Leading framework provider joins the Japan TCFD Consortium as a “knowledge partner”

Memorandum of Cooperation exchanged with the Japan TCFD Consortium and the Climate Disclosure Standards Board (CDSB).

TUESDAY, 08 October 2019: The Japan TCFD Consortium has exchanged a Memorandum of Cooperation with the Climate Disclosure Standards Board (CDSB) as a “knowledge partner”. The Memorandum will strengthen cooperation between each organisation to enhance climate- and sustainability-related financial disclosures and provide knowledge and technical assistance to each other. 

“Given Japan’s strong support for the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, we are proud to work with the TCFD consortium and offer our expertise to improve climate-related disclosure and promote sustainable financing,” said Mardi McBrien, Managing Director, CDSB. “The Consortium provides Japanese companies with the opportunity to lead the way in making TCFD-aligned disclosures and we look forward to sharing experiences and innovations from the Japanese market to support high-quality, rapid uptake of the Task Force's recommendations internationally.” 

Established in May 2019, the Japan TCFD Consortium was first arranged by the Japanese Financial Services Agency (JFSA), the Japanese Ministry of Economy, Trade and Industry (METI) and the Ministry of the Environment (MOE). Its five founders include Kunio Ito, Hitotsubashi University; Hiroaki Nakanishi, Keidanren.; Takehiko Kakiuchi, Mitsubishi Corporation; Makoto Takashima, Japanese Bankers Association; and Shuzo Sumi, Tokio Marine Holdings Inc. The Consortium was convened with the aim of furthering discussion on effective reporting of climate-related information by companies and facilitate appropriate investment decisions by financial institutions based on the risks and opportunities disclosed. Members currently consist of over 181 companies and organisations, including 122 organisations from the non-financial sector. 

The announcement of the Memorandum of Cooperation, which also includes the Sustainability Accounting Standards Board (SASB), comes in advance of the first TCFD Summit in Japan, echoing a call from Prime Minister Abe. 

CDSB’s Managing Director, Mardi McBrien will chair a panel during the main TCFD Summit on 8th October on how to develop opportunity assessment. A “TCFD Implementation Guide” seminar will follow on 10th October hosted by the Japan Exchange Group, CDSB and SASB. 

About CDSB 

The Climate Disclosure Standards Board (CDSB) was founded in 2007 and is an international consortium of business and environmental NGOs committed to advancing and aligning the global mainstream corporate reporting model to equate natural capital with financial capital. It does so by offering companies a framework for reporting environmental and climate information with the same rigour as financial information. In turn, this helps them to provide investors with decision-useful environmental and climate information via the mainstream corporate report, enhancing the efficient allocation of capital.  Regulators also benefit from compliance-ready materials. Collectively, CDSB aim to contribute to more sustainable economic, social, and environmental system. 

CDSB hosts the TCFD Knowledge Hub on behalf of the Task Force on Climate-related Financial Disclosures.

Press enquiries:
Lesley McKenna, Communications Manager, 
Climate Disclosure Standards Board 

+44 (0) 7825 409 060