London Stock Exchange Group - Climate Change 2021
C0. Introduction

C0.1(C0.1) Give a general description and introduction to your organization.

London Stock Exchange Group (LSEG) is a global financial markets infrastructure business. Its diversified global business provides valuable services for a wide range ofcustomers focusing on Information Services, Post Trade and Capital Markets. The Group supports global financial stability and sustainable economic growth by enabling
businesses and economies to fund innovation, manage risk and create jobs. The Group can trace its history back to 1698.

In Capital Markets, the Group operates a broad range of international equity, ETF, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS (aEuropean fixed income market); and Turquoise (a pan-European equities MTF). Through its platforms, LSEG offers market participants, unrivalled access to Europe’s capital
markets.

In Information Services, through FTSE Russell, the Group is a global leader in financial indexing, benchmarking and analytic services with c.$16 trillion in benchmarked
assets. The Group also provides customers with an extensive range of data services, research and analytics through The Yield Book, Beyond Ratings, SEDOL and RNS.

Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of LCH, a multi-asset global CCP
operator, LSEG owns CC&G, the Italian clearing house; Monte Titoli, a leading European custody and settlement business; and UnaVista, our trade reporting business. LSEG
Technology delivers robust, scalable, high-performance technology including broker, exchange, market data, risk and collateral management, surveillance, clearing andsettlement products to customers around the world. LSEG Technology’s solutions are used by financial market infrastructure and financial services firms, including theGroup’s own markets.

LSEG operates an open access model, offering choice and partnership to customers across all of its businesses. Headquartered in the United Kingdom, with significant
operations in North America, Italy, France and Sri Lanka, the Group employs approximately 5,000 people.

Further information on London Stock Exchange Group can be found at www.lseg.com. The Group’s ticker symbol is LSEG.L

C0.2(C0.2) State the start and end date of the year for which you are reporting data.

Reportingyear

Start dateEnd date

Indicate if you are providing emissions data for past reportingyears

Select the number of past reporting years you will be providing emissions data
for

January 1
2020

December 31
2020

Yes

2 years

C0.3(C0.3) Select the countries/areas for which you will be supplying data.
China, Hong Kong Special Administrative Region
FranceItaly
Japan
Malaysia
Romania
Sri Lanka
Taiwan, Greater China
United Kingdom of Great Britain and Northern Ireland
United States of America

C0.4

CDP

Page 1 of 45

(C0.4) Select the currency used for all financial information disclosed throughout your response.
GBP

C0.5
(C0.5) Select the option that describes the reporting boundary for which climate-related impacts on your business are being reported. Note that this option shouldalign with your chosen approach for consolidating your GHG inventory.
Operational control

C1. GovernanceC1.1(C1.1) Is there board-level oversight of climate-related issues within your organization?
Yes

C1.1a
(C1.1a) Identify the position(s) (do not include any names) of the individual(s) on the board with responsibility for climate-related issues.
Position of Please explain
individual(s)Chief
Executive
Officer(CEO)

i. The Group CEO is responsible for Sustainability policy execution and compliance. The CEO appoints the Chair of the Group Sustainability Committee (responsible for monitoring and approving
Corporate Sustainability Strategy), as well as the Corporate Sustainability Pillar leads. These responsibilities are set out in LSEG's Group Sustainability Policy, approved by LSEG's Board of
Directors. Climate-related issues are considered as part of our Sustainability Strategy and Policy, through (1) our Environmental governance, policy and impact captured and reported on as part of
Our Communities strategic commitment; as well as in terms of (2) climate-related risk which is integrated into our Risk Management Framework, alongside other non-financial risks. Continued review
of sustainability risks, including environmental and climate-related risks is necessary in order to comply with the Group's strategic risk objective of ‘maintaining stakeholder confidence’. ii. Over thecourse of 2019, the Group CEO was directly involved in supporting the COP26 efforts in the UK. This culminated in his involvement as a speaker in the COP26 launch event in the UK on 27 February
2020. More information is available at: https://www.ft.com/content/b39cf39e-58d3-11ea-abe5-8e03987b7b20 The Group CEO also acted alongside Mark Carney to launch the campaign to promote
adoption of the TCFD framework by global exchanges. More information is available at: https://uk.reuters.com/article/us-climatechange-finance-exchanges/carney-calls-for-more-climate-action-fromworlds-stock-exchanges-idUKKBN24B19M https://sseinitiative.org/all-news/sse-climate-disclosure-making-markets-climate-resilient-and-model-guidance-on-climate-disclosure/

Chief
i. The Group CFO has responsibility for reporting environmental and climate-related issues to the Board, and reviews and approves LSEG’s climate related disclosures. These responsibilities are set
Financialout in LSEG's Group Sustainability Policy, approved by LSEG's Board of Directors. Climate-related issues are considered as part of our Sustainability Strategy and Policy, through (1) our
Officer (CFO) Environmental governance, policy and impact captured and reported on as part of our communities’ strategic commitment; as well as in terms of (2) climate-related risk which is integrated into our
Risk Management Framework, alongside other non-financial and sustainability risks. Continued review of sustainability risks, including environmental and climate-related risks is necessary in order tocomply with the Group's strategic risk objective of ‘maintaining stakeholder confidence’. ii. The Group CFO approved all expenditure and investments in LSEG’s environmental programme throughout
2020. Our sustainability strategy is driven by the Group Sustainability Committee, comprised of Executive Committee members and other senior executives that represent a wide cross-section of
relevant business areas. Delivery of the sustainability programme is carried out by the Sustainable Business team and our related sustainability initiative teams, such as our global Inclusion Network(IN). These teams also feed back into the Group Sustainability Committee directly to input into the overall approach and direction of our sustainability activities. This process allows us to draw on awide range of knowledge and experience from across the Group. Delivery during 2020 was jointly overseen by the Group Head of Investor Relations and Group Head of Government Relations andRegulatory Strategy. From 1 February 2021, the Chief Communications and Marketing Officer chairs the Group Sustainability Committee.

C1.1b(C1.1b) Provide further details on the board’s oversight of climate-related issues.
Frequencywith whichclimaterelated
issues are ascheduled
agenda item

Governancemechanisms
into whichclimaterelated
issues areintegrated

Scope of Please explainboardlevel
oversight

Scheduled –somemeetings

Reviewing<Not
and guiding
Applicabl
strategye>Reviewing
and guiding
major plans ofactionLSEG's Board has responsibility for the Group Sustainability strategy. Climate-related issues are discussed in the context of both LSEG sustainable finance strategy andwith reference to LSEG operations and alignment with the objectives of the Paris Agreement. In 2020, the Board discussed sustainability and environmental matters on
two occasions. LSEG’s progress against its environmental targets is regularly submitted to the LSEG Board as part of annual sustainability reporting within the Annual
Report (TCFD disclosures) and the Sustainability Report (Environmental section). The LSEG Board oversee progress against goals and targets for addressing climaterelated issues, as well as performance against climate-related objectives, during these review periods. The Board's review of these matters ensures that the businesskeeps in mind the environmental impact of LSEG’s operations.

C1.2

CDP

Page 2 of 45

(C1.2) Provide the highest management-level position(s) or committee(s) with responsibility for climate-related issues.
Name of the position(s) and/or
committee(s)Reporting line Responsibility

Coverage of
responsibility

Frequency of reporting to the board on climate-related
issuesChief Executive Officer (CEO)<Not
Applicable>

Both assessing and managing climate-related risks andopportunities<Not Applicable>

Quarterly

Chief Financial Officer (CFO)<Not
Applicable>

Both assessing and managing climate-related risks andopportunities<Not Applicable>

Half-yearly

Chief Risks Officer (CRO)<Not
Applicable>

Both assessing and managing climate-related risks andopportunities<Not Applicable>

Quarterly

C1.2a(C1.2a) Describe where in the organizational structure this/these position(s) and/or committees lie, what their associated responsibilities are, and how climaterelated issues are monitored (do not include the names of individuals).
1) Chief Executive Officer (CEO)i. The Group CEO is responsible for the Sustainability policy execution and compliance, including climate-related issues. The Group CEO appoints the Chair of the Group
Sustainability Committee, as well as the Sustainability Pillar leads. The board-level Group Corporate Sustainability Committee is responsible for approving and monitoring our
Corporate Responsibility strategy and policies.
Climate-related issues are considered as part of our Sustainability Strategy and Policy, through 1) our Environmental governance, policy and impact captured and reported onas part of Our Communities strategic commitment; as well as in terms of 2) climate-related risk which is integrated into our Risk Management Framework, alongside othernon-financial and sustainability risks. Continued review of sustainability risks including Environmental risks (where we consider climate-related), as well as Social andGovernance risks, is necessary in order to comply with the Group strategic risk objective of ‘maintaining stakeholder confidence’.
ii. The Group CEO has responsibilities for climate-related issues as the highest ranking executive at LSEG. The Board and CEO are overseen by the Chairman. This is an
executive role that connects management to Board oversight, and encompasses oversight of both operational and business risks associated with climate-related issues.

2) Chief Financial Officer (CFO)
i. The Group CFO has responsibility for reporting environmental and climate-related issues to the Board, and reviews and approves LSEG’s climate related disclosures.
ii. The Group CFO has responsibilities for climate-related issues as a member of the LSEG board and Executive Committee. This is an executive role that connects
management to Board oversight and encompasses oversight of both operational and business risks associated with climate-related issues.

3) Chief Risk Officer (CRO)i. The CRO is directly responsible for providing strategic guidance for the development and implementation of the environmental action plan covering all climate-related
issues. As our Communities pillar lead, the CRO oversees the Environmental Management Group (EMG) led by the Head of Group Property. The EMG is comprised of key
stakeholders across the Group who are responsible for environmental impacts i.e. Property/Facilities Managers, Procurement, Data Centre Managers, Business Travel andHR and covers all geographies.
Each financial year, the EMG submits an environmental action plan which incorporates environment and climate-related issues to the ExCo. This focuses on our current
objectives, annual environmental targets, and other climate-related opportunities for the Group, including a critical evaluation of our successes and our competitive position.
The EMG is responsible for defining annual objectives, targets and programmes, as well as delivering and reviewing performance across the Group including monitoring GHG
emissions, identifying improvement opportunities and reporting. The EMG is also responsible for monitoring climate-related risks, and reporting these to our Risk
Management Framework.
ii. The Group Chief Risk Officer is a member of the Executive Committee and reports to the Group CEO. The CRO is also a member of the Group Sustainability Committee
and is the Group’s 'Our Communities' pillar lead, and as such has responsibilities for climate-related issues. Environmental and climate-related performance is overseen by
our CRO (in their role as the Group 'Our Communities' pillar lead), as well as our CFO. The role of our CRO as 'Our Communities' pillar lead, ensures Environmental (included
climate-related), Social and Governance risks are fed into the LSEG Risk Management Framework.

C1.3(C1.3) Do you provide incentives for the management of climate-related issues, including the attainment of targets?
Provide incentives for the management of climate-related issues
Row 1

Comment

Yes

C1.3a

CDP

Page 3 of 45

(C1.3a) Provide further details on the incentives provided for the management of climate-related issues (do not include the names of individuals).
Entitled toincentive

Type of Activity
Comment
incentive inventivizedManagement Monetary Emissions
group
rewardreduction
target

The Group Head of Property has environmental objectives, which include climate-related and other environmental targets, as part of their annual business objectives, which
are linked to the annual bonus programme. These objectives are cascaded to the Group Property team across our global regions. Specifically, we are seeking reduced
carbon impact due to energy efficiency and enhanced business continuity capability due to adaptation measures. Group-wide Sustainability Targets include: Science-basedtarget: 46% reduction of absolute global Scope 1, Scope 2 and Business Travel (Scope 3) GHG emissions by 2030 from a 2019 base year. Other targets specific to 2020
reporting year include: 2% reduction in our Scope 1 & 2 emissions per FTE and £m Revenue in 2020 compared to 2019. 2% reduction in waste produced per FTE in 2020
compared to 2019.

Chief
Executive
Officer(CEO)

Monetary Other
reward(pleasespecify)(Strategicgoal)

The Group CEO variable pay is linked to the achievement of strategic objectives, which include ESG and climate-related objectives.

All
employees

Monetary Behavior
rewardchangerelatedindicator

In the UK we operate a cycle-to-work scheme as a form of salary sacrifice, which allows employees to reduce their gross salary in exchange for hiring a new bike and cycling
accessories with savings of over 40%. At our Paternoster Square HQ in London we have increased the number of bicycle racks to support this initiative.

C2. Risks and opportunities

C2.1(C2.1) Does your organization have a process for identifying, assessing, and responding to climate-related risks and opportunities?
Yes

C2.1a
(C2.1a) How does your organization define short-, medium- and long-term time horizons?
From(years)To
Comment(years)1

3

No short-term climate-related risks were identified. Climate-related opportunities have been identified both in our Capital Markets and Data & Analytics businesses with multiple
sustainable finance product launches in the pipeline over the next 1-3 years.

Medium- 3
term

10

In 2020, we extended our medium- term horizon to 2030 to align with the target year of our science-based target.

Longterm

30

As a result of scenario analysis work, we have extended our long-term horizons, up to 2050.

Shortterm

10

C2.1b
(C2.1b) How does your organization define substantive financial or strategic impact on your business?
i. We use the term “substantive financial or strategic impact” when identifying and assessing climate-related risks, and define this as a financial or strategic impact that
requires factoring into our business strategy and operations, and a change in our product portfolio, client target and/or resource mix. Our principal risks are those risks
considered to have the highest potential financial or strategic impact.

ii. “Substantive financial or strategic impact” is defined according to the magnitude of the financial cost to the Group as well as the potential for reputational impact. Climate
related risks are assessed for their financial or strategic impact and tested against LSEG’s Risk Appetite.

