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Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Climate Change risk and related disclosure is reviewed and discussed at several committees within the Board, including the Risk Committee and Auditand Conduct Review Committee, as well as by the full Board of Directors. | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | The Risk Committee advises the Board on key and emerging risks and related policies (e.g., Environmental Policy and CreditRisk Appetite) and reviews the Bank’s management of key risks such as climate change. | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Reporting on such risks and opportunities is provided to. | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | The day-to-day responsibility for managing and reporting on climate change risk rests within Global Risk Management and its dedicated Environmental and Social Risk (ESR) team. | Governance a) |
Does the company describe management’s or a management committee’s role in assessing and managing climate-related risks or opportunities? | The Risk Committee, however, retains primary oversight responsibility for climate change related risks and opportunities with respect to the Bank’ s loan portfolio. | Governance b) |
Does the company describe management’s or a management committee’s role in assessing and managing climate-related risks or opportunities? | The day-to-day responsibility for managing and reporting on climate change risk rests within Global Risk Management and its dedicated Environmental and Social Risk (ESR) team. | Governance b) |
Does the company describe management’s or a management committee’s role in assessing and managing climate-related risks or opportunities? | The Bank’s existing Environmental Policy and Credit Risk Policy are the two main policy tools for identifying and managing climate related risks associated with the Bank’s non-retail lending portfolio. | Governance b) |
Does the company describe management’s or a management committee’s role in assessing and managing climate-related risks or opportunities? | Climate Change risk and related disclosure is reviewed and discussed at several committees within the Board, including the Risk Committee and Audit and Conduct Review Committee, as well as by the full Board of Directors. | Governance b) |
Does the company describe management’s or a management committee’s role in assessing and managing climate-related risks or opportunities? | Specific and emerging risks and issues are raised to the relevant levels of management and/or risk committees for discussion or resolution and when deemed appropriate are reported quarterly in the Emerging Risk section of the Enterprise Risk Management Report to the Risk Committee of the Board. | Governance b) |
Does the company describe the climate-related risks or opportunities it has identified? | • Internal taxonomies : Societe Generale has adopted a framework of internal definitions to facilitate the dissemination of commitments throughout all activities. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | • Geographically, Societe Generale has also placed the sustainable development of the African continent at the heart of its strategic priorities. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | • Sector-wise, Societe Generale sees a wide range of opportunities arising from the energy transition across all sectors in the economy. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | • Risks associated with climate change, both physical (increased frequency of extreme weather events) and transition-related (new carbon regulations, technological and market changes), have been identified as factors that could aggravate the Group’s existing risks. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | • Societe Generale also sees physical risks materializing in the long-term through increased frequency and severity of extreme weather events, or gradual changes in weather patterns. | Strategy a) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | Two of the three core themes of the Group’s climate strategy directly relate to risk management: the implementation of policies to manage the social and environmental impact of the Group’s activities and greater consideration of climate-change risks within Societe Generale’s credit policy. | Risk Management c) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | The climate risk in respect of non-life insurance is monitored and managed through underwriting and reserving and reinsurance policies, which are reviewed annually and approved by the Board of Directors. | Risk Management c) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | Climate risks are in particular taken into account as part of the annual Own Risk and Solvency Assessment (ORSA) conducted in accordance with the Solvency 2 Directive. | Risk Management c) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | Societe Generale has adopted the definitions given by the Task Force on Climate-related Financial Disclosures (TCFD) for managing climate risks. | Risk Management c) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | Accordingly, the existing risk management governance framework and processes have simply been updated to include climate risk factors. | Risk Management c) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | The Sustainable Portfolio Management profile is an integral part of strategic discussions between Global Business Units and the Executive Committee; | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Investment decisions (capital expenditure above €10 million and acquisitions) made by the Executive Committee or the Board of Directors include a sustainability aspect that involves an exhaustive Sustainable Portfolio Management analysis of the potential investment; | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | All Research and Innovation projects are evaluated using Sustainable Portfolio Management; | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Solvay is a key contributor to the World Business Council for Sustainable Development’s Portfolio Sustainability Assessment; | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Sustainable value creation is measured by Solvay’s Sustainable Portfolio Management tool. | Governance a) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | In 2016, SSAB, LKAB and Vattenfall joined forces to create HYBRIT – a joint venture project that endeavors to revolutionize steel-making. HYBRIT aims to replace coking coal, traditionally needed for ore-based steel making, with hydrogen. The result will be unique: the world’s first fossil-free steel-making technology, with virtually no carbon footprint. The steel industry is