The third is the disclosure of climate-related financial risks. In this regard, the Task Force on Climate-related Financial Disclosures, or TCFD, was created in 2015, to develop climaterelated financial risk disclosures. In the final report by the TCFD released in 2017, a proposal was made on the basic elements to be disclosed regarding the impact of climate change on finance.
In this way, the TCFD has established a framework to help firms understand climaterelated financial risks and encourage disclosure. This framework is being used by an increasing number of firms. The fourth point in which much progress has been made is international cooperation. In recent years, international cooperation has been promoted to improve the methods for understanding and managing climate-related financial risks.