C2.2

CDP

Page 4 of 45

(C2.2) Describe your process(es) for identifying, assessing and responding to climate-related risks and opportunities.
Value chain stage(s) covered
Direct operations
Upstream
Downstream
Risk management process
Integrated into multi-disciplinary company-wide risk management process
Frequency of assessment
More than once a year
Time horizon(s) covered
Short-term
Medium-termLong-term
Description of process
The Executive Committee are accountable for risk identification analysis, evaluation, and mitigation. The Sustainability Committee reports at the executive level on our
climate-related and other sustainability risks as well as providing oversight and accountability across all relevant initiatives, and any associated opportunities. Climaterelated risks are integrated into a multidisciplinary group-wide risk framework. This framework considers transition risks (policy and legal, technology, market, reputation)and opportunities (resource efficiency, energy source, products/services, markets, resilience), and physical risks related to climate change. Our Risk Management
Framework operates as a cyclical process and enables climate-change related business decisions, operates across the group and functions, involving internal committees
as appropriate. The Environmental Management Group, Executive Committee and Risk Committee are responsible for managing risk. 1) The Risk Committee defines the
Risk Management process and policy framework and proposes the Group Risk Appetite Statement to the Board. 2) Business Management define Risk Governance,
Strategy and Appetite. 3) This is followed by Risk Identification and Assessment, which is the responsibility of the Executive Committee at a company and asset level,
supported by Environmental Management Group and Corporate Sustainability Committee who meet quarterly. a. Company Level: Climate Change transition risks andopportunities are identified and assessed for materiality by analysing our product portfolio across client segments and asset classes (Product/Services and markets),
whereas the risks and opportunities associated with energy sources and business resilience are assessed taking into account all of our operations. b. Asset Level: LSEG
has offices and data centres located around the world, and we assess risks and opportunities at the facility level to understand climate related risks including flooding, longterm temperature changes and extreme weather events. To determine if risks and/or opportunities are material, we assess our facilities ability to operate, staff access,safety and well-being and insurance premium impacts on both a short and long-term basis, paying close attention to both the global perspective and specific local needs. 4)
Where risks and opportunities are considered material, these are stress tested to determine the potential impact on the financial results, strategic plans and operational
resilience of LSEG and to determine whether the risk is within the Group’s Risk Appetite. In line with our commitment to support the Financial Stability Board’s Task Forceon Climate-related Financial Disclosures (TCFD), our 2020 Annual Report includes disclosures on our current alignment across the four pillars, Governance, Strategy, Risk
Management and Metrics and Targets. In 2020, LSEG has taken further steps, facilitated and supported by an independent and external consultancy, to define and model
how climate change impacts our businesses and operations. The aim is to reinforce the Group’s resilience to physical risks now and in the future; to address transition risks
and opportunities; be prepared for potential future mandatory reporting requirements; and to protect the Group’s reputation. Physical Risk: During 2019, we reported climatechange as an Emerging Risk within our principal risk section for the first time in our annual risk disclosure which forms part of our Annual Directors’ Report. Climate change
continues to be considered an Emerging Risk in 2020. For a number of years, LSEG had considered the physical acute and chronic risks of climate change to theorganisation within the Risk Management Framework. Climate change is expected to increase the severity and frequency of extreme weather events globally, and some
LSEG locations, such as Sri Lanka are considered to be more vulnerable to these events. In 2019 wildfires in California impacted air quality and as a mitigation measure asmall air filter for our San Francisco office was purchased. In 2020 San Francisco was impacted again by wildfires, however due to the ongoing COVID-19 pandemic ouremployees were working remotely and we were able to ensure business continuity. The impact on LSEG’s operations was negligible in both years. In response to thisevent, the issue of wild fires in the region, was escalated to our Risk Management Framework and has heightened the risk level of acute physical risks to LSEG’soperations, whilst also demonstrating the criticality of mitigation efforts for these most vulnerable locations. This event also highlighted the importance of engagement withlocal site teams in the Risk Management Framework. The Risk Management Framework now includes extended physical risk horizons to 2050. During 2020, LSEG
developed an Operations Climate Change Physical Risk Model to quantify the financial impact of an increase in severity and frequency of severe weather events, for Sri
Lanka and Malaysia (where the change in frequency and severity are most material) and UK, Italy, Sri Lanka and Malaysia where we are most exposed in regards to values
at risk. This model estimated probable values of £395,000 and £690,000 of likelihood-weighted annual costs over the next 10 to 30 years as a result of acute physical risks
to our operations. We will use and further expand the new Climate Change Physical Risk quantification model to inform Operations’ future strategic decisions and footprint
planification. Transitional Opportunity: The transcendence of ESG issues and increasing environmental regulation has been monitored by the Group for a number of years,
and has been responded to by way of launching FTSE4Good Index series, Green bonds listings, the Green Economy Mark, and over 100 ESG indices calculated by FTSE
Russell. Through investment in R&D efforts, in 2018 FTSE Russell published their report “Investing in the global green economy: Busting common myths”, in which FTSE
Russell assess and demonstrates the huge opportunity that the Green Economy offers investors. In response to this opportunity, and broader work by LSEG in ESG
benchmarking and ‘green’ products and services, 21 new issuers were awarded the Green Economy Mark, bringing the total to 93 issuers by the end of 2020, with a
combined market capitalisation in excess of £147 billion, including Chinese GDR issuer Yangtze Power, becoming the first Shanghai-London Stock Connect issuer to beawarded the Mark. In addition, following the acquisition of Beyond Ratings in 2019, FTSE Russell and Beyond Ratings launched a climate sovereign bond index series –Climate WGBI and EGBI. In 2020 we launched a market consultation into the development of a Transition Bond segment. In the 12 months to May 2021, 67 new bonds
listed on London Stock Exchange, a 26% YOY increase, collectively raising over £20bn.

C2.2a

CDP

Page 5 of 45

(C2.2a) Which risk types are considered in your organization's climate-related risk assessments?
Relevance Please explain&
inclusion
Current
regulation

Relevant,
alwaysincludedi. Current regulation is relevant and included in our integrated risk assessment process because we are exposed to financial and reputational risk related to the impacts of regulation,
including climate-related legislation, that affect our listed companies. The regulatory requirements on listed companies may influence their decision to list. Regulatory risks have been
considered as of highest relevance and significance to our Capital Markets business division. ii. Such regulations include: Companies, Partnerships and Groups (Accounts and nonfinancial reporting) Regulations 2016 - transposition of the EU Directive 2014/95/EU on the disclosure of non-financial and diversity information (NFR Directive) and Companies Act 2006
(Strategic Report and Directors’ Report) Regulations 2013.

Emerging
regulation

Relevant,
alwaysincludedi. Emerging regulation is relevant and included in our integrated risk assessment process because we are exposed to financial and reputational risk related to the impacts of regulation,
including climate-related legislation, that affect our listed companies, and companies that may look to list on our markets. Regulatory risks have been considered as of highest relevanceand significance to our Capital Markets business division. Conversely, emerging regulation can deliver real business opportunities for LSEG, as we continue to grow our ‘green’ and‘sustainable’ products and services, such as the Green Economy Mark. ii. As part of our active engagement in international and domestic regulatory debate, we have understood for sometime that both the UK and the EU are looking to implement the TCFD recommendations in their regulatory frameworks. This can have impact on the disclosure obligations associated withclimate risks and opportunities for our listed companies and those that may look to list on our markets. One example is the UK, where the FCA has mandated that premium listedcompanies submit TCFD disclosures starting in January 2022.

Technology Relevant,alwaysincludedi. Technology risk is relevant and always included in our integrated risk assessment processes because LSEG’s critical foundation is secure and stable high-performing technology for theoperation of the Group’s businesses. It is critical that our risk framework monitors physical climate risks which could adversely affect LSEG’s technological infrastructure and subsequently
business continuity. ii. Our Group Technology pillar aimed to ensure 99.99% uptime of the UK equity market during 2020. This requires efficient and reliable data centre infrastructure that is
protected from both chronic and acute physical risks. We continue to invest in our technology in order to maintain and enhance the quality, resilience and efficiency of our platforms.

Legal

Relevant, i. Legal risk is relevant and sometimes included in our integrated risk assessment processes because we estimate that litigation risks associated with climate-related issues for LSEG’s own
sometimes operations are limited. In relation to our ESG products and services, and expanding listing of green companies, we recognise the increased exposure to climate-related risks for someincluded
sectors, and therefore the risk of legal ramifications that may be associated if not now, then in the near future. ii. Such legal ramifications might include claims in relation to historicemissions, or greater transparency on climate-related reporting.

MarketRelevant, i. Market risk is relevant and sometimes included in our integrated risk assessment processes, as we exist as a diversified markets infrastructure business. LSEG operate in a broad range
sometimes of markets, servicing clients who increasingly seek global products and solutions. If the global economy under-performs, lower activity in our markets may lead to lower revenue. ii. Any
includedclimate-related event which impacts the global economy, could lower activity on LSEG’s own markets leading to lower revenue. A more tangible, current example is the market shift toproducts and services with greater climate focus. It is important for LSEG to demonstrate ambition and capability in ‘green’ bonds, ESG benchmarks and other ‘green’ services andproducts to maintain market advantage.

Reputation Relevant, i. Reputation risks are relevant and sometimes included in our integrated risk assessment processes. We are aware of the reputational risks for LSEG associated with public opinion
sometimes reactions towards the conduct and approach to climate risk disclosures and the environmental performance of our listed companies. Reputational risk has been considered of medium
included
relevance and significance for the group as a whole, affecting all business functions. ii. In particular, FTSE Russell’s position as a leader in ESG indices could be compromised if it wereseen to be supporting poor ESG performance.
AcutephysicalRelevant,
alwaysincludedi. Acute physical climate risks are relevant and included in our integrated risk assessment processes because these have the potential to adversely affect our infrastructure, employees andsubsequently interrupt client facing activities. Acute physical risks have been assessed as of highest relevant and significance to LSEG’s own operations. ii. An example of such risk is the
localised high risk of wildfires in California and Australia, where we have offices. In 2019 wildfires in California and Australia impacted air quality and as a mitigation measure a small air
filter for our San Francisco office was purchased. In 2020 San Francisco was impacted again by wildfires, however due to the ongoing COVID-19 pandemic our employees were working
from home. The impact on LSEG’s operations was negligible in both years. The data centre in Plano, Texas was impacted in February when the area had 10+ days of snow and blizzard
conditions, the utility power was unable to cope with the heating demand across the city, and we took the decision to switch to backup generators to maintain service. We also had to failservices proactively away from the Plano DC where possible, to reduce power demand and minimise the risk to what remained.

Chronic
physicalRelevant,
alwaysincludedi. Chronic physical risks are relevant and included in our integrated risk assessment processes because these can increase costs of cooling our data centres and have the potential tocreate uncomfortable working conditions for our employees, which can in turn reduce productivity and revenue. ii. Chronic physical risk management has been relevant and significant for
LSEG’s own operations over recent years, with concerns over the performance of data centre infrastructure under increasing global temperatures. The need for additional coolinginfrastructure and utilities costs has led to improvement projects to install cold aisle containment in our primary UK data centres, and cooling efficiency improvements. The risk is also
mitigated by diversification and transfer of the risk with LSEG’s Cloud Strategy.

C2.3(C2.3) Have you identified any inherent climate-related risks with the potential to have a substantive financial or strategic impact on your business?
Yes

C2.3a
(C2.3a) Provide details of risks identified with the potential to have a substantive financial or strategic impact on your business.
Identifier
Risk 1
Where in the value chain does the risk driver occur?
Downstream
Risk type & Primary climate-related risk driver
Emerging regulation

Enhanced emissions-reporting obligations

Primary potential financial impact
Decreased revenues due to reduced demand for products and services
Climate risk type mapped to traditional financial services industry risk classification<Not Applicable>
Company-specific description
Increased regulatory focus on climate change for listed companies continues to demand enhanced disclosure requirements for listed companies. These requirements, if
mandatory, will result in certain listed companies (especially smaller cap companies) to have increased operating costs (as opposed to privately held) to meet theseobligations. As a result there is a risk of companies deciding to not list or de-list to avoid these additional regulatory demands.
Time horizon
Medium-term
Likelihood
Very likely

CDP

Page 6 of 45

Magnitude of impact
Medium-low
Are you able to provide a potential financial impact figure?
No, we do not have this figure
Potential financial impact figure (currency)<Not Applicable>
Potential financial impact figure – minimum (currency)<Not Applicable>
Potential financial impact figure – maximum (currency)<Not Applicable>
Explanation of financial impact figure
As a global company, we are committed to supporting the growing drive to a net zero carbon economy and see this as critical to the work we undertake. The debate amongissuers, investors, regulators, policy makers and wider society is quickly evolving and LSEG remains well positioned to engage on and lead this discussion through ourposition at the heart of the global financial markets. As part of our own wider ESG strategy we are exploring, understanding and modelling the risks and opportunities for ourbusiness arising from climate change and are taking action to address them.
Cost of response to risk
60000
Description of response and explanation of cost calculation
LSEG has provided guidance to listed companies to facilitate greater understanding of the reporting landscape which can help greater understanding of keeping reporting
costs low to mitigate the impacts of this risk. LSEG actively engages with potential policy development in these areas i.e. UK Streamlined Energy and Carbon Reporting
Regulations to enable early action and mitigate potential arising costs. LSEG is a signatory of the Paris Pledge for Climate Action, the CDSB Statement on fiduciary duty
and climate change disclosure. In 2016, we engaged with the European Commission regarding the Non-Financial Reporting Directive. In our consultation response, we
acknowledged that so called ‘non-financial’ risks can turn into financial risks. We participated in workshops, organised bilateral meetings and were a member of theCommission High Level Expert Group on sustainable finance. London Stock Exchange Group is a global leader in sustainable finance and facilitating the transition to a net
zero carbon economy for issuers and investors, through comprehensive sustainable finance offerings across our capital raising, data and index businesses. LSEG has beena public supporter of the Task Force for Climate-related Financial Disclosures (TCFD) since its launch in 2017. In July, Mark Carney, UN special envoy for climate andfinance, and David Schwimmer launched an initiative with the United Nations Sustainable Stock Exchanges (UN SSE) to work with exchanges around the world to help theirissuers transition towards net zero. LSEG is now co-chairing a UN SSE advisory group, alongside the Johannesburg Stock Exchange to develop reporting guidance basedon TCFD that will be launched in June 2021 and is an important contribution for COP26. These guidelines can then be used by corporate issuers, wherever they are listed,
to ensure globally consistent disclosures. London Stock Exchange will launch new TCFD guidance in 2021. Management cost of £60,000 is calculated according
consultancy fees required for updating LSEG’s ESG disclosure guidance.
Comment
LSEG plans to invest in capacity building initiatives for its issuers to further mitigate these risks.
Identifier
Risk 2
Where in the value chain does the risk driver occur?
Downstream
Risk type & Primary climate-related risk driverMarketChanging customer behavior

Primary potential financial impact
Decreased revenues due to reduced demand for products and services
Climate risk type mapped to traditional financial services industry risk classification<Not Applicable>
Company-specific description
The transition to a low carbon economy will have an impact on the value of different listed companies and the value of industries, as well as driving the emergence andgrowth of new industries. The risk to LSEG is ensuring that our exchanges remain attractive locations for new listings. We have identified medium market risks to capital
markets and information services given trends towards a greater focus on climate risk or investors switching benchmark if LSEG does not have the capability or ambition to
include a climate aspect on the benchmark.
Time horizon
Medium-term
Likelihood
Very likely
Magnitude of impact
MediumAre you able to provide a potential financial impact figure?
Yes, a single figure estimate
Potential financial impact figure (currency)
1
Potential financial impact figure – minimum (currency)<Not Applicable>
Potential financial impact figure – maximum (currency)<Not Applicable>
Explanation of financial impact figure
The volatility associated with the shifting value placed on high- and low-carbon intensive sectors and listed companies, increases trading fees. So long as London Stock
CDP

Page 7 of 45

Exchange and Borsa Italiana (BI) are able to remain competitive and so not lose out to other exchanges, this risk is likely to be neutral in financial impact. This assessment
is based on the similar market capitalisation size of the ICB Oil and Gas sector vs. Green Economy according to FTSE Russell in December 2017 (FTSE Russell, Investingin the global green economy: busting common myths, 2018). To be noted that BI has been disposed of in 2021 and is now part of the Euronext Group.
Cost of response to risk
1
Description of response and explanation of cost calculation
LSEG closely monitors the transition to a low carbon economy on its markets through the FTSE Russell Green Revenue data model and wider expertise of FTSE Russell in
the identification of climate risks and opportunities as part of their ESG assessment of global listed companies. The Group’s overall climate-related risk exposure isvalidated by the FTSE Russell assessment. Stakeholder engagement is a crucial part of the risk assessment process, especially as regulatory risks are concerned. LSEG
is involved in a number of working groups on the development of green finance regulations. FTSE Russell’s “Investing in the global green economy” published in May 2018is an example of LSEG’s research applied to climate change risks and opportunities, that attempts to address this negative, traditional view of the Green Economy, anddemonstrate the opportunities it holds. During 2019, LSEG built on the success of FTSE Russell’s Green Revenues Data Model, launching a world first classification andMark for equity issuers that generate more than 50% green revenues. The Green Economy Mark highlights the market leading approach LSEG is taking to supporting thegreen economy and raising its profile among investors. By the end of 2020, 93 issuers had been awarded the Green Economy Mark, with 21 new additions during the year.
Finally, in December 2020, LSEG relaunched the Navigating the Green Finance Landscape guide. Monitoring the transition to a low-carbon economy is part of ourcommercial offering (FTSE Russell Green Revenues Data Model) – therefore no additional management costs emerge for LSEG.
Comment
Identifier
Risk 3
Where in the value chain does the risk driver occur?
Direct operations
Risk type & Primary climate-related risk driver
Acute physical

Increased severity and frequency of extreme weather events such as cyclones and floods

