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In 2023, we were involved in some of the largest carbon market transactions, including the Regional Voluntary Carbon Market Company (RVCMC) and Climate Impact X (CIX) auctions, and established primary supply partnerships with clients in Kenya, Brazil, China and Vietnam.

In 2023, we have continued to build on embedding Climate Risk into existing risk-management processes, focusing on a ‘Business as Usual’ state to identifying, assessing, and monitoring across risk types.

• We have built an in-house Sovereign climate model that forecasts Sovereign credit grades across the various NGFS scenarios.

The Group has explained in the “Sustainability review” section of the Annual Report how they have reflected the impact of climate change in their financial statements, including how this aligns with their commitment to the aspirations of the Paris Agreement to achieve net zero emissions by 2050.

Silicon Valley Bank or by Credit Suisse In 2023, the Group undertook a number of Climate Risk stress tests, including those mandated by the Hong Kong Monetary Authority, Central Bank UAE and internal management scenario analysis.

Model Risk Work is also underway to build in-house first generation transition risk models for our Corporates and Sovereigns portfolios which have been used to estimate climate adjusted Expected Credit Loss and stress testing use cases.

Chronic Longer-term shifts in climate patterns, such as changing precipitation patterns, sea-level rise, and longer-term drought.

511 Standard Chartered – Annual Report 2023Supplementary informationThe following table sets out the recommendations and recommended disclosures of the Taskforce on Climate–related Financial Disclosures (TCFD) and summarises where information can be found in this Annual Report.

Temperature alignment is one way to consider a company’s impact on climate change and an indicator of a client’s progress towards a net zero economy.

The assessment of risks associated with how individual client, transaction, product and strategic coverage decisions may affect perceptions of the organisation and its activities is based on explicit principles including, but not limited to, human rights and climate change.

During 2023, the physical risk profile across products and markets has remained stable, apart from slight variations in exposure to high flood risk levels due to enhancements in Munich Re’s flood risk model.

Legal risks include potential lawsuits or regulations regarding the impacts of climate change, failure to adapt to climate change, and the insufficiency of disclosure around material financial risks.

New legal or regulatory requirements may be enacted to prevent, mitigate, or adapt to the implications of a changing climate and its effects on the environment.

─ Stakeholder scrutiny: A change in stakeholders’ expectations could lead to reduced capital availability and market valuation due to concerns about our resilience to climate change impacts.

In this context, the Group is engaged in the analysis, adaptation and creation of transition and physical risk scenarios.

For example, climate change (including in terms of extreme weather and climate conditions) exacerbates risks to biodiversity and natural and managed habitats; at the same time, natural and managed ecosystems and their biodiversity play a key role in attenuating climate change and in supporting climate adaptation, as confirmed in the IPCC’s Sixth Assessment Report (2023).

AXA remains convinced that the non-Life insurance sector has a key role to play in helping its clients to adapt to climate change and will work to ensure that the EU Taxonomy Regulation disclosures adequately reflects ithe Group’s contribution to this objective.

It is equally vital to prepare for the consequences of current and anticipated changes brought about by climate change, which create a tangible urgency to take action.

Eligibility to participate in global government initiatives and grants which facilitate the continued acceleration of climate change adaptation efforts (Scope 1 and 2), encompassing tax reforms, green and digital stimulus packages as well as research and development incentives.

40 These are: 1) climate change mitigation 2) climate change adaptation, 3) sustainable use and protection of water and marine resources, transition to a circular economy, pollution prevention and control and protection and restoration of biodiversity and ecosystems.

Does no significant harm (DNSH) to the EU environmental objective of climate change adaptation (DNSH 2) The climate-change-related risk assessment was carried out based on the TCFD analysis, which we supplemented with adjustment solutions for physical climate risks.

DHL Group does not currently see any climate-related indications for the adjustment of useful lives and residual values of aircraft and other items of property, plant and equipment.

The TCFD recommends organisations select relevant short, medium, and long term time horizons when assessing their resilience to climate impacts.

