NSK Announces Endorsement of Task Force on Climate-related Financial Disclosures (TCFD) Recommendations
NSK Ltd. (NSK; Headquarters: Tokyo, Japan; President & CEO: Toshihiro Uchiyama) today announced its endorsement of the recommendations in the final report of the Task Force on Climate-related Financial Disclosures*1 (TCFD).
NSK includes global environmental protection as part of its mission statement, has established environmental targets in its Mid-Term Management Plan, and is actively engaged in initiatives to prevent global warming that include reducing CO2 emissions generated by its business activities and creating environmentally friendly products.
In accordance with the recommendations of the TCFD, NSK has identified business risks and opportunities brought on by climate change, and believes that reflecting these in its management plans and aiming to enhance the information it discloses will contribute to both the sustainable development of society and the sustainable growth of NSK. NSK aims to use this declaration of support as an opportunity to take its environmental activities to the next level.
NSK Environmental Protection Activities
NSK has been bolstering its ESG*2 activities, aiming to contribute to the realization of a sustainable society and the sustainable growth of its business activities. For more details on NSK's environmental efforts, check out the NSK Integrated Report (here) and the NSK Sustainability Report (here).
*1 TCFD:
TCFD is the acronym for the Task Force on Climate-related Financial Disclosures established by the FSB*3 (Financial Stability Board). In June 2017, the TCFD published its latest report recommending that corporations disclose information on climate change-related risks and opportunities which impact finance.
*2 ESG
ESG stands for Environment, Social, and Governance: the three central criteria for measuring sustainability and societal impact.
*3 FSB:
FSB is the acronym for the Financial Stability Board, which engages in activities to encourage cooperation among financial authorities to stabilize and respond to vulnerabilities in the global financial system. As of the end of 2019, representatives from the central banks, financial supervisory authorities, and finance ministries of 25 key countries and regions participate in the FSB.
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