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Climate Related Financial Disclosure (TCFD)

This is NCC Group’s first year reporting against the Task Force on Climate Related Financial Disclosures (TCFD) requirements. In line with listing rule 9.8.6R(8) we have produced TCFD disclosures, which are consistent with the TCFD recommendations and recommended disclosures across the Governance, Strategy, Risk Management and Metrics and Targets pillars. In assessing whether the disclosures are consistent, we have referenced section C of the TCFD Annex entitled ‘Guidance for All Sectors’.

For Strategy we comply with disclosures (a) and (b) but for (c) we need to map out our net zero journey and review our scenario analysis and assess the resilience of NCC Group against our risks.  

This further work is included in the full report below (and on pages 39 to 45 in the Annual Report) and will be published in next year’s TCFD report. Furthermore, for each pillar we have included a table, which describes our current disclosure, our developments achieved in FY22 and our focus areas for FY23. 

Our overall exposure to physical and transitional climate change is considered low due to the nature of the business and can be reduced through the strategy and journey we’ve outlined over the next few pages. The scenario analysis for physical risks (flooding, earthquakes and storms) does not pose a high risk as there are mitigating controls in place and business interruption would not be significant.

We are working with Planet Mark, a sustainability certification organisation, which has calculated and verified our carbon footprint and helped us to identify reduction targets for the next financial year. Through the course of our new financial year, we will also work with it to map how we will achieve net zero by 2050. It is worth noting that alongside the risks identified we have a significant opportunity as the market develops and industries invest more in climate change. For example, we currently work with customers, which specialise in developing technology for electric vehicles, renewable energy (wind and solar), operational technology and other technical application work.

There is an opportunity to increase revenues in these expanding areas as technology develops to support more climate related initiatives.

 

Download our TCFD Report 2022