October 9 (Fri.), 2020, the Ministry of Economy, Trade and Industry (METI) will hold a TCFD (Task Force on Climate-related Financial Disclosures) Summit online. Participants will hold discussions on climate-related financial disclosures.
Toward realization of a virtuous cycle of environment and growth, the summit will bring together leaders of world-class industrial and financial organizations to share their insights and recommendations. In addition, it will hold sessions by practitioners for the purpose of popularizing and developing the TCFD recommendations towards practical business development.
Background to convening the TCFD Summit
In October 2019, the world’s first TCFD Summit was held in Tokyo, bringing together leaders of global industrial and financial organizations from around the world. At the summit, the Guidance for Utilizing Climate-related Information to Promote Green Investment (Green Investment Guidance) was announced. Participants agreed on key concepts, including “importance of engagement; from divestment to engagement,” “importance of opportunity assessment,” and “provision of platforms and propulsion for holding important discussions and learning to deal with the TCFD recommendations.” As of October 2019 when the first TCFD Summit was held, 863 organizations from around the world and 198 in Japan showed their support for the TCFD recommendations. Since then, the number of such organizations has grown to 1,353 worldwide, up by 490, and 293 in Japan, up by 95, as of August 5, 2020, which is an effect triggered by the summit.
Purpose of convening the TCFD Summit
Toward realization of a virtuous cycle of environment and growth, it is considered important to not only continue to encourage companies to be committed to the TCFD disclosures and increase the number of organizations which support the TCFD recommendations but also to encourage companies to improve the quality of disclosure, as an effort to help investors make decisions on investment and financing, to lead the results to discovery and cultivation of business opportunities. The TCFD Summit 2020, which will be held online, will present discussions by leaders of industrial and financial organizations on approaches to making use of the TCFD recommendations. In addition, the summit will present sessions by practitioners for the purpose of popularizing and developing the TCFD recommendations towards business development. Through this summit, participants will share their knowledge on climate-related financial disclosures and Japan will communicate its efforts to expand the support for the TCFD recommendations.
Note: For details, visit the official website of the TCFD Summit.