Primary potential financial impact
Increased indirect (operating) costs
Climate risk type mapped to traditional financial services industry risk classification<Not Applicable>
Company-specific description
Physical risks are most material at an operational level, having an impact on each of our business functions. The regions of most concern are the UK, Italy, Malaysia and Sri
Lanka, where LSEG’s exposure in terms of value at risk to the increased severity and frequency of weather events is most material. Sri Lanka and Malaysia also have asignificant change in the severity and frequency of weather events which our operations in these countries might be vulnerable to. Of the 5 perils considered – flood depthof water; extreme wind speeds; hail probability; thunderstorm probability; and wildfire risk - the risk of flooding is most material to LSEG’s operations.
Time horizon
Long-term
Likelihood
LikelyMagnitude of impact
Low
Are you able to provide a potential financial impact figure?
Yes, an estimated range
Potential financial impact figure (currency)<Not Applicable>
Potential financial impact figure – minimum (currency)
395000Potential financial impact figure – maximum (currency)
690000Explanation of financial impact figure
Building on the Climate risk scenario analysis and heatmap validation work, the Group developed preliminary quantification models to facilitate the risk assessment ofphysical climate-related risks from severe weather events . The Operations model (physical risks to operations), included the following parameters for financial impact
calculation: 1) the impact of climate events on our operations and resultant foregone revenue, 2) the business disruption and repair costs for uninsurable buildings andequipment, 3) the rising insurance costs The preliminary output of the quantification of the financial risk for our Operations ranges between the probable values of £395,00
and £690,000 of likelihood weighted annual costs over the next 10 to 30 years (long term).
Cost of response to risk
Description of response and explanation of cost calculation
The LSEG Corporate Sustainability Committee and Environmental Management Group are responsible for ensuring the Group monitors the latest news, research andreports regarding the physical impacts of climate change, and for assessing the materiality for LSEG’s operations and ensuring all operations are meeting the businessneeds in an evolving environmental context. Where appropriate, this advice is adapted into our BAU Business Continuity Program. The Environmental Management Group
meets at least quarterly, with specialist external advice also sought where appropriate. We will use and further expand the new Climate Change Physical Risk quantification
model to inform Operations’ future strategic decisions and footprint planification. From this further development we hope to better understand the cost to adapt and mitigate
this risk.
Comment

CDP

Page 8 of 45

C2.4(C2.4) Have you identified any climate-related opportunities with the potential to have a substantive financial or strategic impact on your business?
Yes

C2.4a
(C2.4a) Provide details of opportunities identified with the potential to have a substantive financial or strategic impact on your business.
Identifier
Opp1
Where in the value chain does the opportunity occur?
Downstream
Opportunity type
Products and services
Primary climate-related opportunity driver
Development and/or expansion of low emission goods and services
Primary potential financial impact
Increased revenues resulting from increased demand for products and services
Company-specific description
The Global Commission on the Economy and Climate estimates that US$90 trillion of investment is needed by 2030 to avert more than 2 degrees of global warming. Thislarge capital deployment provides significant opportunities for companies involved and for investors to align their portfolios. If green investment accelerates to the ~$90
trillion suggested, the Green Economy could represent similar global market capitalisation to Health Care by 2030 (FTSE Russell, 2018). Analysis of the FTSE Global
Equity Index Series (FTSE GEIS), shows that nearly 7.2% of the index value is derived from green revenues, compared to 8.3% from Emerging Markets. LSEG has
identified a number of product opportunities that integrate climate-related considerations - Green Bond listings, trading and clearing - Green Infrastructure funds - Greenequity listings and trading - Low-carbon and green revenue equity and fixed income indexes In the 12 months to May 2021, 67 new bonds listed on London Stock
Exchange, a 26% YOY increase, collectively raising over £20bn. As of 28th May 2021, there are 295 active bonds, which raised over £69bn in 16 currencies from 78
issuers. The Green Economy Mark, which was launched in October 2019, recognises equity issuers on London Stock Exchange Main Market and AIM with green
revenues of 50% or more, identified by the Green Revenues data model developed by FTSE Russell. 21 new issuers were awarded the Green Economy Mark, bringing thetotal to 93 issuers by the end of 2020, with a combined market capitalisation in excess of £147 billion, including Chinese GDR issuer Yangtze Power, becoming the first
Shanghai-London Stock Connect issuer to be awarded the Mark. The total number of issuers with the Green Economy Mark is 101 in 2021YTD.
Time horizon
Short-term
Likelihood
Virtually certain
Magnitude of impact
Medium-low
Are you able to provide a potential financial impact figure?
No, we do not have this figure
Potential financial impact figure (currency)<Not Applicable>
Potential financial impact figure – minimum (currency)<Not Applicable>
Potential financial impact figure – maximum (currency)<Not Applicable>
Explanation of financial impact figure
LSEG does not publicly report the financial performance of individual products or services. However the Group expects the suite of green products and services to continue
to grow its contribution to the Group’s revenues over the short to medium-term. LSEG is also progressing with the building of financial quantification models to estimate theimpact of such opportunity for its business.
Cost to realize opportunity
1
Strategy to realize opportunity and explanation of cost calculation
LSEG will increase R&D in the index business area, and promotional efforts in the capital markets business to realise these climate-related opportunities. For example, wehave produced FTSE Russell’s report “Investing in the global green economy” as an example of research applied to climate change risks and opportunities relevant to ourmarket. As part of our strategy to create a sustainable investment environment and be recognised as a global sustainability leader, during 2019 LSEG rolled out acomprehensive Sustainable Finance & Investment programme, which aimed to educate issuers on the implications that climate-related investment decisions have on theirmarket valuation and investor base. In the short-term, LSEG will keep developing market leading products and services like FTSE4Good, which has made a significant
impact on the behaviour of companies (i.e. requiring GHG emission and other climate change targets as part of the inclusion criteria). LSEG will continue to provide
investors with tools for benchmarking and tracking ESG-driven funds as well as continuing to develop a range of Green Revenues services. 2019 saw a record breaking 79
ESG and sustainable ETFs listed on our markets, bringing the total to 187 with €2.7 billion AUM on Borsa Italiana as of 31.12.19 and value traded up 54% on London Stock
Exchange year on year. Green funds listed in London raised £2.3 billion, representing over one third of all capital raised by listed funds in London. Further issuance byexisting listed green funds raised over £1.5 billion, highlighting the strength of investor demand for renewable energy and energy efficiency assets and underlining LSEG’s
position as a leading international centre for promoting and raising green finance. In 2019, LSEG launched the Green Economy Mark, recognising equity issuers on London
Stock Exchange Main Market and AIM with green revenues of 50% or more. As of July 2020, Green Economy Mark issuers account for 2% of total market capitalisationand 4% of total number of equity issuers, yet were responsible for 8% of total capital raised in the previous 24 months. Further, collectively issuers with the Green Economy
Mark outperformed the FTSE All-Share Index over the past two years by 37%. Developing products and services to help facilitate the transition to a low-carbon economy ispart of our commercial offering (FTSE Russell Green Revenues Data Model) – therefore no additional management costs emerge to realise this opportunity.
CDP

Page 9 of 45

Comment
While the markets experienced significant volatility during the COVID-19 pandemic, Green Economy Mark equities, in aggregate, demonstrated greater resilience andsubsequently recovered faster than the rest of the market.
Identifier
Opp2
Where in the value chain does the opportunity occur?
Direct operations
Opportunity type
Resilience
Primary climate-related opportunity driverParticipation in renewable energy programs and adoption of energy-efficiency measures
Primary potential financial impact
Reduced indirect (operating) costs
Company-specific description
It is significant for the Group that we ensure our operations and property estate are equipped to adapt to changes in climate and take advantage of the efficiency andsavings that can be achieved through targeting our GHG emissions. This includes issues such as energy efficiency and pricing, through to the efficiency and physicalsecurity of our property estate. LSEG has prioritised issues like renewable energy, energy efficiency as well as virtualisation and consolidation of our data centre
environments, which are building sustainability and strength into our business. The UK property estate of LSEG elected to move to 100% renewable electricity for the groupas of 2019.
Time horizon
Medium-term
Likelihood
LikelyMagnitude of impact
Low
Are you able to provide a potential financial impact figure?
Yes, a single figure estimate
Potential financial impact figure (currency)
372250Potential financial impact figure – minimum (currency)<Not Applicable>
Potential financial impact figure – maximum (currency)<Not Applicable>
Explanation of financial impact figure
The Group typically spends over £7m on annual energy consumption - a cost we have the opportunity to reduce as we target energy reduction and invest in the future of ourproperty estate. These measures prepare our facilities and therefore our operations, so that they are better able to operate under changing climatic conditions. A potential
5% reduction in energy costs through adapting our operations in preparation for climate change extremes would mean an £372,250 reduction in operational expenses(£7.4m * 0.05=£372,250) - a small impact on total operational expenditure.
Cost to realize opportunity
9000000
Strategy to realize opportunity and explanation of cost calculation
The LSEG Sustainability Committee and Environmental Management Group are responsible for ensuring the Group monitors the latest news, research and reports
regarding the physical impacts of climate change and for assessing the materiality for LSEG’s operations. The Committees meet at least Quarterly, with specialist external
advice also sought as appropriate. Since 2016, LSEG has invested over £9m in energy efficiency and carbon reduction initiatives. Since 2019, we purchase energy
attribute certificates for all residual electricity consumption (33%), not already on a 100% renewable supplier tariff. As a Group, LSEG now use 100% renewable electricity
which has dramatically reduced our GHG emissions. We continued to implement and maintain cold-aisle containment systems and legacy server replacements in our data
centres. We also installed a number of new energy efficient air conditioning systems to our UK sites, as well as a number of lighting and IT efficiency upgrades andadjustments to HVAC systems in Sri Lankan sites. In 2020, LSEG implemented 4 energy efficiency projects equivalent to annual emissions savings of 458 tCO2e. We haveset science-based targets to further reduce our absolute GHG Emissions - our aim is a 46% reduction in Scope 1, Scope 2 and Business Travel (Scope 3) emissions by
2030 vs a 2019 base year. LSEG reports progress against these targets and impacts of reduction initiatives. The cost to realise this opportunity is calculated based on the£9m invested in energy efficiency and carbon reduction initiatives in our data centres and offices. There are also direct costs from engaging with policy decisions, specialist
advice on regulations, compliance, and management tools to gather data and measure progress against targets (less than 0.5% of total operational spend).
Comment
Identifier
Opp3
Where in the value chain does the opportunity occur?
Downstream
Opportunity type
Products and services
Primary climate-related opportunity driver
Shift in consumer preferences
Primary potential financial impact
Increased revenues resulting from increased demand for products and services
Company-specific description
The political, economic, physical and social environment in which we operate is undergoing much change and the need for efficient, transparent and well-regulated capital
CDP

Page 10 of 45

markets has perhaps never been greater. This macro-economic background highlights the importance of the role played by LSEG. This role includes the Group’s
environmental, social and governance (ESG) responsibilities and how the organisation conducts itself as a ‘good’ corporate citizen. Sustainability is an integral part of theGroup’s strategy and there are both risks and opportunities arising as a direct result of our engagement in this area. There are reputational opportunities for LSEG to attract
and retain talent, as well as gain competitive advantage in the marketplace through integrating climate change factors into our business and risk management strategy. We
also understand that a number of our clients are increasingly becoming invested in climate change initiatives and seek to work with companies like LSEG, who have similargoals and perspectives regarding climate change and the environment.
Time horizon
Short-term
Likelihood
Very likely
Magnitude of impact
Medium-low
Are you able to provide a potential financial impact figure?
No, we do not have this figure
Potential financial impact figure (currency)<Not Applicable>
Potential financial impact figure – minimum (currency)<Not Applicable>
Potential financial impact figure – maximum (currency)<Not Applicable>
Explanation of financial impact figure
LSEG does not publicly report the financial performance of individual products or services. FTSE Russell sees a need for all asset owners and asset managers and banks tounderstand the impact of a transition to a low carbon economy on their portfolios and risk models. In the Capital Markets businesses there are opportunities too - for at 31
December 2019, 41 new sustainable bonds were listed on the London Stock Exchange, raising a total of more than £11 billion. By enabling investors to measure and model
these markets, LSEG provides critical services. Demand for these services is expected to grow over time, with minor positive impact on revenue.
Cost to realize opportunity
1
Strategy to realize opportunity and explanation of cost calculation
LSEG's strategy to realise this opportunity includes engagement in our markets, and developing and communicating our own operational responses to climate change sothat clients and employees can clearly see the link between our market commitments in renewable energy, ESG management, and our business strategy. In October 2019,
LSEG launched the Sustainable Bond Market (SBM) building upon the success of London Stock Exchange’s Green Bond Segment, launched in 2015. This includes new
dedicated segments for social and sustainability bonds and incorporates the existing Green Bond Segment. These segments enable investors to distinguish between
different types of sustainable bonds, based on independently verified frameworks and use of proceeds. Following the launch of the SBM, London Stock Exchange
reclassified a number of securities under the new social bond tag or using the Issuer-Level Segment classification. As of the end of 2019, 41 new sustainable bonds werelisted on the London Stock Exchange, raising a total of more than £11 billion, and bringing the total number of green, social and sustainable bonds to 215, from 174 in 2018,using the new SBM classifications on 2018 data. On Borsa Italiana’s Green and Social Bond segment, 24 new green or sustainable bonds were listed in 2019, with a of
total 84 instruments on the segment at the end of the year. 2019 saw a record breaking 79 ESG and sustainable ETFs listed on our markets, bringing the total to 187 with
€2.7 billion AUM on Borsa Italiana as of 31 December 2019 and value traded up 54% on London Stock Exchange year on year. London Stock Exchange Group is acommitted supporter of green financing and we see the transition to a low carbon economy as a major industrial trend. In addition to attracting and profiling green bond andequity listings through FTSE Russell we support institutional investors in defining climate factors and integrating them into benchmarks and portfolio analytics. Primary costs
are BAU costs of achieving our carbon reduction targets i.e. less than 0.5% of operational spend on specialist advice, systems and management processes to enable aneffective response. There are also marketing and cost of sales for our climate change products and services – estimated at less than 5% of our marketing budget (we do notreport these individual budget lines).
Comment

C3. Business Strategy

C3.1(C3.1) Have climate-related risks and opportunities influenced your organization’s strategy and/or financial planning?
Yes

C3.1b
(C3.1b) Does your organization intend to publish a low-carbon transition plan in the next two years?

