Since early last year, the world has seen wave after wave of the COVID-19 virus. First and foremost, I extend my sincerest sympathies to all those who have contracted the virus.
The pandemic has not only delivered a devastating blow to society and the world economy, but it has also completely changed our way of life and put pressure on industries around the world to adopt major structural reforms. Meanwhile, with the global business environment continuing to evolve at a dizzying pace, the industries in which MC is engaged are growing increasingly complex. It is more important than ever for our company to assess how all of this change may impact our potential for growth as we constantly review our supply chains and distribution models, and continue to maximize our competitiveness.
Under the Midterm Corporate Strategy 2021, we adapted to global change by swapping out assets and strengthening our portfolio. In energy and power generation, we acquired the European integrated energy group Eneco, which has enabled us to pursue a business model that combines renewables-based generation and retail electricity sales. We have also been active in smart-city developments and other downstream sectors involving the creation of customer bases. We have also taken steps to strengthen our upstream operations, as evidenced by our copper-mine development that aligns us closely with trend towards electrification.
Another of our objectives under the Midterm Corporate Strategy 2021 is the enhanced adoption of digital-transformation (DX), and we have been doing so by accelerating initiatives in this area. Leveraging our company's diverse industry know-how, we are now working on ways to further promote DX and structural reforms throughout Japanese industry. Together with our partners and affiliates, we are also taking advantage of widespread customer bases, digital technologies, and other assets to develop a wide array of unique services.
Like DX, global efforts towards low-carbon/decarbonized society represent a seismic shift for industry, one that MC is determined to be a part of. We are tackling this shift head-on through energy transformation (EX) efforts, and recognize its importance for the future of our planet. As we move towards a carbon neutral society by 2050, many innovations will occur and we anticipate widespread adoption and adaptation. During the transition period, MC will endeavor to fulfill its responsibility as a stable supplier of resources and energy, while striving to both sustainably grow its competitiveness and address environmental concerns. We will continue to pursue solutions by leveraging our unique breadth, depth and expertise across industries.
True to MC's guiding philosophy, the Three Corporate Principles, we will strive to meet the expectations of our myriad stakeholders by continuing our business management model in order to simultaneously generate economic, societal and environmental value.
We look forward to your continued support in reaching this goal.
President & CEO