NSK, one of the world’s leading manufacturers of bearings, linear motion technologies and steering systems, has endorsed recommendations made in the final report of the Task Force on Climate-related Financial Disclosures (TCFD). Within the report, it is recommended that corporations disclose information on risks and opportunities related to climate change which impact upon finance. The TCFD was established by the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system.As a business, NSK takes its corporate, social and environmental responsibilities very seriously. For instance, the company includes global environmental protection as part of its mission statement, has established environmental targets in its Mid-Term Management Plan, and is actively engaged in initiatives to prevent global warming, such as reducing CO2 emissions generated by its business activities and creating environmentally friendly products.
The endeavours of NSK in this area have recently been recognised by Japan’s Ministry of the Environment and the Global Environmental Forum. As part of the 23rd Environmental Communication Awards, the company received an excellence award for environmental communication in its NSK Report 2019. The report is designed to provide all stakeholders with a complete picture of the company and its initiatives to achieve sustainable growth over the mid-to-long term. NSK also publishes the ‘NSK Sustainability Report’ to disclose the company’s relationship with the environment and society, and its extensive efforts in these areas.
Building on this award, and in accordance with the recommendations set out by the TCFD, NSK is now identifying business risks and opportunities brought on by climate change, adapting management plans, and enhancing information disclosure with the aim of contributing to both the sustainable development of society and the sustainable growth of the company.
Although NSK has been bolstering its ESG (environment, social and governance) initiatives in recent years, the company aims to use its declaration of support for the TCFD report as an opportunity to take its environmental activities to the next level.