Climate Change-Related Information Disclosure (Based on the TCFD’s Recommendations) Governance The Board of Directors formulates policies on dealing with issues con-cerning sustainability and regularly reviews their implementation status. With regard to issues concerning sustainability, the Board of Directors oversees the Sustainability Committee, chaired by the president and chief executive officer and comprised of executive officers appointed by the Board of Directors.With regard to issues concerning sustainability, we positioned the environmental field in particular as an important area to be tackled by management, and established the Environment Committee, chaired by an executive officer in charge of environmental activities. The Environment Committee meets three times a year to discuss policies concerning the environment and vision for the future, assess Environmental Plan 2050, and conduct annual reviews of how each operating division has performed against its targets. The committee reports its findings to the Board of Directors at least twice a year. Strategy In formulating Environmental Plan 2050, Yamaha Motor understood and incorporated the business risks and opportunities it may face by the projected global population increase by 2050, global resource shortages, and energy shortages, in addition to international greenhouse gas emission reduction scenarios, such as the 1.5°C and 2°C targets. As such, we have reflected adaptation and mitigation measures for climate change in our business strategy.Aiming to realize a low-carbon society, a recycling society, and a society in harmony with nature, Environmental Plan 2050 sets milestones for 2025, and promotes environmental activities designed to achieve the plan’s long-term targets through the Company’s businesses. Climate-Related Risks and Opportunities In our scenario analysis, which assumes physical risks based on a 1.5°C and a 2°C scenario, we have classified and identified the major risks and opportunities for our businesses associated with the transition to a low-carbon society as regulatory, information disclosure, technological, market, reputational, and customer risks. In addition, we have evaluated the importance of climate change-related risks based on whether they are likely to materialize in the short term (0–3 years), medium term (3–6 years), or long term (6+ years), and the resulting estimated scale of the resulting financial impact.Important Environmental and Societal Issues• Strengthened measures to address climate change• Improved energy efficiency• Effective use of water resources and prevention of pollution• Reduction of waste materials• Introduction of industrial processes taking into account clean technologies and efficient use of resources• Sustainable use of natural resources• Promotion of protection and recovery of land ecosystems• Halting of deforestation• Protection and recovery of marine ecosystemsAction ThemesLow-carbon societyRecycling loops in societyA society in harmony with natureRisksShort termCosts for addressing regulations may increase significantly, with each country and territory moving to tighten motorcycle emission standards, and the U.S. introducing more stringent EPA and CARB emission standards for marine engines.Short to medium termIn emerging economies and elsewhere, severe air pollution from the use of motorcycles may lead to tighter regulations, including a ban on riding motorcycles in cities.Short to long termClimate change may trigger abnormal weather events, including forest fires, droughts, extreme temperature changes, storms, and snowfall, destroying the ecosystems of the oceans, mountains, and forests where our products are used.Medium termRising demand in India, Africa, and other regions may increase CO2 emissions from the distribution of goods, and the introduction of carbon taxes may increase logistics costs.Long termHeightened environmental awareness may lead to decreased sales of products that use fossil fuels. Introduction of carbon taxes may increase manufacturing costs.Long termIncreased consumption of resources accompanying the economic growth of emerging markets may heighten procurement risks, including a shortage of resources and cost increases.OpportunitiesShort to medium termSales of models with improved fuel economy may increase. In emerging economies, motorcycles may be widely adopted as an inexpensive means of transportation with minimal social infrastructure costs.Short termLightweight and compact low-speed mobility vehicles (land cars) may be widely adopted as a means of transportation that helps minimize use of social infrastructure resources and related costs.Short to long termIncreased awareness of the need to conserve the natural environment may trigger growth of the outdoor market where people seek and cherish interactions with nature.Medium termMotorcycle and marine rental businesses may grow.Long termElectric models may be widely adopted.Long termIn terms of engineering, manufacturing, and marketing, ultra-compact mobility vehicles that are small, lightweight, and resource-saving may be incorporated into social infrastructure.Yamaha Motor has announced its support for the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board (FSB).In December 2018, the Company formulated the Yamaha Motor Group Environmental Plan 2050 (hereinafter, “Environmental Plan 2050”), which sets out its stance, goals, and action plan as a company that strives to realize a sustainable society. The TCFD’s recommendations are congruent with the Company’s approach of more proactively disclosing information on the environmental initiatives it pursues through its business activities and on the achievements of these initiatives.Risks and Opportunities Regarding Important Environmental and Societal Issues, Including Climate ChangeToward Sustainable Growth24Yamaha Motor Co., Ltd. Integrated Report 2020
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