Row
1

Intention to publish a low-carbon transition plan

Intention to include the transition plan as a scheduled resolution item at Annual General Meetings(AGMs)

No, we do not intend to publish a low-carbon transition plan in the next two
years<Not Applicable>

Comment

C3.2

CDP

Page 11 of 45

(C3.2) Does your organization use climate-related scenario analysis to inform its strategy?
Yes, qualitative and quantitative

C3.2a(C3.2a) Provide details of your organization’s use of climate-related scenario analysis.
ClimateDetails
relatedscenariosand models
applied
IEAi)Based on data availability and latest updates in climate modelling, different scenarios were selected to project changes in an approximately 2 and 4 degree warming world. Selected scenarios for
Sustainable physical risks: 1) IPCC RCP2.6 (heatmap), IPCC SSP245 (quantification model) for a 2 degree warming scenario 2) IPCC RCP8.5 (heatmap), IPCC SSP585 (quantification model), for a 4 degree
development warming scenario Selected scenarios for transition risks and opportunities: 1) IEA Sustainable Development Scenario (SDS) (heatmap and quantification model), for a 2 degree warming scenario 2)
scenario
IEA WEO Stated Policies Scenario (SPS) (heatmap), for a 4 degree warming scenario Following the selection of scenarios, we developed a key risks and opportunities heatmap using qualitative
Other,
information from the business. The heatmap was quantitatively validated through the use of publicly available data and initially the RCP2.6 and RCP8.5 scenarios were used for physical risks. As
pleaseclimate model data availability improved, we were able to use the IPCC SSP245 and SSP585 scenarios for the quantification models. The scenarios chosen are of the latest climate models (CMIP6)
specifycombining SPP and RCP. ii) For physical risks a medium and longer term horizon are 2030 and 2050. For transition risks time horizons are 2025 and 2035. The aim is to align these time horizons(IPCC
with LSEG's existing strategic planning 5 year cycle, and longer term strategic planning for future capital markets in 10 and 20 years. iii) The entire LSEG group has been included in this initial phase
SSP245,of work for climate risk scenario analysis. However, the risks and opportunities identified are more relevant and significant to some business areas than others. iv) As a result of the scenario analysis
IPCC
undertaken the key risks and opportunities across multiple LSEG geographies and business units were: Physical Risks to Operations The greatest changes to physical risk for LSEG’s operations as
SSP585,of 2020 are in the UK, Italy, Malaysia and Sri Lanka driven by a high value at risk (exposure) and in Malaysia and Sri Lanka driven by a greater change in the physical risk of extreme weather events.
IEA WEO
Transition Risks to Operations The greatest transition risk to operations is assessed to be within the UK and Italy. This is driven by a risk of more stringent policies such as carbon prices being
Statedintroduced across the world with the transition to net zero. However, given that LSEG’s emissions are relatively small, this will have less of an impact on LSEG operations relative to potential impacts
Policies
in other areas of the business. Transition Risks to Business Units Capital markets and Information Services were assessed to be the two most exposed business units to climate risk which are
Scenariostrongly driven by the policy & legal and reputational risk factors. Transition Opportunities to Business Units Information Services and Capital Markets clearly were assessed to have the greatest(SPS))
transition opportunity. Building on the heatmap and scenario analysis, the Group developed two preliminary quantification models to facilitate the risk assessment of climate-related physical risks forOperations and transition risks for one of the group’s business units. The Operations model has focused on three main pathways: • the impact of climate events on our operations and resultant
foregone revenue, • the business disruption and repair costs for uninsurable buildings and equipment, • the rising insurance costs The associated preliminary output of the quantification of thefinancial risk for our Operations ranges between the probable values of £395,000 and £690,000 of likelihood weighted annual costs over the next 10 to 30 years. v) We will use and further expand the
new Climate Change Physical Risk quantification model to inform Operations’ future strategic decisions and footprint planification. Further, we plan to build on the Climate Change Transition Risk
quantification model and apply it to other Business Units as well as to the overall Group.

C3.3(C3.3) Describe where and how climate-related risks and opportunities have influenced your strategy.
Have climate- Description of influence
related risks
andopportunities
influenced
your strategy
in this area?

CDP

Products
andservices

Yes

LSEG’s corporate purpose (to support financial stability and sustainable economic growth by enabling businesses and economies to fund innovation, manage risks and create jobs)
encapsulates not only commercial and performance objectives but also our environmental, social and governance (ESG) responsibilities, including climate-related risk and opportunities.
We actively consider the importance of climate-related risks and opportunities in the context of broader market trends and themes (such as ongoing regulatory change, changing
investor preferences or evolving customer operating dynamics), and how the Group can continue to adapt to meet these changing dynamics in order to maintain its position as a leading
Financial Markets Infrastructure (FMI) provider. i. Our medium to long-term strategy around products and services has been influenced by climate related risks and opportunities
because of the increasing awareness of, and focus on, ESG and climate change for investors. This brings a growing demand for relevant benchmarks, data and analytics to support
investment mandates and decision making. In addition, we have an important role and responsibility to support companies and issuers in the transition to a sustainable and net zeroeconomy. ii. Two of the most substantial strategic decisions made in this area to date that have been influenced by climate-related risks and opportunities are as follows: • In 2020, wewere focused on obtaining the regulatory approvals for our acquisition of Refinitiv, which closed in January 2021. Refiniitiv has been delivering ESG data and solutions for over 15 years
and offers one of the richest ESG databases in the industry – a fully transparent resource for investors and corporates to drive positive impact and provide comprehensive analysis. This
now includes Lipper fund and portfolio ESG scores, sustainable financing deals, carbon pricing data and research from Point Carbon, renewable energy projects through Infrastructure360. • In Capital Markets, we launched the Green Economy Mark, to allow the market to identify issuers that generate greater than 50% of their revenues from green products andservices, and the Sustainable Bond Market (SBM), a new dedicated segment for social and sustainability bonds.

Supplychain
and/or
value
chain

Yes

i. Our medium to long term supply chain strategy has been influenced by climate-related risks and opportunities, although to date this has been a reasonably minor influence. As of 2014,
our Supplier Code of Conduct requires suppliers who sign up to support LSEG’s environmental KPIs and we will be looking to our supply chain to support our science-based target
ambition. As of 2020, 23% of our direct suppliers have signed up our Code of Conduct, equivalent to 72% of total third party spend. ii. The most substantial strategic decision made inthis area to date that have been influenced by climate-related risks and opportunities is the current discussion of moving more of our physical data centre locations to a cloud based
solution. This is not only a climate-related risk influenced issue, but events in recent years demonstrated how critical our physical data centres are to our business continuity and theirvulnerability in some geographic locations to physical climate-related risks. This not only reduces the acute physical risk associated with data centres, but also has the potential to reduce
our Scope 1 and Scope 2 location based emissions. Conversely this would lead to an increase in our Scope 3 purchased goods and services emissions depending on the cloud hosting
provider.

Investment Yes
in R&Di. Climate related risks and opportunities, notably Market, Reputational and Regulation risk and opportunity types have highly influenced our short to long term strategy for investment in
R&D. As a result of identifying the opportunity in changing customer behaviours (as described in C2.4a), our 2018 report, “Investing in the global green economy: busting common
myths”, and FTSE Russell Green Revenues data model, during 2019 we launched our “Guide to Green Finance”. We continue to develop guidance for listed companies on disclosure of
ESG information, based on the UN Sustainable Stock Exchanges initiative framework, and develop market leading products such as FTSE4Good, which has made a significant impact
on the behaviour of participating companies (i.e. requiring GHG emission and other climate change targets as part of the inclusion criteria). ii. The most substantial strategic decisioninfluenced by climate-related risk and opportunities has been the acquisition of Refinitiv which was formally completed in January 2021. Refiniitiv has been delivering ESG data andsolutions for over 15 years and offers one of the richest ESG databases in the industry – a fully transparent resource for investors and corporates to drive positive impact and provide
comprehensive analysis. This now includes Lipper fund and portfolio ESG scores, sustainable financing deals, carbon pricing data and research from Point Carbon, renewable energy
projects through Infrastructure 360.

Operations Yes

i. Climate related risks and opportunities, specifically chronic and acute physical, resource efficiency, technology and regulatory risks and opportunities have impacted on our Operations
strategy over the short to long term. The need to consider environmental impacts of the business, as well as the climate-related risks that may impact the business are now consideredmatters for the Board and are therefore integrated into our Business Strategy and Governance. The Environmental Management Group continues to report quarterly on progress against
the business’ environmental objectives, and employees have climate related incentives to encourage their engagement. As described in 2.3a, increases in operational costs are atangible risk for most employees to understand and see the benefit from physical mitigation actions. Long term changes in temperatures, and increased frequency of extreme weather
events, as well as increased environmental regulation will affect our facilities over time, but our framework for risk identification and pro-active management should mitigate the impactthat these have on our operations. Mitigation efforts include energy efficiency investments made at our data centres, and office and staff consolidation projects which reduce ourdemand for energy as well as our GHG emissions. During 2019, our property team enhanced our new office and data centre selection criteria with additional environmental andsustainability recommendations and mandatory requirements. ii. The most substantial strategic decision influenced by climate-related risks and opportunities has been the decision in2019 to use 100% renewable electricity for all direct operations of the group. During 2018 we achieved 66% of our electricity consumption generated by natural renewable sources
procured through our utility suppliers. We extended this to 100% during 2019 through the use of energy attribute certification, and continued to utilise 100% renewable electricity in
2020.

Page 12 of 45

C3.4(C3.4) Describe where and how climate-related risks and opportunities have influenced your financial planning.
Financialplanning
elements
that havebeen
influenced

Description of influence

Row Revenues
Climate-related risks and opportunities are considered in our financial planning around assets, revenues, capital expenditures and allocation, indirect costs and acquisitions and divestments (in1Indirectorder of relative impact). i. Asset financial planning is where physical climate-related risks are of most influence, due to the need to ensure our offices and data centres are energy efficient, andcosts
that there are continued programmes of work around improving energy efficiency that require investment. In the geographic location of new offices and data centres it is key that these buildings
Capitalmeet high environmental performance standards and are not at acute physical climate-related risk, to safe guard operations at the site throughout periods of increasingly unpredictable weather
expenditures (as a result of climate change). During 2019 we enhanced the office and data centre selection criteria and questionnaire for landlords to require higher environmental standards and data
Capitalprovision. For our existing offices and data centres, ongoing energy efficiency improvements are required to avoid climate-related regulatory and reputational pressures, as well as to ensure
allocation
indirect costs of utilities are minimised. During 2020, we developed preliminary quantification models to understand the potential financial impact of physical climate related risks from severe
Acquisitions weather events on our operations. The preliminary output of the quantification of the financial risk for our Operations ranges between the probable values of £395,000 and £690,000 of likelihood
andweighted annual costs over the next 10 to 30 years (long term). This preliminary work will be built upon to provide further insights that may inform our financial planning for assets in the future. ii.
divestments The time horizon covered by financial planning around assets can be short (1-3 years) to medium term (3-5 years). i. Climate related opportunities have been most influential for our long term
Assetsrevenues planning, as these have allowed us to develop new products and services which support a transition to a green economy, notably FTSE Russell’s ESG Index Series, FTSE4Good andour Green Revenues data model, and during 2019 the launch of our Green Economy Mark. In 2020, 21 new issuers were awarded the Green Economy Mark, bringing the total to 93 issuers by
the end of the year, with a combined market capitalisation in excess of £147 billion, including Chinese GDR issuer Yangtze Power, becoming the first Shanghai-London Stock Connect issuer tobe awarded the Mark. These are already generating revenues which continue to grow. These growing revenue streams are projected as part of our financial planning process. ii. The time horizon
covered by financial planning around revenues is medium (3-5 years) to long term (5-10 years). i. Climate-related opportunities have also been influential in our financial planning on acquisitions.
In January 2021, LSEG formally acquired Refinitiv to become a leading global financial markets infrastructure and data provider. Refinitiv has been delivering ESG data and solutions for over
15 years and offers one of the richest ESG databases in the industry – a fully transparent resource for investors and corporates to drive positive impact and provide comprehensive analysis.
This now includes Lipper fund and portfolio ESG scores, sustainable financing deals, carbon pricing data and research from Point Carbon, renewable energy projects through Infrastructure 360.
ii. The time horizon covered by financial planning around acquisitions and divestments is medium (3-5 years) to long term (5-10years).

C3.4a(C3.4a) Provide any additional information on how climate-related risks and opportunities have influenced your strategy and financial planning (optional).

C4. Targets and performance

C4.1(C4.1) Did you have an emissions target that was active in the reporting year?
Both absolute and intensity targets

C4.1a

CDP

Page 13 of 45

(C4.1a) Provide details of your absolute emissions target(s) and progress made against those targets.
Target reference number
Abs 2Year target was set
2020
Target coverage
Company-wide
Scope(s) (or Scope 3 category)
Scope 1+2 (market-based) +3 (upstream)
Base year
2019
Covered emissions in base year (metric tons CO2e)
20955
Covered emissions in base year as % of total base year emissions in selected Scope(s) (or Scope 3 category)
13.88
Target year
2030
Targeted reduction from base year (%)
46
Covered emissions in target year (metric tons CO2e) [auto-calculated]
11315.7
Covered emissions in reporting year (metric tons CO2e)
7341% of target achieved [auto-calculated]
141.234321994336
Target status in reporting year
New
Is this a science-based target?
Yes, and this target has been approved by the Science-Based Targets initiative
Target ambition
1.5°C aligned
Please explain (including target coverage)
Between 2013 and 2020, the Group achieved over 70% reduction in GHG emissions (Abs1). We achieved this through investment in energy efficiency measures: newtechnology, office and data centre consolidation and purchasing of 100% renewable electricity. During 2020, our environmental ambitions for the next ten years were raised
as we embark on what the United Nations have coined the ‘Decisive Decade’. This new target supports us on our trajectory towards net-zero emissions by 2050. At the startof 2021, we stated our commitment to ‘Business Ambition for 1.5ºC’, and therefore joined the ‘Race to Zero’ campaign convened by the UN to build momentum around theshift to a decarbonised economy, ahead of COP26. As LSEG integrates with the Refinitiv business, who themselves have set science-based targets approved by the
Science Based Targets initiative (SBTi), the targets for both legacy businesses will be combined to provide a new Group-wide set of targets which will be shared in next
year’s CDP submission.

C4.1b
(C4.1b) Provide details of your emissions intensity target(s) and progress made against those target(s).
Target reference number
Int 9Year target was set
2019
Target coverage
Company-wide
Scope(s) (or Scope 3 category)
Scope 1+2 (market-based)
Intensity metric
Metric tons CO2e per unit revenue
Base year
2019
Intensity figure in base year (metric tons CO2e per unit of activity)
0.00000118% of total base year emissions in selected Scope(s) (or Scope 3 category) covered by this intensity figure
100
Target year
2020
Targeted reduction from base year (%)
CDPPage 14 of 45

2Intensity figure in target year (metric tons CO2e per unit of activity) [auto-calculated]
0.0000011564% change anticipated in absolute Scope 1+2 emissions
3.51% change anticipated in absolute Scope 3 emissions
0
Intensity figure in reporting year (metric tons CO2e per unit of activity)
0.00000109% of target achieved [auto-calculated]
381.35593220339
Target status in reporting year
Achieved
Is this a science-based target?
No, but we are reporting another target that is science-based
Target ambition<Not Applicable>
Please explain (including target coverage)
This company-wide target covers Group Scope 1 and 2 emissions. As a result of meeting this target, we anticipated a 3.51% increase in absolute Scope 1 and 2 emissions.
This is calculated based on a 5.62% increase in total revenue in 2020 compared to 2019. We exceeded this annual target achieving an 7.54% reduction in Scope 1 and 2
emissions per £ revenue in 2020 compared to 2019. This target was achieved primarily due to the impact of the coronavirus pandemic on the organisation during 2020,
where we were able to control our energy consumption in response to the lower occupancy of our offices. We include absolute Scope 1 and 2 emissions in our Science
Based Target, reported as Abs2.
Target reference number
Int 10Year target was set
2019
Target coverage
Company-wide
Scope(s) (or Scope 3 category)
Scope 1+2 (market-based)
Intensity metric
Metric tons CO2e per unit FTE employee
Base year
2019
Intensity figure in base year (metric tons CO2e per unit of activity)
0.50359182% of total base year emissions in selected Scope(s) (or Scope 3 category) covered by this intensity figure
100
Target year
2020
Targeted reduction from base year (%)
2
Intensity figure in target year (metric tons CO2e per unit of activity) [auto-calculated]
0.4935199836% change anticipated in absolute Scope 1+2 emissions
5.56% change anticipated in absolute Scope 3 emissions
0
Intensity figure in reporting year (metric tons CO2e per unit of activity)
0.45656635% of target achieved [auto-calculated]
466.900653787427
Target status in reporting year
Achieved
Is this a science-based target?
No, but we are reporting another target that is science-based
Target ambition<Not Applicable>
Please explain (including target coverage)
This company-wide target covers Group Scope 1 and 2 emissions. As a result of meeting this target, we anticipated a 5.56% increase in absolute Scope 1 and 2 emissions.
This is calculated based on a 7.72% increase in total FTE employees in 2020 compared to 2019. We exceeded this annual target achieving an 9.34% reduction in Scope 1
and 2 emissions per total FTE employee in 2020 compared to 2019. This target was achieved primarily due to the impact of the coronavirus pandemic on the organisation
CDP

Page 15 of 45

during 2020, where we were able to control our energy consumption in response to the lower occupancy of our offices. We include absolute Scope 1 and 2 emissions in our
Science Based Target, reported as Abs2.