Methodology: •Scenario analysis involves forecasting financial impacts using climate scenario variables to assess the resilience of the organisation under various risks and opportunities for different climate scenarios and time horizons.

13: Climate action 13.1 Strengthen resilience and adaptive capacity to climate-related hazards and natural disasters in all countries.

6.c) Preparation of the financial statements In preparing these financial statements, the impact of climate change has been considered in a number of key estimates, including: – estimated useful lives of assets, their residual values and decommissioning provisions; and – impairment tests.

The Group is exposed to the risk of not being able to mitigate the impacts of climate change, a lack of adaptation and/or an insufficient disclosing of the financial implications of climate change.

Technological In today's fast-evolving technological landscape, the Group may be exposed to the possibility of having to undertake sizeable investments in operations and infrastructure to adapt to climate change.

5.2.3.2 Climate risk adaptation Due to the impacts of climate change, Kering faces physical and transition risks as described in section 5.2.2, whose financial and operational impacts depend on the climate scenario considered for the Group ("Paris Agreement" scenario or "No mitigation" scenario as described in section 5.2.2).

Adaptation to climate-related risks focuses in this section more specifically adaptation to physical risks.

The Taxonomy aims to identify economic activities that meet at least one of the following six environmental objectives: •climate change mitigation; •climate change adaptation; •sustainable use and protection of water and marine resources; •transition to a circular economy; •pollution prevention and control; •protection and restoration of biodiversity and ecosystems.

DNSH – Climate change adaptation The climate change adaptation criterion applies only to Kering's eligible activities, but all of the Group’s locations were included in the analysis regarding the application of the criterion.

Lack of foresight, resilience or Group initiatives in response to the effects of climate change.

It also effects the Group’s resilience to climate change.

Climate change adaptation With regard to economic activity 3.3, the EU Taxonomy requires a climate risk analysis to be carried out.

The European classification system stipulates that non -life (re)insurance activities can make a substantial contribution to the environmental objective of climate change adaptation.

Market risk may arise from disruptions and shifts associated with the transition to a low-carbon and climate resilient economy.

The Paris Agreement brings all nations into a common cause to undertake ambitious efforts to combat climate change and adapt to its effects, with enhanced support to assist developing countries to do so.

Customer sentiment can be influenced by companies’ actions or inaction to mitigate and adapt to climate change.

It’s crucial to prepare for potential intensifying impacts by considering various scenarios, understanding that some degree of impact is inevitable despite efforts to combat climate change.

When considering this “climate-nature nexus”, Schneider Electric recognizes the inability to mitigate – or adapt to – the impacts of climate change without protecting, restoring, and enhancing the global stocks of nature.

Physical climate risk may threaten business continuity not only on Schneider’s premises, but for all players in the value chain (from raw material extraction and transformation to transportation hubs and distribution centers) requiring a systemic approach towards climate adaptation.

Without adaptation action and in a Paris Agreement (2°C) scenario, the expected aggregated impact to Schneider Electric’s discounted cash flows from physical climate-related risks amounts 2.1% over the next 10 years.

There are a number of factors that rating agencies evaluate to arrive at credit ratings for each of Entergy and the Registrant Subsidiaries, including each Registrant Subsidiary’s regulatory framework, ability to recover costs and earn returns, storm or climate risk exposure, diversification, and financial strength and liquidity.

Climate Change As detailed below, the Registrants face climate change mitigation and transition risks as well as adaptation risks.

Energy companies, including the Utilities and Transmission Companies, have been the subject of criticism on matters including the reliability of their distribution services and the speed with which they are able to respond to power outages, such as those caused by storm damage.

In addition, there are physical risks associated with adapting to changing climate conditions and extreme weather events.

Mitigating and adapting to the impacts of climate change presents opportunities for growth for the Utility’s business and economic opportunity for the communities it serves.

In addition, the potential physical effects of climate change, such as increased frequency and severity of storms, floods, and other climatic events, could disrupt our operations and cause us to incur significant costs to prepare for or respond to these effects.

