Make The World
More Sustainable
June 26, 2024
Ichigowww.ichigo.gr.jp/en

Ichigo Joins Call for Japan Energy Policy Targetof Tripling Renewable Energy Capacity by 2035 as a RE100 Company
Ichigo is a Japanese sustainable infrastructure company dedicated to making the world
more sustainable. Ichigo believes companies exist to serve society, and is committed tocontributing to a sustainable society while growing long-term value for its shareholders.
In line with this mission, Ichigo joined RE100, a global initiative to accelerate thetransition of electricity used by businesses to 100% renewable energy.
Per the attached letter, Ichigo has joined other RE100 companies, RE100, and the Japan
Climate Leaders’ Partnership (JCLP) to call on the Japanese government to set
aggressive targets and specific measures in its Seventh Strategic Energy Plan as a global
leader, including tripling renewable energy capacity as a goal, which is crucial tomaximizing economic opportunities of net zero initiatives, by 2035.

Reference Information: Ichigo’s Net Zero Carbon Initiatives
Ichigo has committed to sourcing 100% renewable electricity across all of its
operations, including Ichigo Office (8975) and Ichigo Hotel (3463), by 2025, 15 years
faster than RE100’s target of 100% renewable electricity by 2050. As of February 29,2024, Ichigo has made 90% progress towards its RE100 target.

Ichigo RE100 Target:
Sourcing 100% Renewable Electricity Across Its Operations by 2025
Ichigo currently owns 64 operating and in-development solar and wind power plants incommunities across Japan generating 188MW of renewable energy, and is also
developing green biomass and non-FIT solar power plants. Ichigo will continue its
focus on renewable energy and shift to renewable energy for its operations to realize a
net zero carbon society.
In its Sustainable Real Estate business, Ichigo integrates the “hard” physical elements
and “soft” service elements of infrastructure with the networks and data-driven
possibilities of the digital world, and preserves and improves real estate, lengthening
buildings’ useful lives beyond 100 years.
Ichigo believes it is our social responsibility to pursue these initiatives in line with our
mission to Make The World More Sustainable.
For details on Ichigo’s businesses and ESG initiatives as a sustainable infrastructurecompany, please refer to our website, www.ichigo.gr.jp/en.
Enquiries (Japanese & English): Ichigo IR at +81-3-4485-5221

Japanese businesses urgently call on the Government to takeconcrete action on renewable energy
Over 420 of the world’s biggest and most influential corporates, including 87
Japanese headquartered companies, strongly encourage the Japanese government
to deliver greater ambition in its upcoming renewable energy plans. RE100 members
urge the government to take advantage of the opportunities present in the net zerotransition and set a target to triple its domestically installed renewable energy capacity
to 363GW by 2035, at the latest, in the forthcoming 7th Strategic Energy Plan.
Renewable energy is a critical tool in maximising the economic opportunities of net
zero. By harnessing its potential, Japan can not only fuel economic growth byexpanding its domestic market but strengthen its national energy security and enable
greater flexibility with the national budget that currently is heavily spent on expensive
fossil fuel imports.
Redirecting energy financing towards the domestic market will also minimise the costsof the energy transition for society and help Japanese companies reach their climate
goals much faster, in line with global competitors. This will encourage substantial job
creation, alongside the economic benefits these new jobs will bring.
To achieve a tripling of renewable energy capacity and demonstrate global
leadership, RE100 members are calling for greater ambition and more concrete action
from the Japanese government. Outlined below are the priority actions as identified
by RE100 members, with the full, detailed recommendations outlined in the RE100
Japan Policy Recommendations.
1. Implement policies promoting transparent and fair electricity prices, aiming toimprove the cost-effectiveness of renewable electricity generation and pricing.
2. Improve access to Physical and Virtual Corporate Power Purchase
Agreements (PPAs) by establishing streamlined processes and removing
barriers for buyers and suppliers.
3. Prioritise grid upgrades and operational improvements to speed up theconnection time for new renewables projects and maximise usage of existing
renewables to avoid curtailment.
Adoption of the above priorities and wider recommendations will help mobilise
domestic and international private investment on renewables. These investments will
enable Japan to seize the opportunities of the energy transition and gain recognition
as a global leader in the green transition.

RE100 was encouraged by the ambition shown in the 6th Strategic Energy Plan
(2021), increasing the renewable target from 22-24% to 36-38% and the clear market
signal this sent on ambition for a grid powered by renewables.
Although important progress has been made, Japan's ambition on renewables is still
significantly behind other G7 economies. RE100 members annually cite Japan as oneof the top two most challenging markets to procure renewables. This is a missed
opportunity. Despite RE100 members ambitious commitments, they reported
procuring only 25% of their electricity from renewable sources in Japan in 2022,
compared to the 50% global average.
The Japanese government must demonstrate ambitious leadership on renewables in
the upcoming 7th Strategic Energy Plan to keep pace with RE100 companies’commitments and benefit from global competition. Implementing therecommendations we have outlined would help Japan meet the commitments madeby the Japanese government at COP28 and this year’s G7, and continue to improve
the affordability, accessibility, and availability of renewables in Japan.
At this critical moment in Japan’s national energy policy ambitious leadership isneeded on renewables to enable business to support Japan in its journey to a netzero economy.