one of the highest CO2 emitting industries, accounting for 7% of CO2 emissions globally. Already before a solution for fossil-free steel making is in place, SSAB aims to cut its joint carbon dioxide emissions in Sweden by 25% by as early as 2025, through conversion of the blast furnace in Oxelösund, Sweden. Between 2030–2040, the aim is convert also the blast furnaces in Luleå, Sweden and Raahe, Finland to eliminate most of the remaining CO2 emissions and to attain the target of being fossil-free by 2045. To be able to carry out this project, however, significant national contributions are still required from the state, research institutions and universities. SSAB has set an energy savings target to reduce the use of purchased energy by 400 GWh by the end of 2020. By the end of 2017, SSAB achieved approximately 304 GWh (1,094 TJ) or 76% of this target. SSAB’s ability to continue to maintain and grow its business as well as provide high-quality products to customers depends, to a large extent, on the contributions of its management and key personnel. | Strategy b) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | SSAB’s energy intensity in 2017 was 1,148 (1,122) kWh/tonne crude steel when including the total energy consumption (electricity and purchased fuels) from the iron and steel production sites and rolling mills. | Metrics and Targets a) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | SSAB has set an energy savings target to reduce the use of purchased energy by 400 GWh by the end of 2020. | Metrics and Targets a) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | The most important energy-saving measures were the following: • Applied principle of continuous improvement in developing energy efficiency at production sites • Optimized media systems for compressed air and hydraulics, as well as furnace control systems at several SSAB sites • Natural gas, supplied as LNG, replaced oil in Borlänge to fuel one of the reheating furnaces in the hot strip mill. | Metrics and Targets a) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | Already before a solution for fossil-free steel making is in place, SSAB aims to cut its joint carbon dioxide emissions in Sweden by 25% by as early as 2025, through conversion of the blast furnace in Oxelösund, Sweden. | Metrics and Targets a) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | The switch from oil to natural gas was completed in December 2014 and the main savings occurred in 2015. | Metrics and Targets a) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | SSAB’s energy intensity in 2017 was 1,148 (1,122) kWh/tonne crude steel when including the total energy consumption (electricity and purchased fuels) from the iron and steel production sites and rolling mills. | Metrics and Targets b) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | SSAB has set an energy savings target to reduce the use of purchased energy by 400 GWh by the end of 2020. | Metrics and Targets b) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | In 2017, 1,011 (572) new employees joined SSAB and 1,050 (1,556) employees left the company for different reasons. | Metrics and Targets b) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | The switch from oil to natural gas was completed in December 2014 and the main savings occurred in 2015. | Metrics and Targets b) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | SSAB will start investigating the possibilities of broadening the project to include Finland. | Metrics and Targets b) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | SSAB has set an energy savings target to reduce the use of purchased energy by 400 GWh by the end of 2020. | Metrics and Targets c) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | By the end of 2017, SSAB achieved approximately 304 GWh (1,094 TJ) or 76% of this target. | Metrics and Targets c) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | Already before a solution for fossil-free steel making is in place, SSAB aims to cut its joint carbon dioxide emissions in Sweden by 25% by as early as 2025, through conversion of the blast furnace in Oxelösund, Sweden. | Metrics and Targets c) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | Between 2030–2040, the aim is convert also the blast furnaces in Luleå, Sweden and Raahe, Finland to eliminate most of the remaining CO2 emissions and to attain the target of being fossil-free by 2045. | Metrics and Targets c) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | The switch from oil to natural gas was completed in December 2014 and the main savings occurred in 2015. | Metrics and Targets c) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | We expect that as the methodology for the calculation of climate-related indicators and metrics continues to evolve, the ongoing refinement of our internal reporting data, particularly for counterparty sector classification, will improve our capacity to report more granular concentrations. | Metrics and Targets a) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | In line with the recommendations of the TCFD, we are committed to disclosing metrics which reflect the impact of climate-related risks and opportunities in our credit portfolio. | Metrics and Targets a) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | Table 1 below reflects the group credit exposure concentrations for lending to sectors we have identified as having elevated climate-related risk (either physical or transition risk). | Metrics and Targets a) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | These metrics represent an aggregation of sector exposures across the group based on our current data classification structures. | Metrics and Targets a) |
Does the company disclose the metrics it uses to assess climate-related risks or opportunities? | Includes all loans and advances, bonds and investment securities in the banking book, but excludes all trading book exposures, reverse repurchase agreements and equity investments in the banking book. | Metrics and Targets a) |
