Nov. 15, 2022
TOYO TIRES Announces Endorsement of Task Force on Climate-related Financial Disclosures (TCFD) Recommendations
Hyogo, Japan – November 15, 2022 – Toyo Tire Corporation (Headquarters: Itami City, Hyogo Prefecture; President & CEO: Takashi Shimizu) hereby announces its endorsement of the TCFD*1 Recommendations.
*1 Task Force on Climate-related Financial Disclosures
In recent years, climate change has increased the frequency of abnormal weather and natural disasters, such as heavy rainfall and floods. Relatedly, the TOYO TIRE Group is fully cognizant of its impact on the growth of natural rubber—one of the key materials in tires—and utilization of our plants, and the increase in associated risks, such as supply chain disruptions.
We also consider it vital to make continued efforts to reduce CO2 and other greenhouse gases (GHGs) in our business activities in pursuit of achieving the “2°C goal*2” set in the Paris Agreement and Japan’s pledge to reach carbon neutrality by 2050.
*2 The target to hold the increase in global average temperature below 2 degrees Celsius above the pre-Industrial revolution levels
TCFD was established in December 2015 as a task force of the Financial Stability Board*3 (FSB) in order to prevent climate risks from destabilizing the financial market. In June 2017, TCFD released its final report, in which it recommends companies and other organizations assess the impact that climate risks and opportunities might have on their finances and disclose such information.
*3 A supervisory body that monitors the global financial system, comprising financial authorities of major countries and international financial organizations
In February 2022, the TOYO TIRE Group declared its determination to realize a sustainable society through business activities in the Sustainability Management Policy based on its corporate philosophy. In response to the progress in the global environmental crisis initiated by climate change and the resultant international countermeasures and programs, we have announced our endorsement of the TCFD Recommendations and will disclose information on governance, strategy, risk management, and metrics and targets in line with the TCFD disclosure framework going forward. We will work to realize a sustainable society by forging ahead with our initiatives to combat climate change as we maintain active dialogue with stakeholders.
Please see “Our Initiatives for TCFD” on our corporate website for what the TOYO TIRE Group is doing in this regard.
Toyo Tire Corporation
Corporate Communications Dept.
Hyogo Head office Telephone: +81-72-789-9100 Facsimile: +81-72-773-3272
Press Release is intended for media purposes, and is current of the date of publication.
Information is subject to change with or without notice.