To realize "a virtuous cycle of environment and growth", a concept shared by G20 leaders in the G20 Osaka summit in June 2019, it is important to promote green finance for disruptive innovation in order to tackle climate change. Now that the number of TCFD (Task Force on Climate-related Financial Disclosures) supporters is increasing around the world, Japan should take leadership in the international discussion for helping the TCFD recommendations become business as usual for accelerating the virtuous cycle of environment and growth.
Based on this idea, in October, 2019, the Ministry of Economy, Trade and Industry (METI) held the inaugural TCFD Summit in Tokyo, bringing together leaders of leading worldwide companies, financial institutions and other organizations having made efforts in this area, with the aim of discussing the challenges and future direction of the TCFD.
At the first TCFD summit, we heard about various initiatives such as "Green Investment Guidance" publicized by the TCFD Consortium as a guideline for investors to assess corporate disclosures. Moreover, we also shared the recognition that the TCFD is playing a critical role with regard to guiding our transition to a low carbon economy and clear calls for continued efforts to bring together a wide range of stakeholders, including global industry, the financial community, the public sector, regulators and international institutions to focus on the work towards the implementation of its recommendations.
This summit is an opportunity where broad stakeholders share best practices, discuss and make a commitment to further efforts so that the TCFD community supporting this idea and taking action toward the further progress will spread all over the world and the TCFD will be able to continue to go on providing a platform and an impetus for these vital discussions.