GGX x TCFD Summit 2023 Held

October 11, 2023

On Monday, October 2, 2023, the Ministry of Economy, Trade and Industry (METI) held the GGX x TCFD Summit 2023 as part of the Tokyo GX Week and Japan Weeks. This conference held discussions bringing together representatives of industrial and financial players, governments, and international organizations on the topics of the realization of global green transformation (GX), approaches to climate-related financial disclosures, and the promotion of transition finance.


1. Outline of the event

METI held the GGX x TCFD Summit 2023 on Monday, October 2, 2023, as part of the Tokyo GX Week and Japan Weeks that started from September 25, 2023. The conference integrates two events: the Global GX Conference (GGX), which discusses the realization of GX around the world, and the TCFD Summit, which brings together the leaders of global companies, financial institutions, and other organizations that play leading roles in addressing the Task Force on Climate-related Financial Disclosures (TCFD) recommendations.

The GGX x TCFD Summit 2023 comprised four sessions: (1) “Towards a Net-zero Society--Industrial Decarbonization,” (2) “Solution Providers and Avoided Emissions,” (3) “The Future of Climate-Related Financial Disclosures,” and (4) “Further Promotion of Transition Finance.” In each session, experts from Japan and abroad made proposals on each subject, while in the panel discussions participants examined future efforts expected to become necessary for the realization of GX.

2. Details and outcomes of the discussions

As opening remarks, Mr. Hatakeyama Yojiro, Director-General, Industrial Science, Technology and Environment Policy Bureau of METI, explained Japan’s GX policies; Mr. Tokura Masakazu, Chairman, Keidanren, delivered a video message; and Mr. Kato Masahiko, Chairperson, Japanese Bankers Association, and Mr. David Atkin, CEO, Principles for Responsible Investment (PRI), each delivered a speech.

In Session 1, titled “Towards a Net-zero Society--Industrial Decarbonization,” H.E. Mr. Gianluigi Benedetti, Ambassador, Embassy of Italy in Tokyo, delivered a speech at the beginning of the session stating that Italy intends to carry forward Japan's achievements to the G7 summit 2024 in Italy. Following this, in the panel discussion, participants examined the importance of stimulating demand in the green market and trends in green procurement initiatives, emission reduction initiatives in the fields of steel and chemistry, and the importance of data-based decarbonization in industries.

At Session 2, titled “Solution Providers and Avoided Emissions,” participants discussed measures for encouraging companies to disclose their avoided emissions and helping financial institutions to evaluate such companies, considering this as a system for evaluating companies' contributions to society-wide emission reductions and stimulating their positive climate actions.

At Session 3, titled “The Future of Climate-Related Financial Disclosures,” Mr. Emmanuel Faber, Chair, ISSB, Mr. Miyazono Masataka, President, Government Pension Investment Fund (GPIF), and Mr. Mizuno Hiromichi, Founder and CEO, Good Steward Partners, LLC., each delivered an address. They welcomed the current state of Japan where climate-related financial disclosures are advancing and showed their expectations for Japan’s leadership in the future. In the panel discussion following the session, participants examined the need for encouraging companies to formulate and disclose their transition plans and for deliberating means of disclosing financed emissions in order to promote transition finance. Also, they welcomed the report by the Japan Public and Private Working Group on Financed Emissions to Promote Transition Finance released on the same date.

At Session 4, titled “Further Promotion of Transition Finance,” Ms. Mary Schapiro, Head, TCFD Secretariat, and Dr. Ito Kunio, Chair, TCFD Consortium, each delivered an address. They stated the need to improve the quality and quantity of climate-related financial disclosures that are considered necessary for expanding transition finance as well as the need for public-private collaboration. At the panel discussion, participants recognized the importance of decarbonization in hard-to-abate industries, which face difficulties in emission reduction, and discussed the need for further development of the environment required for further promoting transition finance to realize such decarbonization.

Finally, as closing remarks, Mr. Peter Bakker, CEO, World Business Council for Sustainable Development (WBCSD), stated that Japan’s policies, finance, and companies in the field of climate change have made significant progress since 2019, and integrating the GGX and TCFD Summit would bring about further outcomes.

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