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TCFD ahead of mandatory reporting

Contents

• Pathway to mandatory TCFD disclosures
• What companies should consider
• Investor expectations
• Examples
• 2. Examples of Current Practice

This report has been prepared by the Financial Reporting Lab (Lab) team and highlights examples of current practice that were identified by the Lab based on past discussions with investors and which address one or some of the questions highlighted in Appendix 1 and aspects of the issues highlighted in the FRC Climate Thematic. Not all of the examples are relevant for all companies and all circumstances, but each provides an example of a company that demonstrates an approach to useful disclosures. Highlighting aspects of reporting by a particular entity should not be considered an evaluation of that entity's annual report as a whole. The examples used are selected to illustrate the principles that investors have highlighted as useful and desirable. However, they are not necessarily examples chosen by investors, and should not be taken as confirmation of acceptance of the company's TCFD disclosures or of their reporting more generally. If you have any feedback, or would like to get in touch with the Lab, please email us at: [email protected]

Pathway to mandatory TCFD disclosures

Introduction

Climate change and how companies are responding to the risks that it poses are at the forefront of the minds of investors, regulators and other users of corporate reporting. In response, companies are increasingly adopting the recommendations of the Task Force on Climate-related Financial Disclosures ("TCFD"), as reflected in the Lab's TCFD snapshot and the TCFD 2021 status report. Although some are currently doing so on a voluntary basis, UK premium-listed companies will be required to report under the TCFD framework at the end of 2021, with other companies to follow over the next few years.

In advance of these requirements, the Lab has carried out a review of current reporting practice to provide practical guidance to companies on how to provide better TCFD disclosures. The review is based on the recommendations set out in the Lab's previous reports on climate-related reporting. It also considers how reporting has developed in response to the FRC's Climate Thematic. This report aims to help companies prepare for mandatory TCFD reporting and includes reminders of where improvements are needed.

The Task Force on Climate-related Financial Disclosures

The TCFD, established in December 2015 by the Financial Stability Board, was tasked with reviewing how the financial sector could take account of climate-related issues. In 2017, the TCFD published a report which set out four core elements of recommended climate-related financial disclosures that apply to organisations across sectors and jurisdictions:

• Governance: the organisation's governance around climate-related risks and opportunities.
• Strategy: the actual and potential impacts of climate-related risks and opportunities on the organisation's businesses, strategy, and financial planning.
• Risk Management: the processes used by the organisation to identify, assess, and manage climate-related risks.
• Metrics and Targets: the metrics and targets used to assess and manage relevant climate-related risks and opportunities.

The four core areas, or pillars, and eleven recommended disclosures are shown in Figure 1.

Figure 1: TCFD four pillars and eleven recommended disclosures

Governance	Strategy	Risk Management	Metrics and Targets
Disclose the organization's governance around climate-related risks and opportunities.	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.	Disclose how the organization identifies, assesses, and manages climate-related risks.	Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.
Recommended Disclosures	Recommended Disclosures	Recommended Disclosures	Recommended Disclosures
a) Describe the board's oversight of climate-related risks and opportunities.	a) Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term.	a) Describe the organization's processes for identifying and assessing climate-related risks.	a) Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process.
b) Describe management's role in assessing and managing climate-related risks and opportunities.	b) Describe the impact of climate-related risks and opportunities on the organization's businesses, strategy, and financial planning.	b) Describe the organization's processes for managing climate-related risks.	b) Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas (GHG) emissions, and the related risks.
	c) Describe the resilience of the organization's strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.	c) Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization's overall risk management.	c) Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets.

Regulatory requirements

The Financial Conduct Authority (FCA) issued a rule, effective for periods beginning on or after 1 January 2021, for UK premium-listed companies to report against TCFD on a 'comply or explain' basis. The FCA expects in-scope companies to be able to make disclosures consistent with the TCFD's eleven recommended disclosures, except where they face transitional challenges in obtaining relevant data or embedding relevant modelling or analytical capabilities. Therefore, compliance (and reporting) is expected on governance, risk management and description of risks and opportunities and their impact on strategy. In some cases, meaningful explanations on how a company is preparing for scenario analysis and metrics & targets may be acceptable instead of disclosure. Where a company has chosen to explain rather than comply, it should set out any plans it has to be able to make the disclosures in the future and a timeframe for doing so.

