Metrics and Targets

Key Performance Indicators (KPIs)

Hulic identifies materiality and the Sustainability Committee sets key performance indicators (KPIs) for each materiality and evaluates progress by reviewing results.
Climate change KPIs, results and progress assessments are as follows.

KPIs Specific Targets Coverage 2020 Assessment Major related SDGs
CO2 emission*1 reduction target Reduce CO2 emissions (The base year: 2013)
40% by 2025
45% by 2030
100% by 2050
156 major properties*2 27% reduction
RE100 achievement rate*3 4% in 2021
30% in 2022
35% in 2023
70% in 2024
100% in 2025
Electricity used in Hulic Group business activities 0.5%
Number of times the Sustainability Committee engaged in climate change monitoring One or more times annually Hulic Co., Ltd. 1 time
Number of Environmental Advisory Council held One or more times annually Hulic Co., Ltd. 1 time

The following are managed as other related indicators.

Related Indicators Related KPI Specific Numerical Values and Targets
Annual generation of renewable energy RE100 achievement rate*3 Approximately 60 GWh (annually)
Amount of investment in renewable energy generation facilities CO2 emission*1 reduction target Approximately JPY 60 billion (cumulative amount by 2030)
  • We are revising our related KPIs as we have brought forward the target years of net zero CO2 emissions and RE100, respectively from our initial plans.


  • 1. The reduction rate is calculated by comparing CO2 emissions intensity in 2013 as the base year.
  • 2. The boundary of properties is the buildings in which the Company's share of the total floor area is 50% or more (excluding residential use and real estate for sale). This includes properties for which we do not have energy management rights. Energy consumption included are electricity, city gas, heat, and regularly used A fuel, kerosene and LPG. We have aggregated equivalent of the Company’s share of the total floor area for the shared ownership properties. CO2 emission intensity is calculated by using the aggregated floor area of the properties in the boundary as the denominator.
  • 3. Targets are set according to the amount of power generated by Company-owned non-FIT solar photovoltaic equipment during the target year divided by the total amount of electricity used at the Hulic head office building and on the floors occupied by Group companies in one year (an estimate of final target year).

Rationale for each KPI

CO2 Emission Reduction Target

In accordance with Hulic’s long-term vision for the environment, we established medium- to long-term targets for climate change to reduce CO2 emissions from all Company-owned lease properties*1 to net zero by 2030. Hulic believes that it is important to take actions to combat climate change by reducing CO2 emissions in Scope 1 and 2 as well as throughout the value chain.

In addition to utilizing environmentally friendly technologies in our properties and reducing energy consumption by promoting energy conservation, we will invest a total of approximately JPY 60 billion in developing photovoltaic power generation that does not use the FIT system*2, and small hydroelectric plants. Hulic entered the photovoltaic business using the FIT system in 2012, and in 2020, we started developing photovoltaic equipment that does not use the FIT system (non-FIT), as well as developing small hydroelectric plants. Electricity derived from non-FIT renewable energy generated by Hulic-owned power sources will be supplied to our properties by Hulic Property Solutions, a Group company retail electricity supplier (Power Producer and Supplier, “PPS”). We plan to only use renewable energy sourced electricity generated by Hulic-owned power sources to supply approximately 310 GWh (an estimate in 2030) of all electricity used annually by our properties. When this target is achieved, electricity-derived CO2 emissions will become net zero for tenants in our properties.

We recognize, that going forward, the growing importance of taking actions against climate change through CO2 emission reductions across the entire value chain, along with the reduction of electricity-derived CO2 emissions from our Group through the achievement of RE100.

  • *1:Excludes single-tenant lease properties, residential properties and unmanaged shared properties for which we do not manage energy, and real estate for sale.
  • *2:A feed-in tariff (FIT) system for electricity that requires utility companies to purchase electricity generated using renewable sources for a certain period of time at a price specified by the national government.
    FIT electricity is not considered renewable energy as a portion of the cost of the electricity purchased by a utility company is added to the consumer’s bill so the tax payer must bear some of the costs. Therefore, achieving the 100% goal with FIT electricity is not considered RE100 by definition.

