Sustainability Report 2021

TCFD index

TAG overview

TCFD disclosure 2021

Established in 2015, the Task Force on Climate-related Financial Disclosures (TCFD) aims to develop consistent, comparable and accurate climate-related financial risk disclosures. Companies can use this data to provide information to investors, lenders, insurers, and other stakeholders, allowing them to assess and analyze climate-related risks and opportunities. We use the recommendations of the TCFD for our climate-related reporting on governance, strategy, risk management, and metrics.

The TCFD reporting was not part of the limited assurance engagement conducted by an independent auditor for our 2021 Sustainability Report.

For the first time in 2021, we are taking into account the requirements of the TCFD in our sustainability reporting. Our TCFD disclosure is based on our responses to the CDP 2021 climate change questionnaire. Going forward, we plan to continue expanding our quantitative disclosures on climate-related topics as we increasingly integrate the TCFD recommendations into our businesses.

Governance

TCFD core elements

 

Required information

 

CDP climate change questionnaire 2021 reference

Disclose the organization’s governance around climate-related risks and opportunities.

 

A. Executive Board’s oversight of climate-related risks and opportunities.

 

C1.1a (p.3)
C1.1b (p.4)
C2.2 (p.8)

 

B. Management’s role in assessing and managing climate related risks and opportunities.

 

C1.2a (p.5)

Related Chapters

 

Sustainability Strategy
Climate Action

Strategy

TCFD core elements

 

Required information

 

CDP climate change questionnaire 2021 reference

Disclose the actual and potential impacts of climate related risks and opportunities on the organization’s businesses, strategy, and financial planning where such information is material.

 

A. Description of climate-related opportunities and risks.

 

C2.1a (p.8)
C2.2 (p.8)
C2.3a (p.13)

 

B. Impact of climate-related risks on the organization’s businesses, strategy, and financial planning.

 

C3.3 (p.26)
C3.4a (p.30)

 

C. Resilience of the organization’s strategy.

 

C3.2b (p.26)

Related Chapters

 

Sustainability Strategy
Climate Action

Risk management

TCFD core elements

 

Required information

 

CDP climate change questionnaire 2021 reference

Disclose how the organization identifies, assesses, and manages climate-related risks.

 

A. Organization’s processes for identifying and assessing climate-related risks.

 

C2.2 (p.8)
C2.2a (p.10)

 

B. Organization’s processes for managing climate-related risks.

 

C2.2 (p.8)

 

C. Integration of processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s overall risk management.

 

C2.2 (p.8)

Related Chapters

 

Compliance Management

Metrics and targets

TCFD core elements

 

Required information

 

CDP climate change questionnaire 2021 reference

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.

 

A. Metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process.

 

C4.1 (p.30)
C4.2 (p.34)
C5 (p.41)
C7 (p.54)
C8 (p.58)

 

B. Disclose of Scope 1, Scope 2, and, Scope 3 greenhouse gas (GHG) emissions, and the related risks.

 

C6.1 (p.42)
C6.3 (p.43)
C6.5 (p.45)
C7 (p.54)

 

C. Targets used by the organization to manage climate-related risks and opportunities and performance against targets.

 

C4.1 (p.30)
C4.1a (p.30)
C4.2 (p.34)

Related Chapters

 

Climate Action
Environmental Stewardship
Water Management
Waste & Recycling

Greenhouse gases
Gases in the atmosphere that contribute to global warming. They can be either naturally occurring or caused by humans (such as CO2 emissions generated by burning fossil fuels).
Scope 1
This includes emissions that occur in our company, for instance by generating energy from fossil fuels or by releasing process-related emissions.
Scope 2
This includes emissions from purchased energy such as electricity, heat, steam, or cold.
Scope 3
Scope 3 includes indirect greenhouse gas emissions, such as the extraction and production of purchased materials, transport-related activities, waste disposal, and employee travel.
Stakeholder
People or organizations that have a legitimate interest in a company, entitling them to make justified demands. Stakeholders include people such as employees, business partners, neighbors in the vicinity of our sites, and shareholders.

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