The government also published a roadmap setting out when mandatory TCFD reporting requirements will be applied to other companies. This roadmap, and further information on the FCA requirements and forthcoming regulation, can be found in Appendix 2).

What companies should consider

The Lab has released two previous reports on climate-related reporting setting out the information that investors were calling for. The first report, from 2019, looked at what investors wanted from climate-related reporting, which was centred around the TCFD framework. The second report, published in 2020 as part of the FRC's Climate Thematic, provided a snapshot of investor expectations and examples of better reporting practice. The Lab also contributed investor insights to the thematic report reviewing developing company reporting practice.

These publications set out questions for companies to consider addressing in response to each TCFD pillar and the related eleven recommended disclosures. These questions remain relevant in view of the developing nature of reporting practice and to meet investor needs. On the right, we highlight the key questions; the more detailed questions that support these can be found in Appendix 1.

Answering these questions will help companies prepare disclosures that are consistent with the TCFD framework. This report provides some examples of better reporting practice where companies have addressed these questions and the issues highlighted on the next page.

In addition, when preparing TCFD disclosures, companies should consider existing related requirements, in particular those set out in the Guidance on the Strategic Report, the Corporate Governance Code and the Streamlined Energy and Carbon Reporting (SECR) rules. The FRC recently published a thematic review of company reporting against the SECR regulations. This review found that whilst the companies in the sample largely complied with the minimum requirements and there were some areas of emerging better practice, more needs to be done to make these disclosures understandable and relevant for users. This review also includes examples of better practice on presentation of metrics, which can be applicable to TCFD disclosures.

Furthermore, companies need to consider the impact of climate risk on the financial statements. The International Accounting Standards Board (IASB) published a helpful briefing note on the application of IFRS requirements to climate-related matters.

Governance and management

• What arrangements does the board have in place for assessing and considering climate-related issues?
• What information helps the board understand the company's climate risk profile?
• Does the board consider the company's climate-related reporting to be fair, balanced and understandable?
• What arrangements does the Executive Committee, and divisional management, have in place for assessing and considering climate-related issues, and who has responsibility for them?

Business model and strategy

• What opportunities and risks concerning climate-related issues are most relevant to the company's business model and strategy?
• What does the company look like in the future and how will it continue to generate value?
• What strategy has been put in place to reach Net Zero or other targets, and what operational or capital expenditures are needed to address any necessary business model changes?
• How are the risks and opportunities reflected in the financial statements?

Risk management

• What systems and processes are in place for identifying, assessing and managing climate-related risks?
• How are the risks from climate change being monitored, including decisions around mitigation, transfer, acceptance and control?
• How is the assessment of the company's viability over the longer term taking into account climate-related issues?
• When undertaking scenario analysis, how did the company decide on which scenarios to use, and what assumptions have been made?

Metrics and targets

• What performance information is most relevant to monitoring and managing the impacts of climate-related issues (both on the company and of the company)?

Investor expectations

Revisiting what investors told us

In the FRC's 2020 climate thematic, investors reiterated that they continue to seek a better understanding of:

• how boards consider and assess climate-related issues (governance);
• how the business model may be affected by climate-related issues, whether it remains sustainable, and how the company may respond to the challenge posed by climate change, including what changes the company might need to make to strategy (strategy);
• the risks and opportunities presented by climate change including the prioritisation, likelihood and impact, what scenarios might affect the company's sustainability and viability, and how the company is responding (strategy and risk management); and
• how climate-related issues, and their impact, are measured, including metrics, data and financially-relevant information (metrics and targets).

A year on from the thematic, these considerations remain relevant and are all addressed by the four pillars of TCFD and its recommendations.

The thematic highlighted the following issues (on the right-hand side) where more needs to be done by companies. Based on the Lab's review of reporting published in 2021 and discussions with investors, again these remain relevant as areas of improvement for companies to focus on. On pages 7 to 18 we highlight examples that address in part the issues raised.

