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We recognise the importance of identifying the financial and non-financial impacts of climate change on the business. To make more informed financial decisions, we and our investors, lenders and insurance underwriters need to understand how climate related risks and opportunities are likely to impact our future financial position.

A robust approach to assessing climate change risks and opportunities will support us to develop business strategies, which will support future sustainability and growth. While we are not required to report against TCFD requirements this year, we recognise the importance of this initiative and how it aligns with our wider ESG agenda.

We have established a partnership with Willis Towers Watson to further develop our approach to identifying and assessing climate change risk, which supports the development of a robust strategy.

The model to achieve this is shown below:

 

TCFD Framework