FY2021 TCFD Consortium
Member Survey Result

August 31, 2021
TCFD Consortium Secretariat

List of Questions (questions listed in the published version is in red)
Question

Financial institutions

Non-financial institutions

Question
3

What motivated your company to join the TCFD Consortium?

Question 
4How is your company responding to the TCFD recommendations? When did your company first disclose information in response to the TCFD recommendations? What year was the first year of disclosure? If not,please answer when your company intends to disclose. (select one)

Question 
5

To companies which responded "a." to "d." in question 4 (those who have already disclosed). Please indicate any specific issues you would like investors to evaluate regarding your company's
disclosure. (comment field) * Optional

Question 
6

To companies which responded "a." to "d." in question 4 (those who have already disclosed). Please indicate any specific points you want investors to evaluate regarding your company's disclosure. (comment
field) * Optional

Question 
7In the reports (Annual securities reports, integrated reports, environmental reports, websites, etc.) that your company publishes to the public, please indicate the items that have already been
disclosed (multiple choice).

Question8

To companies which responded "b." in question 7 regarding a scenario analysis. What is the status of your companyʼs scenario analysis disclosure? (select one)

Question
9

To companies which responded to question 8. What resources or information did your company use to perform the scenario analysis?

Question
10What were the benefits of TCFD and information disclosure? Or what benefits do you expect? Choose from the following options to approximate the situation in your company.

Question 
11Please tell us about your companyʼs approach to carbon pricing. The Japanese government has initiated discussions on introduction of carbon pricing. In regard to the reference for determining
the price of carbon used for your companyʼs scenario analysis, please choose from the following. (one or multiple choice)

Question12How does your company view the introduction of carbon pricing (Carbon tax, emissions
trading, credit trading, border adjustment measures, etc.) for long-term decarbonization?
(comment field) * Optional

Does your company procure certificates and credits to offset direct and indirect emissions todecarbonize over the long term, for the purpose of adding value to your products andservices? (Select one)

To companies which responded "a." or "b." in Question 12, please respond to Question 13.
Please indicate the certificate or credit your company have already procured or are considering
procuring in the future? (comment field) *OptionalHow does your company view the introduction of carbon pricing (Carbon tax, emissions
trading, credit trading, border adjustment measures, etc.) for long-term decarbonization?
(comment field) * Optional

Question 
13How does your company think about disclosing the status of procuring certificates and credits as partof disclosing strategies for long‐term decarbonization? (comment field) *Optional

Question 
14What sort of media does your copmany use to obtain information on the companies in which you
invest and lend to? (multiple choice)

Question 
15

Please specify the utilization status of the TCFD‐based disclosure information of the investee
company? (multiple choice)

Question 
16With respect to your company's climate‐related engagement with investee companies. On what issues  To companies which responded a., b., or c. in question 15, what questions was your company asked
does your company focus most on engagement? (multiple choice)during the dialogue (engagement) with financial institutions, etc? (multiple choice)

Question
17

What issues do you see when engaging with companies about climate change? (multiple choice)

Question 
18

Does your company analyze GHG emissions from your investment and loan portfolio and set targets?  There is a growing trend toward transition financing to support companies moving toward(select one)decarbonization. What is your company's view on transition finance? (select one)

Question
19

If there are any activities or requests that the TCFD Consortium should engage in, please feel free to mention them. *optional

 How often does disclosure of climate information become a topic of dialogue (engagement) withfinancial institutions including investors? (select one)

 Companies are considering various ways to decarbonize by using finance, though the transition to
decarbonization requires large funds. In such an environment, please select from the following themost desirable measures for adequate public support for a decarbonized society (select one).

1

Summary of Survey Results

The number of TCFD disclosures has increased rapidly since FY2019 and is expected toincrease due to compliance with CG code* revisions. (p3) The percentage of companies thatfeel the benefits of TCFD approval and disclosure has increased. Particularly, an increasing
number of respondents indicated that disclosure helped improve their relationships withcustomers, suggesting that disclosure is becoming essential for the supply chain.(p. 6-7)

With an aim for decarbonization, approximately 70% of companies have procured credits orcertificates or are considering procurement. In Japan, discussions on utilizing and disclosing
such credits and certificates will continue in the future. (p.9)

Interest in transition finance is high, and there is a strong demand for investment
reduction measures such as subsidies, tax breaks, and low-interest loans (thegovernment started initiatives for these measures this fiscal year). (p. 16)

Regarding engagement, financial institutions are particularly interested in information beyond
formalistic disclosure, based on materiality and consistency with business and management
strategies. (p. 19)

30% of financial institutions have set targets for GHG emissions from their investment and loan
portfolios, and more than half of the financial institutions are analyzing them, which canaffect future investment and loan decisions. (p. 20).

