Meiji Yasuda has prioritised the preservation of the Earth as a goal for what it calls a universal and crucial issue for humanity. The company analyses climate-related risks both qualitatively and quantitatively with a focus on disclosure of information in line with international frameworks.
To that end, it has worked towards establishing a net-zero portfolio through environmental, social and governance (ESG) investments and engagements with investees. The company has developed its own ESG ratings and promoted dialogue with investees aimed at screening and resolving ESG issues using these ESG ratings. Shinichi Kishi, Meiji Yasuda's general manager for sustainability, says it has provided the ESG scoring service for medium-sized enterprises.
It has also been addressing climate change by conducting forestation in collaboration with Japan's Professional Football League, the J.League, a partnership that has allowed the insurer to increase environmental awareness among a larger group of people in the country.
Through integrated reports, Meiji Yasuda discloses climate information in line with the Task Force on Climate-related Financial Disclosures, and the Taskforce on Nature-related Financial Disclosures recommendations.
It also conducts scenario analyses from both the perspectives of business operators and institutional investors and has worked to analyse the relatively high-probability impact of climate change on insurance underwriting, such as the increase in death benefits and hospitalisation benefits due to rising temperatures.
The company has also actively engaged in investments and financing for green bonds, renewable energy power generation projects, and transition finance.
Over the three years from the fiscal year 2021 to 2023, it executed JPY570bn ($3.8bn) yen in investments and financing that are contributing to decarbonisation.
As a business operator, it has striven for the introduction of renewable energies and promotion of energy conservation, including the use of more efficient air conditioning equipment.
"As life insurance is a long-term commitment, spanning 20 to 30 years, we can contribute to the creation of a sustainable society by addressing environmental protection and climate change from a long-term perspective," says Hideki Nagashima, group CEO of Meiji Yasuda.