andImplementation of a Shift to Natural Gas

4. Towards a Cleaner Upstream Business and Implementation of a Shift to Natural Gas
Aim to achieve zero routine flaring by 2030 and thoroughly make projects cleaner by introducing CCUS,
utilizing forest credits, introducing electricity based on renewables and saving energy.
Raise the gas investment ratio from the current level of around 50% to around 70% to increase
the gas ratio of the portfolio.
For the natural gas development business, consider feedstock supply for hydrogen and ammonia
projects and business transformation opportunities.

5Revision History
Corporate Position on
Climate Change

December 2015
July2018
January 2021
March2022

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