New Test page

SB 253

Actions

When

Where to start?

• Understand disclosure requirements and assess readiness to TCFD
  recommendations and ISSB disclosure standards.
• Establish climate risk governance through board and management
  oversight.

2023 / early 2024

What climate risks are material to our business? 

• Identify material impacts, risks and opportunities from acute and chronic
  physical, and transition risks and opportunities to the business.
• Assess current and anticipated effects across your business model and
  value chain.

Q2 2024 – Q1 2025 for disclosure in 2026

What are the effects on our financial position? 

• Define financial-related metrics and assess effects of climate-related risks
  and opportunities on financial position and performance for the
  reporting period.
• Assess potential financial impacts across the short, medium and long term.

How resilient is our business strategy? 

• Perform scenario analysis on material risks and opportunities to evaluate
  resilience of business strategy.
• Evaluate existing mitigation and adaptation plans to manage climate
  vulnerability and improve business models and strategy to enhance risk
  resilience and increase opportunity.

How do we integrate in risk management? 

• Define processes to identify, assess and manage climate-related risks.
• Integrate climate-related risks into ERM Risk Framework to ensure
  accountability for climate-related actions.
• Align climate risk management efforts with overall business strategy
  and assign risk management to relevant business functions.

Q4 2024

What metrics and targets should we measure
and report?

• Measure Scope 1 and 2 emissions.
• Evaluate Scope 3 relevance and measure relevant Scope 3 categories.
• Set GHG emission reduction targets.
• Establish GHG emission reduction strategy and transition plans.
• Track and communicate progress on targets through credible transition
  plans.
• Measure and report physical and transition risk and opportunity
  metrics and financial metrics required by ISSB.

2024 and improve in 2025 for filing in 2026