Transitioning to a low‑carbon economy to meet the challenges of mitigating and adapting to climate change can involve major political, legal, technological and market changes.

Measures taken to protect against climate change, and limit the impact of catastrophic climate events, such as implementing an energy management plan, which sets out steps to reuse lost heat from industrial processes, making plants more compact and reducing logistics-related CO 2 emissions, as well as using renewable energy, may also lead to increased capital expenditures.

Climate being a key topic, the Board of Directors ensures that the strategy fits with the Stellantis sustainable long-term vision and climate resilience objectives, but also that related risks and opportunities stemming from the effects of climate change are properly identified and managed.

Climate being a key topic, the Board of Directors ensures that the strategy fits with the Stellantis long-term vision and climate resilience, and that related risks and opportunities stemming from the effects of climate change are properly identified and managed.

The energy transition will undoubtedly generate substantial opportunities in infrastructure projects – energy grids, water management, low-carbon transport, climate-resilient structures – which already account for a growing share of new business.

Meanwhile, only enabling activities can be aligned to the climate change adaptation objective.

The IPCC’s Special Report on the impacts of global warming of 1.5°C above pre-industrial levels details the consequences for people and the planet, while its Sixth Assessment Report presents the most compelling evidence to date that human activities are causing climate change, and stresses the need for available adaptation and mitigation solutions.

3.2.3 Resilience of projects and structures The consequences of climate change affect the Group at the level of its businesses, in both construction and concessions, contracts (such as maintenance contracts), and employees.

This risk was assessed under an RCP 4.5 scenario, using data from a study conducted by the Resallience engineering and design office on the resilience of Group activities to climate risks.

The regulations deriving from France’s Climate and Resilience Law and the “no net land take” target for 2050 create a risk for Group revenue in the medium term.

• Mitigating and adapting to climate change Climate change is a reality: global temperatures have risen by more than 1°C compared with pre-industrial levels, leading to more frequent and more intense extreme weather events each year.

Climate change is identified as a principal risk as its impact on the environment may lead to issues around food sourcing and supply chain continuity in some of the Group’s markets (see page 26).

The Group may need to adapt its business model and processes to accommodate the changes brought about by climate-related issues.

Improving water stewardship Climate change adaptation is key to what we do with respect to water stewardship.

The main climate-related risks affecting the Group relate to: how physical risks such as flooding, damage from hail, and freeze damage, could cause disruption to our business operations; and the risks posed by the transition to a low-carbon economy, such as climate change regulation and any failure to adapt our products and services in markets most affected by this change.

Climate change poses a physical risk to the buildings that we occupy as an organisation, including our offices, retail branches and data centres, both in terms of loss and damage, and business interruption.

Failure to recover from a major disaster, (e.g., fire, flood, etc.)

However, SMB markets and businesses are more exposed and less resilient to the impacts of climate change.

The Group has determined that the most significant future impacts from climate change on their operations will be from extreme weather events which may have an impact on workforce productivity, increasing cost of energy and carbon, hosting resilience and changing customer behaviour.

Business Resilience to Climate-related Risks and Opportunities As a leading paper-based packaging business, the Group understands the need to lead in the area of climate.

In common with other businesses around the world, in the longer term we could face adverse market or value chain conditions associated with large-scale cumulative impacts of physical climate change if global mitigation and adaptation efforts are insufficient or unsuccessful.

As described on page 62 , we have identified a number of physical risks which may affect our business and assets, the frequency or severity of which could be affected by climate change.

The risk of exposure is increased due to the impacts of climate change which have heightened long term financial resilience concerns for many industry participants.

Most tool outputs do not factor in existing adaptation measures, governmental policies to protect and build for changing climate, and structural adaptation e.g., age and quality of construction or flood defences and dams protecting the property.

Acute impacts of natural catastrophes is expected to increase in frequency and severity, and liability-related claims for failure to prepare for climate change will rise.

