The Consortium will serve as a platform to pursue climate-related financial disclosures and decide how the disclosed information will be used in investment decisions.
On 27 May, a group of financial institutions and corporations in Japan will inaugurate a new body to serve as a platform for the pursuit of climate-related financial disclosures as recommended by the TCFD (Task Force on Climate-related Financial Disclosures).
The TCFD was established by the FSB (Financial Stability Board) in response to a request from G20 Finance Ministers and Central Bank Governors. Its final TCFD Recommendations were released in June 2017.
Amid growing momentum for disclosures in alignment with the TCFD recommendations, Japan’s METI (Ministry of Economy Trade and Industry) published the TCFD Guidance in December 2018.
The TCFD Consortium of Japan will engage to discuss what corporations disclose, and how, as well as how financial institutions will utilise the disclosed information for investment decisions.
The Consortium is expected to catalyse the discussion on effective climate-risk disclosures, and proactively contribute to international engagement.
Japan’s METI, FSA (Financial Services Agency), and the Ministry of Environment will support the Consortium as observers.
A general meeting will take place once a year for all Consortium members. There will be no membership fee and participation is voluntary.
The disclosure working group will meet every one to two months, to discuss what constitutes effective disclosure, and other topics such as the medium of disclosures, scenario analyses, and sector specific disclosures.
The working group on information use will focus on how the disclosed information is utilised for investment decision making.
A launch ceremony will be held on 27 May from 4-6 pm to mark the establishment of the TCFD Consortium of Japan.
Member of the public who support the initiative are invited to attend.