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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:
- In order to achieve GX, 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 implement them publicly.
- We need to encourage identifying and disclosing opportunities as well as risks. This is very important for the shift to decarbonization.
- It is desirable for financial institutions to evaluate companies' initiatives and strategies from a medium- to long-term perspective, and for firms to strengthen information disclosures that can withstand such engagement.
- In order to expand the autonomous provision of funds in the private sector for transition finance, it is important to improve the reliability of transition pathways envisioned by firms.
- In addition to the disclosure of corporate information on new technologies and their development trends, it is also important for the government to support and engage in financing
- Showcase of the TCFD Guidance 3.0
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.
Related Materials
- (Appendix 1) TCFD Summit 2022 Program(PDF:133KB)
- (Appendix 2) Key Takeaways of the TCFD Summit 2022(PDF:185KB)
- (Appendix 3) TCFD Summit 2022 Discussions (After the Opening Remarks)(PDF:489KB)
Related links
Division in Charge
Environmental Economy Office, Industrial Science and Technology Policy and Environment Bureau