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>Advancing our sustainability priorities, particularly health equity and health system resilience, as well as addressing the effects of the twin climate and nature crises and the impact on global health and healthcare. | 1 |
This includes new or expanded projects in Brazil, India, Vietnam, Ghana, Rwanda and Kenya, which will contribute to our climate action, promote the restoration of biodiversity and natural habitats, and build community resilience. | 1 |
To future-proof our business and build resilience to ensure long-term financial sustainability and the continued supply of medicines to patients, we have screened physical risks from the impacts of climate change across our operations and strategic suppliers. | 1 |
We also continued to engage with strategic partners with a critical role in patient supply to understand their exposure to climate-related hazards and their resilience to climate change. | 1 |
We’re also helping communities start to become more climate-ready by offering our customers some choices in terms of climate-friendly products, influencing our suppliers and the companies we invest in, helping the broader transition to a more climate resilient economy, and being part of shaping a response to the twin crises of climate breakdown and biodiversity. | 1 |
These projects will run for between 17 and 60 years, working to capture carbon, contributing towards flood resilience and helping to restore natural habitats. | 1 |
We aim to protect and restore biodiversity and understand the impact of climate change on our investments and underwriting. | 1 |
The projects our partners are undertaking with our funding will demonstrate the co-benefits of carbon sequestration, nature restoration, flood resilience and social and community benefit. | 1 |
Large catastrophic (CAT) losses arising as a result of these events are explicitly considered in our economic capital modelling to ensure we are resilient to such CAT scenarios, and this modelling considers the impact of climate change on the frequency and severity of potential future events. | 1 |
We recognise that our business and wider society relies on natural resources which will be impacted by the effects of climate change, and that we must work to adapt to those effects. | 1 |
Supported by the resilience of our supply chain, we currently experience limited disruptions resulting from climate change. | 1 |
We are learning more about the interconnectivity of environmental issues and human rights, working in areas such as climate change and biodiversity, in order to increase environmental and economic resilience for farmers and rural communities. | 1 |
Physical risk In addition to our decarbonisation levers, we are also cognisant of the need to implement climate adaptation measures to ensure the resiliency of operations at our manufacturing facilities under physical climate hazards. | 1 |
Increase resilience in the supply chain to be able to better absorb climate-related shocks –OR2. | 1 |
While Convatec is aware of the physical climate hazards most prevalent across our manufacturing sites and can implement adaptation and control measures to reduce the risk, Convatec has less influence over how suppliers are managing climate risk. | 1 |
We chose to benchmark against the CDA because it requires TSFs to be designed to higher flood frequency than may be required by local regulations in the jurisdictions in which we operate, and as such supports a more climate-resilient design of our TSFs. | 1 |
Plans and strategies can and must adapt in response to dynamic market conditions, changing preference of our stakeholders, joint venture decisions, changing weather and climate patterns, new opportunities that might arise or other changing circumstances. | 1 |
We will also use our analysis to further integrate physical climate risks into our business decision-making processes and will explore where IHG mitigation and adaptation strategies might be needed. | 1 |
Develop products to promote climate resilience, engaging in this opportunity though the Build Back Better scheme for home insurance and our efforts in greening the built environment through our products and services. | 1 |
Climate-related impacts could affect operational resilience through properties, IT systems, people and third party suppliers. | 1 |
• We assess our long-term strategic portfolio against climate risk, to ensure we are investing in land which is resilient to climate risk, and disclose in accordance with the TCFD framework. | 1 |
Our diverse range of products and geographical spread of assets allows the business to be resilient to climate risks, such as cost and availability of resources, in the short term. | 1 |
Climate resilience measures include maintaining appropriate levels of insurance for each asset, performing climate risk scenario analyses for a selection of our global portfolio, and implementing operational risk reduction measures at the site level. | 1 |
In September 2023, we published our annual climate report detailing our ongoing progress to advance our climate strategy focused on reducing our greenhouse gas (GHG) emissions, enhancing our resilience to climate risks and contributing responsibly produced copper to the global economy. | 1 |
