About

TCFD Summit

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.

Message

I am pleased that the second TCFD Summit is being held today with the participation of leaders in the fields of finance and industry, which drive the globe.

Humankind has never failed to overcome any difficulties it has faced. Now, as we confront the challenge of an infectious disease, the progress of efforts underway worldwide to create a new "post-corona" society, relying on innovation in digital technology, boosts our mettle and our hopes.

Climate change is another tremendous challenge facing humankind. There is rising momentum to devise new industries and markets, seeing climate change as an opportunity sparking innovation. ESG investments now surpass 3,000 trillion yen (approx. US$28.4 trillion), with corporations and investors around the world switching over to businesses that place sustainability at their core.

Japan has advanced technological capabilities and also efforts that unite industry, academia, and government, enabling us to achieve the second-best record in the G7 for greenhouse gas reductions. Making full use of this strength, we will bring about innovation that realizes "Beyond Zero," which shifts to reducing accumulated atmospheric CO2. We will contribute to global decarbonization by presenting a vision of a virtuous cycle of the environment and growth.

To achieve this, we are holding six international conferences, taking up innovation, finance, and international cooperation concurrently in the fields of energy and the environment, as the first-ever “Tokyo ‘Beyond-Zero’ Week.”

Today’s TCFD Summit is also a part of this. TCFD promotes constructive dialogues between investors and corporations. It is an effort to use the power of finance to support companies working to resolve the issue of climate change. In Japan, more than 300 TCFD-supporting companies -- a number unmatched anywhere else -- have demonstrated their actions towards a decarbonized society in front of the world. The Government of Japan will assist as TCFD becomes utilized and expanded around the world.

I very much hope that this series of international conferences serves as a turning point, such that exchanges and cooperation between Japan and the international community become more active and the world as a whole moves forward steadily towards the resolution of these issues.

October 9, 2020   Suga Yoshihide - Prime Minister

Kajiyama Hiroshi - Minister of Economy, Trade and Industry, METI

On the occasion of this second TCFD Summit today, it is a great pleasure to be hosting leaders of the world’s financial and business community.

Humankind has overcome many difficult challenges. As we are currently facing the difficulty of an infectious disease, the fact that efforts are underway globally to shape a new post-COVID-19 society by building on digital innovations gives us courage and hope.

Climate change is yet another great challenge. Momentum is building to create new industries and markets, seizing this challenge as a positive opportunity to generate innovation. ESG investment now exceeds 3,000 trillion yen, and companies and investors around the world are shifting to businesses that position sustainability at their core.

Japan has achieved the second largest reduction in greenhouse gases among the G7 members using our advanced technological capability and industry-academia-government initiatives. We will leverage this strength to create innovations that realize "beyond-zero" carbon, namely, reducing the accumulated atmospheric concentrations of CO2. We will present a picture of a virtuous cycle of environment and growth, which will contribute to global decarbonization.

To this end, Japan has decided to host the first Tokyo "Beyond-Zero" Week, consisting of six international conferences that will discuss innovation, finance, and international cooperation in the energy and environment sectors.

Today’s TCFD Summit is one of the six conferences. The TCFD, which encourages constructive dialogue among investors and companies, is designed to use the power of finance to support companies that are working on climate change solutions. Over 300 organizations that support the TCFD in Japan, the most of any country, have presented to the world a set of actions for achieving a decarbonized society. The Government of Japan will support the use and further advancement of the framework lead by the TCFD, reaching across the globe.

I hope that this series of international conferences will stimulate exchanges and cooperation between Japan and the world, moving the entire world closer to resolving our common challenges.

October 9, 2020   Kajiyama Hiroshi - Minister of Economy, Trade and Industry

Peter Bakker

“I congratulate the Japanese Government for its leadership in hosting the TCFD Summit. WBCSD is delighted to work with METI and the TCFD Consortium to convene the event.

The TCFD Summit is a crucial moment for consolidating climate disclosure activity to date and increasing wider uptake of the TCFD’s recommendations. The TCFD’s work is a vital contribution to mobilizing finance towards products, services and solutions designed by business to support the transition to a low-carbon economy, therefore rewarding the most sustainable companies.

The TCFD Summit is one of the main levers to create real, impactful change for the sake of the climate, our people and planet. Working together at the TCFD summit, leaders have a significant opportunity to advance the TCFD recommendations and accelerate the virtuous cycle between business solutions, policy, climate stability and economic growth. WBCSD is looking forward to working with METI and the TCFD Consortium to advance this agenda.”

Peter Bakker
Peter Bakker - President CEO, WBCSD