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8 October 2019

The TCFD Summit will be convened

Two years have passed since the Final TCFD Recommendations Report was published, and the number of TCFD supporters has exceeded 800; TCFD has achieved certain positive results for companies and investors. On the other hand, for climate-related financial disclosures based on the TCFD recommendations to be disseminated more globally and integrated into mainstream investment, it is necessary that the TCFD framework should act as a realistic framework and be positively used in actual business activities.
At the G20 Summit in 2019, the Leaders of the G20 agreed on the concept of “the virtuous cycle of environment and growth” that considers the measures against global warming not as a cost, but a source of competitiveness. The key to realizing this virtuous cycle is the expansion of private investments. To be specific, a paradigm shift is needed to have proper financing in place for the private sector to proactively address climate change and positively disclose climate-related risks and opportunities information by assessing in appropriate manner from investors and other stakeholders, so that they can promote future growth and further actions. A mechanism is needed to accelerate such a flow of funds.
To provide further momentum to the flow, Prime Minister Abe announced holding the world’s first TCFD Summit in Japan this fall. The Summit will kindly invite global leaders from the industrial and financial sectors making advanced efforts in this area to discuss the challenges and future roadmap for the TCFD recommendations to be embedded in the financial market.