Jan. 17, 2024
Sumitomo Corporation registers as a TNFD Early Adopter - Accelerating our efforts to protect and restore natural capital -
Sumitomo Corporation is pleased to announce that we became an Early Adopter*1 of TNFD(Taskforce on Nature-related Financial Disclosures). TNFD is a global initiative aimed to develop and deliver a risk management and disclosure framework for organizations to report and act on evolving nature-related risks.
To accelerate our effort to protect and restore natural capital, we will publish our first TNFD-aligned report in financial year 2025, as a reporting for our financial year 2024 outcomes.
A press release was published by TNFD on 16 January 2024 which also included comments by our CEO, Masayuki Hyodo, as one of the Early Adopting companies.
Message from Masayuki Hyodo, Representative Director, President and CEO
As a conglomerate, we conduct business in multiple sectors including infrastructure, mining, forestry and agriculture. Undoubtedly, we are largely dependent on nature across the globe, and therefore, integrating nature into our business decision-making is crucial for the sustainable future of the company. By doing so, we will commit to the sustainability of the planet and local communities.
As a TNFD Early Adopter, we will further accelerate our efforts to protect and restore natural capital and enhance disclosure.
Please see TNFD’s press release： 320 companies and financial institutions to start TNFD nature-related corporate reporting
Sumitomo Corporation’s efforts regarding TNFD
We joined the TNFD Forum in June 2022, a network of institutional supporters who share the vision and mission of TNFD. Since then, we have been putting effort to enhance our disclosure on nature including conducting a trial analysis of our forestry business in New Zealand based on the TNFD’s Beta v0.4 framework and disclosing the results*2 in September 2023.
Taking advantage of the registration to the TNFD Early Adopter, we will further promote our efforts to protect and restore natural capital and expand our information disclosure.
*1 About TNFD Adopter
“TNFD Adopter” refers to a company or organization that has registered on the TNFD website their intention to disclose information in accordance with the TNFD recommendations. Companies adopting the recommendations are required to publish TNFD-aligned report either for the outcomes of FY2024 or for FY2025.
Companies that have registered by January 10, 2024 were announced as “TNFD Early Adopters'' at the Annual Meeting of The World Economic Forum in Davos, Switzerland, in the same month.
*2 Results of our trial analysis on New Zealand forestry business
For the detail of our trial analysis, please see our ESG Communication Book (ESG Data, page 73-78).