Does the company describe the climate-related risks or opportunities it has identified? | Although the physical risks arising from climate change will have significant economic consequences over time, especially from a wider societal perspective, they represent a limited and manageable risk for Swiss Re. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | In addition to considering physical risk when acquiring new properties, we analyze these exposures across the portfolio based on Swiss Re’s proprietary modeling capabilities used for our re/insurance underwriting. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | We conduct internal research and collaborate with academia to study the impact on extreme weather events in the near and medium term. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | An increase in the frequency and severity of extreme weather events can restrict the affordability of re/insurance in certain regions, especially in coastal areas, by requiring a rise in premiums. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | Our models show that with the current climate, the dominant factor is natural variability affecting both the frequency and severity of extreme weather events in all regions. | Strategy a) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | Although the physical risks arising from climate change will have significant economic consequences over time, especially from a wider societal perspective, they represent a limited and manageable risk for Swiss Re. | Strategy b) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | An increase in the frequency and severity of extreme weather events can restrict the affordability of re/insurance in certain regions, especially in coastal areas, by requiring a rise in premiums. | Strategy b) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | The potential impact of climate change, including natural variability, is already being assessed and integrated into our risk view today. | Strategy b) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | We analyse these exposures across the portfolio based on Swiss Re’s proprietary modelling capabilities used for our re/insurance underwriting. | Strategy b) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | Physical risks posed by climate change could potentially affect four areas of our business. | Strategy b) |
Does the company describe the climate-related risks or opportunities it has identified? | An increase in the frequency and severity of extreme weather events can restrict the affordability of re/insurance in certain regions, especially in coastal areas, by requiring a rise in premiums. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | Although the physical risks arising from climate change will have significant economic consequences over time, especially from a wider societal perspective, they represent a limited and manageable risk for Swiss Re. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | Physical risks posed by climate change could potentially affect three areas of our business: reduction/disruption of our own operations, modelling and pricing of weather-related natural perils, and impact on the economic viability of re/insurance for risks exposed to extreme weather events. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | According to our in-house catastrophe loss models, severe weather risks are potentially of importance for some of our operations, mainly in Florida and on the northeastern coast of the US. | Strategy a) |
Does the company describe the climate-related risks or opportunities it has identified? | We expect weather risk to remain assessable by scientific methods, meaning we can continue to update our loss models in the future to assure adequate costing of extreme weather events. | Strategy a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | At board level, the risk and sustainability committee provides strategic guidance and leadership on climate change and environmental issues, and oversees implementation and revision of our environmental policy. | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Our environmental policy statement was approved three years ago. | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Related training is conducted site by site after changes to the policy and procedures. | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Future reports will address implementation and compliance to this policy by our suppliers and more detail on sourcing our products. | Governance a) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Tiger Brands is committed to supporting black economic empowerment and will prioritise procurement awards in South Africa to suitably qualified suppliers in line with the Broad-Based Black Economic Empowerment Act 53 2013 (BBBEE). | Governance a) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | TOTAL has set targets and introduced a number of indicators to coordinate its performance. | Metrics and Targets c) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | The Group’s climate targets: –reduce the GHG emission (Scopes 1 & 2) on operated oil & gas fa cilities of 46 Mt CO2e in 2015 to less than 40 Mt CO2e in 2025. | Metrics and Targets c) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | The Group also intends to reduce the carbon intensity of energy pr oducts used by its customers by 15% between 2015, the date of the Paris Agreement, and 2030 and by 40% by 2040. | Metrics and Targets c) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | This reduction was achieved in particular through a threefold increase in LNG sales (from 10 to 34 Mt) and an almost eightfold increase in electricity sales (from 6 to 46 TWh) ; over the same period, these efforts were accompanied by investments of more than $20 billion. | Metrics and Targets c) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | The Group’s climate targets: –reduce the routine flaring(1) by 80% on operated facilities between 2010 and 2020 in order to eliminate it by 2030; | Metrics and Targets c) |
Does the company describe the targets it uses to manage climate-related risks or opportunities? | The Group also intends to reduce the carbon intensity of energy pr oducts used by its customers by 15% between 2015, the date of the Paris Agreement, and 2030 and by 40% by 2040. | Metrics and Targets c) |
Does the company describe the board’s or a board committee’s oversight of climate-related risks or opportunities? | Unilever recognises the importance of disclosing climate-related risks and opportunities. Adopting the Taskforce on Climate-Related Financial Disclosures (TCFD) recommendations is an important step forward in enabling market forces to drive efficient allocation of capital and support a smooth transition to a low-carbon economy. The Boards take overall accountability for the management of climate change risks and opportunities with support from the ULE and the USLP Steering Team. Chaired by Keith Weed, the USLP Steering Team includes nine members of the ULE and meets five times a year. For 2,872 senior management employees, incentives include fixed pay, a bonus as a percentage of fixed pay and a long-term management co-investment plan (MCIP) linked to financial and USLP performance – including our climate change, water and sustainable sourcing targets. Climate change has been identified as a principal risk to Unilever. | Governance a) |