*CG Code: Corporate Governance Code

Questionnaire response status
Total

Financial

Non‐financial

Number of members of the TCFD Consortium

360

112

248

Number of responses to the survey

211

57

154

Response rate

58.6%

50.9%

62.1%
2

Question 4 (Financial & non-financial institutions)

How is your company responding to the TCFD recommendations? When did your company first disclose
information in response to the TCFD recommendations? What year was the first year of disclosure? If not,please answer when your company intends to disclose. (select one)
Financial institutions (57 respondents)

Non-financial institutions (154 respondents)

a. Before FY 20174

a. Before FY 2017b. Fiscal 20184

b. Fiscal 2018c. Fiscal 2019g. Undecided

10g. Undecided

5
3
0

32

f. Next fiscal year (FY 2022)

1

h. Others

52

e. Fiscal year 2021

13

f. Next fiscal year (FY 2022)

25

d. FY 2020

12

e. Fiscal year 2021

11

c. Fiscal 201915

d. FY 2020

118

h. Others

5

10

15

20

(Institutions)

5
0

10

20

30

40

50

60

(Institutions) Regarding the timing of TCFD disclosure, the year with the highest no. of disclosure is FY2020 (64institutions), followed by FY 2021 (45 institutions). More companies will disclose TCFD-based
information in response to the revised CG Code.
 In addition, a number of companies (23 institutions) respond that they are undecided, most ofwhich are unlisted companies or industry associations.
3

Question 5 (Financial & non-financial institutions) Year-on-year Analysis


To companies which responded "a." to "d." in question 4 (those who have already disclosed). Please indicate
any specific issues you would like investors to evaluate regarding your company's disclosure. (comment
field) * Optional
Non-financial institutions

Financial institutions
1
1

securities report18

integrated report

Environmental Report/Sustainability

22

15This time (57 institutions)

10

15

61
38

8

Other

7
5

38

company's website

13

Other

44

Report9

company's website

67
44

Environmental Report/Sustainability

11

Report9integrated report

13

0

19

securities report

20

Previous (22 institutions)

25

4
0

This time (154 institutions)

10

20

30

40

50

60

70

80

Previous (64 institutions) The trend to use Integrated Reports, Sustainability Reports, and corporate websites as the primary
disclosure medium has not changed.
 Among non-financial institutions, companies selecting Security Reports as a medium for TCFDbased disclosure have increased from 9 institutions to 19 institutions compared to the previous
survey.
4

Question 8 (Financial & non-financial institutions)

To companies which responded "b." in question 7 regarding a scenario analysis. What is the status of yourcompanyʼs scenario analysis disclosure. (select one)
Financial institutions (33 respondents)

Non-financial institutions (91 respondents)
11%

18%

9%

24%

a+b:
Scenario
analysiscompleted

6%

18%

32%

a+b:
Scenario
analysiscompleted

26%

33%

22%

a. Both qualitative and quantitative analyses were disclosed.

a. Both qualitative and quantitative analyses were disclosed.

b. Only qualitative analysis is disclosed. Quantitative analysis has been performed internally,b. Only qualitative analysis is disclosed. Quantitative analysis has been performed

but not disclosed

internally, but not disclosedc. Only qualitative analysis is disclosed. Quantitative analysis under considerationc. Only qualitative analysis is disclosed. Quantitative analysis under considerationd. Only qualitative analysis is disclosed. Quantitative analysis is not performed at

d. Only qualitative analysis is disclosed. Quantitative analysis is not performed atpresent.
e. Qualitative analysis only, but not disclosed

present.
e. Qualitative analysis only, but not disclosed Nearly 60% of financial institutions conduct quantitative analysis. More than 50% of non-financial
institutions have already done so, indicating that more than half of the respondents have
performed quantitative scenario analysis.
 On the other hand, in terms of quantitative analysis disclosure, non-financial institutions(32%) slightly exceeded financial institutions (24%).
5

Question 10 (Financial & non-financial institutions)

What were the benefits of TCFD and information disclosure? Or what benefits does your company expect?
Choose from the following options to approximate the situation in your company.
Financial institutions (57 respondents)

Non-financial institutions (154 respondents)
a. Improve customer relationships (Acquisition

a. Improve customer relationships (Acquisition24of new customers, improvement ofawareness, differentiation, etc.)