Area	Issues identified in the Climate Thematic	Better practice examples
	There is a lack of sufficient detail and specificity on the impact of climate on business model and strategy which would be useful to investors.	Unilever, National Grid
	Disclosures of risks and opportunities arising from climate change impacts on the business model are of mixed quality, with a lack of substance on how strategy will be adapted, or much more emphasis on opportunities than on risks. More information on prioritisation, likelihood and impact, and the timeframes over which risks and opportunities might crystallise is needed.	Unilever, National Grid, Polymetal
	Reporting on scenarios remains a key area of investor interest, and an area of weaker disclosure. Some companies disclose climate change scenarios that may affect viability, but detail is scarce.	Polymetal, Landsec, United Utilities
	Pledges and indicators related to Net Zero are often ill-defined and difficult to understand and compare, and have the potential to be misleading. 'Aims' and 'ambitions' should be clearly distinguished from policies which are actively being pursued and are included in business plans and budgets.	National Grid, Landsec
	There is a lack of explanation of performance against set targets and a disproportionate focus on 'good news stories' related to a small part of the business. Outcomes for the business as a whole should be reported.	Landsec
	Scope and basis of calculation of metrics is often unclear.	ABF

This report also includes interesting examples of reporting on climate governance (National Grid and ITV) and plans for TCFD disclosures (Persimmon and Coca-Cola HBC).

Spotlight on scenarios

As discussed on page 5, scenarios remain an area of key investor interest, but related disclosures are generally still developing. This was also emphasised in the Lab's latest report on risks, uncertainties, opportunities and scenarios, which further highlighted that information provided on scenario analysis is often at a high-level and, in many instances, inconsistent with other information provided in the annual report. To be more useful, companies should:

• give comfort that a range of scenarios and outcomes are considered by providing information on process, inputs, assumptions, actions and responses;
• link clearly the scenario to the disclosures on the related principal risk(s);
• explain unique circumstances specific to the company and not provide generic narrative;
• report on plausible actions, not ones unlikely to be taken; and
• be clear on details and outcomes of stress tests and not just state that they occurred.

An FRC and Alliance Manchester Business School research report on climate scenario analysis also highlighted that disclosures of climate risk mitigation plans are not often related to discussions around climate scenarios, and that the latter are rarely explicit in considering the impacts of climate change on the company's customers or suppliers. Companies should consider how to better address these aspects in their disclosures of scenarios. We also noted a few examples which refer to climate scenarios in their viability statement – companies should consider reflecting results of scenario analysis in their viability assessment.

Beyond TCFD disclosures

The Lab's previous work and the thematic also underscored that investors want climate-related issues to be reflected in the financial statements. Investors also reiterated the need for consistency between the front half and back half of annual reports. The thematic set out the FRC's expectations for companies to properly consider the impact of climate-related risk on the financial statements and highlighted potential non-compliance with IFRS standards and the lack of consistency between forward-looking assumptions and judgements applied in preparation of the financial statements and narrative discussion of climate change in the strategic report.

Limited consideration and reference of climate change in the financial statements was reflected in a recent report by Carbon Tracker and Principles for Responsible Investment (PRI), which noted the absence of climate risks in financial reporting in over 70% of the 107 global companies it reviewed. Investors are challenging companies to reflect and adequately explain information on climate-related issues in the financial statements where material, and auditors to challenge and test management's assumptions. One example that addresses climate in the notes to the financial statements is United Utilities.

The thematic also highlighted that disclosures outlining the impact of the company on the environment are less developed and informative than disclosures on the challenge climate change poses to the company.

Other reminders

In the course of reviewing reports, we identified the following areas which companies may need to consider when preparing their TCFD and other climate-related disclosures:

• Due to exemptions, SECR metrics may not include all entities within a group. Therefore, SECR disclosures may not be the most appropriate metrics to meet the TCFD requirement unless they are representative of the whole group's emissions.
• It is not always clear how companies decide which climate information to present in their annual reports as opposed to a standalone sustainability, climate change or TCFD report. Companies should consider what disclosures are included in the annual report, compared to other standalone reports, as they will need to provide an explanation why, besides a reference to where the disclosures can be found, to meet FCA requirements.
• Reference to disclosures in reports external to the annual report, particularly third party reports such as responses to CDP questionnaires, should be made easily available, ideally through the use of hyperlinks within the annual report.

