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In 2023, 22 airports designed their long-term business plan to include several environmental criteria, such as climate resilience, changes in CO 2 equivalent emissions (Scopes 1, 2 and 3), and sustainable investments. | 1 |
VINCI provides regions with concrete solutions to address climate change, including the construction and financing of infrastructure adaptation projects (sea walls, tunnels, bridges, water desalination plants, etc.) | 1 |
Its panel represents VINCI’s various activities, with support from Resallience, VINCI’s engineering and design office focused on climate resilience that works on adapting projects, cities, regions, infrastructure and their uses to climate change. | 1 |
The Group is also carrying out significant research internally and with its scientific partners on issues such as adapting neighbourhoods to heatwaves, managing the urban heat island effect, flood prevention, etc. | 1 |
A climate resilience study was launched in 2021 for the South Europe Atlantic high-speed rail line using the methodology described in the Cerema paper “Vulnérabilités et risques : les infrastructures de transport face au climat” (Vulnerability and risks: transport infrastructure and climate change). | 1 |
VINCI Autoroutes is participating in testing Ademe’s ACT Adaptation method, which measures companies’ ability to adapt to climate change. | 1 |
The purpose of this review is to define the key aspects of vulnerability, provide socio-economic data on the effects of climate change on the network and its functionality, and develop adaptation measures to reduce the vulnerabilities identified. | 1 |
The second is a study of the resilience of the regional transport system in partnership with Région Sud – Provence-Alpes-Côte d’Azur with the aim of adapting to climate change, along with an assessment of the future physical risks to infrastructure. | 1 |
3.2.3.2 Climate change adaptation projects The Group plans in advance for any necessary changes to cities and their energy, communication, transport, water and sewer infrastructure, by incorporating eco-design into its projects, an approach that studies the structure’s whole life cycle. | 1 |
Adaptations have also been implemented following vulnerability analyses, as in the case of the A10 motorway, where Cofiroute (VINCI Autoroutes ) created a unique hydraulic structure under the motorway to protect it in the event of at least a 50-year flood of the Retrève river in the Loiret department of north-central France. | 1 |
Throughout the project life cycle, the Group’s priority is to have as little impact as possible on natural environments, while adapting to emerging ecological and climate challenges. | 1 |
Certified to the Verified Carbon Standard (VCS) and to the Climate, Community and Biodiversity Standards (CCB Standards) at Gold level, this project aims to preserve the biodiversity of the Peruvian rainforest and adapt it to climate change. | 1 |
VINCI offers solutions to make buildings and regions more resilient to climate change. | 1 |
Extracting these resources carries the risk of degrading natural environments and reducing a region’s resilience to climate change. | 1 |
Working proactively to adapt buildings and infrastructure to extreme weather events and developing technical skills and knowledge to reinforce building structures are a core part of solutions to climate change challenges. | 1 |
The Group has conducted research on issues including flood prevention, adapting neighbourhoods to heatwaves and managing the urban heat island effect. | 1 |
VINCI’s engineering and design office Resallience, which is dedicated to increasing the climate resilience of geographies, infrastructure and their uses, has also developed vulnerability maps and action plans for certain projects on behalf of Group divisions. | 1 |
In addition, the ResiLens tool was used to assess the resilience of a significant sample of infrastructure projects, over the average lifetime for infrastructure (20 years); see paragraph 3.2.3.1, “Measuring physical climate risks”, of the “Environmental performance” section, page 245. | 1 |
(*) Qualitative information: adaptation measures taken to improve the climate resilience of structures and activities; prevention of pollution and incidents; inclusion and diversity (VINCI Manifesto); measures to promote business ethics (Code of Ethics, Anti-corruption Code of Conduct); sustainable relationships with local suppliers (VINCI’s socio-economic footprint in France). | 1 |
Climate change adaptation We performed a climate risk and vulnerability assessment to identify which production sites may be affected by physical climate risks. | 1 |
In continuing to develop and implement our climate pathway, we maintain an overview of the risks, e.g., those resulting from future increases in prices for causing greenhouse gas emissions or the impact of climate change on our buildings, as well as the opportunities, e.g., in the form of climate-resilient and particularly competitive neighborhoods. | 1 |
Adaptation measures include, in particular, insulating buildings and replacing windows to provide protection against heat and cold, creating shade using blinds and shutters, and installing suitable equipment designed to handle the infiltration and absorption of larger amounts of precipitation. | 1 |
Climate-resilient products As a UK insurer, since 2016 our UK Household business has taken part in the Flood Re scheme, which is designed to allow insurers to offer more affordable insurance for UK homes built before 2009 in areas most at risk of flooding. | 1 |
