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AdaptationBERT-Climate

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The Group analyzed the risks of exposure to chronic and acute physical risks and adaptation related to climate change, as well as the vulnerability of various sites (see section 5.2.2).

Kering’s approach to tackling climate change features a two-pronged drive to: (i) reduce the impact of its operations, and (ii) to enhance its foresight and ability to adapt so that it can mitigate the impact of physical and transition risks on its business (shifting consumer expectations, physical risks to its installations, impact on sourcing of its raw materials, etc.).

•In September , the Group announced the creation of the €15 million L’Oréal Climate Emergency fund to help vulnerable communities prepare for and recover from climate disasters through partnerships with local relief organizations and international NGOs.

Rice bran oil: improving resilience to climate change in Thailand L’Oréal uses rice bran oil for its anti-dandruff and antioxidant properties (haircare and skincare products).

L’Oréal works with the PUR Projet NGO and its supplier to support the OASIS cooperative in reducing the amount of methane produced by rice farming in the region and to improve its resilience to the effects of climate change.

Along with this dynamic move towards a low-carbon transition , L’Oréal intends to fully manage the risks and opportunities related to climate change , anticipate their effects and ensure its resilience.

In 2023 , aligned investments for the climate change mitigation objective were €139 million , with €114 million invested for the climate change adaptation objective.

With a budget of €15 million , it is intended to increase the resilience of vulnerable communities in the face of climate disasters.

The funds will be directed towards two types of actions: “prepare” , to help minimise the impact of climate disasters before they occur , through disaster planning and early warning systems; and “repair” , to restore essential infrastructures and vital services such as healthcare , housing and access to food and water when disaster strikes.

In terms of the climate change adaptation objective: In addition to complying with the technical criteria of the DNSH principle under the climate change mitigation objective , the Group is satisfied that adequate adaptation solutions exist in terms of equipment and infrastructure for the predominant physical risks identified.

SEADRIF helps protect Laos against catastrophic flood events.

The technical screening criteria for determining substantial contributions to climate change adaptation are: leadership in the modelling and pricing of climate risks, product design and/or support of the development and provision of appropriate non -life insurance products, innovative (re)insurance coverage solutions, data sharing, and a high level of service in post - disaster situations.

As insurers, we contribute both to the adaptation to climate change risks and to the mitigation of climate risks.

Consequently, we have performed cross- balance sheet scenario analyses in order to estimate how resilient the company is in the event of various climate change scenarios and in order to devise specific actions to be taken.

This is due to our ability to regularly adapt risk and natural-hazard models to take the effects of climate change into appropriate consideration.

We engage with our peers, civil society and the public sector on climate action and the role of banks in transitioning the real economy towards a low-carbon and climate-resilient future.

This internal framework for evaluating customers’ climate transition plans and the extent to which they are adapting their business models towards being aligned with 1.5°C supports targeted customer engagements.

We aim to be part of a collective movement that works towards a just transition of our society, to achieve a low-carbon, climate-resilient and circular economy, and partnering up with suppliers is a prerequisite for succeeding with that.

Over the long term, it leads to an increase in yields, better resilience to climate change and improved living standards for farming communities.

We’re consistently working on reducing our carbon emissions and adapting our business to ensure resilience in the face of climate-related risks.

Regenerative agriculture is a resilient alternative that addresses climate change, promotes biodiversity, and provides the long-term yields that enable sustainable communities and businesses.

We then worked together to replace old and less productive coffee trees with new plants that are disease-resistant and more resilient to climate change.

They set out the rules and measures to be taken during episodes of heat stress, flooding, pollution and drought in order to protect the health of employees and the safety of property.

• By applying strict quality criteria, SAP aims to support initiatives which restore and protect the right trees in the right places and have a positive impact on the local community, biodiversity , and climate.

– In 2023, we rolled out a vulnerability and adaptation questionnaire to our own data centers to ensure (on-site) measures are planned and/or in place to address the identified applicable main climate change risk(s).

All planting projects shall grow a selection of genetically diverse, at best native and climate-resilient trees in mixed stands.

