Tackling climate change
Climate risks and opportunities
Our commitment
The large-scale and long-term nature of the problem makes climate risks uniquely challenging, especially in the context of economic decision-making. We are committed to advancing our understanding of climate-related risks and opportunities, developing our climate-related scenarios and integrating them within our Enterprise Risk Management Framework System.
Our goal
Embed a risk-based approach to identify and assess climate-related risks and opportunities.
The sections below outline how we are identifying, assessing and managing climate-related risks and opportunities across our business.
Climate scenario analysis
Since 2021, we have reported annually in line with TCFD requirements. In 2024, in line with best practice, we refreshed our climate risk scenarios and developed our work on physical risks.
Key areas of focus in the refresh included:
- Identifying physical and transition risks and opportunities
- Understanding our business strategy resilience within a range of plausible futures through qualitative scenario analysis
- Financial quantification pilots on two transition risks
The outcomes from this work and a fuller explanation of our climate risks and opportunities are included in our TCFD report which can be found in our 2025 Annual Report and Accounts.
Creating a better environment