Our net zero ambition We strive to help more people look after their future, which includes contributing to global efforts on climate resilience through limiting our impact upon the planet, as best we can. | 1 |
• We promote resilience to climate-related hazards through our community initiatives, such as a Sustainable Land Management and tree planting project in Boré, Kenya which also employed women and local unemployed youth. | 1 |
Demonstrating resilience to climate-related events and seizing opportunities aligns with their expectations and contributes to the Group’s overall robustness. | 1 |
We strive to mitigate the impacts we have on the environment while adapting our operations and products to the wider challenges and risks presented by climate change. | 1 |
Our Group-level policies and processes have been revised to include our decarbonisation ambitions and to strengthen our climate resilience. | 1 |
As such, climate transition and climate resilience remained important areas of discussion during our meetings this year. | 1 |
There are a number of core practices and processes that support the business to remain resilient and adapt to the impacts of climate change, whilst controlling the financial impacts to the Group. | 1 |
–Property, plant and equipment – the useful economic life of existing capitalised assets across the Group has been reviewed in light of any repairs, upgrades to existing infrastructure, or future investment in facilities that will be required as a result of the climate-related risks and opportunities identified across our sites. | 1 |
We will continue to evaluate (and when necessary accelerate) our existing response measures to ensure that our business continues to be resilient to the assessed risks and is able to capitalise on business opportunities that our response to climate change may offer. | 1 |
Bunzl’s supply chain flexibility and lack of fixed manufacturing assets provide operational resilience to the physical impacts of climate change. | 1 |
Adaptation to extreme weather The business impact of extreme weather is already included in our climate model, as it could be a driver of lower GDP growth. | 1 |
While the flexibility of Bunzl’s supply chain has provided good operational resilience to the physical impacts of climate change, there could be an impact if several key customers in a high risk region were impacted simultaneously. | 1 |
Our specialist internal teams partnered with external climate resilience experts to conduct qualitative and quantitative risk assessments and scenario analysis to identify climate-related risks and opportunities. | 1 |
Compass US supporting the Carolina Farm Stewardship Association to provide advice and support to small farmers), focusing on sustainable farming practices and climate resilience –strategic diversification of suppliers and sourcing regions –increased use of alternative farming methods. | 1 |
The resilience of the Group strategy Compass Group’s sustainability leadership, climate net zero roadmap and well-established plant-forward strategy make us more resilient and adaptable than many of our peers to the impacts of climate change, most notably evolving client and consumer demands and the projected climate impacts on animal protein production costs and availability. | 1 |
Regarding our climate change mitigation and adaptation strategies, we have now harmonised our risk framework with the central Enterprise Risk Framework (ERM), enabling us to allocate divisional and site-level risks and controls to designated risk owners, with the goal of further refining site-specific nuances through a standardised methodology. | 1 |
We recognise the importance of maturing our approach to integrating physical climate change risks and adaptation into financial planning and decision-making processes. | 1 |
The approach to adaptation measures is based on climate models to produce actionable information for the design, construction, operation and closure of its mining assets, considering climate change. | 1 |
—Production sites are included within a loss-prevention survey programme and are routinely visited to ensure appropriate resilience measures are in place, including flood, wind and storm protection. | 1 |
—Increased costs due to long-term chronic drought affecting crop supply and implementation of adaptation measures such as irrigation solutions. | 1 |
To evaluate and assess the resilience of its business to climate change, the Group assessed the impact of damage and disruption caused by extreme weather events, reduced availability and increased price volatility of raw materials due to climate change, carbon pricing regulations and loss of attractiveness due to consumers’ increasing expectations. | 1 |
Among eight women-led projects focused on innovative solutions to climate change is one in Guatemala focused on food security and resilience by restoring traditional home gardens; another in Bangladesh enhancing climate-resilient groundwater supply; and one in Uganda using aquifer storage and recovery to enable local women to advance a climate resilient food supply. | 1 |
The heightened need for innovation in climate adaptation infrastructure may increase demand for our environmental products and services for the scientific, technical and other communities. | 1 |
In addition, we are working to effectively adapt our assets and activities to enhance our resilience to the physical risks related to climate change where needed. | 1 |
The level of predictability is such that the need for investment in climate adaptation measures at the assets is not immediate and the results mean we are in a position to monitor the assets and determine whether there is any need for adaptation action, e.g. | 1 |