Schneider Electric has embedded climate-related risks reviews into its decision making, to mitigate risk exposure and ensure resilience.

2.3.1.1 Risks, opportunities, and impact assessment and adaptation measures Schneider Electric proactively identifies and measures climate-related risk and opportunity to assess existing and potential impacts to its business, operations, and value chain.

As a result, climate and weather-related risks are part of the Group’s Business Continuity & Risk Management program, leading to preventive investment to secure assets and adapt to material climate and weather risks.

As a result, the Group took the appropriate adaptation measures to mitigate risk exposure and enhance resilience: • Development of a flood emergency response plan.

The Group supports innovative technologies and projects that reduce and remove carbon dioxide, modernize and digitize the grid, accelerate clean energy, and strengthen resilience to the impacts of a changing climate.

Their solution includes a combination of hardware, inputs, financing, and advisory with the ambition to allow farmers to double their income while making their farm climate-resilient for generations to come.

This applies to activities belonging to objectives: Climate change adaptation: Schneider has assessed physical climate risks that are material to its activity.

Climate adaptation risks are also studied and mitigated at site level for the Group’s industrial and key logistic sites.

Finally, aging infrastructure may complicate our utility operations ability to address climate change concerns and efforts to enhance resiliency and reliability.

Historically, Houston Electric has been able to recover the costs incurred in restoring its transmission and distribution properties following hurricanes or other disasters through issuance of storm restoration bonds or a change in its regulated rates or otherwise.

CenterPoint Energy’s current 10-year capital plan includes capital expenditures to maintain reliability and safety and increase resiliency of its systems as climate change may result in more frequent significant weather events.

CMS Energy and Consumers have announced ambitious plans to reduce their impact on climate change and increase the reliability of their electric distribution system.

Modernization of the electric grid, including smart meters, storm hardening, self-healing and targeted undergrounding, helps to ensure the system is better prepared for severe weather, improves the system's reliability and flexibility, and provides better information and services for our customers.

In December 2022, high winds and extreme cold from Winter Storm Elliott, customer demand that was higher than forecasted, and the inability to import additional power from out of state, resulted in the need to temporarily interrupt service to about 500,000 customers to maintain overall grid reliability and prevent further potential disruptions in the Carolinas.

Our workforce and our contract partners worked hard to prepare for this year’s storm season, through drills, material planning, call center readiness, contingency planning, and customer communications.

As discussed further in Note 4, Duke Energy Florida maintains a storm damage reserve and has a regulatory mechanism to recover the cost of named storms on an expedited basis.

SCE and Edison International are investing in building a more resilient grid to reduce climate- and weather-related vulnerabilities.

Since 2018, SCE has been adapting to climate change through system hardening to reduce wildfire risk.

In its 2025 GRC, SCE proposed climate adaptation investments to address wildfire and physical risks that could occur by 2030.

In October 2023, SCE requested authority to recover revenue requirements associated with 2022 operations and maintenance and capital expenditures above levels authorized in wildfire mitigation accounts and the vegetation management balancing account.

Severe weather events, including drought, increasingly severe windstorms and rising sea-levels, pose risks to SCE's infrastructure and SCE and Edison International are investing in building a more resilient grid to reduce climate- and weather-related vulnerabilities.

System Resilience and Storm Hardening Entergy Louisiana In December 2022, Entergy Louisiana filed an application with the LPSC seeking a public interest finding regarding Phase I of Entergy Louisiana’s Future Ready resilience plan and approval of a rider mechanism to recover the program’s costs.

System Resilience and Storm Hardening In December 2022, Entergy Louisiana filed an application with the LPSC seeking a public interest finding regarding Phase I of Entergy Louisiana’s Future Ready resilience plan and approval of a rider mechanism to recover the program’s costs.

The decrease was partially offset by an increase of $46.8 million in transmission construction expenditures primarily due to increased investment in the reliability and infrastructure of Entergy Mississippi’s transmission system in 2023 and an increase of $27.5 million in distribution construction expenditures primarily due to higher capital expenditures for storm restoration in 2023.

System Resilience and Storm Hardening In October 2021 the City Council passed a resolution and order establishing a docket and procedural schedule with respect to system resiliency and storm hardening.

