MOL To Join Consortium Aiming At Effective Disclosure Of Climate-Related Risks

Mitsui O.S.K. Lines, Ltd. (MOL) announced that it will participate in the Task Force on Climate-related Financial Disclosures (TCFD) Consortium (Note 1), which was established to provide a forum for discussions among corporations and financial institutions that agree with “TCFD recommendations” (Note 2).

This aims to ensure that companies factor in climate change-related risks and opportunities when they disclose their strategies to investors.

In 2018, backed by the Ministry of the Environment of Japan, MOL analyzed scenarios based on TCFD recommendation. A part of this analysis is introduced in the “Practical Guide for scenario analysis to integrate climate-related risk and opportunities into its own management strategies by utilizing TCFD recommendation,” which was released in March.

MOL
Image for representation purpose only

MOL will utilize knowledge gained through the consortium and engage in effective disclosure of climate change-related risks and opportunities and how they will affect the company’s business.

(Note 1) TCFD recommendation

The final report, released in June 2017 by the Task Force on Climate-related Financial Disclosures (TCFD), which was established by Financial Stability Board (FSB), by reflecting intention of G20 Financial Ministers and Central Bank Governors. Four core elements—governance, strategy, risk management, and metrics and targets—are recommended in the report. One item, “Strategy,” includes scenario analysis, which analyzes opportunities and risks that climate changes have the impact on corporations.

(Note 2) TCFD Consortium

The TCFD Consortium organized and promoted by Kunio Ito, Adjunct Professor, Graduate School of Commerce and Management, Hitotsubashi University and Specially Appointed Professor, Chuo Graduate School of Strategic Management, Hiroaki Nakanishi, Chairman of Keidanren (Japan Business Federation), Makoto Takashima, Chairman of the Japanese Bankers Association, Takehiko Kakiuchi, President and CEO of Mitsubishi Corporation, and Shuzo Sumi, Chairman of Tokio Marine Holdings, Inc.

It provides opportunities for corporations to effectively disclose information related to TCFD recommendations and discuss initiatives for financial institutions and so on to make use of such information in making informed investment decisions.

Reference: mol.co.jp

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About Author

Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.

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