NYK has announced its support of recommendations by the Task Force on Climate-related Financial Disclosures (TCFD),* in addition to the company’s participation in the TCFD Consortium of Japan established on May 27, 2019. NYK aims to improve its climate change–related disclosures through discussion and information-sharing in the consortium.
1. Background
In its medium-term management plan “Staying Ahead 2022 with Digitalization and Green” released in 2018, 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.***
NYK aims to enhance these initiatives and help stakeholders understand well about the effects of climate change to the business and strategy by expanding the company’s disclosure of relevant information in accordance with TCFD recommendations.
2. TCFD Consortium of Japan
NYK has joined the consortium to discuss and share relevant information about effective climate change disclosures. The first meeting was attended on May 27 by Masahiro Takahashi, general manager of the Environment Group.
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.
Details about the consortium can be found at the link below.
Back row, third from right, Masahiro Takahashi, general manager of the Environment Group
During the meeting
3. Future
NYK aims to improve its climate change–related disclosures in accordance with TCFD recommendations through discussions at consortium working groups and within the company.
* TCFD Recommendations
Recommendations of voluntary disclosure of information with the aim of encouraging the full understanding and disclosure of the financial impacts of climate-related risks and opportunities presented by climate change. Details about the TCFD can be found at the link below.
** Medium- to long-term environmental targets
*** About the NYK Green Bonds
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