40

of new customers, improvement of awareness,differentiation, etc.)
b. Improve relationships with financial

b. Improve relationships with financial

31

institutions including investors (Increasing
dialogue, improving evaluation, promoting…

101

institutions including investors (Increasing
dialogue, improving evaluation, promoting…
c. Changes and deepening of the Company'sc. Changes and deepening of the Company's
management)

81

strategy (Business restructuring and risk

27

strategy (Business restructuring and risk

management)
d. Deepen internal understanding of thed. Deepen internal understanding of the43

company's climate-related risks andopportunities

opportunities

e. Nothing in particular

1e. Nothing in particularf. Other2

f. Other

0

10

20

30

40

50

(Institutions)

117

company's climate-related risks and

9
4
0

50

100

150
(Institutions) Concerning the benefits gained from endorsing the TCFD and disclosing information, financial andnon-financial institutions cited deepening internal understanding of their climate-related risks
and opportunities as the most common response. This answer was followed by improving
relationships with financial institutions, including investors, and changing and deepening
corporate strategies.
 Among financial institutions, improving relationships with customers is relatively common (42%vs. 26%). However, as shown on the next page, the proportion of this category is also
increasing among non-financial institutions.
6

Question 10 (Financial & non-financial institutions) Year-on-year Analysis
What were the benefits of TCFD and information disclosure? Or what benefits does your company expect?
Choose from the following options to approximate the situation in your company.
Financial Institutions

Helped improve relationships with customers(Acquisition of new customers, improvement31%

of awareness, differentiation, etc.)

33%

improving evaluation, promoting…
Helped to change and deepen thecompany's strategy (Business restructuring

35%

and risk management)

Helped improve relationships with customers

42%

Helped improve relationships with financial
institutions, etc. (Increasing dialogue,

Non-Financial Institutions
26%(Acquisition of new customers, improvement of

12%

awareness, differentiation, etc.)
Helped improve relationships with financial

54%

66%
59%

institutions, etc. (Increasing dialogue, improving
evaluation, promoting understanding, financing,…
Helped to change and deepen the company's

47%

53%

strategy (Business restructuring and risk

38%

management)

Improved internal understanding of thecompany's climate-related risks and62%

opportunities
Nothing in particular

2%

Other

4%

75%

8%

12%

Improved internal understanding of the76%

company's climate-related risks and opportunities

68%
6%
6%

Nothing in particular

3%

Other

10%

0% 10% 20% 30% 40% 50% 60% 70% 80%
This time (57 institutions)

Previous (52 institutions)0%This time (154 institutions)

10% 20% 30% 40% 50% 60% 70% 80%
Previous (124 institutions) From the year-on-year comparison, it can be seen that an increasing number of companies feelthat they have benefited from TCFD disclosure.
 Particularly, among non-financial institutions, the percentage of companies which responded that
disclosure helped improve customer relations rose significantly from 12% to 26%. The
importance of disclosure through the supply chain may be increasing.
7

Question 11 (Financial & non-financial institutions)

Please tell us about your companyʼs approach to carbon pricing. The Japanese government has initiateddiscussions on introduction of carbon pricing. In regard to the reference for determining the price of carbon
used for your companyʼs scenario analysis, please choose from the following. (one or multiple choice)Non-financial institutions (154 respondents)

Financial institutions (57 respondents)
21

a. Carbon price is not assumed
b. Scenarios described in IEA

b. Scenarios described in IEA

18World Energy Outlookc. Scenarios described in non-IEA

c. Scenarios described in non-IEA

d. Price data on overseas carbon

11

taxes, emission trading…

e. Price projections indicated by

0

5

10

31

the government

14

f. Other50

taxes, emission trading systems,…

10

the government

18

literature (NGFS and SSP)

d. Price data on overseas carbon

e. Price projections indicated by

86

World Energy Outlook

8

literature (NGFS and SSP)

23

a. Carbon price is not assumed

15

21

f. Other

20

25(Institutions)

0

20

40

60

80

100

(Institutions) The most frequently referenced data for carbon pricing responses were IEA World Energy Outlook
for financial and non-financial institutions.
 On the other hand, many financial institutions answered that they did not assume carbon
prices.
8

