Tokuyama Corporation to Support Recommendations of the Task Force on Climate-Related Financial Disclosures
Tokuyama Corporation (“TOKUYAMA” or “the Company”) today announced that it will support the recommendations of the Task Force on Climate Related Financial Disclosures (“TCFD”).
Going forward, TOKUYAMA will actively promote the disclosure of climate-related information that has a financial impact on the Company while analyzing the risks and opportunities that climate change presents to its business based on the recommendations of the TCFD.
In formulating its Medium-Term Management Plan 2025, which is scheduled to end in fiscal 2025, the Tokuyama Group identified “Mitigation of global warming” as one of three key priority issues in a bid to achieve carbon neutrality by 2050. In response to growing global awareness toward the environment, the Group will reduce its total CO₂ emissions by 30% by fiscal 2030, compared with the level recorded in fiscal 2019, by further adhering to energy conservation initiatives and switching over to alternative energy sources at in-house power plants. As a specific challenge to be targeted, the Group will also endeavor to reduce CO₂ emissions attributable to in-house power plant fuels by 50%.
In April 2021, Tokuyama will establish the Environmental Business Division by consolidating the Group’s environment-related businesses. Steps will be taken to strategically transform the Group’s business portfolio by positioning energy-saving businesses in electronics, healthcare (life science), and the environment as growth businesses.
■ Task Force on Climate-Related Financial Disclosures
The TCFD was established by the Financial Stability Board, an organization comprised of such entities as the central banks of major nations and financial regulatory authorities. The recommendations put forward by the TCFD set out a framework to encourage companies to disclose climate-related financial information so that investors can make appropriate investment decisions.
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