SK Bioscience Becomes First Korean Company to Publish TCFD Report
Following its ESG report in June, SK Bioscience has released the first Task Force on Climate-Related Financial Disclosures (TCFD) report, detailing corporate sustainability and response initiatives to combat climate change.
The TCFD is an international consultative organisation established in 2015 at the request of the G20 by the Bank for International Settlements (BIS) Financial Stability Board (FSB).
A TCFD report assists internal and external stakeholders in making transparent decisions. It also encourages businesses to look at the risks and benefits of climate change, make plans, and monitor the expected financial effects.
In the TCFD report, SK Bioscience explained its governance structure, strategy, risk management, indicators, strategy for reducing greenhouse gases, and financial impact on climate change.
The report identified major risks that climate change could bring about, including stronger carbon pricing policies, a growing need for vaccine self-sufficiency and post-pandemic biosecurity, rising stakeholder demand for stronger climate change responses and rising costs, and the transmission and spread of mediated infectious diseases due to insect and rodent habitat changes and abnormal weather phenomena.
On the other hand, the report said that the main opportunities presented by climate change could be increased sustainability of global joint projects through mandatory disclosure of response status, a stronger position for vaccine operators through leading responses, environmental protection through actively responding to climate change and contributions to preventing and stopping the spread of zoonotic diseases.
So, SK Bioscience made the 2024 RE100 and 2031 Net Zero plans to deal with climate change and lower the average temperature of the Earth from a global health point of view. The goal is to have no carbon emissions by 2031. This will be done by reducing carbon emissions by switching to 100 per cent renewable energy by 2024 and turning fuel used in factories into energy that is better for the environment.
SK Bioscience established a climate change response governance system centred on the board of directors and an ESG committee to oversee mid to long-term climate change management strategies.
A working-level consultative body was also formed under the ESG committee to help organisations work together to set up an integrated risk management system for climate change.
In line with TCFD recommendations, SK Bioscience said it would release relevant information in stages so the implementation result could be shown.
Source: Korea Biomedical Review