Question 12 and 13 (Non-financial institutions)

Does your company procure certificates and credits to offset direct and indirect emissions to decarbonize over the long term,
for the purpose of adding value to your products and services? (Select one)

To companies which responded "a." or "b." in Question 12, please respond to Question 13. Please indicate the certificate or
credit your company have already procured or are considering procuring in the future? (comment field) *Optional

Non-financial institutions (154 respondents)
6%

Non-financial institutions (69 respondents)
2%

2%

5%

3%
6%

22%

27%

42%
9%

29%

a. Already procuredb. To be considered in the futurec. We do not plan to procure

A summary ofcertificates/credits procured
or planned to be procured
by respondents selecting a
and b.

22%

non-fossil certificate
J-Credit
voluntary credit

23%

green power certificate
I-REC
REC

 It was shown that more than 40% of non-financial institutions have already procured
certificates and credits for decarbonization purposes, and 70% of respondents are planning
to procure them in the future.
 The certificates and credits that companies that have already procured or are going to procure aremainly non-fossil certificates, J-credits and green power certificates, and there are examplesof the use of renewable power certificates from overseas such as I-REC.
9

Question 12 (Financial institutions), Question 14 (Non-financial
institutions) Part 1
How does your company view the introduction of carbon pricing (Carbon tax, emissions trading, credit
trading, border adjustment measures, etc.) for long-term decarbonization? (comment field) * Optional

Financial institution/ Non-financial institutions

Concern
Information
gathering

Answer Consideration should be given so as not to damage the financial resources of the Transition.
 We pay close attention to international and domestic trends.
 It is necessary to think about promoting climate change measures fairly.
 It is an important policy to make reduction measures economically rational.

Evaluation

 It is the most important policy for promoting reductions in line with the Paris Agreement.
 We see it as a business opportunity as well as a business risk.

Financial
institutions

 This is an international trend, and Japanese companies need to consider medium- to long-term measures.
Requests for
institutional
design It is hoped that the system will be appropriate in line with the actual situation in Japan.
 Quantitative impact analysis should also be activated in Japan.
 The introduction of the system is inevitable, but it requires strategic institutional design.

Countermeasure  When it is introduced, the utilization of certificates, credits, etc., will be examined.
Status ofutilization

 Engagement is a crucial theme because it has a significant impact on some investments.
 Analysis results related to carbon pricing are utilized for investment decisions, engagement, etc.

10

Question 12 (Financial institutions), Question 14 (Non-financial
institutions) Part 2
Financial institution/ Non-financial
institutions

Answer The burden of calculation is of concern.
 There is a fear of hindering innovation by depriving funds for technology development and capital investment.

Concerns

 In the situation where the development of credits, etc., has not progressed, there is anxiety about introduction.

 This will significantly impact people's lives and industrial competitiveness, and careful discussion is required.
 It can be detrimental to industrial competitiveness.
 We are closely monitoring domestic and international trends, including border adjustment measures.
Attention totrends We are gathering information for the introduction of internal carbon pricing.

Awareness of  Toward the realization of a decarbonized society, We are vewing this positively.
the need  It is an international trend and recognizes that it is inevitable in maintaining global competitiveness.
Non-financial
Institutions

 The system should be fair and transparent internationally.

Requests for 
institutional design

Reasonable pricing is essential, and there are concerns about relying solely on market principles.
It is important to ensure transparency in how tax revenues are used.
A fair system in which the efforts of domestic companies lead to improved competitiveness is required with global competition in mind.
There is a need for consistency with the petroleum and coal tax and the FIT levy.
We hope for a streamlined institutional design.

 Policy that matches the characteristics of each industry is required.
 It is requested to expand incentives such as subsidy systems for R & D and investment.
Countermeasure
Utilisation
method A quantitative assessment of the financial impact of the introduction is in progress.
 Sufficient lead time is required if it is to be implemented.
 Internal carbon pricing is introduced and used for capital investment decisions.
 We are considering using it as a tool to evaluater future business portfolio.

