Sumitomo Rubber Registers as “TNFD Adopter” to Contribute to Solving Issues Related to Preservation of Biodiversity: Conducts a Nature-Related Risk Analysis in Line with TNFD Recommendations
Jan. 29. 2024
Sumitomo Rubber Industries, Ltd. recognizes the Preservation of Biodiversity as one of the issues requiring countermeasures, and implements initiatives to achieve it. Today, we are pleased to announce that we have conducted an initial analysis of the dependence and impact of our business on nature on the basis of the Taskforce on Nature-related Financial Disclosures (TNFD)*1 final recommendations released in September 2023.
The initial analysis identified “Use and development of land including forests,” “Surrounding ecosystem,” “Violation of the rights of indigenous peoples,” and “Water resources and drainage” as four nature-related priority issues in the tire business, and we conducted a regionality analysis of these issues.
As a result of the regionality analysis, we recognized the development of sustainable natural rubber procurement networks as the top priority issue. We will strive to solve this issue by taking measures, including carrying out risk assessment and reduction activities using Rubberway®*2, application software capable of mapping the supply chain of natural rubber.
We will also implement initiatives to solve other priority issues one by one.
On our Group’s sustainability website, we disclose our initiatives in accordance with the four pillars of the TNFD recommendations, namely, “Governance,” “Strategy,” “Risk and impact management,” and “Metrics and targets.”
■ Sumitomo Rubber Group’s sustainability website
Response to TNFD: https://www.srigroup.co.jp/english/sustainability/genki/ecology/TNFD/
For “Governance,” we disclose “Sumitomo Rubber Group Human Resource Policy*3” and “Sustainable Natural Rubber (SNR) Policy*4”, which reflects the policy framework of the Global Platform for Sustainable Natural Rubber (GPSNR), in addition to our governance system for nature-related issues, thus promoting governance based on these policies.
For “Strategy” and “Risk and impact management,” we identified and assessed the dependence and impact of our business on the environment as well as associated risks and opportunities through the LEAP approach presented in the final TNFD Recommendations. Concerning the tire business, which was assessed as the business that has an especially great dependence and impact on nature, we post identified priority issues as well as the details of regionality analysis of those identified issues. In the analysis, we used publicly available tools verified by the TNFD, such as Encore and Aqueduct.
For “Metrics and targets,” we present our initiatives, including the targets of increasing the adoption rate of sustainable raw materials to 40% by 2030 and to 100% by 2050.
In December 2023, we registered as a TNFD Adopter*5, which adopts the disclosure recommendations released by the TNFD in September 2023 (TNFD Recommendations). We were announced as an “Early Adopter” at the Annual Meeting of the World Economic Forum (Davos Conference), which was held in Davos, Switzerland in January 2024*6.
We will pursue further information disclosure by deepening, and broadening the scope of, risk analysis.
The initial analysis identified “Use and development of land including forests,” “Surrounding ecosystem,” “Violation of the rights of indigenous peoples,” and “Water resources and drainage” as four nature-related priority issues in the tire business, and we conducted a regionality analysis of these issues.
As a result of the regionality analysis, we recognized the development of sustainable natural rubber procurement networks as the top priority issue. We will strive to solve this issue by taking measures, including carrying out risk assessment and reduction activities using Rubberway®*2, application software capable of mapping the supply chain of natural rubber.
We will also implement initiatives to solve other priority issues one by one.
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| Natural rubber plantation |
On our Group’s sustainability website, we disclose our initiatives in accordance with the four pillars of the TNFD recommendations, namely, “Governance,” “Strategy,” “Risk and impact management,” and “Metrics and targets.”
■ Sumitomo Rubber Group’s sustainability website
Response to TNFD: https://www.srigroup.co.jp/english/sustainability/genki/ecology/TNFD/
For “Governance,” we disclose “Sumitomo Rubber Group Human Resource Policy*3” and “Sustainable Natural Rubber (SNR) Policy*4”, which reflects the policy framework of the Global Platform for Sustainable Natural Rubber (GPSNR), in addition to our governance system for nature-related issues, thus promoting governance based on these policies.
For “Strategy” and “Risk and impact management,” we identified and assessed the dependence and impact of our business on the environment as well as associated risks and opportunities through the LEAP approach presented in the final TNFD Recommendations. Concerning the tire business, which was assessed as the business that has an especially great dependence and impact on nature, we post identified priority issues as well as the details of regionality analysis of those identified issues. In the analysis, we used publicly available tools verified by the TNFD, such as Encore and Aqueduct.
For “Metrics and targets,” we present our initiatives, including the targets of increasing the adoption rate of sustainable raw materials to 40% by 2030 and to 100% by 2050.
In December 2023, we registered as a TNFD Adopter*5, which adopts the disclosure recommendations released by the TNFD in September 2023 (TNFD Recommendations). We were announced as an “Early Adopter” at the Annual Meeting of the World Economic Forum (Davos Conference), which was held in Davos, Switzerland in January 2024*6.
We will pursue further information disclosure by deepening, and broadening the scope of, risk analysis.
| *1 | The framework for the management and disclosure of nature-related issue. For details, visit: https: //tnfd.global/ |
| *2 | An environmental and social risk assessment tool specialized in natural rubber, developed by Michelin, Continental, and software developer SMAG |
| *3 | Sumitomo Rubber Group Human Resource Policy |
| *4 | Sumitomo Rubber Group Sustainable Natural Rubber (SNR) Policy |
| *5 | Companies that registered on the TNFD website their intention to make disclosure in line with the TNFD recommendations on the basis of information of fiscal year 2024 or 2025. For details, visit: https: //tnfd.global/engage/tnfd-adopters/ |
| *6 | Sumitomo Rubber Registers as “TNFD Adopter” to Contribute to Solving Issues Related to Preservation of Biodiversity: Announces as “Early Adopter” at Davos Conference (News Release Issued January 17, 2024) |