Actively advancing initiatives toward the achievement of our Medium-Term Management Plan, we will ensure the further growth of the J-POWER Group.
In recent years, the business environment surrounding the J-POWER Group has been undergoing major changes. On the domestic front, since the full liberalization of electricity retailing in April 2016, the government has been advancing discussions regarding the establishment of new markets as part of electricity system reform.
Global concern about climate change grows with each passing year. Based on the Paris Agreement, an international agreement on mitigating climate change, every participating country is taking measures aimed at reducing greenhouse gas emissions. Japan has set the medium-term goal of reducing greenhouse gas emissions to 26% below fiscal 2013 levels by fiscal 2030. A long-term goal was also set with the aim of reducing emissions 80% by 2050.
While CO2-free energy sources like renewable energy and nuclear power will be necessary to steadily reduce greenhouse gas emissions, these alone will not be able to meet global power demand over the long term. We will need to decarbonize the generation of power from coal, natural gas, and other fossil fuels at the source.
In July 2015, the J-POWER Group established a Medium-Term Management Plan to address the challenge of achieving further growth over the next decade. As for the direction of the plan, there are three concepts: "Realize growth in Japan by winning out over the competition in a liberalized market," "Enhance overseas business expansion," and "Further lowcarbon technologies enabling greater business growth globally." We have been actively promoting initiatives in line with these concepts. Having reviewed the medium-term management plan in April 2018, we will continue to work toward those same goals, seeking to ensure the ongoing growth of the J-POWER Group through the development and promotion of even more superior projects in Japan and abroad.
I believe that the J-POWER Group should seek to always understand the changing market landscape, build on experience and technical expertise to innovate, grow globally, and demonstrate its usefulness in society. We will continue to do our utmost to fulfill our mission: "We will meet people’s needs for energy without fail, and play our part for the sustainable development of Japan and the rest of the world."
We are grateful as always for your continued support and patronage.
Representative Director President and Chief Executive Officer