RE100 Achievement Rate

RE100 stands for “Renewable Electricity 100%,” a global initiative aimed at using only renewable energy as the source of electricity used in business activities.

Hulic joined RE100 in 2019, and in 2020, started to develop photovoltaic equipment that does not use the FIT system (non-FIT). Electricity derived from non-FIT renewable energy generated by Hulic-owned power sources will be supplied by Group company retail electricity supplier (PPS), Hulic Property Solutions, to buildings occupied by Group companies. We plan to provide all of the approximately 60 GWh of electricity used annually by Group companies from Hulic-owned renewable energy sources by 2024, and in order to achieve that goal we set progress target for each fiscal year as a milestone. When RE100 is achieved in 2024, Hulic Group’s electricity-derived CO2 emissions will become net zero.

Number of times the Sustainability Committee engaged in climate change monitoring and number of Environmental Advisory Council held

We have set the above as KPIs with the aim of confirming the operational status of corporate governance related to climate change.

Organization Confirmation of operational status
Sustainability Committee
  • Evaluates the impacts of climate change on business, and takes steps to mitigate identified risks and generate opportunities
  • Sets KPIs for sustainability, including climate change, reviews performance and manages progress
Environmental Advisory Council
  • Top management directly discuss and receive advice and suggestions from external advisors on our initiatives related to environment including climate change

Total Energy Consumption and CO2 Emissions

Total energy consumption and CO2 emissions were as follows.
Please visit the Hulic website for details regarding the calculation criteria for Scope 1 and 2 emissions as well as Scope 3 emissions throughout the entire value chain.

(the base year)
2016 2017 2018 2019 2020
Total energy consumption (GJ) 1,168,688 1,339,691 1,587,269 2,191,667 2,489,021 2,140,340
  Scope 1 (total) 25,202 47,951 51,942 68,627 91,505 85,395
Scope 2 (total) 1,143,486 1,291,740 1,535,327 2,123,040 2,397,517 2,054,946
Total energy consumption intensity (GJ/㎡) 1.7 1.4 1.5 1.7 1.6 1.6
CO2 emissions (t-CO2) 66,552 68,926 80,028 103,338 110,163 95,477
  Scope 1 (total) 1,266 2,154 2,332 3,196 4,532 4,593
Scope 2 (total) 65,287 66,772 77,697 100,142 105,631 90,883
CO2 emissions intensity (kg-CO2/㎡) 96.8 73.8 78.0 79.7 72.1 70.6
Total floor area (㎡) 687,756 934,243 1,025,891 1,295,832 1,528,972 1,351,869
Number of properties that are in the boundary 115 129 149 161 164 156
Energy consumption included
  • City gas
  • A fuel oil (regular use)
  • Kerosene (regular use)
  • LPG (regular use)
  • Electricity: includes properties for which Hulic does not have energy management rights
  • District Heating and Cooling (DHC)

Other Related Indicator

Related Indicator Related KPI Result (kWh)
Annual generation of renewable energy RE100 achievement rate 283,759


  • Total energy consumption, CO2 emissions (total of Scope 1 and Scope 2) and CO2 emissions intensity (kg-CO2/㎡) in 2020, which are marked with , have been assured by an independent third-party assurance provider.
    We do not track greenhouse gas emissions other than CO2 because they are considered to be extremely limited due to the nature of our business.
    For gases other than CO2, within the emission levels (CH4, N2O, HFC/PFC, SF6) stipulated in the GHG Emissions Accounting, Reporting, and Disclosure System (Act on Promotion of Global Warming Countermeasures), Hulic manages the amount of permissible leaks as an administrator based on the Act on Rational Use and Proper Management of Fluorocarbons. Note that we do not report or disclose this data as the amount of leaks is below the reporting standards.
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