TOKYO, May 28, 2019 -- OKI (TOKYO: 6703) today announced its support for recommendations by the Task Force on Climate-related Financial Disclosures (TCFD(*1)). Henceforth, in addition to communicating information in line with the TCFD's recommendations, OKI will boost its efforts to help to realize a sustainable society brought by virtuous cycles of the environment and the economy.
Established by the Financial Stability Board (FSB(*2)), the TCFD in June 2017 announced its recommendations to disclose information related to the financial impact of risks and opportunities presented by climate change.
"In April 2019 OKI announced the OKI Environmental Challenge 2030/2050, the OKI Group's medium- to long-term environmental vision," said Shinya Kamagami, OKI's President. "We are now advancing with activities, both inside and outside the Group, to mitigate and adapt to climate change."
"In accordance with the TCFD's recommendations," he added, "while strengthening governance related to response to climate change, OKI will continue to formulate strategies based on the appropriate recognition of related risks and opportunities and expand our disclosure of related information."
Examples of OKI's mitigation initiatives include reducing life-cycle CO2 emissions(*3) centered on further improving power-saving features of products themselves and controlling traffic congestion using ITS systems to help reduce CO2 emissions. Examples of adaptation initiatives include providing disaster prevention systems.
OKI is a member of the TCFD Consortium established on May 27. Plans call for discussions of effective information disclosure while advancing initiatives jointly with other businesses, financial institutions, and organizations that support the TCFD recommendations.
The TCFD was established by the Financial Stability Board (FSB) in response to a call to action from leaders of countries participating in the 2015 G20 meetings. Published in June 2017, its final recommendations seek to support corporate efforts to disclose information on climate-related risks and opportunities and stabilize financial markets through the smooth migration to a low-carbon society.
The FSB is an international organization engaged in promoting harmonization among regulators responsible for responding to vulnerabilities in and stabilizing financial systems. As of the end of 2018, members included representatives of the central banks of 25 leading countries and regions, financial regulators, the International Monetary Fund (IMF), the World Bank, the Bank for International Settlements (BIS), and the Organisation for Economic Co-operation and Development (OECD).
This refers to the total CO2 emissions for a corporate group for every process from procurement through business facility operations, logistics, use of products by customers, and waste disposal of products after use.
Founded in 1881, OKI Electric Industry (OKI) is Japan's leading information and telecommunication manufacturer. Headquartered in Tokyo, Japan, OKI provides top-quality products, technologies, and solutions to customers through its info-telecom systems and printer operations. Its various business divisions function synergistically to bring to market exciting new products and technologies that meet a wide range of customer needs in various sectors. Visit OKI's global website at https://www.oki.com/.