Initiatives for TCFD

NSG Group has been aligning its climate related disclosures with the Taskforce on Climate related Financial Disclosures (TCFD) recommendations since 2017 primarily utilizing the CDP framework. In 2021, NSG demonstated further commitment by becoming a member of the TCFD consortium in Japan. The forum was established in 2019 as a forum for companies and financial institutions that support the TCFD recommendations to work together to promote and discuss on effective and efficient corporate disclosure of climate-related information and their use by financial institutions. (

Following the TCFD recommendations, NSG Group has committed to developing an action plan using climate scenario analysis to assess potential impacts from climate related risks and opportunities. This activity will further supplement the existing climate change roadmap focused on minimizing risk and maximizing opportunity associated with the decarbonization of NSG Group activities.

Building on the first NSG TCFD report in FY21, NSG continues to develop approaches to effectively manage and mitigate the impacts of climate change. A significant activity undertaken in FY22 and further developed during FY23 concerned an in depth climate risk and opportunity scenario analysis. This analysis conducted with the support of Willis Towers Watson (WTW) had the broad objectives of;

  • Identifying the material aspects from a climate transition and physical impact perspective with a quantitative and qualitative approach.
  • Quantifying the financial impact of each of these aspects and prioritising them accordingly at various organisation levels, e.g. by Significant business unit (SBU)
  • Quantifying the impact of mitigation measures already proposed by the Group
  • Proposing further mitigation actions to maximise the management approach of risks and opportunities from climate change aspects.

As for the position of the Group regarding aspects of the current efforts , please refer to Governance, Strategy, Risk Management, Metrics and Targts, pages. Those pages include various inputs from this scenario analysis activity.

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