Toyo Tires announces endorsement of Task Force on Climate-related Financial Disclosures

Hyogo, Japan – Toyo Tire Corporation announces its endorsement of the TCFD Recommendations.

“In recent years, climate change has increased the frequency of abnormal weather and natural disasters, such as heavy rainfall and floods. Relatedly, the TOYO TIRE Group is fully cognizant of its impact on the growth of natural rubber—one of the key materials in tires—and utilization of our plants, and the increase in associated risks, such as supply chain disruptions. We also consider it vital to make continued efforts to reduce CO2 and other greenhouse gases (GHGs) in our business activities in pursuit of achieving the “2°C goal” set in the Paris Agreement and Japan’s pledge to reach carbon neutrality by 2050.” the company stated in a press release.

TCFD was established in December 2015 as a task force of the Financial Stability Board (FSB) in order to prevent climate risks from destabilizing the financial market. In June 2017, TCFD released its final report, in which it recommends companies and other organizations assess the impact that climate risks and opportunities might have on their finances and disclose such information.

In February 2022, the TOYO TIRE Group declared its determination to realize a sustainable society through business activities in the Sustainability Management Policy based on its corporate philosophy. In response to the progress in the global environmental crisis initiated by climate change and the resultant international countermeasures and programs, the company have announced their endorsement of the TCFD Recommendations and will disclose information on governance, strategy, risk management, and metrics and targets in line with the TCFD disclosure framework going forward. The company will work to realize a sustainable society by forging ahead with initiatives to combat climate change as they maintain active dialogue with stakeholders.