TCFD refers to the Task Force on Climate-related Financial Disclosures, established by the Financial Stability Board (FSB)* at the request of G20 with Michael Bloomberg as its chairman, to examine how climate-related information should be disclosed, and how should financial institutions respond. TCFD published its final report in June 2017, and recommends companies to disclose items related to climate change-related risks and opportunities.
*An international body comprised by finance ministries and central banks, which monitors the global financial system.
Ministry of Economy, Trade and Industry: “Guidance on Disclosure of Climate-related Financial Information (TCFD Guidance)”
In August 2018, the Ministry of Economy, Trade and Industry convened the “Study Group on Implementing TCFD Recommendations for Mobilizing Green Finance through Proactive Corporate Disclosure“ , and in December of that year has published the “Guidance on Climate-related Financial Disclosures (TCFD Guidance)” to provide explanations and useful examples, as well as to provide “viewpoints” that show the initiatives undertaken by companies in various industries.
Ministry of the Environment: “Practical guide for Scenario Analysis in line with TCFD recommendations"
The Ministry of Environment（MOE） started the support program for companies to analyze their own climate risks and opportunities in line with the TCFD recommendations in August 2018. In the program, MOE selected 6 Japanese companies by focusing on the sectors with the highest likelihood of climate-related financial impacts.
Based on the knowledge and experience through the program, MOE released the practical guide for scenario analysis in line with TCFD recommendations.
Companies and organizations which expressed support for TCFD
TCFD publishes organizations that support its objective of proactively disclosing financial information on climate change. Globally, 909 companies and institutions, including financial institutions, have expressed support for TCF, which includes 207 companies and other organizations in Japan (as of 29 November 2019).