Response Based on TCFD Recommendations

    logo_gc2050.png   TCFD 

Introduction: Our Vision of Society

Our Group has various points of contact with customers, including food, clothing, housing, and financial services. We have about 22,800 stores in Japan, which are visited by more than 22.2 million people every day. Our business rests on the pedestal of our position as part and parcel of the daily lives of customers. To make local communities sustainable, we have identified, as material issues,*1 social issues that should be solved in a priority manner through our main businesses. In our Medium-Term Management Plan 2021–25,*2 we have committed ourselves to the promotion of sustainable management.

Among the material issues, through our Response to Climate Change (3. Realize decarbonization, circular economy, and society in harmony with nature, through environmental efforts), we will undertake initiatives to prepare for and prevent climate change that threatens the daily lives of customers and local communities, such as natural disasters, which are increasing in number, and the procurement of product raw materials, which is becoming increasingly unstable. To accelerate these initiatives on material issues, in May 2019 we issued the “GREEN CHALLENGE 2050” environmental declaration,*3 which outlines a roadmap for the society we are aiming for in the years 2030 and 2050.

In this environmental declaration, we have set medium- to long-term goals in four fields—reduction of CO2 emissions, measures against plastic, measures against food loss/waste and for organic waste recycling, and sustainable procurement—toward a transition to three forms of society, namely, a decarbonized society, a circular economy, and a society in harmony with nature.

In scenario analyses in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), we have identified the climate-change risks and opportunities relating to the realization of a transition to these three forms of society expected as of 2030 by business entity. We are studying measures to reduce the risks and maximize the opportunities and are promoting the linkage of these measures with management strategy. For details on analysis results, strategies based on these results, governance related to climate change, our risk management structure, and so on, please see the relevant sections on this page.

Transition Plan

Our Group announced the “GREEN CHALLENGE 2050” environmental declaration in 2019. In this declaration, we outlined a roadmap toward reducing CO2 emissions from our store operations in Japan to net zero in 2050 and also our aim to reduce CO2 emissions in the entire supply chain, including Scope 3. To promote these initiatives, we have incorporated environmental investment (expansion of solar panels, introduction of energy-saving equipment, etc.) in our management strategy in the Medium-Term Management Plan 2021–25.
We are scheduled to periodically update the roadmap relating to CO2 emissions to take account of scientific progress, regulations, and so forth. (Targets were revised upward in 2020 and 2021.)

Roadmap toward a decarbonized society


Energy saving
Promotion of energy saving by employees, introduction of energy-saving equipment in stores, etc.

Energy generation
Installation of solar generation in stores (target of installation in 11,000 stores by 2030)

Renewable energy procurement
Procurement of electricity from renewables through offsite power purchase agreement (PPA), etc.

Expansion of initiatives by 2030

Through joint efforts with our business partners, the promotion of measures to reduce plastic waste and food loss/waste set forth in “GREEN CHALLENGE 2050,” and so on, we aim to reduce our emissions in the entire supply chain, including not only our own emissions (Scopes 1 + 2) but also Scope 3.

TCFD-Related Background and Future Implementation Plans

The Seven & i Group expressed our agreement with the TCFD recommendation in August 2019 and also joined the TCFD Consortium, established so that companies, financial institutions, and others can work together to promote initiatives. In FY2019–21 we implemented a scenario analysis targeting domestic convenience store operations (Seven-Eleven Japan) and disclosed the analysis results, enabling us to gain certain suggestions regarding risks peculiar to the convenience store operations. In the fiscal year ended February 28, 2023, as a domestic operation with the same geographical conditions, we implemented a scenario analysis of the superstore operations (Ito-Yokado, York-Benimaru, York) and disclosed the results. In the fiscal year ending February 28, 2024, judging that we could go ahead with an analysis of our overseas operation more effectively and efficiently by effectively utilizing the results of the scenario analyses in our domestic operations, we are in the process of promoting a scenario analysis of 7-Eleven, Inc.
Furthermore, as an initiative relating to natural capital, we have expressed our agreement with the principles of the Taskforce on Nature-related Financial Disclosures (TNFD), and we participated in the TNFD Forum and the Corporate Engagement Program of the Science Based Targets Network (SBTN) in January and February 2023, respectively. We are promoting preparations for analysis and disclosure based on the TNFD framework.