C4.2(C4.2) Did you have any other climate-related targets that were active in the reporting year?
Other climate-related target(s)C4.2b
(C4.2b) Provide details of any other climate-related targets, including methane reduction targets.
Target reference number
Oth 3
Year target was set
2019
Target coverage
Company-wide
Target type: absolute or intensity
Intensity
Target type: category & Metric (target numerator if reporting an intensity target)
Waste management

metric tons of waste generated

Target denominator (intensity targets only)
unit FTE employee
Base year
2019
Figure or percentage in base year
0.15
Target year
2020
Figure or percentage in target year
0.147
Figure or percentage in reporting year
0.08
% of target achieved [auto-calculated]
2333.33333333333
Target status in reporting year
Achieved
Is this target part of an emissions target?
No
Is this target part of an overarching initiative?
No, it's not part of an overarching initiative
Please explain (including target coverage)
This target is for 2% less waste produced per FTE in 2020 compared to 2019. Total waste produced per FTE has reduced by 47% in 2020 compared to 2019 (base year).
This target was achieved primarily due to the impact of the coronavirus pandemic on the organisation during 2020, where the majority of our offices were closed for
substantial amount of time during 2020. The low occupancy of our global offices resulted in less waste produced within the office environment.

C4.3(C4.3) Did you have emissions reduction initiatives that were active within the reporting year? Note that this can include those in the planning and/or
implementation phases.
Yes

C4.3a

CDP

Page 16 of 45

(C4.3a) Identify the total number of initiatives at each stage of development, and for those in the implementation stages, the estimated CO2e savings.
Number of initiatives

Total estimated annual CO2e savings in metric tonnes CO2e (only for rows marked *)Under investigation

3

0

To be implemented*

6

28.89

Implementation commenced*

4

75.78

Implemented*

4457.69Not to be implemented

0

0

C4.3b
(C4.3b) Provide details on the initiatives implemented in the reporting year in the table below.
Initiative category & Initiative type
Energy efficiency in buildings

Lighting

Estimated annual CO2e savings (metric tonnes CO2e)
0.04
Scope(s)Scope 2 (location-based)
Voluntary/Mandatory
Voluntary
Annual monetary savings (unit currency – as specified in C0.4)
17
Investment required (unit currency – as specified in C0.4)
40
Payback period
1-3 years
Estimated lifetime of the initiative
6-10 years
Comment
LED replacement works - Rome.
Initiative category & Initiative type
Energy efficiency in buildings

Lighting

Estimated annual CO2e savings (metric tonnes CO2e)
6.02
Scope(s)Scope 2 (location-based)
Voluntary/Mandatory
Voluntary
Annual monetary savings (unit currency – as specified in C0.4)
4439
Investment required (unit currency – as specified in C0.4)
4935
Payback period
1-3 years
Estimated lifetime of the initiative
6-10 years
Comment
Lighting efficiency upgrades to key areas - PSQ
Initiative category & Initiative type
Energy efficiency in production processes

Machine/equipment replacement

Estimated annual CO2e savings (metric tonnes CO2e)451.61
Scope(s)Scope 2 (location-based)
Voluntary/Mandatory
CDP

Page 17 of 45

Voluntary
Annual monetary savings (unit currency – as specified in C0.4)
203445Investment required (unit currency – as specified in C0.4)
810000
Payback period
4-10 years
Estimated lifetime of the initiative
Please selectComment
Replacement of UPS at one of our UK data centres.
Initiative category & Initiative type
Waste reduction and material circularity

Waste reduction

Estimated annual CO2e savings (metric tonnes CO2e)
0.01
Scope(s)Scope 3
Voluntary/Mandatory
Voluntary
Annual monetary savings (unit currency – as specified in C0.4)
12500
Investment required (unit currency – as specified in C0.4)
5800
Payback period
1-3 years
Estimated lifetime of the initiative
3-5 years
Comment
Replacement of all plastic cups with triton bottles (started Oct 2019) will result in approx 250,000 plastic cups avoided during 2020 - Italy.

C4.3c(C4.3c) What methods do you use to drive investment in emissions reduction activities?
MethodComment

Compliance with
Until 2019, LSEG used the UK CRC Energy Efficiency Scheme (where companies are financially penalised for their energy consumption) as a key lever to drive investment in energy
regulatory
efficiency and GHG reduction measures. This scheme closed in July 2019. LSEG are driving investment in further energy efficiency and GHG emissions reduction initiatives through internalrequirements/standards stakeholder engagement, which is facilitated by our Property team and Environmental Management Group. Reporting on progress towards our external targets at the Corporate
Sustainability Committee on a regular basis supports this process. Our compliance with ESOS supports our investment decisions by providing a suggested, costed priority list for energy
efficiency measures and we use this to build the business case for such activities. Our proactive engagement with mandatory and voluntary emissions reporting schemes ensures that ourprogress in emissions reductions initiatives and our resulting progress on targets are visible publicly.
Employee engagement The small decisions we each make help us become more aware of our strategic role in building a sustainable economy and business, through investment and engagement. Because ofthis, we believe that the investment with the highest return for the environment is behaviour change. In 2019, we held Green Week which allowed our global employees to learn practicalways in which they can help to reduce our impact as a business. We continued to engage staff through sustainability communications, including regular reporting of performance against
targets on our intranet.
Financial optimization
calculations

LSEG employs the services of energy efficiency specialists where appropriate to quantify, analyse, and prioritise financial investment in building fabric, services, and process efficiencies,
including as part of the ESOS process. These projects will simultaneously reduce LSEG's GHG emissions and energy costs.

C4.5(C4.5) Do you classify any of your existing goods and/or services as low-carbon products or do they enable a third party to avoid GHG emissions?
No

C5. Emissions methodology

C5.1

CDP

Page 18 of 45

(C5.1) Provide your base year and base year emissions (Scopes 1 and 2).
Scope 1
Base year start
January 1 2018
Base year end
December 31 2018
Base year emissions (metric tons CO2e)
2271
Comment
Base year updated, following rebaseline conducted during 2020 to improve data quality and apply best practice methodologies. Scope 1 emissions 2018 restated inexternal reporting, due to identification of a reporting error from one of our sites Natural Gas consumption.
Scope 2 (location-based)
Base year start
January 1 2018
Base year end
December 31 2018
Base year emissions (metric tons CO2e)
19169
Comment
Base year updated, following rebaseline conducted during 2020 to improve data quality and apply best practice methodologies.
Scope 2 (market-based)
Base year start
January 1 2018
Base year end
December 31 2018
Base year emissions (metric tons CO2e)7132
Comment
Base year updated, following rebaseline conducted during 2020 to improve data quality and apply best practice methodologies.

C5.2(C5.2) Select the name of the standard, protocol, or methodology you have used to collect activity data and calculate emissions.
Defra Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance, 2019
IEA CO2 Emissions from Fuel Combustion
The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition)
The Greenhouse Gas Protocol: Scope 2 Guidance

C6. Emissions data

C6.1

CDP

Page 19 of 45

(C6.1) What were your organization’s gross global Scope 1 emissions in metric tons CO2e?
Reporting year
Gross global Scope 1 emissions (metric tons CO2e)
2670
Start date
January 1 2020
End date
December 31 2020
Comment
Past year 1
Gross global Scope 1 emissions (metric tons CO2e)
2734
Start date
January 1 2019
End date
December 31 2019
Comment
Scope 1 emissions 2019 restated in external reporting, due to identification of a reporting error from one of our sites Natural Gas consumption.
Past year 2
Gross global Scope 1 emissions (metric tons CO2e)
2271
Start date
January 1 2018
End date
December 31 2018
Comment
Scope 1 emissions 2018 restated in external reporting, due to identification of a reporting error from one of our sites Natural Gas consumption.

C6.2(C6.2) Describe your organization’s approach to reporting Scope 2 emissions.
Row 1​Scope 2, location-based​
We are reporting a Scope 2, location-based figure
Scope 2, market-based
We are reporting a Scope 2, market-based figure
Comment

C6.3

CDP

Page 20 of 45

(C6.3) What were your organization’s gross global Scope 2 emissions in metric tons CO2e?
Reporting year
Scope 2, location-based
14279
Scope 2, market-based (if applicable)
0Start date
January 1 2020
End date
December 31 2020
Comment
Past year 1
Scope 2, location-based
18052
Scope 2, market-based (if applicable)
0Start date
January 1 2019
End date
December 31 2019
Comment
Past year 2
Scope 2, location-based
19169
Scope 2, market-based (if applicable)
7132
Start date
January 1 2018
End date
December 31 2018
Comment

C6.4(C6.4) Are there any sources (e.g. facilities, specific GHGs, activities, geographies, etc.) of Scope 1 and Scope 2 emissions that are within your selected reporting
boundary which are not included in your disclosure?
No

C6.5(C6.5) Account for your organization’s gross global Scope 3 emissions, disclosing and explaining any exclusions.
Purchased goods and services
Evaluation status
Relevant, calculated
Metric tonnes CO2e
120194Emissions calculation methodology
This figure has been calculated for 2020 following a review and recalculation of our complete Scope 3 emissions inventory, in preparation for the development of our Scope
3 science-based target. This figure has been calculated using an input-output analysis of our procurement spend data for 2020, attributing a Defra Input/Output emissions
factor to spend for all relevant spend categories.
Percentage of emissions calculated using data obtained from suppliers or value chain partners
0Please explain
As a result of this analysis, we have confirmed that 89% of our Scope 3 inventory is attributed to Purchased goods and services, and as such Purchased goods andservices is a relevant Scope 3 category for LSEG. 0% of data used to calculate this value has been obtained from suppliers or value chain partners for 2020, only LSEG
procurement spend data has been used at this time. Our science-based target includes a supplier engagement target: London Stock Exchange Group plc’s supplierengagement target commits to 66% of our suppliers (by emissions) setting a science-based target by 2025, covering 57% of our total Scope 3 emissions. As a direct
outcome of increasing engagement with suppliers to address this target, we aim to improve the quality of this emissions category data over time. This information is now
included in our public reports and as such, has been third-party verified.

CDP

Page 21 of 45

Capital goods
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
As a result of a review and recalculation of LSEG's complete Scope 3 emissions inventory, in preparation for the development of our Scope 3 science-based target, it has
been confirmed that LSEG does not have any capital goods expenditure, and therefore there are no associated Capital Goods emissions. This information is not included inour emissions reporting as part of our Annual Report or Sustainability report for 2020 (reporting year) and as such, is not third-party verified.
Fuel-and-energy-related activities (not included in Scope 1 or 2)
Evaluation status
Relevant, calculated
Metric tonnes CO2e
2663
Emissions calculation methodology
Data is calculated using primary data from building metering and is cross-checked against supplier invoices and externally verified. Extrapolation based on FTE headcounthas been used where limited data is available due to landlord data restrictions in serviced office space. 4% of Fuel and Energy related emissions are extrapolated or
estimated. Fuel and energy related emissions are calculated using 2020 or the latest available conversion factors and associated GWP from each of the following sources:
United Kingdom: DEFRA UK Government GHG 2020 Conversion Factors; Global (non-extrapolated): GHG Protocol: http://www.ghgprotocol.org/calculation-tools/all-tools;
Extrapolated: DEFRA UK Government GHG 2020 Conversion Factors. Fuel and energy related emissions associated with Business Travel are included in Business Travel
category.
Percentage of emissions calculated using data obtained from suppliers or value chain partners
96
Please explain
4% of energy related emissions have been estimated or extrapolated, therefore 96% of fuel and energy related emissions are calculated using information from suppliers.
In previous submissions, we have calculated and reported on emissions from Transmission and distribution (T&D) losses (generation of electricity) only.
Upstream transportation and distribution
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
As an office based financial services firm, our operations do not currently include any upstream transportation or distribution other than that which would be directly included
in our purchased goods and services or capital goods and services.
Waste generated in operations
Evaluation status
Relevant, calculated
Metric tonnes CO2e
148
Emissions calculation methodology
Emissions from waste are calculated based on total waste (kg) including waste to energy, waste to landfill and waste recycled (including glass, paper, cardboard, plastics,
food and drink, and mixed recycling). Emissions are calculated from primary supplier data in the UK, Italy, Romania, Sri Lanka, Hong Kong, and Taiwan. Extrapolation
based on kilogram total waste produced per FTE has been used where primary data is not available across the rest of the world. Emissions from waste are 24%
extrapolated. This proportion is higher than in 2019, as we have updated all of our extrapolated waste to be assumed landfill which has higher associated emissions
associated with its disposal. Emissions from waste generated in operations are calculated using 2020 or the latest available conversion factors and associated GWP fromeach of the following sources: United Kingdom: DEFRA UK Government GHG 2020 Conversion Factors; Global (non-extrapolated): DEFRA UK GHG 2020 Government
Conversion Factors (as no GHG protocol factor for waste); Extrapolated: DEFRA UK Government 2020 GHG Conversion Factors.
Percentage of emissions calculated using data obtained from suppliers or value chain partners
76
Please explain
We currently measure and monitor all of our global waste streams and thus are able to calculate the emissions directly arising from this aspect of our operations in the UK,
Italy, Romania, Sri Lanka, Hong Kong and Taiwan. We are constantly working with suppliers to increase the availability of primary data rather than using extrapolation.

CDP

Page 22 of 45

Business travel
Evaluation status
Relevant, calculated
Metric tonnes CO2e
4671
Emissions calculation methodology
Emissions are calculated for group air and rail travel; Hotels, Car rental and Taxis and Ground transfers. We include the fuel and energy related emissions of theseemissions sources in this category. Emissions are 100% calculated based on activity data supplied and confirmed by our travel booking partners. Air Travel emissions arecalculated using mileage from our travel bookings provider, except our Asia partner bookings which are based on Origin / Destination airport codes and Via Michelen
mileage data. Rail travel is calculated using origin and destination city pairs, and Via Michelen mileage data. Air and Rail emissions are calculated based on distance, haul
type and seat class. Taxi emissions are calculated based on journey distance. Car rental emissions are based on transaction amount (£) multiplied by DEFRA IO factors, inthe absence of distance data. Hotel emissions are calculated on number of nights stay and country of stay. All factors are from 2020 DEFRA UK Government GHG
Conversion Factors, unless otherwise stated.
Percentage of emissions calculated using data obtained from suppliers or value chain partners
100
Please explain
Business travel in 2020 attributed 3% to our total Scope 3 emissions inventory. The emissions associated with business travel were substantially lower than in previous
years, as a result of travel restrictions imposed in response to COVID-19 pandemic. Emissions are 100% calculated based on activity data supplied and confirmed by ourtravel booking partners.
Employee commuting
Evaluation status
Relevant, calculated
Metric tonnes CO2e
6598
Emissions calculation methodology
In 2020, we calculated both employee commuting but also emissions associated with home working (in accordance with guidance from the GHG Protocol Corporate Value
Chain (Scope 3) Standard), as more of our employees shifted to new ways of working in response to the COVID-19 pandemic. Both calculations used employee information(typically home-based) and occupancy data for our primary locations, to determine the number of employees either commuting or working from home per month. Employee
commuting emissions have been calculated using national commuting surveys for the United Kingdom and the United States of America. As approximately 50% of ouremployees work in either of these countries, this data was used to calculate an average commuting emissions impact per employee per month (0.80 tCO2e per month),which was then applied to our office-based employees outside of these two countries. Working from home emissions have been calculated based on industry benchmarks(EcoAct Homeworking emissions whitepaper) for office equipment, heating energy and cooling energy consumption and assumptions as to the efficiencies of homeequipment. Heating gas demand has only been calculated for Northern Hemisphere countries during the heating season; and cooling demand has been calculated for US
sites only. Employee commuting (including working from home) accounted for 5% of LSEG's total Scope 3 emissions inventory in 2020.
Percentage of emissions calculated using data obtained from suppliers or value chain partners
0Please explain
Employee commuting (including working from home) accounted for 5% of LSEG's total Scope 3 emissions inventory in 2020. Other than occupancy and employee
information, all other inputs are based on industry benchmarks; national travel surveys and assumptions. These are summarised in the methodology stated.
Upstream leased assets
Evaluation status
Relevant, calculated
Metric tonnes CO2e
81
Emissions calculation methodology
The only upstream leased assets used by LSEG are storage facilities. This figure has been calculated based on the floor area used for storage by LSEG, and a CIBSE
storage/warehouse facility benchmark for electricity and gas consumption for 2020. Emissions factors have then been applied to estimate the total tCO2e impact of thisScope 3 category for LSEG.
Percentage of emissions calculated using data obtained from suppliers or value chain partners
0Please explain
Upstream leased assets account for less than 0.1% of LSEG's total Scope 3 emissions inventory. 0% of the emissions calculated for upstream leased assets are fromsuppliers or value chain partners as this is an immaterial Scope 3 category for LSEG.
Downstream transportation and distribution
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
As an office-based financial services firm, our operations do not currently include any downstream transportation or distribution.