The “Resilience Measure Achievement Level” is based on a model that predicts the percentage reduction in the Company’s storm restoration costs associated with the completion of infrastructure resilience projects specified in the model that are actually completed during each year of the Performance Period (“Annual Resilience Cost Reduction Percentage”).

Storm reserves established by the Evergy Companies may be insufficient and rates may not be adjusted in a timely manner, or at all, to recover these costs.

In response to the 2021 Massachusetts climate legislation calling for increased electrification of the transportation and building sectors, in 2023, Eversource developed an Electric Sector Modernization Plan (ESMP) detailing steps the Company will take over the next five and ten years to help ensure reliability and resiliency while supporting a clean energy future.

Eversource assesses the physical impacts of climate change that are event-driven or due to longer-term shifts in climate patterns, as well as transitional impacts related to a shift to a lower-carbon economy and changes to address mitigation and adaptation requirements.

We are reinforcing existing critical facilities to withstand storm surges and all future substations are being “flood hardened” to better protect our system against storm surges associated with the increasing risk of severe weather .

Additionally, we collaborate with other utility providers and industry partners across the country to better understand storm hazards and develop solutions to improve our system reliability .

CL&P Regulatory Matters CL&P Tropical Storm Isaias Response Investigation: On April 28, 2021, PURA issued a final decision on CL&P’ s compliance with its emergency response plan that concluded CL&P failed to comply with certain storm performance standards and was imprudent in certain instances regarding its preparation for, and response to, Tropical Storm Isaias.

Adaptation risk refers to risks to the Registrants' facilities or operations that may result from changes to the physical climate and environment, such as changes to temperature, weather patterns and sea level.

Over time, the Registrants are making additional investments to protect their facilities from physical climate-related risks.

Over time, the Registrants are making additional investments to adapt to changes in operational requirements to manage demand changes and customer expectations caused by climate change.

These applications are broadly focused on improving grid resilience with an emphasis on disadvantaged communities, relief of capacity constraints and modernizing infrastructure, deployment of DER and microgrid technologies and providing improved resilience through storm hardening projects.

Requested revenue requirement increases will be used to recover capital investments designed to increase the resilience of the electric and gas distribution systems and support Maryland's climate and regulatory initiatives.

Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support the District of Columbia’s climate and clean energy goals.

Requested revenue requirement increases will be used to recover capital investments designed to advance system-readiness and support Maryland's climate and clean energy goals.

the settlement additionally includes a new low-income customer advocacy program, storm restoration work and service reliability investments.

To build resilience to these hazards, the Utility is working to systematically integrate forward-looking climate data and tools into its decision-making.

PG&E Corporation and the Utility also work with policymakers and regulators to advance effective climate change policy in California, and work directly with local governments and communities on adaptation solutions.

PG&E Corporation and the Utility are committed to designing an electric system that is resilient to climate change, decarbonized, and optimized to local and system needs.

Undergrounding can substantially reduce ignition risk and improve reliability during storms or periods of high wildfire risk.

In addition, the Utility uses multiple weather models on a daily basis that indicate which circuits to enable with safety settings and which to put in normal protection settings, optimizing for wildfire risk reduction when needed and enhancing reliability when wildfire risk is low.

Adapting to the Physical Impacts of Climate Change Effectively managing physical climate risk will become increasingly critical as the physical impacts of climate change become increasingly frequent and severe over the coming years in California.

The Utility’s climate resilience efforts continue to focus on characterizing and mitigating the physical impacts of climate change to the Utility’s infrastructure, assets, and operations.

The Utility has conducted regional community engagement campaigns throughout its service area to understand how some of the most vulnerable communities the Utility serves think about climate hazards and adaptation.

If the CPUC does not authorize sufficient funding for investments in the Utility’s infrastructure, it may negatively impact the Utility’s ability to modernize the grid and make it resilient to risks related to climate change, including wildfires.

In particular, the Utility will need to make substantial, sustained investments to its infrastructure to adapt to climate change, enable the clean energy transition, and mitigate wildfire risk.