Below we explain the four disclosure categories recommended by the TCFD in the order of metrics and targets, strategy, governance, and risk management.

Metrics and Targets Related to Climate Change

In May 2019, the Group formulated its environmental declaration “GREEN CHALLENGE 2050.” In “GREEN CHALLENGE 2050,” we have set the following specific themes: reduction of CO2 emissions, measures against plastic, measures against food loss/waste and for organic waste recycling, and sustainable procurement. The goals are to achieve decarbonization, circular economy, and society in harmony with nature.
Toward the Paris Agreement’s goal for the world of limiting global warming to 1.5°C compared with pre-industrial levels, we have set the numerical targets of reducing CO2 emissions stemming from the Group's store operations to 50% compared with the FY2013 level in 2030 and to achieve net zero emissions in 2050. We have also set detailed numerical targets for other themes, and we are promoting initiatives for achieving them and monitoring their progress.
In the scenario analysis for each business entity, the substantial scale of damage due to natural disasters has become clear. Already in Japan as well, abnormal weather conditions are occurring, such as increases in localized torrential rain and typhoon damage, and many local governments have issued climate emergency declarations. In order to curb the risk of natural disasters caused by climate change, once again we renew our determination to collaborate with local communities and other stakeholders to make efforts to limit global warming to 1.5 degrees Celsius compared with pre-industrial levels by achieving the targets of “GREEN CHALLENGE 2050.”


    • *Calculated based on the Seven & i Holdings Environment-Related Data Calculation Report Manual stipulated in accordance with the Act on Rationalizing Energy Use and the Act on Promotion of Global Warming Countermeasures

Strategy: Implementation of Scenario Analysis

Scenario analyses based on the TCFD recommendations are implemented at the business entities of our Group. The latest analysis results and response measures for each business entity can be viewed at the following websites:

・Superstore Operations (Ito-Yokado, York-Benimaru)   *Our superstore operations were reorganized in September 2023, with York merging into Ito-Yokado
・Financial Services (Seven Bank)    *Announced on the Seven Bank website

The following is a summary of scenario analysis results until the fiscal year ended February 28, 2023. We publicize the climate-change risks and opportunities that are important for our Group.

Analysis assumptions

Scenario Decarbonization scenario (1.5°C–2.0°C) / Warming scenario (2.7°C–4.0°C)
Analysis scope In addition to the physical impact on stores, the analysis will cover costs in store operations and merchandise supply chain issues (raw materials, factories manufacturing merchandise, merchandise shipping) that significantly affect store operations, and customer behavior
Target year Impact as of 2030

In scenario analyses at each business entity, mindful that the 1.5°C target has become the mainstream worldwide, we implemented analyses consistent with this 1.5°C target. Specifically, we set two scenarios, a “decarbonization scenario (1.5°C–2.0°C)” and a “warming scenario (2.7°C–4.0°C),” with reference to reports on future forecasts and other materials issued by governments and international organizations, including STEPS*1, APS*2, and NZE2050*3, indicated in the World Energy Outlook of the International Energy Agency (IEA). We analyzed the impact of climate change taking account also of predicted business growth rates as of 2030.

*1 STEPS: Stated Policies Scenario. It is one of the scenarios shown in the IEA’s World Energy Outlook 2019 and reflects decarbonization policies and targets that had been publicized so far.

*2 APS: Announced Pledges Scenario. This scenario assumes that all climate-related commitments made by governments announcing long-term targets of net zero emissions are fulfilled in full and on time.

*3 NZE2050:Net Zero Emissions by 2050. It is one of the scenarios shown in the IEA’s World Energy Outlook 2020. Surpassing the Paris Agreement target, this scenario aims for net zero CO2 emissions before 2050 toward achievement of the1.5°C goal.