Does the company describe management’s or a management committee’s role in assessing and managing climate-related risks or opportunities? | Unilever recognises the importance of disclosing climate-related risks and opportunities. The Boards take overall accountability for the management of climate change risks and opportunities with support from the ULE and the USLP Steering Team. Chaired by Keith Weed, the USLP Steering Team includes nine members of the ULE and meets five times a year. For 2,872 senior management employees, incentives include fixed pay, a bonus as a percentage of fixed pay and a long-term management co-investment plan (MCIP) linked to financial and USLP performance – including our climate change, water and sustainable sourcing targets. Climate change has been identified as a principal risk to Unilever. To further understand the impact that climate change could have on Unilever’s business we performed a high-level assessment of the impact of 2°C and 4°C global warming scenarios. | Governance b) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | Climate change has the potential to impact our brands in different ways depending on the raw materials used in the production of our products and their end use. | Strategy b) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | We are developing product innovations with less greenhouse gases across the value chain and less water in use (see pages 11, 13 and 14). | Strategy b) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | Our categories’ response to climate change has been guided by a review of the areas where we can have the biggest impact on mitigating climate risk or benefiting from climate opportunity. | Strategy b) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | Sustainable value creation also means investing for the long term, which is why the Unilever Sustainable Living Plan (USLP) is at the heart of our business model and Vision to grow our business, whilst decoupling our environmental footprint from our growth and increasing our positive social impact, in turn contributing to the United Nations Sustainable Development Goals (see page 15). | Strategy b) |
Does the company describe the impact of climate-related risks and opportunities on its businesses, strategy, or financial planning? | Our strategy and business model continue to deliver growth that is consistent, competitive, profitable and responsible. | Strategy b) |
Does the company describe the resilience of its strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario? | The most significant impacts of both scenarios are on our supply chain where costs of raw materials and packaging rise, due to carbon pricing and rapid shift to sustainable agriculture in a 2°C scenario and due to chronic water stress and extreme weather in a 4°C scenario. | Strategy c) |
Does the company describe the resilience of its strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario? | The results of this analysis confirm the importance of doing further work to ensure that we understand the critical dependencies of climate change on our business and to ensure we have action plans in place to help mitigate these risks and thus prepare the business for the future environment in which we will operate. | Strategy c) |
Does the company describe the resilience of its strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario? | We plan to conduct further analysis on the impact of climate change on our agricultural supply chain and the impact of changing weather patterns (including both persistent effects such as droughts and the temporary effects of storms) on critical markets and manufacturing. | Strategy c) |
Does the company describe the resilience of its strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario? | We are taking action to address our climate change risks in line with the output from the scenario analysis, as well as benefiting from any opportunities these changes could present across our value chain. | Strategy c) |
Does the company describe the resilience of its strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario? | In the 2°C scenario, we assumed that in the period to 2030 society acts rapidly to limit greenhouse gas emissions and puts in place measures to restrain deforestation and discourage emissions (for example implementing carbon pricing at $75-$100 per tonne, taken from the International Energy Agency’s 450 scenario). | Strategy c) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | It is clear to us that because the nature of our business, most of our GHG emissions are generated in our value chain (Scope 3). | Metrics and Targets b) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | We share Walmart Inc.’s goal of reducing 18% our greenhouse gas emissions (Scope 1 and 2) by 2025 compared to 2015 baseline. | Metrics and Targets b) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | The goal is approved by the of Science-Based Targets initiative. | Metrics and Targets b) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | Mitigate climate change Reducing emissions 1,855 710 711 646 234717858700 1,117 426 515353 380628 695 504 238906 2401,591 1,4592,181 1,478. | Metrics and Targets b) |
Does the company disclose Scope 1 and Scope 2, and, if appropriate Scope 3 GHG emissions? | Total emissions thousands of tons CO2eq 2019 2018 2017 2016 2015 2014. | Metrics and Targets b) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | 1. "we have continued to integrate the consideration of climate-related risks and opportunities into our strategy and risk management processes." | Risk Management c) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | 2. "Building on extensive stakeholder consultation and climate change scenario analysis, we released our third Climate Change Position Statement and 2020 Action Plan in May 2017." | Risk Management c) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | 3. "Our policies and governance We apply our Sustainability Risk Management Framework to manage ESG risks across our operations, including in lending and investment and procurement decisions." | Risk Management c) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | 4. "To address climate-related risks, we have enhanced our approach to lending to emissions-intensive sectors." | Risk Management c) |
Does the company describe how processes for identifying, assessing, and managing climate-related risks are integrated into overall risk management? | 5. "This action plan outlines existing and new actions to strengthen our human rights framework and improve outcomes in each of our roles – as an employer, a customer, a financial services provider, a buyer and a supporter of communities." | Risk Management c) |