We manage potential risks first via our siting and design standards, then by implementing recommendations to proactively mitigate losses related to short-term acute weather events as well as long-term climate-related changes. | 1 |
During 2023 , we spent approximately $ 646 million on capital expenditures, of which $ 195 million represented return on investment (“ROI”) capital expenditures, $ 274 million represented renewal and replacement projects and $177 million was for hurricane restoration work. | 1 |
For instance, the requirement to modify our home designs mandated by upgraded building codes or recommended practices given a region’s particular exposure to climate conditions can increase our costs, which we may not be able to recoup by increasing the price of our homes. | 1 |
For example, as the risk of flooding in coastal and other flood prone areas increases or the results of climate change result in water scarcity, local governments may increase the requirements on new home builders for zoning approvals and restrict areas where new homes may be built, resulting in increased development costs and greater competition for more desirable land parcels. | 1 |
We are committed to acting responsibly to mitigate our contribution to global warming and conserve the environment in which we operate, while simultaneously adapting to the effects of a changing climate to keep our business resilient. | 1 |
We are also proud to be a signatory to the UN's Race to Zero and Race to Resilience campaigns reflecting our commitment to climate change mitigation and adaptation. | 1 |
To understand, quantify and mitigate climate risks and adapt to their impact, we partner with climate resilience experts to assess them, model their possible financial impact, and develop strategies to adapt and remain resilient over the long-term. | 1 |
Climate change resilience Our experience in managing the impact of normal variations in climatic conditions, water availability and agricultural yields has made us more resilient and adaptable. | 1 |
We adapt through careful planning in our supply chain and procurement organisation, by partnering to develop high-yield, drought-resistant crops , and by managing water in a way that makes our operations more resilient and helps our local communities and agricultural sourcing areas to adapt, with specific focus in water-stressed areas. | 1 |
This includes working with farmers to increase their crops’ resilience to climate change, and developing contingencies where this isn’t possible. | 1 |
Analysing the financial impact of drought is particularly difficult because there are many factors involved, including the probability of drought, how long operations would have to be suspended and the impact of any adaptation or contingency measures. | 1 |
At the COP27 climate change conference, we were among businesses calling for more action on water and climate resilience. | 1 |
Our partnerships with leading international organisations, such as Water Resilience Coalition, Alliance for Water Stewardship and WaterAid, are fundamental to our ambition to support the climate resilience of our business and communities. | 1 |
We work with communities to help them adapt and build resilience through our 'Preserve Water for Life' strategy, implementing regenerative agricultural practices and developing climate-resistant variants of agricultural crops. | 1 |
Having completed comprehensive risk assessments our focus is now on ensuring appropriate adaptation plans are in place for all risks identified. | 1 |
Building economic and environmental resilience involves improving smallholders’ financial awareness, their family income and/or their understanding of how to act in a climate-smart way. | 1 |
Nature plays an important role in the built environment – nature’s capacity to store carbon and support resilient societies is linked with the fight against climate change, and access to green spaces supports the health and wellbeing of those who use our places. | 1 |
Building resilience to a changing climate Although we assessed that our current portfolio is not highly exposed to physical risks given the location of our assets, we still take action to mitigate these risks through physical measures, insurance and business-continuity planning. | 1 |
In our development pipeline, we’re designing and constructing high-quality buildings and spaces capable of achieving operational resilience over their lifetime, considering how the UK’s climate will change in the coming decades. | 1 |
It highlights the importance of creating planet-centric spaces by outlining our ‘Six Principles of Urbanisation’ including being climate-prepared and resilient as the most urgent. | 1 |
Protecting our long-term returns by developing real assets with high levels of climate resilience. | 1 |
M&G is also leading the nature work stream of the Climate Financial Risk Forum’s Financial Resilience working group, providing industry guidance on how to incorporate nature into financial services risk management. | 1 |
