Improving our climate change-related practices and disclosures
The Financial Services Board’s Task Force on Climate-related Financial Disclosures (TCFD) recommendations for voluntary and consistent climate-related financial risk disclosures has gained prominence as a guide to best practice reporting on climate change.
Demonstrating our support for the TCFD and commitment to climate change mitigation and adaptation, in 2021 we engaged independent consultants to analyse and benchmark the Group’s disclosures on governance structures, business strategy, risk management practices, and climate-related metrics and targets against the TCFD recommendations. This exercise identified gaps and areas for improvement, which we are responding to decisively.
In striving to fully align our climate disclosures with those of the TCFD by the end of 2023, the following are key developments and commitments:
- In 2021 we set a carbon neutrality target by 2050
- In 2022, we will conduct physical climate change risk and vulnerability scenario analyses across all our operations, to improve our evaluation of risks and opportunities, and to inform our strategic planning and investment decisions
- Using the Representative Concentration Pathway (RCP) 4.5 and 8.5, we will obtain insights into the extremes of both physical risks (RCP 8.5) and transition risks (RCP 4.5)
- Board member and upper management level training will include sessions on climate-related matters impacting Implats’ strategy, operation, our value chain, and surrounding communities
- Going forward, we will determine a carbon price for inclusion in project evaluations
- We will improve our evaluation and reporting on all significant upstream and downstream emissions sources (scope 3 emissions).