TEPCO Becomes First Utility Company in Japan to Express Support for Task Force on Climate-related Financial Disclosures (TCFD) Recommendations
Apr 23, 2019
Tokyo Electric Power Company Holdings, Inc.
Tokyo, April 23, 2019 - Tokyo Electric Power Company Holdings, Inc. (TEPCO) has become the first Japanese utility company to express its support for the Task Force on Climate-related Financial Disclosures (TCFD) recommendations as it aims to further improve its contribution to the sustainable growth of society and ability to adapt to social change.
The TCFD provides recommendations for analyzing and disclosing information related to the financial impact of climate-related risks and opportunities, and TEPCO will use this framework for sharing financial and non-financial information with its broad range of stakeholders.
“While TEPCO faces risks related to climate change issues, there are also new business opportunities, such as providing zero-CO2 emission electricity rate options that leverage renewable energy sources. We aim to improve our business activities via stakeholder engagement and the disclosing of information in accordance with the TCFD recommendations in order to deal appropriately with climate change-related risks and opportunities. We will continue to contribute to GHG emission reductions that integrate low carbonization and electrification with the sustainable growth of our company and society,” said TEPCO Executive Vice President & CFO Seiji Moriya.
To further its sustainability efforts, TEPCO also established an in-house Environmental, Social & Governance (ESG) Committee in January of this year under the leadership of TEPCO President Tomoaki Kobayakawa. An ESG Office dedicated to handling ESG-related matters was also recently established in April, with Executive Vice President & CFO Seiji Moriya appointed as Managing Executive Officer.
Through the efforts by these newly created departments, TEPCO will fulfill its responsibility to share information with stakeholders based on international frameworks such as the TCFD recommendations for the betterment of societal sustainability.