6) whether physical risk considerations have been incorporated into the asset plans for the assets that we assessed as susceptible to higher physical risk, we were satisfied that assets included mitigation and adaptation plans and the associated costs in the operating plan. | 1 |
For example, we carried out a review of physical climate risks for our eligible activities in line with the requirements of the Generic criteria for Do No Significant Harm to Climate Change Adaptation (Appendix A). | 1 |
This flexibility in mandates and holding periods is a considerable strength which provides great resilience to many risks, including climate-related risks, and which has supported our ability to pivot our investment towards sectors and niches that benefit from sustainable growth trends (see pages 16 and 17). | 1 |
In line with our Climate Change Strategy and our Water Policy,1 we support our neighbouring communities in adjusting to climate change through water stewardship. | 1 |
Additionally, as climate-related risks and opportunities have impacted our supply chain and with the increasing severity of sea swells, which have delayed the delivery of some critical resources, Antofagasta has decided to strengthen its resilience by increasing its storage capacity and revising some of its supply chain strategies, particularly for diesel and acid. | 1 |
• Metrics and Targets, climate-related metrics – Climate Metrics & Targets: We have estimated the capital expenditure we expect will be required to mitigate and adapt to climate change. | 1 |
• Following our evaluation of climate change issues that could affect our supply chain, we have strengthened the resilience of our supply chains for some of our critical resources, such as diesel and acid. | 1 |
Our Climate Change Strategy’s fourth pillar defines two priorities in relation to biodiversity: nature-based solutions for CO2 capture and to address adaptation to acute and chronic physical risks. | 1 |
We constantly seek to identify risks associated with climate change and to implement actions to adapt to and mitigate their potential impact, such as increasing our stocks of strategic resources. | 1 |
This project is designed to contribute to enhancing the resilience of Los Pelambres from the future impact of climate change and the deteriorating availability of water in the region. | 1 |
With respect to climate change, the objective is to facilitate early action and adaptation in relation to risks and opportunities. | 1 |
DS Smith may also need to work with local and national governments to improve infrastructure resilience and climate change adaptation measures. | 1 |
Our audit testing included challenges to management with regards to cost assumptions for climate adaptation solutions particularly around capital expenditures and cost of carbon emission certificates, impacting future profit and forecasted cash flow. | 1 |
This year, our insurance providers have undertaken climate engineering surveys at our key operational sites to help us understand what further actions we can take to strengthen our climate resilience. | 1 |
The REDD+ Project Phase II – The Community Ranches – from Wildlife Works will not only avoid carbon emissions, but also support climate adaptation, promote biodiversity, bring added value to communities and contribute to 11 of the 17 United Nations Sustainable Development Goals. | 1 |
In Asia Pacific, we are developing an agriculture index, to be launched in the coming year, that will support clients in offering affordable finance and insurance to smallholders in Asia, which can help their productivity and help to protect them from climate risks. | 1 |
Our resilience risk policies are subject to continuous improvement to remain relevant to evolving climate risks. | 1 |
By building a more climate-resilient balance sheet, we can reduce impairment risks and improve longer-term stability. | 1 |
This includes research on natural forests and understanding how tree species adapt to changing climate patterns. | 1 |
We aim to give back more to the planet than we take out and protect our business from the impact of climate change. | 1 |
Therefore, and viewing resilience through the same lenses that we describe above, we have considered the extent to which our oil and gas production business would need to be impacted by evolving physical risk over the same timeframe for the scale of financial impact to be sufficient to jeopardize the resilience of our strategy out to 2030. | 1 |
Our climate adaptation measures focus on key assets like investing in flood protection and upgrading cooling systems at critical sites, as part of our weather resilience strategy. | 1 |
We’re acting to reduce risk across the various climate-related scenarios, with an emphasis on long-term resilience. | 1 |
Companies continue to take action to reduce their climate impact and protect their business model, taking steps to ensure their products and supply chains remain resilient to the consequences of climate change. | 1 |
During the year, biopharma companies stepped up their commitments, including to strengthen locally led adaptation and health resilience programmes for vulnerable communities affected by climate change. | 1 |
We use climate scenario analysis to model the potential impacts of our prioritised physical risks which helps us understand the resilience of our supply chains against climate change. | 1 |