CDP

Page 23 of 45

Processing of sold products
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
As an office-based financial services firm, our operations do not currently include any sold physical products.
Use of sold products
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
As an office-based financial services firm, our operations do not currently include any sold physical products. All emissions from our services are calculated and included
within our Scope 1 and 2 reported emissions.
End of life treatment of sold products
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
As an office-based financial services firm, our operations do not currently include the sale of physical products.
Downstream leased assets
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
All downstream leased assets are currently under our operational control. We use the operational control method for our reporting scope, and all tenant emissions as thelessor of office space have been included in our Scope 1 and 2 reported emissions.
Franchises
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
We do not have any franchise operations.

CDP

Page 24 of 45

Investments
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
LSEG does not make any investments.
Other (upstream)
Evaluation status
Relevant, calculated
Metric tonnes CO2e22
Emissions calculation methodology
Water withdrawal emissions are calculated using primary data from building metering in UK, Italy, Romania and Sri Lanka and is cross-checked against supplier invoices
and externally verified. Extrapolation based on FTE headcount has been used where limited data is available due to landlord data restrictions in serviced office spaces.
Emissions from water are calculated based on municipal water consumption (litre) to calculate tCO2e. 6% of emissions associated with water are extrapolated. Emissions
from water consumption are calculated using 2020 or the latest available conversion factors and associated GWP from each of the following sources: United Kingdom andExtrapolated: DEFRA UK Government GHG 2020 Conversion Factors; Global (non-extrapolated): DEFRA UK GHG 2020 Government Conversion Factors (as no GHG
protocol factor for water).
Percentage of emissions calculated using data obtained from suppliers or value chain partners
94
Please explain
We currently measure and monitor all of our global water consumption using primary supplier data wherever available and thus are able to calculate the emissions directly
arising from this aspect of our operations in the UK, Italy, Romania and Sri Lanka. We are constantly working with suppliers and our property team to increase theavailability of primary data rather than using extrapolation.
Other (downstream)
Evaluation status
Not relevant, explanation provided
Metric tonnes CO2e
<Not Applicable>
Emissions calculation methodology<Not Applicable>
Percentage of emissions calculated using data obtained from suppliers or value chain partners<Not Applicable>
Please explain
LSEG does not have any Other (downstream) emission sources relevant to their business operations

C6.7(C6.7) Are carbon dioxide emissions from biogenic carbon relevant to your organization?
No

C6.10

CDP

Page 25 of 45

(C6.10) Describe your gross global combined Scope 1 and 2 emissions for the reporting year in metric tons CO2e per unit currency total revenue and provide any
additional intensity metrics that are appropriate to your business operations.
Intensity figure
0.0000010925
Metric numerator (Gross global combined Scope 1 and 2 emissions, metric tons CO2e)
2670
Metric denominator
unit total revenue
Metric denominator: Unit total
2444000000
Scope 2 figure used
Market-based% change from previous year
7.54
Direction of change
Decreased
Reason for change
A correction has been made to 2019 Scope 1 emissions, in our latest reporting period to account for a reporting error identified for natural gas at one of our primary officelocations. In 2019 submission, Scope 1 emissions were reported at 1816 TCO2e, but these have now been corrected to 2,734 TCO2e (2019). Revenue increased by 5.6%
during the reporting period compared to 2019, while gross Scope 1 & 2 market-based emissions decreased by 2.3%. As a result, emissions per unit total revenue havedecreased by 7.54%. This reduction was primarily due to reduced occupancy of our buildings during 2020 in response to the COVID-19 pandemic. Energy conservation
measures (such as office consolidation projects, LED lighting upgrades, and chiller setpoint and schedule adjustments) have continued in all regions, but at a reduced pace
due to the restrictions placed on occupying our buildings.
Intensity figure
0.45657
Metric numerator (Gross global combined Scope 1 and 2 emissions, metric tons CO2e)
2670
Metric denominator
full time equivalent (FTE) employee
Metric denominator: Unit total
5848
Scope 2 figure used
Market-based% change from previous year
9.34
Direction of change
Decreased
Reason for change
A correction has been made to 2019 Scope 1 emissions, in our latest reporting period to account for a reporting error identified for natural gas at one of our primary officelocations. In 2019 submission, Scope 1 emissions were reported at 1816 TCO2e, but these have now been corrected to 2,734 TCO2e (2019). Full-time equivalent
employee headcount increased by 7.7% during the reporting period, while gross Scope 1 & 2 emissions decreased by 2.3%. As a result Scope 1 and 2 emissions per FTE
have decreased by 9.34%. This reduction was primarily due to reduced occupancy of our buildings during 2020 in response to the COVID-19 pandemic. Energy
conservation measures (such as office consolidation projects, LED lighting upgrades, and chiller setpoint and schedule adjustments) have continued in all regions, but at a
reduced pace due to the restrictions placed on occupying our buildings.

C7. Emissions breakdowns

C7.1(C7.1) Does your organization break down its Scope 1 emissions by greenhouse gas type?
Yes

C7.1a

CDP

Page 26 of 45

(C7.1a) Break down your total gross global Scope 1 emissions by greenhouse gas type and provide the source of each used greenhouse warming potential(GWP).
Greenhouse gas

Scope 1 emissions (metric tons of CO2e)

GWP Reference

CO2657.01

IPCC Fourth Assessment Report (AR4 - 100 year)

CH4

0.347

IPCC Fourth Assessment Report (AR4 - 100 year)

N2O

1.064

IPCC Fourth Assessment Report (AR4 - 100 year)CO2

2005.646

IPCC Fifth Assessment Report (AR5 – 100 year)

CH4

4.978

IPCC Fifth Assessment Report (AR5 – 100 year)

N2O

1.008

IPCC Fifth Assessment Report (AR5 – 100 year)

C7.2(C7.2) Break down your total gross global Scope 1 emissions by country/region.
Country/Region

Scope 1 emissions (metric tons CO2e)

United Kingdom of Great Britain and Northern Ireland

640.36

Italy

1959.37

Sri Lanka

50.97

United States of America

0France0

Romania

1.85

Other, please specify (Rest of World)

17.58

China, Hong Kong Special Administrative Region

0

Japan

0

Taiwan, Greater China0

Malaysia

0

C7.3(C7.3) Indicate which gross global Scope 1 emissions breakdowns you are able to provide.
By activity

C7.3c(C7.3c) Break down your total gross global Scope 1 emissions by business activity.
Activity

Scope 1 emissions (metric tons CO2e)

Office-related Fuel and Fugitive

2207.58

Data Centres Fuel and Fugitive

453.71

Tenant Fuel and Fugitive

8.83

C7.5
(C7.5) Break down your total gross global Scope 2 emissions by country/region.

CDP

Country/Region

Scope 2, location-based(metric tons CO2e)

Scope 2, market-based(metric tons CO2e)

Purchased and consumed electricity,heat, steam or cooling (MWh)Purchased and consumed low-carbon electricity, heat, steam or coolingaccounted for in Scope 2 market-based approach (MWh)United Kingdom of GreatBritain and Northern Ireland

9465.95

040602.24

40602.24

Sri Lanka

1369.5502592.32592.3

United States of America

68.43

0

359.99359.99France75.56

01371.481371.48

Romania55.39

0165.39165.39China, Hong Kong Special
Administrative Region

70.69

0

95.74

95.74

Japan

15.62

0

31.1

31.1

Taiwan, Greater China

123.540

221.03221.03

Malaysia

106.010160.21160.21Other, please specify (Rest of 352.7
world)

01513.121513.12

Italy

0

8366

8366

2576

Page 27 of 45

C7.6(C7.6) Indicate which gross global Scope 2 emissions breakdowns you are able to provide.
By activity

C7.6c(C7.6c) Break down your total gross global Scope 2 emissions by business activity.
Activity

Scope 2, location-based (metric tons CO2e)

Scope 2, market-based (metric tons CO2e)

Data Centre Purchased Electricity

9281.34

0

Office Space Purchased Electricity

4599.810Tenants Purchased Electricity

398.350

C7.9(C7.9) How do your gross global emissions (Scope 1 and 2 combined) for the reporting year compare to those of the previous reporting year?
Decreased

C7.9a(C7.9a) Identify the reasons for any change in your gross global emissions (Scope 1 and 2 combined), and for each of them specify how your emissions compare
to the previous year.
Change in Direction Emissions
Please explain calculation
emissions of change value(metric(percentage)
tons
CO2e)
Change in0
renewableenergyconsumption

No change 0

In 2020 we continued to purchase 100% renewable electricity. The majority of our renewable electricity consumption is purchase directly from suppliers via
green electricity tariffs. For approximately one third of our electricity consumption we purchased renewable energy certificates to claim 100% renewableenergy. These are purchased through a reputable energy attribute certificate broker. There has been no change in the coverage of 100% renewable energy
during 2020.

Otheremissions
reduction
activities

457.67

Decreased 2.2

Emissions reduction initiatives implemented in 2020 included UPS replacement at one of our UK data centres and lighting efficiency upgrades in the UK and
Italy. Further details of these initiatives can be found in C4.3b. The Scope 1 and Scope 2 location-based emissions savings of these initiatives has been
estimated to total 457.67 tCO2e during 2020. In 2019, gross global Scope 1 and Scope 2 location-based emissions totalled 20,783.7 TCO2e. The calculationfor emission value % is therefore (-457.67/20,783.7)*100 = -2.2%. Emission reduction initiatives were accountable for a 2.2% reduction in gross Scope 1 andScope 2 location based emissions in 2020.

Divestment0

No change 0

There have been no material divestments during the reporting period.

Acquisitions 0

No change 0

There have been no material acquisitions during the reporting period.

Mergers0

No change 0

There have been no material mergers during the reporting period.

Change in
output0

No change 0

There have been no material changes in output during the reporting period.

Change in0methodology

No change 0

There have been no changes to methodology during the report period, other than annual updates to emission conversion factors according to Defra 2020 and
GHG Protocol guidance.

Change inboundary0

No change 0

There have been no boundary changes during the reporting period.

Change inphysicaloperatingconditions

3376.4

Decreased 16.25

The COVID 19 pandemic resulted in the vast majority of our employees moving to a working from home arrangement as of March 2020 for the majority of ourglobal headcount. This shift led to reductions in electricity consumption and natural gas consumption in many of our offices, resulting in emission reductions ofapproximately 3,376.4TCO2e. It is difficult to separate the COVID impact from other smaller impact initiatives. In 2019, gross global Scope 1 and Scope 2
location-based emissions totalled 20,783.7 TCO2e. The calculation for emission value % is therefore (-3376.4/20,783.7)*100 = -16.25%. Emission reduction
initiatives were accountable for a 16.5% reduction in gross Scope 1 and Scope 2 location based emissions in 2020.

Unidentified 0

No change 0

There were no Scope 1 and Scope 2 emissions variations that have not been identified and attributed to a possible cause.

Other

<Not
Applicable>

C7.9b(C7.9b) Are your emissions performance calculations in C7.9 and C7.9a based on a location-based Scope 2 emissions figure or a market-based Scope 2
emissions figure?
Location-based

C8. Energy

CDP

Page 28 of 45

C8.1(C8.1) What percentage of your total operational spend in the reporting year was on energy?
More than 0% but less than or equal to 5%

C8.2(C8.2) Select which energy-related activities your organization has undertaken.
Indicate whether your organization undertook this energy-related activity in the reporting year
Consumption of fuel (excluding feedstocks)

Yes

Consumption of purchased or acquired electricity

Yes

Consumption of purchased or acquired heat

No

Consumption of purchased or acquired steamNo

Consumption of purchased or acquired cooling

No

Generation of electricity, heat, steam, or cooling

Yes

C8.2a
(C8.2a) Report your organization’s energy consumption totals (excluding feedstocks) in MWh.
Heating value

MWh from renewable sources MWh from non-renewable sources

Total (renewable and non-renewable) MWh

Consumption of fuel (excluding feedstock)

HHV (higher heating value) 011431.28

11431.28

Consumption of purchased or acquired electricity<Not Applicable>

55479.07

055479.07

Consumption of purchased or acquired heat

<Not Applicable><Not Applicable><Not Applicable><Not Applicable>

Consumption of purchased or acquired steam<Not Applicable><Not Applicable><Not Applicable><Not Applicable>

Consumption of purchased or acquired cooling<Not Applicable><Not Applicable><Not Applicable><Not Applicable>

Consumption of self-generated non-fuel renewable energy<Not Applicable>

0<Not Applicable>0

Total energy consumption<Not Applicable>

55479.07

11431.28

66910.35

C8.2b(C8.2b) Select the applications of your organization’s consumption of fuel.
Indicate whether your organization undertakes this fuel application
Consumption of fuel for the generation of electricity

Yes

Consumption of fuel for the generation of heat

Yes

Consumption of fuel for the generation of steamNo

Consumption of fuel for the generation of coolingNo

Consumption of fuel for co-generation or tri-generation

No

C8.2c
(C8.2c) State how much fuel in MWh your organization has consumed (excluding feedstocks) by fuel type.
Fuels (excluding feedstocks)
Natural Gas
Heating value
HHV (higher heating value)
Total fuel MWh consumed by the organization
10866.3
MWh fuel consumed for self-generation of electricity0
MWh fuel consumed for self-generation of heat
10866.3
MWh fuel consumed for self-generation of steam<Not Applicable>
MWh fuel consumed for self-generation of cooling<Not Applicable>
MWh fuel consumed for self-cogeneration or self-trigeneration<Not Applicable>
Emission factor
CDP

Page 29 of 45

0.20022
Unit
metric tons CO2e per MWh
Emissions factor source
UK and Rest of World: 2020 UK Government GHG Conversion Factors for Company Reporting: Fuels, Natural Gas kWh (Gross CV) - 0.18387 kgCO2e Italy & Sri Lanka :GHG Protocol 2015-2017: Fuels, ES Natural Gas kWh - 0.20256 kgCO2e.
Comment
0.20022 metric tons CO2e per MWh is the weighted average emissions factor, as LSEG use location-specific emissions factors where actual consumption data is collected.
Fuels (excluding feedstocks)
DieselHeating value
HHV (higher heating value)
Total fuel MWh consumed by the organization
564.96
MWh fuel consumed for self-generation of electricity
434.34
MWh fuel consumed for self-generation of heat
130.63
MWh fuel consumed for self-generation of steam<Not Applicable>
MWh fuel consumed for self-generation of cooling<Not Applicable>
MWh fuel consumed for self-cogeneration or self-trigeneration<Not Applicable>
Emission factor
0.00262
Unit
metric tons CO2e per liter
Emissions factor source
UK and Rest of World: 2020 UK Government GHG Conversion Factors for Company Reporting: Fuels, Diesel (average biofuel blend), litres - 2.54603 kgCO2e. Italy: GHG
Protocol 2009-2017: Fuels, ES Diesel , litres -2.69198 kgCO2e Sri Lanka: GHG Protocol 2009-2017: Fuels, Diesel (Retail) , litres - 2.69198 kgCO2e
Comment
0.00262 metric tons CO2e per liter is the weighted average emissions factor, as LSEG use location-specific emissions factors where actual consumption data is collected.
The majority of diesel is consumed by diesel generators, the residual 130.63 MWh equivalent is used to for vehicle fuel (so in accordance with CDP guidance, is listed
under “fuel consumed for the self-generation of heat”).
Fuels (excluding feedstocks)
Liquefied Petroleum Gas (LPG)
Heating value
HHV (higher heating value)
Total fuel MWh consumed by the organization
0.01
MWh fuel consumed for self-generation of electricity0
MWh fuel consumed for self-generation of heat
0.01
MWh fuel consumed for self-generation of steam<Not Applicable>
MWh fuel consumed for self-generation of cooling<Not Applicable>
MWh fuel consumed for self-cogeneration or self-trigeneration<Not Applicable>
Emission factor
2.99791
Unit
metric tons CO2e per metric ton
Emissions factor source
Sri Lanka: GHG Protocol 2009-2017: Fuels, LPG , tonne - 2.99195 TCO2e
Comment
2.99195 metric tons CO2e per metric ton is the weighted average emissions factor, as LSEG use location-specific emissions factors where actual consumption data iscollected. LPG is only used in our Sri Lankan offices.

