Climatic Variation

 MCUBS, an asset manager for JRF, recognizes that climate change is an important environmental issue that significantly impacts our business activities. Global warming is becoming more severe with increasing economic activities, and various researches have made clear that this leads to abnormal weather such as torrential rains, floods, and droughts.

Our mission is “Through real estate investment management, we create new demand in our society and new value that exceed people’s expectations.” To achieve our mission, it is necessary to create a sustainable society, and we recognize that the shift to a low-carbon society is a social responsibility required from long-term management.

Agreement to Task Force on Climate-Related Financial Disclosures (TCFD)

Overview of TCFD

TCFD stands for the Task Force on Climate-related Financial Disclosure. It was established in 2015 by the Financial Stability Board, which is composed of the central banks and financial regulatory authorities of major countries. In June 2017, in order to reduce risks associated with destabilizing financial markets, TCFD recommended that companies disclose medium- to long-term business risks and opportunities presented by climate change and the impacts of these risks and opportunities on their financial conditions, as well as specific measures and strategies.


MCUBS, an asset manager for JRF, recognizes the importance of climaterelated financial disclosure. Together with expressing support for the recommendations of the TCFD in August 2019, we promote initiatives aimed at improving the energy efficiency and building resilience of properties in the possession of the investment corporations by cooperating with all our stakeholders so as to reduce the impact of climate change through real estate asset management.

Management Structure
In January 2020, MCUBS, an asset manager for JRF, redefined our existing Sustainability Committee, and at the same time, appointed our Deputy President as the Chief Sustainability Officer (CSO). With the CSO as the committee chair and the President and other executive officers as the main members, the Sustainability Committee meets once every fiscal quarter to propose strategies regarding important issues—such as climate change—related to sustainability in general, and share information and verify the measures of the investment corporations related to aspects such as energy efficiency. These results are reported to the board of directors meeting chaired by the President of MCUBS. Under the committee, subcommittees—comprising sustainability staff from the Research, Marketing and ESG Department and the investment corporations—are established as appropriate to share information about the progress of specific issues and initiatives by each investment corporation so as to share recognition of issues and increase the level of awareness.

Regarding Climate Change's Periods of Risks and Opportunities

JRF sees financial risks from climate change as medium to long term risks. We understand its short term risk is limited as we conduct due diligence when acquiring properties. At the same time, we have come to recognize that there is even more severe physical risk when taking into consideration factors such as the increased severity of typhoons and floods from torrential rains beyond expectation occurring in recent years. We seek to respond to risks and opportunities by undertaking responses to building resilience of properties, and by introducing green building and renewable energy.

Risks and Impact on Business

Senario Analysis
The Paris Agreement is an international framework regarding the climate change problem from 2020 and beyond. Its long term goal is stated as holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C, and aiming to reach global peaking of greenhouse gas emissions as soon as possible so as to achieve a balance between emissions and removals (by forests, etc.) of greenhouse gases in the second half of this century in order to achieve this goal.
MCUBS hopes to undertake scenario analysis while seeking collaboration with the United Nations Environment Programme—Finance Initiative (UNEP FI) and other organizations.

Risk Management Related to Climate Change

The Sustainability Committee identifies and evaluates important risks and opportunities related to climate change. Identified issues are managed under the aforementioned management structure, and MCUBS intends to study into the specific methods for strategy formulation and monitoring.

Indexes and Goals
Each investment corporation undertakes reduction of CO2 emissions as a response to climate change. While we have stated our goal of reducing CO2 emissions by 1% each year, we plan to revise our goal after deepening our recognition of the risks and opportunities brought by climate change and conducting scenario analysis.


JRF has the “Initial Response and Business Continuity Plan” that specific the initial response procedures for emergencies such as natural disasters (earthquake, tsunami, pandemic, storm and flood damage) and man-made disasters (terrorism), and specific procedures at the headquarters in the event of crisis.
We also conduct regular safety confirmation drills for business continuity management, and share the results of the training and review the content as necessary.


Data and emissions per unit are calculated based on the total leasable floor area (after considerations for rate of occupancy).

■Data collection rate
2019 91.9%
2018 89.1%
2017 92.7%
2016 88.4%

■Aggregation period
2019: March 2019–February 2020
2018: March 2018–February 2019
2017: March 2017–February 2018
2016: March 2016–February 2017