Examples

The following examples address one or some of the questions highlighted in Appendix 1 and aspects of the issues highlighted on page 5.

National Grid plc

Annual Report 2020, pg 61-62

What is useful?

National Grid highlights its internal governance structure, and how each different board committee, including the Nominations committee, considers climate. This section outlines some of the main climate-related issues addressed by the board. In addition, National Grid discusses management's role and how climate risks and opportunities are considered across the business.

Governance of climate-related risks and opportunities

The Board's oversight

The Board of Directors is responsible for the oversight of climate-related risks and opportunities impacting the Group. They in turn delegate some elements of their responsibility to their various sub-committees, as set out in the diagram below:

Board of Directors: There has been an increased focus on climate-related matters at the Board level as the landscape continues to evolve with further regulatory developments and changes in stakeholder expectations. Board members presented alongside management at environment, social and governance (ESG) investor presentations during the year, including an ESG virtual seminar event in October 2020 and a follow-up session on the future of gas in January 2021. The expertise of the Board on ESG-related matters continues to be enhanced through regular interactions with management, regulators and government bodies on matters such as our net zero strategy. The Board will also be actively involved in COP26 taking place in Glasgow in November, for which National Grid is a principal partner. In addition, the Board was involved in the following discussions relevant to climate change:

• reviewed and approved the climate change principal risk as part of the annual risk review and challenge process. This risk is now owned by Justine Campbell, the Group General Counsel & Company Secretary and a member of the Group Executive Committee, having first been elevated to a principal risk in Autumn 2019;
• RIIO-2 Final Determinations which reflect our investment proposition for supporting the UK energy transition;
• quarterly reviews of performance on our environmental sustainability metrics and targets; and
• approved the acquisition of WPD to achieve a scale position in electricity distribution in the UK, which is expected to see a high level of asset growth as a result of the energy transition.

The Audit Committee remains responsible for reviewing and approving the content of our TCFD disclosures. The Audit Committee considered papers in March and May 2021 on the financial reporting and disclosure considerations in respect of climate change. The Audit Committee also oversees the development of the assurance model for our RBR and recommends to the Board the approval of the disclosures in our first RBR.

The Finance Committee is responsible for overseeing our financing strategy, including the issuance of our first Green Bonds in National Grid Electricity Transmission and Niagara Mohawk Power Corporation (NMPC). The Finance Committee also considers the financial impact of environmental factors on our credit metrics and relevant considerations with regards to debt investors.

The Safety, Environment and Health Committee (SEH Committee) is responsible for assessing the Group environmental sustainability strategy and performance, as well as how the Company adapts its business strategy considering potential climate change risks and opportunities. The SEH Committee monitors our environmental sustainability performance quarterly and approves updates to our environmental sustainability strategy and targets annually.

The Remuneration Committee is responsible for determining our remuneration policy, including how ESG factors are considered in the policy, and how they are taken into consideration in determining the final incentive pay decisions. For further detail on how such factors feature in executive remuneration, please refer to the Directors' Remuneration Report on pages 92–113.

The Nominations Committee is responsible for Board appointments and succession planning. In 2019, the Nominations Committee approved the appointments of Jonathan Silver, whose previous experience included leading the US Federal government's clean energy investment fund and Earl Shipp, who brings significant experience in safety, environmental and sustainability from his executive career.

A TCFD steering group comprised of representatives from Group Financial Reporting, Safety, Health and Sustainability, Corporate Strategy and Investor Relations oversees progress against the TCFD recommendations and the publication of our annual disclosure, and reports to the Chief Financial Officer. In addition, a new Responsible Business steering group, chaired by the Interim Group Corporate Affairs Director, has been set up to provide oversight of the integration of responsible business into National Grid, including the development of ESG targets and future ESG strategy. The steering group also provides oversight over ESG-related external reporting, including TCFD disclosures and is comprised of the Interim Group Corporate Affairs Director, Chief Financial Officer, Group General Counsel & Company Secretary and the Chief People and Culture Officer. Standing attendees include the Head of Responsible Business, Head of Safety, Sustainability, Health and Environment and the Group Financial Controller.