Significant transition risks and countermeasures: Decarbonization scenario (1.5°C–2.0°C)

Significant transition risk: The carbon tax impact

Transition risks were considered based on the decarbonization scenario in which various regulations and other measures are introduced to achieve the 1.5°C target. Of these, for each business entity we analyzed the impact of the carbon tax through the introduction of carbon pricing, which is projected to have the biggest impact. The following is an explanation of the expected impact on the domestic convenience store operations and superstore operations.

Carbon tax impact (2030)

Item Business impact
Total of two operations ¥20.0 billion
Domestic convenience store operations ¥12.6 billion
Superstore operations ¥7.4 billion

Assumption: Carbon tax: $135/ton-CO2 (Maximum amount given in the IEA’s World Energy Outlook 2022)
・Foreign exchange rate: \131.62/$ (Rate used in financial statements for the term ended February 2023)

For our estimate, with reference to the IEA’s World Energy Outlook 2022, we calculated the impact of carbon tax at the maximum amount of $135/ton-CO2 as of 2030. By putting our shoulders to the wheel to promote initiatives based on the targets outlined in our “GREEN CHALLENGE 2050” environmental declaration, we can substantially reduce the carbon tax burden in 2030. Furthermore, by achieving net zero CO2 emissions, we expect that eventually the carbon tax burden will be eliminated altogether.

Main countermeasures for a decarbonization scenario

As approximately 90% of the Group’s CO2 emissions are attributable to electricity use from store operations, the three initiatives of energy savings, energy generation, and procurement of renewable energy are being pursued to reduce emissions. We also aim to reduce emissions throughout the supply chain, including Scope 3 emissions.

(1) Energy savings

  Reduction of electricity use through employees’ efforts to save energy and the adoption of energy-saving equipment

(2) Energy generation

  The generation and use of renewable energy through onsite solar panels; solar panels have been installed at more than 8,000 Group stores and will be installed in 11,000 Group stores by 2030.


Test store for saving, generating. And storing energy (7-Eleven Misato Hikonari 2-chome store)


Rooftop solar panels (Ario Ichihara store)

After reducing CO2 emissions as much as possible through energy savings and energy generation, we will use procurement of renewable energy from offsite sources to further reduce emissions.


 (3) Procurement of renewable energy

 We are expanding cooperation with various electric power companies, including an offsite power purchase agreement (PPA) with the Hokuriku Electric Power Group.


News releases other information related to countermeasures

For more details of our initiatives, refer to the Seven & i website.

Significant physical risks and countermeasures: Warming scenario (2.7°C–4.0°C)

Significant physical risks: Damage from natural disasters

In terms of physical risks, natural disasters caused by extreme weather pose the greatest risk. It is difficult to predict when and where natural disasters will occur, and once they do, they can cause extensive damage. We are basing countermeasures for each business on the premise that weather phenomena such as heavy rainfall will occur with greater frequency and intensity and cause increasingly worse natural disasters such as flooding, so we estimate the impact of losses due to store and merchandise damage, loss of sales due to store closures, restoration costs, etc., to inform those countermeasures.

Impact on Seven-Eleven Japan stores (domestic convenience store operations)

Assumption: The amount of damage is estimated for flood damage to stores in the Tokyo metropolitan area (assuming flooding of the Arakawa River) as of 2030

 * Estimated based on past flood damage

 * To ascertain the extent of damage, estimates are made without considering insurance coverage

Item Business impact
Store damage, merchandise damage, loss of sales due to closures, restoration cost, etc. ¥11.2 billion

Impact on Ito-Yokado and York-Benimaru (superstore operations)

Assumption: The amount of damage as of 2030 is estimated assuming a disaster of similar scale to 2019 (Typhoon No. 19).

 * Estimates are based on actual damage from the 2019 disaster and forecasts of an increased frequency of disasters and floods

 * To ascertain the extent of damage, estimates are made without considering insurance coverage

Item Business impact
Store damage, merchandise damage, loss of sales due to closures, restoration cost, etc. ¥5.5 billion

Main countermeasures to damage from natural disasters

 Seven & i Holdings will strive to quickly reopen its stores and establishments in the event of a natural disaster as part of enhanced disaster response to continue serving as regional relief bases for local customers offering infrastructure, evacuation locations, etc. The following measures are being taken to address the increasing risk of natural disasters.


