December 10, 2020
Kobe Steel, Ltd.
Kobe Steel, Ltd. announces that it supports the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and it has decided to join the TCFD Consortium of Japan composed of companies supporting the TCFD recommendations.
Kobe Steel has been promoting sustainable management based on the Group Corporate Philosophy. Recognizing social issues related to global environment as a management priority, we are undertaking various efforts such as an initiative to reduce CO2 emissions by utilizing the collective strength of the Group's diverse businesses.
Going forward, the Kobe Steel Group (also known as the KOBELCO Group) will actively disclose information based on the TCFD recommendations and further promote sustainable management with the aim of improving sustainable corporate value while addressing environmental challenges our global society faces.
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 develop consistent climate-related financial risk disclosures and discuss how these issues should be addressed by financial institutions. TCFD published its final report in June 2017 and recommends companies to disclose information in four areas: Governance, Strategy, Risk Management, Metrix & Targets.
* The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. The FSB is comprised of national financial authorities, which include central banks and finance ministries.
TCFD Consortium of Japan was established with the purpose of sharing the recognition that it is important to raise funds from all over the world for companies that are active in addressing environmental issues and realize a virtuous cycle of environment and economy that leads to the next growth. TCFD Consortium of Japan aims to serve as a forum for companies supporting the TCFD recommendations and financial institutions so that they can work together to discuss effective corporate information disclosure and initiatives to link disclosed information to appropriate investment decisions by financial institutions.
(The Ministry of Economy, Trade and Industry, the Financial Services Agency, and the Ministry of the Environment participate as observers.)
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