Japanese companies have set up a consortium to help improve reporting of the financial impacts of climate-related risks and opportunities, aiming to enhance green investments and promote innovation that helps tackle climate change issues. A total of 162 Japanese companies are now supporting the Task Force on Climate-Related Financial Disclosures (TCFD), created at the end of 2015 by the G20’s Financial Stability Board, including 62 which declared their support on Monday. Japan will be the world’s largest supporter, topping the 107 companies in the UK and 104 in the U.S. Japanese companies want their disclosures to be better understood and used by banks and investors when they make financing and investment decisions, an official at the industry ministry said. The new consortium, which also includes banks, insurance firms and asset managers, plans to revise Japan’s TCFD guidance, which was mapped out by the ministry late last year, and issue green investment guidance for financial institutions.

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