Kumho Tire announced on the 20th that it has declared support for the Task Force on Climate-related Financial Disclosures (TCFD).
TCFD is a consortium established by the Financial Stability Board of the G20 Finance Ministers' Meeting to disclose climate change-related information. It recommends that companies disclose information related to governance, strategy, risk management, and target management concerning climate change and reflect this information in organizational decision-making.
More than 3,400 companies and institutions from 95 countries worldwide have supported TCFD. Kumho Tire is the first in the domestic tire industry. The company stated that it will disclose climate change-related financial information and reflect the resulting impacts and financial risks in its management going forward.
Kumho Tire has been disclosing related information in its Sustainability Management Report since last year. It has also participated in the Korea TCFD Alliance since July of last year. The company plans to publish a separate report next year. Jeong Il-taek, CEO of Kumho Tire, said, "We will integrate physical and transition risks and opportunities arising from climate change into our management strategy and disclose them transparently to respond to stakeholder demands."
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