NYK Joins TCFD(Task Force On Climate-Related Financial Disclosures Consortium) Of Japan

NYK Joins TCFD(Task Force On Climate-Related Financial Disclosures Consortium) Of Japan 1

NYK has announced that the company is in support of recommendations by the Task Force on Climate-related Financial Disclosures (TCFD) and is participating in the TCFD Conotrium of Japan which is established on May 27, 2019. NYK says that its prime aim is to improve its climate change-related disclosures through discussion and information-sharing in the consortium.

1. Background

In 2018,  its medium-term management plan “Staying Ahead 2022 with Digitalization and Green” was released. NYK announced the group’s intent to integrate environmental, social, and governance (ESG) initiatives into management strategy to positively address the tough issues that challenge our society. In fact, NYK has positioned climate change as one of the company’s most important issues and has demonstrated such by establishing medium- to long-term environmental targets and becoming the world’s first company in the global shipping business sector to issue labelled green bonds.

2. TCFD Consortium of Japan

NYK has joined the consortium to share and discuss relevant information about effective climate change disclosures. On May 27, the first meeting was attended by the general manager of the Environment Group, Masahiro Takahashi.

The consortium comprises 164 members in Japan, including financial institutions and business corporates pursuing climate-related financial disclosures recommended by TCFD, in addition to the Ministry of Economy, Trade and Industry, the Ministry of the Environment, and the Financial Services Agency as observers.

3. Future

NYK says that it aims to improve its climate change-related disclosures in accordance with TCFD recommendations through discussions at consortium working groups and within the company.

Reference: nyk.com

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About the Author: Vidushee Singh

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