CDP

Page 30 of 45

C8.2d
(C8.2d) Provide details on the electricity, heat, steam, and cooling your organization has generated and consumed in the reporting year.
Total Gross generation(MWh)

Generation that is consumed by theorganization (MWh)Gross generation from renewable sources Generation from renewable sources that is consumed by the(MWh)organization (MWh)Electricity 143.91

143.91

0

0

Heat

0

0

0

0

Steam

0

0

0

0

Cooling

0

0

0

0

C8.2e
(C8.2e) Provide details on the electricity, heat, steam, and/or cooling amounts that were accounted for at a zero emission factor in the market-based Scope 2
figure reported in C6.3.
Sourcing method
Green electricity products (e.g. green tariffs) from an energy supplier, supported by energy attribute certificates
Low-carbon technology typeLow-carbon energy mix
Country/area of consumption of low-carbon electricity, heat, steam or cooling
United Kingdom of Great Britain and Northern Ireland
MWh consumed accounted for at a zero emission factor
34690
Comment
Our primary UK sites have purchased electricity tariffs with bundled energy attributes, that match every MWh of electricity supplied with a UK-recognised origin certificate.
EACs are provided by SmartestEnergy, who are certified by the Carbon Trust Certification as compliant with GHG Protocol Scope 2 Guidance so that LSEG can report zerocarbon emissions for purchased electricity when reporting using the market-based method. Generation mix includes solar PV, wind and hydropower.
Sourcing method
Green electricity products (e.g. green tariffs) from an energy supplier, supported by energy attribute certificates
Low-carbon technology typeLow-carbon energy mix
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Italy
MWh consumed accounted for at a zero emission factor
3327
Comment
Renewable electricity in Italy is provided by A2A and Enel Energia SpA, and according to their contract includes hydro, solar, wind, geothermal and biomass renewable mix.
Generation mix includes solar PV, wind, hydropower and biomass.
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Australia
MWh consumed accounted for at a zero emission factor
67
Comment
Sourcing method
Unbundled energy attribute certificates, Guarantees of Origin
Low-carbon technology typeLow-carbon energy mix
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Belgium
MWh consumed accounted for at a zero emission factor
7
Comment
Sourcing method
Unbundled energy attribute certificates, Renewable Energy Certificates (RECs)
Low-carbon technology typeHydropower
CDP

Page 31 of 45

Country/area of consumption of low-carbon electricity, heat, steam or cooling
CanadaMWh consumed accounted for at a zero emission factor
58
Comment
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or coolingChina
MWh consumed accounted for at a zero emission factor
20
Comment
Sourcing method
Unbundled energy attribute certificates, Guarantees of Origin
Low-carbon technology typeLow-carbon energy mix
Country/area of consumption of low-carbon electricity, heat, steam or coolingFrance
MWh consumed accounted for at a zero emission factor
1372
Comment
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or cooling
China, Hong Kong Special Administrative Region
MWh consumed accounted for at a zero emission factor
96
Comment
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or coolingIndia
MWh consumed accounted for at a zero emission factor
4
Comment
Sourcing method
Unbundled energy attribute certificates, Guarantees of Origin
Low-carbon technology typeLow-carbon energy mix
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Italy
MWh consumed accounted for at a zero emission factor
5162
Comment
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or coolingJapan
MWh consumed accounted for at a zero emission factor
CDP

Page 32 of 45

32
Comment
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Malaysia
MWh consumed accounted for at a zero emission factor
161
Comment
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeWind
Country/area of consumption of low-carbon electricity, heat, steam or cooling
MexicoMWh consumed accounted for at a zero emission factor
4
Comment
Sourcing method
Unbundled energy attribute certificates, Guarantees of Origin
Low-carbon technology typeLow-carbon energy mix
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Netherlands
MWh consumed accounted for at a zero emission factor
9
Comment
Sourcing method
Unbundled energy attribute certificates, Guarantees of Origin
Low-carbon technology typeLow-carbon energy mix
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Portugal
MWh consumed accounted for at a zero emission factor
8
Comment
Sourcing method
Unbundled energy attribute certificates, Guarantees of Origin
Low-carbon technology typeLow-carbon energy mix
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Romania
MWh consumed accounted for at a zero emission factor
169
Comment
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Singapore
MWh consumed accounted for at a zero emission factor
33
Comment

CDP

Page 33 of 45

Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Sri Lanka
MWh consumed accounted for at a zero emission factor
2593
Comment
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or cooling
Taiwan, Greater China
MWh consumed accounted for at a zero emission factor
222
Comment
Sourcing method
Unbundled energy attribute certificates, International REC Standard (I-RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or cooling
United Arab Emirates
MWh consumed accounted for at a zero emission factor
4
Comment
Sourcing method
Unbundled energy attribute certificates, Guarantees of Origin
Low-carbon technology type
Biomass
Country/area of consumption of low-carbon electricity, heat, steam or cooling
United Kingdom of Great Britain and Northern Ireland
MWh consumed accounted for at a zero emission factor
5913
Comment
Sourcing method
Unbundled energy attribute certificates, Renewable Energy Certificates (RECs)
Low-carbon technology typeHydropower
Country/area of consumption of low-carbon electricity, heat, steam or cooling
United States of America
MWh consumed accounted for at a zero emission factor
1545
Comment

C9. Additional metrics

C9.1(C9.1) Provide any additional climate-related metrics relevant to your business.

C10. Verification

CDP

Page 34 of 45

C10.1(C10.1) Indicate the verification/assurance status that applies to your reported emissions.
Verification/assurance status
Scope 1

Third-party verification or assurance process in place

Scope 2 (location-based or market-based)

Third-party verification or assurance process in place

Scope 3

Third-party verification or assurance process in place

C10.1a(C10.1a) Provide further details of the verification/assurance undertaken for your Scope 1 emissions, and attach the relevant statements.
Verification or assurance cycle in place
Annual process
Status in the current reporting year
Complete
Type of verification or assurance
Limited assurance
Attach the statement
LSEG 2020 Greenhouse Gas Verification Statement ISO 14064-3 2020.pdf
Page/ section reference
Page 3
Relevant standard
ISO14064-3
Proportion of reported emissions verified (%)
100

C10.1b

CDP

Page 35 of 45

(C10.1b) Provide further details of the verification/assurance undertaken for your Scope 2 emissions and attach the relevant statements.
Scope 2 approach
Scope 2 location-based
Verification or assurance cycle in place
Annual process
Status in the current reporting year
Complete
Type of verification or assurance
Limited assurance
Attach the statement
LSEG 2020 Greenhouse Gas Verification Statement ISO 14064-3 2020.pdf
Page/ section reference
Page 3
Relevant standard
ISO14064-3
Proportion of reported emissions verified (%)
100
Scope 2 approach
Scope 2 market-based
Verification or assurance cycle in place
Annual process
Status in the current reporting year
Complete
Type of verification or assurance
Limited assurance
Attach the statement
LSEG 2020 Greenhouse Gas Verification Statement ISO 14064-3 2020.pdf
Page/ section reference
Page 3
Relevant standard
ISO14064-3
Proportion of reported emissions verified (%)
100

C10.1c(C10.1c) Provide further details of the verification/assurance undertaken for your Scope 3 emissions and attach the relevant statements.
Scope 3 category
Scope 3: Purchased goods and services
Verification or assurance cycle in place
Annual process
Status in the current reporting year
Complete
Type of verification or assurance
Limited assurance
Attach the statement
LSEG 2020 Greenhouse Gas Verification Statement ISO 14064-3 2020.pdf
Page/section reference
Page 1-4. This verification statement covers all Scope 3 emissions categories reported in our Annual Report and Corporate Sustainability Report. Purchased goods andservices, Fuel and Energy related activities, Business Travel, Water, Waste Generation, Employee Commuting (including working from home) and Upstream leased assets.
Relevant standard
ISO14064-3
Proportion of reported emissions verified (%)
100
Scope 3 category
Scope 3: Fuel and energy-related activities (not included in Scopes 1 or 2)
Verification or assurance cycle in place
Annual process
Status in the current reporting year
Complete
CDP

Page 36 of 45

Type of verification or assurance
Limited assurance
Attach the statement
LSEG 2020 Greenhouse Gas Verification Statement ISO 14064-3 2020.pdf
Page/section reference
Page 1-4. This verification statement covers all Scope 3 emissions categories reported in our Annual Report and Corporate Sustainability Report. Purchased goods andservices, Fuel and Energy related activities, Business Travel, Water, Waste Generation, Employee Commuting (including working from home) and Upstream leased assets.
Relevant standard
ISO14064-3
Proportion of reported emissions verified (%)
100
Scope 3 category
Scope 3: Waste generated in operations
Verification or assurance cycle in place
Annual process
Status in the current reporting year
Complete
Type of verification or assurance
Limited assurance
Attach the statement
LSEG 2020 Greenhouse Gas Verification Statement ISO 14064-3 2020.pdf
Page/section reference
Page 1-4. This verification statement covers all Scope 3 emissions categories reported in our Annual Report and Corporate Sustainability Report. Purchased goods andservices, Fuel and Energy related activities, Business Travel, Water, Waste Generation, Employee Commuting (including working from home) and Upstream leased assets.
Relevant standard
ISO14064-3
Proportion of reported emissions verified (%)
100
Scope 3 category
Scope 3: Business travel
Verification or assurance cycle in place
Annual process
Status in the current reporting year
Complete
Type of verification or assurance
Limited assurance
Attach the statement
LSEG 2020 Greenhouse Gas Verification Statement ISO 14064-3 2020.pdf
Page/section reference
Page 1-4. This verification statement covers all Scope 3 emissions categories reported in our Annual Report and Corporate Sustainability Report. Purchased goods andservices, Fuel and Energy related activities, Business Travel, Water, Waste Generation, Employee Commuting (including working from home) and Upstream leased assets.
Relevant standard
ISO14064-3
Proportion of reported emissions verified (%)
100
Scope 3 category
Scope 3: Employee commuting
Verification or assurance cycle in place
Annual process
Status in the current reporting year
Complete
Type of verification or assurance
Limited assurance
Attach the statement
LSEG 2020 Greenhouse Gas Verification Statement ISO 14064-3 2020.pdf
Page/section reference
Page 1-4. This verification statement covers all Scope 3 emissions categories reported in our Annual Report and Corporate Sustainability Report. Purchased goods andservices, Fuel and Energy related activities, Business Travel, Water, Waste Generation, Employee Commuting (including working from home) and Upstream leased assets.
Relevant standard
ISO14064-3

CDP

Page 37 of 45

Proportion of reported emissions verified (%)
100
Scope 3 category
Scope 3: Upstream leased assets
Verification or assurance cycle in place
Annual process
Status in the current reporting year
Complete
Type of verification or assurance
Limited assurance
Attach the statement
LSEG 2020 Greenhouse Gas Verification Statement ISO 14064-3 2020.pdf
Page/section reference
Page 1-4. This verification statement covers all Scope 3 emissions categories reported in our Annual Report and Corporate Sustainability Report. Purchased goods andservices, Fuel and Energy related activities, Business Travel, Water, Waste Generation, Employee Commuting (including working from home) and Upstream leased assets.
Relevant standard
ISO14064-3
Proportion of reported emissions verified (%)
100

C10.2
(C10.2) Do you verify any climate-related information reported in your CDP disclosure other than the emissions figures reported in C6.1, C6.3, and C6.5?
No, we do not verify any other climate-related information reported in our CDP disclosure

C11. Carbon pricing

C11.1(C11.1) Are any of your operations or activities regulated by a carbon pricing system (i.e. ETS, Cap & Trade or Carbon Tax)?
No, and we do not anticipate being regulated in the next three years

C11.2(C11.2) Has your organization originated or purchased any project-based carbon credits within the reporting period?
No

C11.3
(C11.3) Does your organization use an internal price on carbon?
No, and we do not currently anticipate doing so in the next two years

C12. Engagement

C12.1(C12.1) Do you engage with your value chain on climate-related issues?
Yes, our suppliers
Yes, our customers

C12.1aCDP

Page 38 of 45

(C12.1a) Provide details of your climate-related supplier engagement strategy.
Type of engagement
Compliance & onboarding
Details of engagement
Code of conduct featuring climate change KPIs
% of suppliers by number
23% total procurement spend (direct and indirect)72% of supplier-related Scope 3 emissions as reported in C6.5
Rationale for the coverage of your engagement
We engage with our suppliers to understand their approach to environmental management including their carbon and climate change practices. We use this information to
help inform and prioritise our supply chain selection, and to help understand our wider procurement impacts. As a baseline, in signing up to our Supplier Code of Conduct
we require our suppliers sign up to support our environmental KPIs. Approximately 23% of our total discretionary, addressable supply base has so far committed to comply
with the Code, equivalent to more than 72% of our annual third party spend.
Impact of engagement, including measures of successClimate change and wider environmental considerations are incorporated into our supplier on-boarding and due diligence approach for new suppliers, which includes therequirement to agree to our Supplier Code of Conduct. The Code of Conduct ascribed to at onboarding, facilitates our engagement with key suppliers when required on
specific environmental issues. For example, we will be looking for our key suppliers (who have committed to support our environmental KPIs through agreement with our
Code of Conduct) to support us with our Science Based Target developed during 2020. Procurement continues to drive adoption and agreement to the Code of Conduct,
and we currently use this as our measure of success for our climate-related supplier engagement. Approximately 23% of our total discretionary, addressable supply basehas so far committed to comply with the Code, equivalent to more than 72% of our annual third party spend. In addition, we continue to drive more formal agreement with
the Code via inclusion of specific clauses in our supplier contracts and templates. Following a contracts review of our Top 500 supplier contracts in 2020, covering ourlargest and most important supplier relationships, circa 39% of our key contracts include such clauses.
Comment

C12.1b
(C12.1b) Give details of your climate-related engagement strategy with your customers.
Type of engagement
Collaboration & innovation
Details of engagement
Run a campaign to encourage innovation to reduce climate change impacts% of customers by number
30% of customer - related Scope 3 emissions as reported in C6.5
Portfolio coverage (total or outstanding)<Not Applicable>
Please explain the rationale for selecting this group of customers and scope of engagement
i. Listed companies, and potential issuers are a client segment highly impacted by the integration of climate change considerations into investment decisions. Our top 50
asset managers and owners (approximately 30% of our client base) are a key target for customer engagement. ii. We have 3 core focus areas when engaging with clients:
1) Driving best practice in disclosure Helping all equity, fund and fixed income issuers to understand and implement effective, decision-useful ESG disclosures that reflect
investor needs and trends in regulation. 2) Supporting new green-growth companies and funds Improve visibility of, and access to capital for, green & sustainable
commercial activities worldwide. 3) Enabling the transition to a sustainable, low carbon economy. Innovation to enable issuers across all sectors to access the capitalneeded to address environmental risks and opportunities. ii. It is important issuers understand the implications that climate-related investment decisions have on theirmarket valuation and their investor base. For this reason, LSEG demonstrated sector-wide leadership in supporting ESG and sustainable investment, with acomprehensive, cross asset-class Sustainable Finance & Investment programme that was rolled out in 2019/2020. This built upon the expertise of the whole London Stock
Exchange Group, particularly the deep ESG data and investor insights of FTSE Russell and Beyond Ratings. The programme: • Delivered new market innovations that havealready helped raise significant additional capital; • Provided comprehensive tools to support companies, funds and investors; and • Brought together market participants toshare best practice. London Stock Exchange’s strategy is based on the belief that sustainable investment must be integrated into the mainstream, supported by the world’s
largest capital markets.
Impact of engagement, including measures of success
London Stock Exchange’s Sustainable Finance activities in 2019/20 were comprehensive and demonstrably successful, with notable world-first innovations: a Green
Economy Mark for Equities; Sustainable Bond Market; and ESG Disclosure Score. Our overall measure of success of the Sustainable Finance and Investment programmeis to increase the number of companies listed on our markets, that are generating green revenues and disclosing high quality ESG information. It is also about retaining
market share and supporting those companies that are already listed on our markets. It is about creating a leading green and sustainable financial market ecosystem tosupport the growth of companies, access to long term capital and their contribution to the wider economy. Each of these activities had their own measurable impact: 1)The
Green Economy Mark: The Green Economy Mark raises visibility of companies to investors, increases market-wide awareness of the breadth of the green economy andenables further engagement on environmental solutions. During 2020, 21 new issuers were awarded the Green Economy Mark, bringing the total to 93 issuers by the end of
the year, with a combined market capitalisation in excess of £147 billion, including Chinese GDR issuer Yangtze Power, becoming the first Shanghai-London Stock Connect
issuer to be awarded the Mark. 2) Sustainable Bond Market: In October 2019 London Stock Exchange launched the first Sustainable Bond Market, with clear segments forGreen, Social and Sustainable Bonds as well as Green Issuers (90% Green Revenues). In the 12 months to May 2021, 67 new green bonds listed on London Stock
Exchange, a 26% YOY increase, collectively raising over £20bn. 3) ESG Disclosure Score: The ESG Disclosure Score is provided free to issuers along with sector
benchmarks. It a data-driven percentage score reflecting the level of disclosure by issuers of key ESG metrics for their industry sector. The Score is calculated for andprovided to 470 large cap issuers via the Issuer Services. An online tool was developed to enable all remaining issuers (where insufficient data exists) to calculate their own
score. This is a particularly important innovation for smaller Main Market and AIM issuers, which often lack dedicated ESG expertise in house.