Over this same period of time, APS also intends to harden its infrastructure in order to improve climate resiliency, which involves system and operational improvements aimed at reducing the impact of extreme weather events and other climate-related disruptions upon APS’s operations.

We also continue to assess physical risks of climate change and adapt our capital investment program to improve the reliability and resiliency of our system in an environment of increasing frequency and severity of weather events, notably through our investments in our Energy Strong program and Infrastructure Advancement Program and our investments in transmission infrastructure upgrades.

In order to do this, we will continue to: • seek approval of and execute on our utility capital investment program to modernize our infrastructure, improve the reliability and resilience of the service we provide to our customers, and align our sustainability and climate goals with New Jersey’s energy policy.

Electric and Gas Distribution—investments for new business, reliability improvements, flood mitigation, and modernization and replacement of equipment that has reached the end of its useful life.

This journey involves major legal, regulatory, technological and market changes to mitigate and adapt to climate change and protect the environment and ecosystems*.

And further strict criteria must still then be met before an exposure can be considered aligned, in particular as regards the adaptation of the property to climate events.

In addition, since 2023 SGIP has supported real estate programmes that anticipate climate change with virtuous commitments to protect biodiversity, which they promote to investor clients.

More specifically concerning the analysis of the criteria related to the environmental objective "Climate change adaptation ", TotalEnergies relies on its process of analyzing the physical risks associated with climate change (refer to section 5.4.3).

Protecting and regenerating nature Our Climate & Nature Fund continues to support our work to protect and regenerate 1.5 million hectares of land, forests and oceans by 2030.

This has included implementing hundreds of actions to help mitigate and adapt against climate-related risks.

The review of residual values and useful lives have taken into consideration the impacts of climate change and the actions we undertake to mitigate and adapt against these climate-related risks and there is no material impact on the income statement for this year.

It is using its know-how in water management and the rehabilitation of public spaces to strengthen urban climate resilience and reduce heat islands.

Climate resilience IN THE UNITED KINGDOM, in the heart of London, VINCI Construction is participating in the Thames Tideway Tunnel, a major project to prevent heavy rains from polluting the Thames while sustainably improving water quality.

They are for example working on low-carbon public transport infrastructure programmes (such as the Grand Paris Express in France and the HS2 high-speed rail line in the United Kingdom), civil engineering works for hydro and other renewable energy infrastructure (including pumped storage power plants), and climate resilience structures.

Structural demand for mobility, along with the large investments needed to adapt transport infrastructure to low-carbon uses while reinforcing its climate resilience, will deliver a long-term boost to transport infrastructure concessions.

LEONARD Leonard’s foresight work in 2023 focused on emerging risks in the Group’s various businesses, climate change adaptation and the transformations in the mobility sector between now and 2050.

Adapt infrastructure and activities to improve their climate resilience, suppliers and partners through the development of shared solutions.

In response to the challenge of adapting to the consequences of climate change, a research group from the Leonard innovation and foresight platform, reflecting the full scope of VINCI’s expertise, has continued its work in addressing resilience.

And lastly, maintenance and climate resilience operations were carried out in Slovakia on the Via Pribina expressway (pavement upgrades on a 14 km section) and in Peru on the Lima Expresa highways (consolidating the banks of the Rímac river along the road to prevent damage in case of flooding).

The investment required over the coming years and decades to transform motorways and airports into low-carbon and climate-resilient infrastructure makes the concession contract model appear even more appropriate.

Those associated with low-carbon mobility, renewable energy production, the water cycle and climate resilience account for a significant proportion of its civil engineering projects.

In the hydraulic infrastructure sector, VINCI Construction is carrying out major projects associated with water resource management, renewable energy production and climate resilience issues: in the UK, the Thames Tideway Tunnel (East works package), a system that transfers and stores London’s wastewater and stormwater.

They have also taken part in a growing number of climate adaptation projects (combating urban heat islands, landscaping schoolyards, rethinking or introducing parks and gardens, soil unsealing), for example with their new Revilo® integrated offering.

VINCI Construction also saw very strong business levels, driven by works on major mobility infrastructure projects, structures intended to provide greater climate resilience, and energy renovation.