We recognise that climate-related risks will continue to develop over a significantly longer period and believe that we will be able to adapt our strategy and respond appropriately to emerging climate-related risks that could have a material impact on the Group in the future. | 1 |
Adaptation Finance There is an urgent global need to unlock and scale public and private climate adaptation finance to build shared societal resilience, especially across our footprint markets, where adaptation represents both a risk and an opportunity for clients and communities. | 1 |
There is an urgent global need to unlock and scale public and private climate adaptation finance to build shared societal resilience. | 1 |
• Used data collected from our Climate Risk Assessments to design an ‘adaptation readiness’ test at the client level. | 1 |
• Standard Chartered became one of the founding partners of the Bangladesh Climate and Development Partnership, which aims to use blended finance to help Bangladesh adapt to climate change.“Where money goes today shapes tomorrow’s world’ was the theory of change for the COP26 organisers. | 1 |
• Reviewed the Group’s high-level quantitative assessment of the impact of Climate Risk on the Group’s ECL and considered the materiality of the impact and the judgement to disclose a potential range of impact, rather than to adjust the ECL given the immaterial impact. | 1 |
• Physical risk adaptation levels remain an area of risk for most of our markets, with the lowest absolute scores in Africa and the Middle East. | 1 |
• Client-level CRA scores by region for measuring gross physical risk and adaptation measures. | 1 |
Our focus is on how, by better understanding the underlying risks ourselves, we can support clients to adapt in ways that will not only reduce their business risks but will actively protect our environment from the worst impacts of climate change. | 1 |
Working more closely with our supply chain partners to reduce the impact of a continuing volatile operating environment and the longer-term impact of climate change makes us more resilient and presents a significant opportunity for maintaining our profitability and jointly achieving our sustainability goals. | 1 |
There is increasing awareness of the negative social impacts of physical climate risk on workers and we believe it is important that companies consider climate adaptation and the concept of a just transition in their interactions with suppliers. | 1 |
• Explore other supplier bases that are more resilient.• As part of the targets we set last year we have engaged with our top supplier to explore their risk to coastal inundation and are working with them to develop and progress their flood risk adaptation plan. | 1 |
Efforts to adapt to climate change can produce opportunities for organisations, such as through resource efficiency and cost savings and the development of new products and services. | 1 |
The robust environmental standards will help increase environmental protections across our entire UK supply base, working towards whole-farm, continuous improvement in: climate resilience; biodiversity; habitat area and quality; GHG emissions and carbon footprinting; soil health; deforestation; collaboration; and collective action. | 1 |
To understand and monitor these risks and plan for any necessary short, medium, and long term adaptive measures, we have established a robust Physical Climate Change Risk and Resilience (PCCRR) framework. | 1 |
Operational resilience During 2023, our focus has been on embedding adaptation and climate resilience into our operations and processes. | 1 |
By doing so, we are deepening our understanding of the impacts of climate change across our entire value chain, helping us identify how best to prepare to be more operationally resilient in response to a changing climate. | 1 |
Community resilience The impacts of climate change will also affect the lives and livelihoods of host communities around our operations. | 1 |
The inclusion of a community climate vulnerability risk assessment considers how host communities can build climate resilience and adaptation measures and how Anglo American and its partners can support their development and implementation. | 1 |
Through the site level PCCRR work, we are improving controls and implementing adaptation actions to address these risks and continue to strive for resilience in the context of a changing climate. | 1 |
Ensuring the continued resilience of our portfolio to the physical impacts of a changing climate is also a key priority in our allocation of capital. | 1 |
Investments in maintaining this resilience are driven by our continuing climate change risk management processes and, for example, include investments related to reducing the consumption of fresh water where it is expected to become scarcer, or where there is a risk of future disruption owing to flooding. | 1 |
That is why we have been working for over 10 years to ensure that our operations have the best available models to understand, assess, mitigate and adapt to the physical risks of climate change. | 1 |
To assess these potential impacts and to develop short, mid, and long term adaptation actions, we have developed climate and weather projections as part of our physical climate change risk and resilience approach. | 1 |
POL Y4 offers farmers superior performance compared to existing fertiliser products: demonstrated crop yield improvement of 3–5% across a wide variety of crops and soil types, improved crop quality and resilience to drought and disease, and help in preserving the health of a farmer’s greatest asset – their soil. | 1 |
The resilience of our portfolio to a changing climate also forms a key part of the Company’ s strategy. | 1 |