Japanese conglomerate Teijin Group has made public its support for the Task Force on Climate-related Financial Disclosures (TCFD) and pledged to transparently disclose its information according to the organisation’s recommendations.
Established by the Financial Stability Board (FSB) in 2015, the TCFD aims to address the impact climate change is having on companies and the global financial system through disclosure.
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In June 2017 it proposed that financial institutions, companies, and governments disclose the financial impact of their climate-related risks and opportunities in their financial report.
Now, Teijin CEO Jun Suzuki says the recommendations of the TCFD will provide a suitable platform for dialogue with stakeholders on the climate-related risks and opportunities for all industries.
“We are pleased to announce to support the TCFD and will transparently disclose our information according to its recommendations,” he added.
The TCFD works to develop voluntary, consistent climate-related financial risk disclosures for use by companies in providing information to investors, lenders, insurers, and other stakeholders. It considers the physical, liability and transition risks associated with climate change and what constitutes effective financial disclosures across industries.
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By GlobalData“The work and recommendations of the Task Force will help companies understand what financial markets want from disclosure in order to measure and respond to climate change risks, and encourage firms to align their disclosures with investors’ needs,” it states.
