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MOL to Enhance Initiatives on Global Warming
- Supporting, and Active Participation in the Task Force on Climate-related Financial Disclosures, Japan Climate Initiative, Ministry of Environment "COOL CHOICE" National Movement -
November 22, 2018
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today announced its support for three initiatives to address the issue of global warming.
The MOL Group established the "MOL Group Environmental Vision 2030"(Note 1) as the group's environmental management policy under the "MOL Group Environmental Policy Statement"(Note 2), aiming to contribute to global environmental conservation by developing environmental and emission-free businesses as its next-generation core activities.
The MOL Group is committed to addressing environmental issues and continues to participate in such initiatives in a proactive manner as part of its role in coping with global climate issues.
1. Task Force on Climate-Related Financial Disclosures (TCFD)
TCFD is a task force established by Financial Stability Board (FSB)(Note 3), and its recommendations encourage companies to disclose information on climate change-related impacts and risks facing businesses and share it among institutional investors and financial institutions.
As of 20th November, 547 corporations have pledged to participate in TCFD.
Backed by a Ministry of Environment subsidy, MOL is preparing a scenario analysis(note 4) based on TCFD recommendations.
TCFD website : https://www.fsb-tcfd.org/
2. Japan Climate Initiative (JCI)
JCI, which was inaugurated under the Paris Agreement, is a network of companies, municipalities, and NGOs taking a proactive stance in addressing climate changes. Through JCI, MOL will work closely with other participating companies and organizations to develop solutions to environmental issues.
JCI website : https://japanclimate.org/english/
3. COOL CHOICE
COOL CHOICE is Japan's national movement to encourage low-carbon products, services, and lifestyles to achieve the goal of reducing the nation's greenhouse gas (GHGs) emissions.
MOL has worked to reduce GHG emissions by developing ship technologies including its "Senpaku ISHIN NEXT" project and improving vessel operational efficiency. Through their participation in COOL CHOICE, all MOL members are united in striving toward a low-carbon society through workstyle reforms even in the offices such as turning off unnecessary lights and using less paper.
Based on this national movement, in the last week of November, MOL also plans to implement various initiatives in its offices as part of the COOL CHOICE challenge week.
COOL CHOICE website : https://ondankataisaku.env.go.jp/coolchoice/index.html
(Note 1)
MOL Group Environmental Vision 2030
https://www.mol.co.jp/en/sustainability/environment/vision2030/index.html
(Note 2)
MOL Group Environment Policy Statement:
https://www.mol.co.jp/en/sustainability/environment/statement/index.html
(Note 3)
FSB is an international institution, which members are ministry of finance, financial regulatory authorities, and governors of central banks in 25 major countries of the world
(Note 4)
Scenario analysis: Analyze impact of risks and opportunities involved in future climate changes on a company's profits and apply the results in developing business strategies.
Physical impact due to future climate changes (e.g. temperature rise, sea level rise) and transition to low-carbon society (e.g. environmental regulations, carbon tax, etc.) are difficult to predict, and may affect mid- and long-term profits. Scenario analysis is regarded as an effective means of assessing such impact.