To ensure we have a resilient organisation fit for the future, it is important that the management of our climate-related risks and opportunities is not only integrated into our existing three-year strategy and planning processes as an ongoing consideration but also that we supplement current processes with reviews focused on an extended time horizon. | 1 |
This year, our workshops across the business identified potential implications of climate risks and opportunities on our products and services, our supply chain, our adaptation and mitigation activities and own operations. | 1 |
The short-term controls and investments needed for a resilient network are in place, but further work remains to be done to build out our climate adaptation forecasting and control framework for the next decade. | 1 |
We regularly monitor standard reliability metrics to improve our storm response and restore power. | 1 |
To address physical risks, the Chief Engineer’s Office leads the development of climate adaptation frameworks across the Group to ensure there is a consistent approach to assess the vulnerability of our energy assets and to guide strategic investment planning. | 1 |
Climate Vulnerability Assessment (CVA) Our group-wide CVA began in December 2022, led by a steering group of senior leaders from each of our businesses, and a working group with business representatives from our engineering, resilience and policy teams. | 1 |
The process accounts for existing adaptation plans such as storm hardening programmes and leverages the latest climate science. | 1 |
As part of our risk management process, we have assigned key controls to manage both our climate change mitigation and adaptation risks. | 1 |
On completion, we will develop a Climate Change Adaptation Plan, outlining solutions for our high-risk assets and confirm the strategic approach to managing that risk. | 1 |
We continue to invest in climate adaptation across the Group in the form of storm hardening and flood defences, with a further £31 million (2021/22: £36 million) invested in the year. | 1 |
We are also working directly with copackers through our partnership with Manufacture 2030 to help them measure and progressively reduce their emissions which will build resilience to physical and transition risks from climate change both within our supply chain, and for our suppliers. | 1 |
This exercise will inform our longer-term resilience plans related to physical climate-related risks, such as damage to our infrastructure. | 1 |
The Group has assessed the physical-climate-risk exposure of its office locations using an established external physical-climate-risk assessment tool. | 1 |
Our assessments show the possible impacts of climate change on agricultural commodities, and that they are vulnerable to climate hazards including water stress, temperature rises and flooding, particularly where the commodities only grow in one country. | 1 |
We concluded that, by 2030, we don’t expect drought to have a significant impact on our operations or on our financial condition. | 1 |
The most significant physical risk to our portfolio is from coastal flooding (4.1% VaR). | 1 |
Marsh uses XDI which quantifies the cost of extreme weather and climate change impacts to physical assets, taking into account asset-specific information – how different types of assets in a specific location will perform in different physical conditions. | 1 |
Private asset results We continue to use the global insurance broker and risk adviser Marsh to assess our real estate and infrastructure exposure to physical climate risk. | 1 |
Our solutions can also help growers adapt to more unpredictable growing conditions and the effects these types of threats have on crops. | 1 |
For example, FMC’s product solutions can help growers adapt to climate change and protect biodiversity by maximizing yield and utilizing resources more efficiently. | 1 |
Potential damage to assets and the frequency of such events arising from extreme weather and other potential climate-related events (including associated remediation costs) are reviewed through our risk management and business continuity programmes, and connect into our financial programmes on insurance. | 1 |
We maintain business continuity and disaster recovery plans to prepare for and respond to the potential for a disruption in the technology we rely on. | 1 |
Our model has also mapped the physical risk associated with sourcing these products to understand where our exposure to at-risk commodities is greatest. | 1 |
Climate, coastal areas and oceans The third area of action aims to support initiatives that benefit coastal areas and the oceans, the preservation of which is all the more necessary in a context of climate change. | 1 |
We regularly, where appropriate, carry out climate-related risk assessments at site level, supplier level, as well as innovation- project level. | 1 |
These analyses involve a study of the site’s climate context, as well as the recurrence and severity of extreme weather events, so that the structure can be adapted to withstand these events. | 1 |
The climate risk analysis performed using the climate risk tool does not indicate any material physical risks for Vonovia’s housing stock. | 1 |
