Oct. 08, 2021

President Hyodo Speaks at 2021 Hiroshima Business Forum for Global Peace

On September 8, Masayuki Hyodo, President and Chief Executive Officer, participated in a panel discussion at the 2021 Hiroshima Business Forum for Global Peace.

The Hiroshima Business Forum for Global Peace has been held by Hiroshima Prefecture since 2013. The purpose of this forum is to review the relationship between business and peacebuilding, thus encourage the business community to make concrete contributions by reminding them of the necessity of international peace for business.

How will Japanese and overseas industries respond to climate change, which is now perceived globally by every government as a serious security risk? The five panelists, including President Hyodo, discussed the use of new technologies and the establishment of business models for the future.

President Hyodo made the following comments during the discussion: “Since the Industrial Revolution, humanity has been burning fossil fuels and releasing large amounts of CO2 into the atmosphere, but the era of this being cost free is over. Moving forward, we will have to tackle the reduction of CO2 emissions in earnest. However, in order to address the larger theme of coexistence with the Earth on a global scale, the SDG concept of ‘No one left behind’ is crucially important. There are concerns that if decarbonization efforts are pursued based solely on the values of developed countries, disparities will arise between countries. We will need to discuss issues thoroughly and broaden our horizons to establish a system of mutual support. In particular, energy is essential for human prosperity and economic activities, so it is vital that we build a stable supply system with a portfolio suitable for the circumstances of each country. It is also important to control the demand side, and the entire social infrastructure will need to be reformed to become more energy efficient. The government and private sector should work together to comprehensively address the creation of these systems and business models. Sumitomo Corporation will make every effort to achieve carbon neutrality for the economies in which we are involved by 2050.”

Participated online to prevent the spread of COVID-19
Sumitomo Corporation has established Energy Innovation Initiative (EII) in April 2021. Going forward, EII will promote business development in the fields such as hydrogen, green power, energy storage, and forestry, contributing to the realization of a carbon-neutral society through the creation of a decarbonization and recycling energy system. (Photo: Forestry business in New Zealand)