 While some expressed concern about the introduction of carbon pricing, many financial and nonfinancial institutions already expect to introduce carbon pricing. There was a widespread viewthat carbon pricing was an option.
 With this in mind, there were views that improvements in accuracy, the establishment of apreparatory period and the impartiality of burdens among countries should be considered.
11Question 13 (Financial institutions)

How does your company think about disclosing the status of procuring certificates and credits as part ofdisclosing strategies for long-term decarbonization? (comment field) *Optional

Financial
institution/ Nonfinancial
institutions

Classification

Answer It is recognized as a significant action by the investee company to achieve the reduction target.
Awareness of  This is an essential issue in promoting reductions consistent with the Paris Agreement, andthe need
improvements related to disclosure should be encouraged.
 To achieve carbon neutrality, it is desirable to promote disclosure actively.
Financial
institutions

 The broadening of the scope of the disclosure is welcome in its propostion so as not to impose aburden on the disclosing side.
Requests for
institutional
design In the case of disclosure, clarification of disclosure rules is essential.
 The procurement of certificates and credits cannot be construed as a meaningful decarbonization
strategy.
Concern We are opposed to mandatory disclosure; disclosure should be left to the discretion of the disclosing
party.

 For financial institutions, disclosure of the status of procurement of certificates and credits is an
important initiative to achieve reduction targets and requests for clarification anddevelopment of disclosure rules, though some expressed concern about disclosure requirements.
12

Question 15 (Non-financial institutions)

How often does disclosure of climate information become a topic of dialogue (engagement) with financial
institutions including investors? (select one)Non-financial institutions (154 respondents)

12%

10%

Year-on-year Analysis
49%

About five times a year or more

41%
22%
29%

About 2 ~ 4 times a year

43%
42%

29%
10%
8%
12%

About once a year

49%

12%

discussed
There's nothing Not
to talk
about.

8%21%

a. About once a year
b. About twice to four times a yearc. Five times a year or more

0%

10%

This time (154 institutions)

20%

30%

40%

50%

60%

Previous (124 institutions)

One before last (91 institutions) The largest frequency that non-financial institutions engage with financial institutions is at least
five times a year. Around 90% of the enterprises responded that climate change is brought up
during engagement.
 The time-series analysis showed that the percentage of respondents who answered discussed
five times a year rapidly increased. The frequency that climate-related disclosures are
discussed in engagement is rising.

13

Question 16 (Non-financial institutions)

To companies which responded a., b., or c. in question 15, what questions was your company asked during
the dialogue (engagement) with financial institutions, etc? (multiple choice)Non-financial institutions (134 respondents)
92

a. Impact of Climate Change on Businessb. Relationship with Environmental Vision and Medium- to

109

Long-Term Business Strategy

77

c. Governance and internal coordination

62

d. Management Commitment

28

of workplacee. Status e.
of Status
penetration
into theintegration
workplace74

f. Renewable energy introduction results and plansg. Environmental contribution through products and services

87

Setting targets for climate change

8610

i. Others

0

20

40

60

80

100

120

(Institutions) Frequently asked question in the dialogue with financial institutions include "Relationship withEnvironmental Vision and Medium- to Long-term Business Strategy," suggesting that therelationship between company-wide strategy and climate-related information is the most criticalfactor in engagement.
14

Question 17 (Non-financial institutions)Companies are considering various ways to decarbonize by using finance, though the transition to
decarbonization requires large funds. In such an environment, please select from the following the mostdesirable measures for adequate public support for a decarbonized society (select one).
Non-financial institutions (154 respondents)
10%

10%

33%
45%

2%
a. Long-term low-interest loansb. Subsidies
c. Investment through public funds, etc.
d. Preferential or reduced taxazatione. Other For non-financial institutions, most of the respondents believed that the desirable support for
decarbonization would be subsidies, which accounted for about half of the respondents.
 This is followed by preferential or reduced taxation (1/3 of respondents). When the two werecombined, nearly 80% of respondents want a supporting measure that reduces theinvestment burden in some way.
15

Question 18 (Non-financial institutions)

There is a growing trend toward transition financing to support companies moving toward decarbonization.
What is your company's view on transition finance? (select one)Non-financial institutions (154 respondents)
5%

11%

31%

44%
9%

a. No particular interestb. Interested and would
to consider
in the futurewould likeconsiderin the futurec. Interested and specifically considered
d. Insufficient information to make judgment
e. Other In terms of interest in transition finance, majority of companies are either interested andwould consider in the future, or are considering more specifically.
 Industries which expressed interest in transition finance survey include high-emission industries. On
the other hand, the response "there is not enough information to make a judgment" accounted forabout 30%, indicating that the concept is still in its infancy.
16

Question 14 (Financial institutions)

What sort of media does your copmany use to obtain information on the companies in which you invest andlend to? (multiple choice)Financial institutions (57 respondents)

Year-on-Year Comparison

39

a. Securities Report

88%
86%
81%

integrated report

50

b.b.Consolidated
ReportIntegrated Report

68%
69%
64%

securities report

Environmental Report/Sustainability

c. Environmental

45

Report/Sustainability Report

79%
73%
74%

Reportcorporatewebsite
websitecompany

69%

49

d. Company website

External ESG information vendors
e. External ESG information vendors

63%
67%

(ESG ratings, rating agencies, etc.)