CDP

Page 39 of 45

C12.3(C12.3) Do you engage in activities that could either directly or indirectly influence public policy on climate-related issues through any of the following?
Direct engagement with policy makers
Trade associations

C12.3a(C12.3a) On what issues have you been engaging directly with policy makers?
Focus of Corporate Details of engagement
legislation position

Proposed legislative solution

Climatefinance

SupportUK Climate Financial Risk Forum
Since its inception in March 2019, the CFRF has published a report with industry best practice on disclosure, scenario analysis, risk management
LSEG is a member of the Climate
and innovation.
Financial Risk Forum (CFRF), an
industry forum jointly convened by the
Prudential Regulation Authority (PRA)
and the Financial Conduct Authority(FCA) to build capacity and share bestpractice.

Climatefinance

SupportEU Technical Expert Group on
Sustainable Finance and EFRAG
taskforce on non-financial reporting
standards.

In July 2018, the European Commission established a Technical Expert Group on sustainable finance (TEG) to assist in the development of a
unified classification system for sustainable economic activities, an EU green bond standard, methodologies for low-carbon indices and metrics forclimate-related disclosure. LSEG has been a member of the TEG, and contributed to reports in the following areas: • EU taxonomy – to develop
draft technical screening criteria on whether an economic activity is environmentally sustainable; • EU Green Bond Standard; • methodologies for
EU climate benchmarks and disclosures for benchmarks; • guidance to improve corporate disclosure of climate related information. The TEG hasdelivered recommendations on these four workstreams. LSEG is a member of the European Financial Reporting Advisory Group (EFRAG)
taskforce on preparatory work for a possible EU non-financial reporting standard, which will publish a report in Q1 2021.

Climatefinance

SupportUK Climate Financial Risk Forum

LSEG is a member of the Climate Financial Risk Forum (CFRF), an industry forum jointly convened by the Prudential Regulation Authority (PRA)
and the Financial Conduct Authority (FCA) to build capacity and share best practice. Since its inception in March 2019, the CFRF has published areport with industry best practice on disclosure, scenario analysis, risk management and innovation.

Climatefinance

SupportUK Green Finance Institute

LSEG is an active member of the Green Finance Institute. The purpose of the Institute is to bring together the UK’s existing capabilities, create new
business opportunities and communicate to the wider market what London’s offer is in green finance and insurance.

Climatefinance

SupportBroader engagement

LSEG regularly engages with policy makers and regulators in key jurisdictions, including HM Treasury, Financial Conduct Authority, Bank ofEngland, European Commission, Council and European Parliament, US Commodity Futures Trading Commission (CFTC), China Securities
Regulatory Commission, People’s Bank of China, Japan Financial Services Agency and other authorities and international organisations like IOSCO
to discuss legislative proposals and contribute to the development of sustainable finance policy. Public policy speakers at LSEG events in 2020
included Martin Spolc and Andrea Beltramello, European Commission; CFTC Commissioner Rostin Behnam; Alok Sharma, UK Business Secretary;
and Mark Carney, Advisor to the UK Prime Minister for COP26.

C12.3b
(C12.3b) Are you on the board of any trade associations or do you provide funding beyond membership?
Yes

C12.3c(C12.3c) Enter the details of those trade associations that are likely to take a position on climate change legislation.
Trade association
UKSIF (UK Sustainable Investment & Finance Association)
Is your position on climate change consistent with theirs?
Consistent
Please explain the trade association’s position
UKSIF advances its mission and delivers value for its members by: Acting as a voice for the sustainable and responsible finance industry in the UK, convening its members
to understand, educate and influence governments, nongovernmental organisations, regulators, companies, professional advisers, the general public and otherstakeholders. As the industry matures and access to, and information about, companies becomes easier to obtain, UKSIF’s role in support of dialogue with governments
and regulators in the UK and potentially elsewhere has become a more significant part of its role. Their support for UK leadership in advancing sustainable development
through investment and finance includes accelerating green finance and impact investing. In partnership with others, we support the creation of the UK Green Investment
Bank and influencing corporate sustainability reporting requirements such as carbon emissions and regulatory approaches to social impact investment. Their analyst
seminar programme catalyses debate on emerging environmental (including climate change), social and governance issues and assists our members to develop theirpractices. Other activities include the annual Extel SRI & Sustainability Survey, the UKSIF Annual Lecture and their support for the City of London’s Sustainable City
Awards.
How have you influenced, or are you attempting to influence their position?
LSEG influences the UKSIF position through being a member of the Board.
Trade association
UN Sustainable Stock Exchanges Initiative
Is your position on climate change consistent with theirs?
Consistent
Please explain the trade association’s position
The SSE Initiative aims to explore how exchanges can work together with investors, regulators and companies to enhance corporate transparency and ultimately

CDP

Page 40 of 45

performance on ESG issues and to encourage responsible long-term approaches to investment. Currently over 87 exchanges from around the world are partner exchanges
to the SSE Initiative.
How have you influenced, or are you attempting to influence their position?
Our Group Head of Sustainable Business is a member of the UN SSE Consultative Group and chaired the Working Group that in 2015 developed the Model Guidance for
Exchange on ESG disclosure. LSEG launched it’s own guidance for issuers, in 2017, on the integration of ESG issues into investor reporting and communication, based on
the SSE Model Guidance.
Trade association
Climate Bonds Partnership Programme
Is your position on climate change consistent with theirs?
Consistent
Please explain the trade association’s position
Climate Bonds Initiative is the only organisation in the world working solely to mobilize the largest capital market of all, the $100 trillion bond market, for climate changesolutions.
How have you influenced, or are you attempting to influence their position?
London Stock Exchange Group (LSEG) become the first global exchange to join the Climate Bonds Partnership Program.
Trade association
Green Bond Principles
Is your position on climate change consistent with theirs?
Consistent
Please explain the trade association’s position
The Green Bond Principles are coordinated by the ICMA.
How have you influenced, or are you attempting to influence their position?
LSEG is an official observer.
Trade association
UK Green Finance Institute Advisory Board
Is your position on climate change consistent with theirs?
Consistent
Please explain the trade association’s position
The GFI has the objective to scale-up green finance in the UK and internationally, through public policy advocacy, capacity building, and fostering innovation andcollaboration in the green finance sector.
How have you influenced, or are you attempting to influence their position?
LSEG is a member of the Advisory Board of the Green Finance Institute founded and funded by BEIS in response to the UK Green Finance Taskforce Recommendations.
Trade association
FCA/PRA Climate Risk ForumIs your position on climate change consistent with theirs?
Consistent
Please explain the trade association’s position
The FCA/PRA Risk forum was set up by the FCA and the Bank of England to embed consideration of climate-related risks and opportunities in the UK financial systems
through four work streams: Innovation, Disclosures, Scenarios, Risk Management.
How have you influenced, or are you attempting to influence their position?
LSEG is a member of the newly established FCA/PRA Climate Forum – with particular focus on the Innovation Working Group.

C12.3f

CDP

Page 41 of 45

(C12.3f) What processes do you have in place to ensure that all of your direct and indirect activities that influence policy are consistent with your overall climatechange strategy?
LSEG has a transparent approach to lobbying. All our consultation papers are published on our website. We are also registered in the EU's Transparency Register.

The Group Sustainability Committee coordinates activities across the Group, partnering with all business areas to ensure consistency of engagement and approach with bothinternal and external stakeholders. The Sustainability Committee also ensure coordination with the Group Regulatory Strategy and Government Relations team, who are
represented on the Committee via the relevant Executive Committee member.

All Government Relations and policy initiatives involve the development of position papers which are submitted to the Sustainability Committee. Sustainability Committee
members provide their input whenever they see the topic has possible areas of overlap with sustainability and climate change issues to ensure these are consistent with theGroup’s overall climate change strategy.

All LSEG responses to consultations (all topics including climate-related) are publicly available at https://www.lseg.com/about-london-stock-exchange-group/regulatorystrategy.

C12.4(C12.4) Have you published information about your organization’s response to climate change and GHG emissions performance for this reporting year in places
other than in your CDP response? If so, please attach the publication(s).
Publication
In mainstream reports, incorporating the TCFD recommendations
StatusComplete
Attach the document
LSEG Annual Report 2020.pdf
Page/Section reference
P 18 and 22 Market trends and our response P 39 Emerging Risks – Principal Risks and uncertainties P54-56 Supporting Sustainable Growth P64 – 67 Supporting
Sustainable Growth, including TCFD recommended disclosures p 66 and 67 P80 Corporate GovernanceContent elements
Governance
Strategy
Risks & opportunities
Emissions figures
Emission targets
Comment
Publication
In voluntary sustainability report
StatusComplete
Attach the document
LSEG Sustainability Report 2020_1.pdf
Page/Section reference
P22 – 25 Environment P36 Governance P42-48 Appendix Environment P50 Appendix Governance – Scenario Analysis P54 Appendix FTSE RUSSEELL ESG data points
P56-57 Appendix TCFD Recommended Disclosures
Content elements
Governance
Strategy
Risks & opportunities
Emissions figures
Emission targets
Comment

C15. Signoff

C-FI

CDP

Page 42 of 45

(C-FI) Use this field to provide any additional information or context that you feel is relevant to your organization's response. Please note that this field is optional
and is not scored.

C15.1(C15.1) Provide details for the person that has signed off (approved) your CDP climate change response.

Row 1

Job title

Corresponding job category

David Schwimmer

Chief Executive Officer (CEO)SC. Supply chain module

SC0.0(SC0.0) If you would like to do so, please provide a separate introduction to this module.

SC0.1(SC0.1) What is your company’s annual revenue for the stated reporting period?
Annual Revenue
Row 1

2444000000

SC0.2(SC0.2) Do you have an ISIN for your company that you would be willing to share with CDP?
Yes

SC0.2a(SC0.2a) Please use the table below to share your ISIN.

Row 1

ISIN country code (2 letters)

ISIN numeric identifier and single check digit (10 numbers overall)

GB

00B0SWJX34

SC1.1(SC1.1) Allocate your emissions to your customers listed below according to the goods or services you have sold them in this reporting period.
Requesting member
Moody's Corporation
Scope of emissions
Scope 1
Allocation level
Company wide
Allocation level detail<Not Applicable>
Emissions in metric tonnes of CO2e
0.07
Uncertainty (±%)
50
Major sources of emissions
VerifiedNo
Allocation method
Allocation based on the market value of products purchased
Please explain how you have identified the GHG source, including major limitations to this process and assumptions madeCDP

Page 43 of 45

This is a simple estimation of emissions allocated to this customer based on the proportion of sales revenue allocated to that customer in the reporting year 2020. We
recognise this simple approach bears limitations and will explore options to improve our allocation methods in the future.
Requesting member
Moody's Corporation
Scope of emissions
Scope 2
Allocation level
Company wide
Allocation level detail<Not Applicable>
Emissions in metric tonnes of CO2e
0.37
Uncertainty (±%)
50
Major sources of emissions
VerifiedNo
Allocation method
Allocation based on the market value of products purchased
Please explain how you have identified the GHG source, including major limitations to this process and assumptions madeThis is a simple estimation of Scope 2 location based emissions allocated to this customer based on the proportion of sales revenue allocated to that customer in thereporting year 2020. We recognise this simple approach bears limitations and will explore options to improve our allocation methods in the future.
Requesting member
Moody's Corporation
Scope of emissions
Scope 2
Allocation level
Company wide
Allocation level detail<Not Applicable>
Emissions in metric tonnes of CO2e0
Uncertainty (±%)
50
Major sources of emissions
VerifiedNo
Allocation method
Allocation based on the market value of products purchased
Please explain how you have identified the GHG source, including major limitations to this process and assumptions madeThis is a simple estimation of Scope 2 market based emissions allocated to this customer based on the proportion of sales revenue allocated to that customer in thereporting year 2020. We recognise this simple approach bears limitations and will explore options to improve our allocation methods in the future.
Requesting member
Moody's Corporation
Scope of emissions
Scope 3
Allocation level
Company wide
Allocation level detail<Not Applicable>
Emissions in metric tonnes of CO2e
3.52
Uncertainty (±%)
50
Major sources of emissions
VerifiedNo
Allocation method
Allocation based on the market value of products purchased
Please explain how you have identified the GHG source, including major limitations to this process and assumptions madeCDP

Page 44 of 45

This is a simple estimation of emissions allocated to this customer based on the proportion of sales revenue allocated to that customer in the reporting year 2020. We
recognise this simple approach bears limitations and will explore options to improve our allocation methods in the future.

SC1.2(SC1.2) Where published information has been used in completing SC1.1, please provide a reference(s).

SC1.3(SC1.3) What are the challenges in allocating emissions to different customers, and what would help you to overcome these challenges?
Allocation challenges

Please explain what would help you overcome these challenges

Diversity of product lines makes accurately accounting for each product/product line cost ineffective

SC1.4(SC1.4) Do you plan to develop your capabilities to allocate emissions to your customers in the future?
Yes

SC1.4a(SC1.4a) Describe how you plan to develop your capabilities.
We plan to develop capabilities in this given the size of the new organisation (following the acquisition of Refinitiv) and are working with our suppliers and external providers tounderstand what would work best.

SC2.1(SC2.1) Please propose any mutually beneficial climate-related projects you could collaborate on with specific CDP Supply Chain members.

SC2.2(SC2.2) Have requests or initiatives by CDP Supply Chain members prompted your organization to take organizational-level emissions reduction initiatives?
No

SC4.1
(SC4.1) Are you providing product level data for your organization’s goods or services?
No, I am not providing data

Submit your response
In which language are you submitting your response?
EnglishPlease confirm how your response should be handled by CDP

I am submitting my response

I am submitting to

Public or Non-Public Submission

Are you ready to submit the additional Supply Chain questions?

Investors
Customers

PublicYes, I will submit the Supply Chain questions now

Please confirm below
I have read and accept the applicable Terms

CDP

Page 45 of 45