Joins the TCFD Consortium to Promote Transparency on Climate-Related Financial Risks and Opportunities
TOKYO, Japan ― Renesas Electronics Corporation (TSE:6723), a premier supplier of advanced semiconductor solutions, today announced that it has signed up to support the Task Force on Climate-related Financial Disclosure (TCFD) and joined the Japan-based TCFD Consortium. By becoming active members of these climate-focused industry bodies, Renesas demonstrates its commitment to more transparent financial disclosures with special emphasis on managing risks and opportunities related to climate change.
Founded by the Financial Stability Board (FSB), the TCFD is an international organization that develops recommendations for more effective climate-related disclosures and provides guidance on addressing the financial impact of climate change for market participants. Most recently, the organization published a report in 2017 with climate-related financial analysis and disclosures intended for lenders, insurers, investors and other stakeholders. The Japan-based TCFD Consortium was formed in 2019, as a forum for domestic TCFD members to develop effective disclosures and help financial institutions to make informed investment decisions.
“We believe that supporting the TCFD and its recommendations will help improve our transparency and communication around climate-related risks and opportunities with stakeholders,” said Hidetoshi Shibata, President and CEO of Renesas Electronics Corporation. “Aligned with Renesas’ overarching purpose, “To Make Our Lives Easier”, these actions re-affirm our commitment to create a sustainable business that makes a positive impact on people’s lives, communities and our environment.’”
To help build a sustainable society, Renesas is taking action to mitigate its impact on climate change. As part of this effort, the company is actively participating in semiconductor industry initiatives and has taken steps to reduce energy usage to meet targets defined by the electronics and appliance industry and the Japanese Energy Conservation Act.
Renesas has been proactively disclosing information on ESG activities to stakeholders including both financial and non-financial materials.By endorsing the TCFD recommendations and through its activities of the consortium, Renesas will broaden its business strategy to take into account climate science and make informed decisions on how to mitigate risks and maximize opportunities. These disclosures will encompass four areas: Governance, Strategy, Risk Management, and Indicators and Goals. Furthermore, Renesas will aggressively pursue reducing greenhouse gas emissions to meet its goal of becoming carbon neutral by 2050.
About the Task Force on Climate-related Financial Disclosures
On December 4, 2015, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair. The Task Force currently has four Vice Chairs and 32 members in total. The TCFD was asked to develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors and other stakeholders, which were published in the TCFD Recommendations Report on June 29, 2017. More information about the TCFD can be found at http://www.fsb-tcfd.org.
About the TCFD Consortium Japan
The consortium was established in May 2019 to discuss effective information disclosures for companies and help financial institutions make better investment decisions. Formed by Japanese corporations and financial institutions supporting the TCFD mission, the consortium promotes various initiatives to achieve these goals. For more information on the TCFD Consortium, please refer to the TCFD Consortium (tcfd-consortium.jp).
For more information about the Task Force on Climate-related Financial Disclosures, please visit www.fsb-tcfd.org.
About Renesas Electronics Corporation
Renesas Electronics Corporation (TSE: 6723) delivers trusted embedded design innovation with complete semiconductor solutions that enable billions of connected, intelligent devices to enhance the way people work and live. A global leader in microcontrollers, analog, power, and SoC products, Renesas provides comprehensive solutions for a broad range of automotive, industrial, infrastructure, and IoT applications that help shape a limitless future. Learn more at renesas.com. Follow us on LinkedIn, Facebook, Twitter, and YouTube.