・Establish early recovery systems (such as 7VIEW)

・Continue operations in the event of a disaster with “Phase Free (a concept of securing an adequate quality of life, regardless of phases such as daily life and emergencies)” facilities, including improved performance of storage batteries and preparation of fuel reserves for emergency supply delivery

・Create a strategy and stores that anticipates flooding (preventing flood damage by expanding the installation of watertight panels and guard pipes)

・Establish disaster-resilient logistics bases and supply networks

・Develop disaster bases utilizing store infrastructure through disaster management agreements, etc.


7VIEW (system for sharing information in the event of a disaster)

Number of comprehensive alliance agreements with local governments (by operating company)

As of the end of February 28, 2021 As of the end of February 28, 2022 As of the end of February 28, 2023
Seven-Eleven Japan 194 223 230
Ito-Yokado 56 79 78
York-Benimaru 10 11 14
York Mart 4 4 4
Seven & i Food Systems 3 3 3
Total 267 320 329

News releases related to countermeasures, etc.

Significant physical risks: Increase in raw material cost due to changes in weather patterns


 Assuming that climate change will lower harvest yields for raw materials and increase the purchase price accordingly, we foresee a significant financial impact on our business entities. For both domestic convenience store and superstore operations, the raw materials selected for analysis were chosen on the basis of the composition of purchase price and availability of future information. (Targets of analysis will be expanded in the future.)

Item Business impact
Domestic convenience store operations Raw materials cost increase for rice, laver, and livestock products ¥5.7 billion

Assumption: Estimated increases in raw material costs as of the fiscal year ending February 28, 2031 due solely to lower yields resulting from climate change

* Yield changes are estimated from data provided by the Ministry of Education, Culture, Sports, Science and Technology; the Ministry of the Environment; the Japan Meteorological Agency; the National Institute for Environmental Studies; the National Agriculture and Food Research Organization, etc.

Main countermeasures to increase in raw material costs due to changes in weather patterns

 Under our environmental declaration “GREEN CHALLENGE 2050,” we set sustainable procurement as a specific theme—ensuring that food ingredients used in our original products are guaranteed sustainable, and we are taking the following measures with our suppliers to work toward a society that is in harmony with nature.


・Expand the lineup of eco-certified marine products (MSC, ASC, MEL, etc.) and eco-certified agricultural products (GAP, etc.)

・Disperse and consolidate production sites of raw materials

・Utilize digital technology and AI

・Ensure stable procurement through the expansion of raw material procurement from weather-resistant sources, such as vegetable factories, land-based aquaculture, etc.


Indoor vegetable factory exclusively for Seven-Eleven Sagamihara Vegetable Plant by Prime Delica Co., Ltd.

News releases related to countermeasures, etc.

Business opportunities and main countermeasures for both scenarios

Business opportunities for the decarbonization scenario

In this scenario, we see changes in consumer awareness as a business opportunity. As consumers develop a strong interest in sustainable products and services in line with government policy and trends toward carbon neutrality, we believe that our current efforts will lead to opportunities and further accelerate those efforts. The following initiatives being promoted under our environmental declaration “GREEN CHALLENGE 2050” are good examples.

・Initiatives in consideration of the environment with “Seven Premium”

“Seven Premium,” the private brand for the entire Group, is engaged in developing products that are both high in quality and environmentally friendly. We are actively promoting eco-friendly products at the Group’s stores to generate awareness of such products and create opportunities for customers to consider the environment with us in a way that may lead to action.

・Initiatives to reduce CO2 emissions

As electric vehicles (EVs) become more common on the roads in the decarbonization scenario, we believe that offering EV charging services at a greater number of Seven-Eleven and superstore parking lots will create more customer traffic. The Seven & i Group has installed approximately 2,800 chargers for EVs and plug-in hybrid vehicles (PHVs) as of the end of February 2022, and we plan to further expand this fee-based charging service in the future.