Liability claims associated with a failure to prepare or adapt to climate change are expected to increase in severity and likelihood.

One of the most significant risks to our resilience over the longer term is climate change.

Climate change-related risks and relevant mitigation and adaptation actions may impact the useful lives of property, plant and equipment.

The impacts of chronic risks are likely to differ by location, with some countries already experiencing and managing high levels of heat stress or drought, with the ability to adapt to those conditions.

Physical risk – adapting to a changing climate Our global footprint means we operate in places which are experiencing differing effects of climate change.

Supply chain resilience and increasing cost of raw materials Sourcing and availability of materials could be impacted by both transition and physical risks.

Climate Change Adaptation a) Properties located in 100-Year Flood Zones Two U.S. data centers totaling approximately 0.5 million square feet are exposed to 100-year flood zones designated by the U.S. Federal Emergency Management Agency as special flood hazard areas.

Climate change, extreme weather conditions, wildfires, droughts and rising sea levels could affect our ability to procure commodities at costs and in quantities we currently experience.

In addition, sea level rise and more frequent and severe weather events caused or contributed to by climate change pose physical risks to our facilities.

An additional 25 data centers in Europe totaling approximately 2.6 million square feet are exposed to 100-year flood zones.

In addition, our operations and facilities may be located in areas impacted by the physical risks of climate change, and we face the risk of losses incurred as a result of physical damage to stores, distribution centers, or our corporate offices, as well as loss or spoilage of inventory and business interruption caused by such events.

Such potential physical impacts of climate change on our operations are highly uncertain and would vary by operation based on particular geographic circumstances.

Current and long-term water risks include those that arise from our operations and events that we do not control (such as extreme weather and other physical risks associated with climate change).

In addition, the potential for overall decreases in precipitation could affect the availability of water needed for our operations, leading to increased operating costs, or in extreme cases, disruptions to our mining operations.

Most of our North America and South America mining operations are in areas where competition for water supplies is significant, and where climate change may lead to increasing scarcity of water sources in the future.

The physical effects of climate change, such as extreme weather conditions, drought, and rising sea levels, could adversely affect our results of operations, including by increasing our energy costs, disrupting our supply chain, negatively impacting our workforce, damaging our stores, distribution centers, and inventory, and threatening the habitability of the locations in which we operate.

Uncharacteristic or significant weather conditions, including the physical impacts of climate change, can affect consumer shopping patterns, particularly in apparel and seasonal items, which could lead to lower sales or greater than expected markdowns and adversely affect our results of operations.

Climate change also may affect our business by increasing the cost of (or making unavailable) property insurance on terms we find acceptable in areas most vulnerable to such events, increasing operating costs at our hotels, such as the cost of water or energy, and requiring us to expend funds as we seek to repair and protect our hotels against such risks.

If any of the climate and extreme weather scenarios described above were to occur, we may incur material costs to address these conditions and protect such assets (to the extent not covered by our tenants under the terms of our leases).

Physical risks, including weather conditions and natural disasters, such as hurricanes, tornadoes, earthquakes, volcanic activity, droughts, floods, hailstorms, heavy or prolonged precipitation, wildfires and others, can harm our business.

Additionally, the physical impacts of climate change may cause these occurrences to increase in frequency, severity and duration.

That hotel sustained significant damage due to storm surge, which breached the beach dune and flooded the lowest level of the hotel.

Additionally, in September 2017 , our operations in Florida and Houston were impacted negatively by Hurricanes Irma and Harvey and in 2022, a majority of our hotels in Florida were affected by Hurricane Ian.

These environmental laws include such subjects as storm water and surface water management, soil, groundwater and wetlands protection, subsurface conditions and air quality protection and enhancement.

In addition, as local governmental authorities and utilities are required to spend increasing amounts of their resources responding to and remediating weather and climate-related events, their ability to provide approvals and service to new housing communities may be impaired.

Natural disasters, severe weather conditions and changing climate patterns could delay deliveries, increase costs, and decrease demand for new homes in affected areas.