Leading climate action
We believe that addressing the climate issue is critical to the physical economic and social wellbeing of the communities in which we operate. Our commitment to leading climate action involves two specific areas of focus: climate risk management and decarbonisation. We aim to build climate resilience within the Group’s businesses by formulating strategies that address both climate mitigation and climate adaptation.
Climate risk management involves mapping climate risk and developing mitigating measures to future-proof our business from both physical risk (how a changing climate impacts on our assets) and transition risks (which include the impact of changing regulation, technology and markets, and reputational risks linked to our actions).
Decarbonisation requires the calculation and reporting of carbon inventories for each of our businesses. This will specifically involve a focus on Scope 1 and 2 emissions initially. The Group will consider a range of actions to address the need for decarbonisation of our businesses. In 2021, we will study carbon targets and formulate decarbonisation strategies at Group and business levels.