METI Establishes Study Group on Implementing TCFD Recommendations for Mobilizing Green Finance through Proactive Corporate Disclosure
July 23, 2018
The Ministry of Economy, Trade and Industry (METI) has decided to establish the Study Group on Implementing TCFD recommendation for mobilizing green finance through proactive corporate disclosure in order to support dissemination and branding efforts of companies that have outstanding low-carbon technologies, products, and services, and to promote information disclosure toward efforts to combat climate change.
METI will hold the first meeting of the study group on August 8 (Wed.), 2018.
In response to the Paris Agreement concluded in 2015, the situation surrounding climate change has been dramatically changing. In particular, the financial industry has been increasingly taking into consideration company efforts for addressing climate change as criteria in assessing whether or not to invest in or fund them, for e.g., ESG investment. Moreover, the Task Force on Climate-related Financial Disclosures (TCFD), an organization established by the Financial Stability Board (FSB) in response to instruction from G20 economies, has been leading development of international frameworks for company disclosure of information on efforts for addressing climate change.
Against this backdrop, Japanese companies have been contributing to countermeasures against climate change through dissemination of low-carbon technologies and ecology-conscious products and services to the rest of the world. METI considers it important for Japanese companies to make their contributions visible to the international community, to proactively convey information on this to investors, and, thereby, to attract an increased flow of such investment.
To this end, METI will establish a Study Group on Implementing TCFD recommendation for mobilizing green finance through proactive corporate disclosure to hold discussions on approaches to company information disclosure, bringing together experts from industry and finance. As an outcome of the discussions, the study group will compile a methodology for promotion of dialogues between Japanese companies and investors, financial institutes and other entities, so as to achieve sustainable growth of such companies. METI will bear in mind and make use of the discussion results in international discussions, aiming to encourage global society to appraise industry’s contributions to combatting climate change.
2. Members of the study group (*for details, see the Appendix attached to the Japanese language news release.)
The study group will consist of business operators, investors, financial institutes, experts and other stakeholders, bringing together officials and representatives as observers from related ministries and agencies and other entities.
Division in Charge
Environmental Economy Office, Industrial Science and Technology Policy and Environment Bureau