Ito-Yokado parking lot

・Initiatives for measures against plastic

We believe that converting the containers and packaging used for our original products to environmentally friendly materials and promoting PET bottle collection and recycling will attract public attention and create more customer traffic. Taking measures against plastic is one of the initiatives specified in our environmental declaration “GREEN CHALLENGE 2050.” We have set targets to convert the containers and packaging used for our original products (including Seven Premium) to 50% environmentally friendly materials by 2030 and 100% by 2050, thereby reducing the burden on the environment from waste plastic.

For the collection of plastic PET bottles, 3,174 collection machines have been installed at Seven-Eleven convenience stores and superstores as of the end of February 2023, and the equivalent of approximately 470 million PET bottles were collected in the fiscal year ended February 28, 2023. The collected bottles are recycled into new PET bottles and other products in Japan through a “closed-loop” recycling system.

FY2019 FY2020



Amount recovered (tons) 9,740 8,700 10,800 12,400
Number installed (Units) 820 1,001 2,098



・Initiatives for sustainable procurement

We are expanding our lineup of sustainable products that have acquired official certifications such as MSC, ASC, and MEL certifications for marine products and GAP certification for agricultural products, which we hope will attract public attention and create more customer traffic.

 As part of developing a society in harmony with nature, an ideal stated in our environmental declaration “GREEN CHALLENGE 2050,” we have set targets for sustainable procurement. The Group aims to guarantee the sustainability of the food ingredients used in our original products (including Seven Premium) to a rate of 50% by 2030 and 100% by 2050.

 In addition to promoting the acquisition of GAP certification* in cooperation with producers, for example, Ito-Yokado and York-Benimaru also sell private label vegetables such as “Fresh Foods with Traceability” (Ito-Yokado) and “Mitsuboshi Agricultural Products” (York-Benimaru), which deliver select, domestically-sourced vegetables grown with guaranteed safety, reliability, and deliciousness. These efforts are designed to disclose information about safe, environmentally sound products—who produces them, where, and with what motivations.

* Good Agricultural Practice (GAP) is a certification given to producers who engage in sustainability efforts in agriculture, awarded through third-party inspection.


Number of employees in the Seven & i Group with JGAP instructor qualifications

FY2021 FY2022
No. of employees
with JGAP instructor qualifications
62 139

* Total for JGAP fruits and vegetables and livestock

* Employees of Seven-Eleven Japan, Ito-Yokado, York-Benimaru, Seven & i Food Systems, IY Foods, and Seven & i Holdings

Sales of Ito-Yokado’s “Fresh Foods with Traceability”

FY2019 FY2020 FY2021 FY2022
Amount of sales* (billion yen) 22.8 24.6 24.3 24.8

* Approximate figures

Business opportunities for the warming scenario

In this scenario, we see changes in customer preferences and consumer behavior due to rising temperatures as business opportunities in the following ways.


・Consumers’ heightened awareness of disaster mitigation will increase demand for disaster preparedness products

・Increased sales of products that people wish to have in hot weather (cooling products)

・The frequency of outings will decrease caused in hot weather, so e-commerce services such as delivery business and Net Supermarkets will flourish


Ito-Yokado Net Supermarket, Shin-Yokohama Center (opened in August 2023)

Governance Related to Climate Change

 The Seven & i Group considers the issue of climate change to be one of the most important issues to be tackled across the Group companies. We have therefore established a governance structure centered on the CSR Management Committee and supervised by the Board of Directors.

 The Board of Directors receives reporting from the Sustainability Development Department that is a secretariat for the CSR Management Committee on our efforts for sustainability including climate change issues at least once a year, supervises their progress and the status of achieving the goal, and reviews our policies and efforts as appropriate. In December 2020 and May 2021, the Board of Directors made a resolution to revise our CO2 emission reduction target in our environmental declaration “GREEN CHALLENGE 2050” to 50% by 2030 and zero emission by 2050 in line with current international trends aiming at the 1.5 °C target and the decision of the Government of Japan for the net zero goal in 2050. In addition, we have added a target of reducing CO2 emissions set in the environmental declaration “GREEN CHALLENGE 2050” that was formulated in May 2019 to the key performance indicator (KPI) for stock-based compensation as a non-financial indicator in compensation of Directors since fiscal year ended February 28, 2021.