13% (based on the carrying value) of physical assets tested are considered to be exposed to climate-related physical risks in the short to medium term which the assets are already actively managing to mitigate. | 1 |
The Group has reached out to external partners and data providers to resolve these difficulties, improve the location of its counterparties’ assets and identify the relevant climate issues that arise as a result. | 1 |
As global temperatures increase, the likelihood of fire risk is expected to increase with 19% of TIV at risk by 2050 under a high-warming scenario, this risk is managed through our principal risks 5 (loss of manufacturing output at any Group factory) and 7 (loss of a critical supplier). | 1 |
The GHG impacts of land-use change are most pronounced in our cocoa supply chain, where we have already been working for several years to prevent deforestation and build climate resilience. | 1 |
Helping Our Sellers Build Climate Resilience Our sellers face increasing challenges related to natural disasters. | 1 |
Recognizing this, we have developed a strategy to help sellers build climate resilience focused on recovery and preparedness. | 1 |
Resilience of strategy across different climate-related scenarios Over the past few years, we have worked with two external vendors to assess current climate-related impacts and understand how they might change under different temperature pathways over time. | 1 |
Doing so helps build local resilience against increasing climate change-related water issues such as drought. | 1 |
The initiative will enable climate-resilient water and sanitation solutions that create lasting access to safe water sources for 100 m illion people across Asia, Africa, and Latin America. | 1 |
Restoring Ecosystems in France In France, we pledged €3 million over three years to CDC Biodiversité’s Fonds Nature 2050 program to preserve and restore biodiversity, while mitigating climate change impacts and improving ecosystem resilience. | 1 |
Largely due to ongoing storm protection plan investments, Duke Energy Florida had its best reliability performance in more than a decade. | 1 |
Our commitment to provide accessible, reliable and affordable services to customers means our system must become more resilient in the face of the changing climate and extreme weather. | 1 |
In 2021, Duke Energy initiated a Climate Risk and Resilience Study to assess the long-term risks of a changing climate and physical impacts on our transmission & distribution (T&D) system in the Carolinas working with third-party consultant ICF . | 1 |
The flexible adaptation framework developed in our 2023 Climate Risk and Resilience Study, discussed in the Climate Risk Management section of this report, presents potential resilience strategies and investments that can be incorporated into our adaptation plans. | 1 |
Our principal subsidiary, Southern California Edison, is a leader in California’s efforts to reduce the greenhouse gas (GHG) emissions that contribute to climate change, while also focusing on the grid investments needed for a more resilient, equitable clean energy economy. | 1 |
Developing the ability to withstand near- and long-term climate change impacts is driving our climate adaptation approach. | 1 |
In May 2022, SCE published a climate adaptation vulnerability assessment , one of the first in the industry, projecting climate impacts out to 2070. | 1 |
We are also focused on adapting our business in the near and long term to the effects of climate change, including climate change-driven wildfires. | 1 |
Our policy agenda also includes ensuring the security and reliability of the electric grid, including making it more resilient against cyber and physical attacks (see Cyber and Physical Security), wildfires and other climate-driven risks. | 1 |
In the near term, we continue to adapt our system to the threat of climate change-driven wildfires . | 1 |
In May 2022, SCE published a climate adaptation vulnerability assessment (CAVA), which evaluates the potential medium- and long-term impacts of temperature, precipitation, sea level rise, wildfire hazards and cascading events on our infrastructure and operations. | 1 |
To meet this new reality, infrastructure must be designed to withstand more intense storm surges and flooding, and new transmission lines must be constructed to bolster regional reliability under more severe wildfire conditions. | 1 |
Near-Term Actions In the near term, SCE continues to make deliberate, risk-informed investments to adapt our system to the threat of climate change-driven wildfires. | 1 |
Despite the reduction in acres burned by wildfire in 2022, we continue to harden the grid in preparation for a sustained threat year over year. | 1 |
SCE continues to harden the electric grid to ensure safety, grid resiliency and system readiness for these growing climate change impacts. | 1 |
The Santa Barbara Regional Climate Collaborative leveraged CRC grant funding to support the design and planning of two “resilience hubs” in underserved areas. | 1 |
Risk-based decision-making helps prioritize upgrades, schedule maintenance and adapt the grid to the effects of climate change, including wildfires. | 1 |