Sustainability has become an increasingly significant topic. Discussions and measures are under way globally to address climate change that include achieving the SDGS by 2030 and the Paris Agreement targets by 2050.
Instead of merely formulating a three- to five-year business plan as we have done in the past, we have taken a medium/long-term perspective in redefining our vision of the Bank and the value we provide to society. We also recognize the importance of setting and executing specific goals to achieve these aspirations.
Based on this vision, we have defined our Purpose reflecting the Bank’s vision, value and role that it can offer society by 2050 and the Medium/Long-Term Goals that we will achieve by 2030.
In formulating our Purpose and Medium/Long-Term Goals, we held monthly workshops throughout 2020, attended by the CEO, Directors and Executive Officers.
After putting together forecasts for the global environment and societal changes for 2050 (megatrends), we used the concept of backcasting, carrying out discussions under the following approach.
Details of discussions were shared with the Supervisory Committee members and the Bank employees, and we formulated the plan after receiving opinions and responses to questionnaires.
- Share futuristic scenarios for 2050 in consideration of medium/long-term changes in the environment and society (megatrends).
- Forecast the impact that these futuristic scenarios could have on the Bank’s foundation and businesses (the AFF industries; investment and financing).
- For (2), above, discuss the value that the Bank can provide to society and the role that we are expected to play (our Purpose).
- Discuss the goals to be achieved by 2030 (our Medium/Long-Term Goals) based on our Purpose.
- Reflect these details in our management plan and realign the Norinchukin Bank Vision.
Group discussions in a workshop for executives
Megatrends to Keep in Mind Looking Toward 2050
Priority Issues for The Norinchukin Bank
Our work at The Norinchukin Bank will not change the world overnight.
Our focus is on the agriculture, fishery and forestry industries.
This means that nature is our partner,
and nothing in nature bears fruit overnight.
Industries in this sector do not make things—
instead, they produce and nurture life as a legacy for future generations.
This is precisely why we are dedicated to serving those who sustain these industries brand their local communities, no matter how small the scale of their operations. brAs the sole financial institution wholly devoted to this sector— brthe very cornerstone of our nation—we continually strive brto generate solid outcomes in the global financial markets. brOur history spans more than 90 years.
But that alone is no longer enough.
We must take on a greater role than ever before
if this sector is to continue developing in response to the changing times.
We must harness our financial knowledge to make
new contributions that extend beyond our past functions and scope.
We must do our utmost to address timely issues.
We must respond to the needs not only of producers
but also of processors, distributors and consumers.
The life generated by the agriculture, fishery and forestry industries
sprouts the well-being of all lives well into the future.
Now is the time for each of us to give our all.
We aim to make the chain of life that connects us to the future
more bounteous and more certain.
- Sustainability Management at The Norinchukin Bank
- Message from the CEO
- Sustainability Advisory Board
- Sustainability Issues Surrounding the AFF Industries
- Formulation of Purpose of the Bank and the Medium/Long-Term Goals
- Our Purpose, Vision and Mission
- Milestones of Sustainability Management
- Philosophies and Policies Supporting Sustainability Management
- Identifying Sustainability Issues
- Sustainability Promotion Structure
- Participation in Initiatives
- Initiatives Against COVID-19
- Initiatives for Medium/Long-Term Goals FY2030
- Progress of Initiatives Toward the Medium/Long-Term Goals FY2030
- Reducing GHG Emissions at investees and Borrowers
- Restoring a Healthy Circulation of Forest and Forest Industry Providing Full Support for Wood Utilization Initiative
- Solving Environmental and Social Issues Through Sustainable Finance
- Initiatives to Manage Environmental and Social Risks
- Initiatives to Increase the Income of Farmers, Fishermen and Foresters
- Initiatives to Promote Diversity & Inclusion
- Examples of Major Initiatives
- Sustainability Disclosure