May 11, 2023
To all concerned Parties
Company name: Japan Airport Terminal Co., Ltd.
Representative: Nobuaki Yokota, President and COO (Code: 9706, Prime Market, Tokyo Stock Exchange)
Inquiries: Kazuhito Tanaka, Senior Managing Director General Manager of Planning and Management Department Tel: 03-5757-8409
Notice of Information Disclosure based on the Recommendations of the Task Force
on Climate-related Financial Disclosures (TCFD)
Japan Airport Terminal Co., Ltd. hereby announces that it has disclosed information based on the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD")*1 ..
The Japan Airport Terminal Group, as a purely private company engaged in construction, management and operation of highly public passenger terminals, has adopted a basic philosophy of "Harmony between the Business and the Society". To realize our long-term vision, "To Be a World-Best Airport - To be the world's most respected airport, pursuing the satisfaction of all stakeholders -," positioning response to climate change as one of the most important management issues, JAT group has expressed its support for the TCFD recommendations in September 2022.
Going forward, JAT group will promote information disclosure related to climate change and contribute to the realization of a sustainable society through our business activities.
*1 TCFD (Task Force on Climate-related Financial Disclosures):
It was established in 2015 by the Financial Stability Board (FSB), at the request of the G20. In order to reduce the risk of destabilization of financial markets, it has recommended that companies disclose information on the financial impact of risks and opportunities that climate change poses to their business activities, as well as specific responses and strategies.
Information Disclosure Based on TCFD Recommendations
- The Japan Airport Terminal Group is a purely private enterprise engaged in construction, management and operation of airport passenger terminals, which are public infrastructure with enormous importance. We are fully aware of the social responsibility associated with this role and aim for management that benefits both public good and business success. To realize our long-term vision, "To Be a World Best Airport," positioning response to climate change as one of the most important management issues, the JAT Group has made various efforts to reduce its environmental impact.
- In September 2022, JAT announced that it expressed its support for the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD recommendations"). In May 2023, we will disclose the information described below based on the TCFD recommendations.
- Going forward, we will continue to be conscious of our business environment surrounding the Company and ensure deeper analysis of risks and opportunities, while implementing countermeasures and endeavoring to disclose related information.
Governance
- Established in July 2022 for the purpose of strengthening JAT's sustainability promotion systems, the Sustainability Committee is chaired by the President and COO and comprised of all officers (including executive officers) of the Company. Its meetings are held at least twice a year. While the Committee is responsible for overseeing such activities as the development of sustainability-related policies and the management of progress, the Sustainability Management Office, a dedicated organization that reports directly to the President, is in charge of implementing concrete initiatives.
- With the climate change-related initiatives having been positioned as an important management issue, the Sustainability Committee plays a central role in developing the implementation policy and managing progress. After being discussed by the Committee, these matters are reviewed by the Executive Committee based on the relationship and consistency with management strategies, and then reported to the Board of Directors for its resolution.
Fig. 1 Overview of Sustainability Promotion System
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Strategies
-
(Assumptions for scenario analysis) In order to assess the impact of climate change on the Group's business, we conducted an analysis using the following two scenarios (the "1.5°C scenario" and the"4.0°C scenario"). In setting the scenarios, we referred to the scenarios published by the International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC)ng scenarios.
Table 1 Assumptions for scenario analysis
Title | 1.5°C scenario | 4.0°C scenario | ||
As a result of drastic measures having been | ||||
taken effectively, a decarbonized society is | As a result of additional measures being not | |||
achieved, limiting the rise in the global | taken, the average global temperature will | |||
Scenario | temperature to 1.5°C from the pre-industrial | rise further by approximately 4°C compared | ||
overview | levels. | to the pre-industrial levels. | ||
Major risks that turn into reality include those | Major risks that turns into reality include | |||
associated with the transition to a | physical risks arising from climate change. | |||
decarbonized society. | ||||
As a result of carbon pricing and regulations | ||||
on the rate of SAF usage by airline operators, | Governments' policies and regulations to | |||
the aviation (including airport) industry is | ||||
encourage the shift to a low-carbon society | ||||
required to take appropriate measures such | ||||
have only a limited effect. | ||||
as the carbon offsetting and investments in | ||||
As climate change intensifies, changes in | ||||
renewable energy and energy saving. | ||||
climate patterns, rising sea levels, and | ||||
World-view | | In the medium-term, the aviation industry may | ||
increasingly severe and frequent extreme | ||||
face decarbonization pressure, and there may | ||||
weather events exert adverse impact on the | ||||
be a shift to alternative transportation means. | ||||
airport operations. This makes supply-chain | ||||
However, as the use of SAF becomes more | ||||
risk management and BCP reviews more | ||||
widespread, airport operators and their supply | ||||
important. | ||||
chains gradually succeed in reducing GHG | ||||
emissions. | ||||
Key | WEO*1: APS (Announced Pledge Scenario, | WEO: STEPS (Stated Environmental Policies | ||
Paris Agreement's goal achievement | ||||
scenarios | Scenario) | |||
scenario)*2 | ||||
referred to | SSP5-8.5 | |||
SSP1-2.6*3 | ||||
|
*1 World Energy Outlook (investigative report issued by IEA)
*2 In the analysis, we mainly used the Announced Pledges Scenario (APS). In addition to APS, we partly referred to the Net Zero Emissions Scenario (NZE) as another scenario in which the temperature rise is limited to 1.5°C or less from the pre- industrial levels.
*3 In the analysis, we mainly used the SSP1-2.6 scenario. In addition to this, we partly referred to the SSP1-1.9 scenario as another scenario in which the temperature rise is limited to 1.5°C or less from the pre-industrial levels.
