2019.5.27Support of the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD) and Participation in the TCFD Consortium
The Fuji Oil Group hereby announces its support of the recommendations of the Task Force on Climate-related Financial Disclosure (TCFD)*. In addition, we have decided to participate in the TCFD Consortium, which was established in May 2019 as a venue where companies, financial institutions, and other organizations supporting the TCFD in Japan could come together for integrated promotion of approaches, and discussion on effective disclosure of corporate information and on initiatives that would link disclosed information to proper investment decisions by financial institutions. Based on the analysis of climate-related risks and opportunities for the business activities, we will promote information disclosure through communication with stakeholders using its integrated report and website.
Fuji Oil Group’s action on climate change
The Fuji Oil Group is bolstering its ESG-minded management, which is aimed at the achievement of a sustainable society and sustainable growth for the Group, by resolving social issues through our business activities. We perceive adaption to and mitigation of climate change as a task of particular importance. We formulated our Environmental Vision 2030 in fiscal 2018 and posted targets for reduction of CO2 emissions based on the concept of science-based targets (SBTs), with a view to contributing to the attainment of the ambitious goals of the Paris Agreement. In accordance with Environmental Vision 2030, we are taking steps to adapt to and mitigate climate change. Specifically, we are developing plant-based food ingredients with a low environmental burden, reducing CO2 emissions in production processes, and lowering risks of forest destruction in our procurement of main raw materials such as palm oil.
1. CO2 emissions: 24% reduction in terms of total quantity
2. Water use: 20% reduction in terms of basic units
3. Waste: 10% reduction in terms of basic units
4. Resource recycling: at least 99.8% in terms of the resource recovery rate
*Targets 1-3 apply to the Fuji Oil Group as a whole, and Target 4, to Japan.
A task force that was instituted by the Financial Stability Board (FSB) in response to inclinations expressed by G20 financial ministers and central bank governors.