A Green Financing Committee chaired by the Group Treasurer, provides governance over our Green Financing Programme. In December 2020, the Green Financing Committee approved the publication of our first Green Financing Report, which provided an analysis of how we utilised the proceeds from our portfolio of Green Bonds and their environmental impact.

Management's role

Management is responsible for managing on a day-to-day basis the climate-related risks and opportunities faced by the Group and for delivering the roadmaps to achieve the net zero strategy set by the Board.

Responsibility for asset investment and maintenance planning, implementation of the net zero strategy and overseeing the development of the RBC is delegated by the Board to the Group Executive Committee which further delegates responsibility to the core operational businesses.

Our businesses are responsible for and held accountable for determining their local roadmaps for achieving net zero, including tracking and monitoring net zero metrics and targets at a local level:

• UK and US core businesses – responsible for managing the impacts of climate change on the assets within their businesses and working with local regulators to develop regulatory frameworks that enable the transition to net zero;
• Electricity System Operator – responsible for working with the energy industry to adapt the Great Britain (GB) electricity system to keep electricity flowing reliably with increasing renewable sources;
• National Grid Ventures (NGV) – responsible for identifying clean energy investment opportunities, such as large-scale renewables like wind and solar. NGV is also responsible for investing in our interconnector portfolio which is expected to import energy that is 90% zero carbon by 2030; and
• National Grid Partners (NGP) – responsible for incubating and investing in technology startups that can help National Grid achieve the energy transformation.

Our functions are responsible for supporting the businesses in achieving their net zero pathways:

• Corporate Affairs – responsible for external communications in regard to our net zero strategy, including the publication of the RBC and RBR;
• Group Finance – responsible for supporting the businesses to understand the financial impacts of net zero plans and producing external ESG metric reporting and disclosures, executing green financing and managing ESG investor communications;
• Safety, Health and Environment – responsible for assessing the Group environmental sustainability strategy and performance, monitoring our environmental sustainability performance quarterly and implementing the annual updates to our environmental sustainability strategy and targets; and
• Group Human Resources – responsible for integrating ESG targets into remuneration frameworks for approval by the Remuneration Committee.

Our role in the energy transition continues to be an area of increasing focus at all levels of the organisation, from Company-wide calls led by the Chief Executive on the commitments published in our RBC, to bespoke sessions run locally to develop and communicate the roadmaps for each business' contribution to achieving net zero. Previous training has been delivered in the US about how our role is changing on the pathway to 80% reduction by 2030. More formal training programmes in the UK which were paused due to the ongoing pandemic are currently being designed for roll-out throughout the business next year. Bespoke training has been delivered to specific roles where they need knowledge and skills to deliver against our targets.

ITV plc

Annual Report 2020 pg 63

What is useful?

ITV provides an overview of its Environmental Governance structure, including the roles and responsibilities of each of the relevant groups and how they interact with each other.

Environmental Governance structure

Board Responsible for: - Ensuring the effective delivery of environmental targets - Reviewing key climate-related risks and opportunities and overseeing mitigation strategies as part of the bi-annual review of principal and emerging risks - Considering climate change as part of stakeholder engagement

Management Board Responsible for: - Reviewing and monitoring climate-related risks at least bi-annually, as part of the principal and emerging risks - Reviews and establishing effective mitigation and controls to manage risks - Ensuring appropriate action is being taken to meet our environmental targets, through review of quarterly reporting on climate change issues, including proposed metrics and KPIs

Divisional Boards (Studios and Media & Entertainment) Responsible for: - Monitoring divisional progress on environmental targets through tracking KPIs - Assessing climate change risks and opportunities within the division

