NGK Endorses Recommendations from the Task Force on Climate-related Financial Disclosures (TCFD)
February 25, 2020
NGK INSULATORS, LTD. (President Taku Oshima; Headquarters: Nagoya, Japan; “NGK”) today announced that it has decided to endorse recommendations from the Task Force on Climate-related Financial Disclosures (TCFD) set up by the Financial Stability Board (FSB).
Climate change is one of the most important issues for the Earth’s sustainability. The NGK Group considers that analyzing risks and chances arising from climate change and disclosing information thereof are effective for solving the issue and declares its support for the TCFD recommendations.
The NGK Group, in addition to its efforts to reduce greenhouse gas emissions in its production processes and business activities, makes efforts to develop and promote products which result in decarbonization, and thereby to realize a sustainable society. The NGK Group will proceed with these activities mentioned above, and make efforts to analyze business risks and chances arising from climate change based on the TCFD recommendations and take measures against them, and to disclose related information and strengthen such disclosure activities.
About the NGK Group’s Environmental Activities
Recognizing that protecting the environment is a vital issue that all of humanity must face, the NGK Group formulated the Core Policy on the Environment in April 1996, based on its Environmental Philosophy and Environmental Action Guidelines, in order to bring its corporate activities into harmony with the environment. As an environmental activity target for the Fourth Five-Year Environmental Action Plan that began in fiscal 2016, the Group is working to achieve fiscal 2020 goals including increasing the sales growth rate of products that contribute to the environment and reducing CO2 emissions. In April 2019, NGK instituted the ESG Committee, chaired by the president and comprised of board members, to carry out discussions on topics such as crucial issues related to the environment, society, and governance including risk management impacted by climate change, as well as ESG strategies and action plans.
About the Task Force on Climate-related Financial Disclosures (TCFD)
TCFD is the abbreviation of Task Force on Climate-related Financial Disclosures, which is a task force set up by the Financial Stability Board (FSB), an international body with main central banks and financial regulatory authorities from principal countries as its members. In June 2017, the TCFD released a report of recommendations for countries regarding information disclosure on risks and opportunities related to climate change. Companies and organizations around the world have been declaring their support for these recommendations.