* For the target level of the amount of CO2 emissions for each fiscal year as the KPI for the stock-based compensation, it will be the target level for each fiscal year calculated based on the assumption of the actual amount of emission for the fiscal year ended February 28, 2019 to be equally reduced for each fiscal year to achieve the target level for the fiscal year ending February 28, 2031 (reducing emissions from Group store operations by 50% compared to the fiscal year ended February 28, 2014).

 The CSR Management Committee, chaired by Representative Director and President of Seven & i Holdings, meets twice a year, attended by CSR managers from Group companies (Representative Director and President, etc.) and managers from related divisions at Seven & i Holdings. Under the CSR Management Committee, the Environment Subcommittee has been established as a subcommittee to deal with climate change issues. The Environment Subcommittee consists of managers from the environmental departments of operating companies. In addition, when we announced the environmental declaration “GREEN CHALLENGE 2050” in May 2019, we established CO2 Emissions Reduction Team to create innovations across the Group to reduce CO2 emissions. This team is headed by executive officers or higher from responsible departments at our main operating companies.

 The CSR Management Committee receives reports on trends in indicators related to climate change issues, such as CO2 emissions, and on initiatives mainly for mitigation measures. The Committee approves measures implemented by the subcommittees and each group company, and provides necessary advice. The progress of such sustainability-related initiatives, including those related to climate change, is reported to the Board of Directors at least once a year.


●Meetings and roles related to climate change

Meeting Role Member
Board of Directors
  • Receive reports at least once per year regarding progress on climate change issues and achievement of targets; supervise efforts
  • Review and decide on policies and important matters
  • Directors 
  • Audit & Supervisory Board Members 

Members include internal and Outside Directors with extensive knowledge and experience in sustainability

CSR Management Committee
  • Meet twice a year 
  • Share trends in climate change-related indicators (such as CO2 emissions), and mitigation and adaptation measures 
  • Approve and advise on initiatives implemented by the Environment Subcommittee and Group companies 
  • Chair: Director and President of the Company
  • Members: CSR managers from Group companies (Representative Director and President, etc.) and managers from CSR-related divisions of the Company
Environment Subcommittee
  • Subcommittee of CSR Management Committee 
  • Meet twice a year
  • Promote response to climate change issues
  • Promote response to TCFD recommendations
  • Chair: Executive Officer in charge of Sustainability Development Department of the Company
  • Members: CSR department managers and managers of departments involved in climate change response measures at Group companies

Risk Management

 Seven & i Group has established a risk management system with the Risk Management Committee at its core, based on the basic rules for risk management. Each Group company identifies its own risks based on the Group’s common risk classification and the risk assessment sheets, and assess them both quantitatively and qualitatively taking into account their degree of impact and likelihood of occurrence. The risks and measures to deal with them are reported to the Risk Management Committee. The risk assessment sheets include risks related to climate change such as CO2 emission regulations.

 The Risk Management Committee, which meets twice a year, comprehensively identifies the Group’s risk situation based on the risk assessments and countermeasures submitted by each company, and continuously monitors its risk management system and countermeasures*2. The status of such risk management and judgments concerning material risks are reported annually to the Board of Directors.

*1 Group risk management system (excerpt from Risk Factors in the Seven & I website)


*2 PDCA for risk management (excerpt from Risk Factors in the Seven & I website)


Future Responses to TCFD Recommendations

 Going forward, we will update our scenario analyses in line with the state of the world and increase the number of operating companies subject to analysis, both domestically and overseas. We will take into account the entire supply chain as we continue to quantitatively identify risks and opportunities and develop and implement practical countermeasures.

 We will work on initiatives to limit the global temperature increase to less than 1.5°C by 2100, thereby leaving a prospering planetary environment to future generations.

Superstore Operations (Ito-Yokado, York-Benimaru)

  * Our superstore operations were reorganized in September 2023, with York merging into Ito-Yokado.

Financial Services (Seven Bank)    *Presented on the Seven Bank website