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- Fig. 2 Details of 1.5°C Scenario's World-view*
- Bold letters denote items that are common to both scenarios, blue letters denote items that are unique to the scenario.
- Fig. 3 Details of 4.0°C Scenario's World-view*
- Bold letters denote items that are common to both scenarios, blue letters denote items that are unique to the scenario.
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- (Risks and Opportunities, Degree of Impact, Countermeasures) The table below shows the risks and opportunities identified based on the aforementioned two scenarios, impact assessment, countermeasures to deal with the risks,
which we obtained through the analysis of the JAT Group's "Facilities Management" business and the "Merchandise Sales and Food and Beverage" business (a segment that combines the "Merchandise Sales" business and the "Food and Beverage" business).
Table 2 Risks Associated with Climate Change and Their Impacts
Segment | Time | Most | Level of | ||||||||||||||||||
Risk Type | Summary | Merchandise | Relevant | ||||||||||||||||||
Facilities | Sales/Food & | Frame | Impact | ||||||||||||||||||
Scenarios | |||||||||||||||||||||
Beverage | |||||||||||||||||||||
Increase in the costs of terminal | |||||||||||||||||||||
operating, raw material procurement, | Short- to | ||||||||||||||||||||
and logistics due to the adoption of | ✓ | ✓ | medium | 1.5°C | Major | ||||||||||||||||
carbon pricing including carbon | -term | ||||||||||||||||||||
taxation and credit system | |||||||||||||||||||||
Cost increase due to climate change- | |||||||||||||||||||||
related laws and regulations | |||||||||||||||||||||
(environment-related regulations, | |||||||||||||||||||||
increased construction costs as a | Short- to | ||||||||||||||||||||
result of environmental | ✓ | long- | 1.5°C | Major | |||||||||||||||||
considerations, more stringent | term | ||||||||||||||||||||
requirements for obtaining | |||||||||||||||||||||
certification of environment-friendly | |||||||||||||||||||||
building, etc.) | |||||||||||||||||||||
Cost increase due to climate change- | |||||||||||||||||||||
related laws and regulations | |||||||||||||||||||||
GHG Emission | (assuming environmental measures | Short- to | |||||||||||||||||||
Reduction | such as resource (e.g., plastics) | ✓ | medium | 1.5°C | Medium | ||||||||||||||||
Measures | recycling and natural capital-friendly | -term | |||||||||||||||||||
(Policy and | procurement, and collection of | ||||||||||||||||||||
law/technology) | disposal/purchase cost data) | ||||||||||||||||||||
Increased cost of investments into | |||||||||||||||||||||
anti-climate change measures | |||||||||||||||||||||
(adoption/renewal of renewable | |||||||||||||||||||||
energies, adoption/use/procurement | Short- to | 1.5°C | |||||||||||||||||||
of new energies, investments to save | ✓ | medium | Major | ||||||||||||||||||
/4.0°C | |||||||||||||||||||||
energy including the use of LED | -term | ||||||||||||||||||||
lights and renewal of equipment, | |||||||||||||||||||||
adoption of new decarbonization- | |||||||||||||||||||||
Transition | related technologies, etc.) | ||||||||||||||||||||
Risk | Increased cost of anti-climate change | ||||||||||||||||||||
measures (e.g., energy-saving | Medium | ||||||||||||||||||||
investments in materials logistics | |||||||||||||||||||||
- to | |||||||||||||||||||||
such as a shift to electric vehicles | ✓ | 1.5°C | Medium | ||||||||||||||||||
long- | |||||||||||||||||||||
and labor-saving investments in store | |||||||||||||||||||||
term | |||||||||||||||||||||
renovations and equipment renewal, | |||||||||||||||||||||
etc.) | |||||||||||||||||||||
Slower growth in the number of | |||||||||||||||||||||
airport users due to policy measures | Short- to | ||||||||||||||||||||
that negatively affect aviation | |||||||||||||||||||||
✓ | ✓ | long- | 1.5°C | Medium | |||||||||||||||||
demand (assuming GHG emission | |||||||||||||||||||||
term | |||||||||||||||||||||
limits for aircraft, increase in air ticket | |||||||||||||||||||||
prices, etc.) | |||||||||||||||||||||
Slow response to environmental | |||||||||||||||||||||
issues may result in a lower | |||||||||||||||||||||
reputation among tenants, partners, | |||||||||||||||||||||
customers, business partners, and | Short- to | ||||||||||||||||||||
employees, lower competitiveness, a | |||||||||||||||||||||
Others | ✓ | ✓ | medium | 1.5°C/4.0°C | Medium | ||||||||||||||||
negative impact on trade | |||||||||||||||||||||
(Market/Reputation) | -term | ||||||||||||||||||||
(employment) terms and conditions; | |||||||||||||||||||||
consumer preferences may change | |||||||||||||||||||||
as a result of increased | |||||||||||||||||||||
environmental awareness. | |||||||||||||||||||||
Negative impact on financing due to | Short- to | ||||||||||||||||||||
slow response to environmental | ✓ | medium | 1.5°C | Minor | |||||||||||||||||
issues | -term | ||||||||||||||||||||
Lower preference for Haneda Airport | |||||||||||||||||||||
(among foreign airlines, etc.) due to | ✓ | ✓ | Medium | 1.5°C | Medium | ||||||||||||||||
delays in building preparedness to | -term | ||||||||||||||||||||
accept biofuels |
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Japan Airport Terminal Co. Ltd. published this content on 11 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 May 2023 07:56:07 UTC.