<h1>Climate-related Financial Disclosures (TCFD)</h1>

<p>Starting from the premise that climate change creates physical, liability and transition risks, the <a href='https://www.fsb-tcfd.org/ ' target='_blank'>Task Force on Climate-related Financial Disclosures (TCFD)</a> aims to offer consistent and effective financial disclosures that allow investors and other stakeholders to assess the climate risks faced by companies and to take appropriate action. We have played an active role in the TCFD since the Task Force was created by the Financial Stability Board and began to implement the TCFD recommendations in our 2016 Financial Report. Since then, we have continued to expand our climate-related disclosures.</p><p>Our climate-related financial disclosures summarise the steps we have taken to achieve our commitments to net-zero CO2 emissions. Within each section, we focus on physical risks in our re/insurance business, transition risks in our re/insurance business and transition risks in our investments.</p>

<p><a href='/<basepath>/assets/pdf/AR21_Financial_Report_EN.pdf#page=150' target='_blank'>Climate-related financial disclosures (TCFD)</a></p>