36(ESG rating and rating agencies,
CSR-related magazines, etc.)

14%
18%

Other

8

f. Other

86%
84%

0%

20%

33%
40%

60%

80%

100%

This time (57 institutions)

0

10

20

30

40

50

60

(Institutions)

Previous (49 institutions)
One before last (42 institutions) Media used most frequently by financial institutions as a source of disclosed information are
integrated reports and company websites.
 Time series analysis also showed that the utilization of these two media is high andexperiencing an increasing trend.
17Question 15 (Financial institutions)

Please specify the utilization status of the TCFD-based disclosure information of the investee company?
(multiple choice)Financial institutions (57 respondents)

Year-on-year Comparison

a. Utilized for investment and loan decision-

Utilized in investment and loan decision-making

23

making (Corporate evaluation, underwriting,
etc.: Integration)

40%
37%

(Corporate evaluation, underwriting, etc.:
Integration)b. Utilized as an element in the selection

19(screening) of investee companies

It is used as an element in the selection

c. Used for dialogue (engagement) with

35

investee companies
d. Discussions are underway on how to utilize

15

the funds
e. Not utilized at present due to limited
disclosure

61%
65%

companies

26%
22%
12%
14%

Not utilized due to limited disclosure

Other

6

f. OtherUtilized in dialogue (engagement) with investee

Studying ways to utilize

7

4%
0%

0

10

20

30

40
(Institutions)

33%

18%

(screening) of investee companies.

This time (57 institutions)

11%

10%

20%

30%

40%

50%

60%

70%

Previous (49 institutions) The most frequent response on utilization of TCFD-based disclosure information, given by morethan 60%, is utilizing the data for dialogue (engagement) with investee companies.
 However, from the time series, it can be seen that the number of financial institutions which
considers TCFD-based disclosure information as an element of the investment and loan process isgradually increasing, as seen in decision-making (integration) in investment andloan, and selection (screening) of investment and loan to companies.
18

Question 16 (Financial institutions)With respect to your company's climate-related engagement with investee companies. On what issues does
your company focus most on engagement? (multiple choice)Financial institutions (57 respondents)a. Consistency between materiality judgment and business strategies and42

management activities
b. Reflection of product development strategies, etc. based on climate-related

34

risks and opportunities in our own business32

c. Management's
foresight and awareness of climate changec. Managerial oversight28

d. Accurate understanding of the impact on corporate value

18

Penetration of TCFD initiatives at the workplace level33

f. Positive attitude toward information disclosure and willingness to engage

9g. Others

0

5

10

15

20

25

30

35

40

45

(Institutions) More than 70% of the financial institutions that responded answered that consistency between
materiality judgment and business strategy/management activities merits attention.
 This was followed by reflecting climate-related risks and opportunities in ourbusiness and managementʼs oversight and awareness of climate change.
 This suggests that engagement emphasizes not only detailed aspects of climate change risks andopportunities, but their relationship with overall corporate management and strategy.
19

Question 18 (Financial institutions)

Does your company analyze GHG emissions from your investment and loan portfolio and set targets? (selectone)
Financial institutions (57 respondents)
4%

4%
28%

40%
25%

a. Target values have been set based on the analysis.
b. Analysis is performed, but target value is not set.
c. Analysis is under consideration.
d. There are no plans to consider
e. Other Concerning the measurement, analysis, and target setting of GHG emissions from financial
institutions' portfolios, less than 30% of respondents have disclosed established targets.
However, more than half of respondents have already analyzed GHG emissions (total of
options a + b) from their portfolio.
 In addition, 40% of respondents were considering introducing portfolio analysis on GHG emissions.
Taking into account international trends, the responding companies have been studying GHG
emissions from its portfolio, and it is expected that setting targets will impact its investment andfinancing policies in the future.
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