The company has also strengthened its long-term target framework. Replacing its previous combined target of a 90% reduction across Scope 1, 2 and 3 emissions by fiscal 2050, Ricoh has established separate targets of a 90% reduction in Scope 1 and 2 emissions by fiscal 2040 and a 90% reduction in Scope 3 emissions by fiscal 2050. These targets have been validated under the Science Based Targets initiative’s Net-Zero Standard, which aligns corporate emissions reduction targets with climate science.
Ricoh also raised its fiscal 2030 renewable energy adoption target from 55% to 85%. In Japan, the company will promote responsible renewable energy procurement that does not cause environmental damage or apprehension in local communities, in line with domestic market conditions.
As part of this effort, Ricoh is revising its proprietary comprehensive renewable energy evaluation system to further strengthen responsible renewable energy procurement. Introduced in 2021, the system evaluates renewable electricity sources not only on price but also on factors such as additionality that supports new power development, lower environmental impact and whether power plants are financed by local communities.
In this upcoming revision, Ricoh plans to incorporate considerations such as biodiversity, human rights and proper land use as part of its broader effort to identify the factors that should be taken into account in realising a sustainable society. The final framework will be determined based on advice from external subject matter experts, including academia and environmental conservation organisations.
Ricoh Group became the first Japanese company to join RE100 in April 2017. Since then, the company has worked to increase both the use and quality of renewable energy by expanding the adoption of additional renewable energy sources, including onsite physical power purchase agreements that make effective use of space at its own facilities and offsite virtual power purchase agreements in Japan. Under its new midterm management plan, Ricoh will not only raise its decarbonisation targets but also ensure they are firmly linked to its global business operations.
Just last week, Ricoh was awarded the highest Platinum rating from EcoVadis, the world’s most trusted provider of business sustainability ratings. Placing Ricoh among the top 1% of companies assessed, this is Ricoh’s second consecutive Platinum rating.
