TCFD Summit 2022 Held

October 11, 2022

On October 5 (Wed.), the Ministry of Economy, Trade and Industry (METI) held a Summit of the Task Force on Climate-related Financial Disclosures (TCFD; hereinafter referred to as the "TCFD Summit"). The event brought together leaders of global industrial and financial organizations working to advance the implementation of the TCFD recommendations (a framework through which companies disclose their information on climate change). As a summary of the discussions, METI compiled the "Key Takeaways of the TCFD Summit."

1. Background to the TCFD Summit

As financial institutions become increasingly important in pushing for stronger climate change countermeasures, there is a growing international tendency to make it compulsory for companies to disclose climate-related financial information. This is the goal of the Task Force on Climate-related Financial Disclosures (TCFD), a framework for such disclosures. The TCFD is internationally supported as a framework for disclosure. As of September 22, 2022, the number of TCFD endorsers had grown to 3,819 organizations worldwide (an increase of 1,290 since September 30, 2021), with 1,062 of these in Japan (an increase of 553).

In order to achieve a virtuous cycle of economic growth and environmental protection, it is important to disclose information in a manner that will ensure that investors can properly appraise corporate efforts to improve the quality of disclosures based on shared international rules and transition and innovation efforts—an important part of achieving carbon neutrality—and that said disclosures will encourage financing.

The 2022 event was the fourth TCFD Summit. Leaders from the industrial and financial sectors discussed how to promote further use of the TCFD recommendations in order to encourage the expansion of disclosures that will provide a sound basis for appropriate investment decisions. Specifically, the following views were shared by way of key results:

2. Overview of the TCFD Summit 2022

Date: October 5, 2022 (Wed.), 13:00 to 17:45
Format: Online
Organizer: METI
Co-organizers: The World Business Council for Sustainable Development (WBCSD) and the TCFD Consortium
Number of registered viewers: About 2,600
Program: As shown in Appendix 1
Summary of discussions: As shown in Appendix 2

3. Details of the discussions

Welcome message by Mr. Nishimura Yasutoshi, Minister of Economy, Trade and Industry

With the aim of achieving carbon neutrality by 2050 and GX (Green Transformation), it is important to accelerate transitions using a wide range of technologies and energy sources, and to promote the creation of new innovations and to socially implement them while taking into account various real-life conditions. The Japanese government will call for investment capital using information on climate change efforts disclosed by companies based on the TCFD.

More information on what was discussed after the opening remarks is available in Appendix 3.

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Environmental Economy Office, Industrial Science and Technology Policy and Environment Bureau

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