Tokyu Corporation

Tokyu Corporation is on track to meet its group-wide target to reduce its emissions by 46.2% by 2030 compared to 2019 and achieve its net-zero scope 1 and 2 emissions target for 2050. But the company lacks any targets specific to its rail and road transport operations. Setting regularly spaced intermediate and long-term targets specific to its transport operations will help incentivise near-term actions on its longer-term net-zero goal.

Tokyu Corporation does not report its rail and road transport activity and emissions data. The corporation’s past emissions intensity could therefore not be assessed against its 1.5°C pathway. Furthermore, due to a lack of data, it was not possible to assess whether the company’s cumulative emissions from 2016 to 2021 remained within its carbon budget or whether the company is projected to remain within its 1.5°C carbon budget in the future. Transparently reporting this information will help demonstrate the corporation’s understanding of the impact of its transport operations and its level of alignment with a 1.5°C pathway.

In 2021, Tokyu Corporation reported a total capital expenditure (CapEx) of USD 1.07 billion. Nevertheless, it does not report its total or low-carbon research and development (R&D) spending as a proportion of its CapEx. The corporation reports investing in digital solutions for transport optimisation, upgrading customer services and improving railroad maintenance operations. However, it does not report investment in low-carbon vehicles and energies. Notably, in 2020 the corporation reported making no R&D investments in low-carbon vehicles and energies .

Tokyu Corporation has set a target to reduce scope 1 and 2 emissions by 46.2% by 2030 compared to 2019 and plans to achieve net-zero scope 1 and 2 emissions by 2050. The 2030 target will use offsets to achieve 70% of the targeted reduction. However, the corporation does not report how it plans to achieve its 2050 net-zero target.

Tokyu Corporation aims to operate all of its train lines using 100% renewable energy and introduce fuel cell and electric buses, along with unspecified forms of next-generation mobility . Moreover, the corporation aims to promote a modal shift from private passenger to public transport.

Tokyu Corporation is promoting initiatives for self-generation, storage and procurement of renewable energy in response to its transition risks. Next to this, it is implementing measures to tackle the physical risks to its business, such as investigating and improving flood prevention measures.

Tokyu Corporation is on track to meet its group-wide targets. However, it does not report its transport activity or emissions data. It is thus unclear whether the corporation remained within its carbon budget between 2016 and 2021 and if its performance is aligned with its 1.5°C pathway.

Tokyu Corporation has set group-wide targets but has not set any targets solely for its transport activities. It does not report its transport activity and emissions intensity data either. The corporation does discuss plans to introduce fuel cell and electric buses, but it does not report when it intends to do so.

No evidence was found of the company’s commitment to social dialogue or of the categories of stakeholders the company engages with on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.

No evidence was found of the company undertaking low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue or engagement with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found of the company’s action to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found of the company’s assessment of employment dislocation risks.

No public commitment by the company was found stating its intention to reskill and upskill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company reskills and upskills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if the company identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.

No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

No policies or commitments of the company related to respect for human rights were found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

The company discloses some workforce diversity data and has time-bound targets for gender equality. However, no evidence of the company’s policies or commitments on key issues related to decent work practices were found in the public domain. These practices include the provision of secure, safe and healthy workplaces, where workers are fairly remunerated and have a meaningful say in decision-making.

While the company discloses its global tax strategy, no relevant disclosure was found of the corporate income tax it pays in each relevant jurisdiction. The company does have a policy prohibiting bribery and corruption. However, the company can strengthen its disclosure on these, and other key ethical business topics, including personal data protection and responsible lobbying and political engagement.