Climate Change Delivery Group Chaired by the Group CFO, this group is responsible for: - Identifying all climate-related risks and opportunities, including and developing appropriate mitigation strategies - Establishing action plans to deliver our environmental targets, tracking progress against the targets and reporting to the PLC Board/ Audit and Risk Committee and Management Board - Embedding accountability in each business area for delivery of the targets and monitoring progress and actions - The group meets quarterly and comprises senior business leaders from across ITV, who also lead working groups in their respective business to deliver actions required

Green Team Steering Group and business area Green Teams Responsible for: - Embedding and championing environmentally sustainable behaviours across the organisation - Supporting local green team champions in business areas - This group is chaired by the Senior Manager of our Social Purpose team and comprises senior leaders across the business

Audit and Risk Committee Responsible for supporting the Board in its responsibilities with respect to climate change, including: - Considering climate change risks as part of the bi-annual review of principal and emerging risks - Overseeing compliance with, and progress on, climate change reporting - Overseeing ITV's environmental data and its accuracy and completeness, the Company's environmental targets set in 2020, and the governance and planned roadmap to enable the targets to be achieved

Working Groups Responsible for: - Delivering the relevant actions related to their area to meet our environmental targets - Day-to-day management of climate-related risks - Embedding the climate change culture and mindset within their business area - Working groups are led by senior business leaders from across ITV, supported by colleagues within their area

Pathway to full TCFD disclosure in 2021

The Group's progress in 2020 includes:

• Adoption of the Greenhouse Gas ('GHG') Protocol Corporate Accounting and Reporting Standard (Revised Edition) as the method to measure and report the Group's emissions from its own operations;
• Publication of a Carbon Reporting Methodology Statement to describe the processes and methodologies for measuring and reporting the Group's emissions from its own operations;
• Begin to establish and set science based GHG emissions targets for the Group's emissions from its own operations, its homes in use and its supply chain;
• Established operations led steering groups to direct, manage and integrate the impact of potential regulatory changes and GHG emission reduction strategies throughout the business; and
• Performed a high-level balance sheet, profit and loss account and cash flow review of the asset classes and cost categories likely to be most significantly impacted by climate change.

The Group's current progress and future plans for 2021/2022 include:

• The calculation and publication of the Group's science based GHG emissions targets for its own operations and those from its homes in use and its supply chain (see page 48);
• Submit the Group's science based targets to the Science Based Target Initiative for formal accreditation;
• Measure and publish the Group's emissions from its homes in use and its supply chain within its 2021 annual financial statements;
• Embed GHG emission reduction strategies, into 'business as usual' via the Group's steering groups;
• Publication of progress against these emissions targets;
• Perform climate change scenario analysis;
• Assess and develop the pathway to net zero for the operations of the Group; and
• Assess and develop the pathway to developing low carbon homes at scale.

3. Reduced ability to produce as result of water scarcity

Access to water is fundamental to our business and to the communities we operate in. Climate change is impacting the availability and quality of water in some of the areas where we need it and might have an impact on our communities and the environment.

We have assessed future water stress levels based on different global warming scenarios. A number of our plants are located in areas that are or will be facing water challenges. These plants are called water priority plants.

During the year, we assessed revenue at risk for water priority plants. We are reducing our water usage across our business and, as part of our Mission 2025 sustainability commitments. have committed to a 20% reduction for water priority plants.

In 2021, we will include a quantitative assessment of the impact of climate change on water availability in key markets under different climate scenarios.

7. Increased costs and disruptions due to water regulations

As noted above, water is fundamental to our business. Any changes to the cost of water or placement of restrictions on the availability of water may impact our ability to produce or increase the cost of production.

We are reducing our water usage across our business and, as part of our Mission 2025 sustainability commitments. have committed to a 20% reduction in water usage in our water priority plants. We are also closely monitoring for potential additional taxes, levies or restrictions in the availability of water.

In 2021, we will include a quantitative assessment of the impact of climate change on water availability in key markets under different climate scenarios. We will also include potential shorter-term transitional costs in that assessment.

Persimmon plc

Annual Report 2020 pg 66

What is useful?

Persimmon outlines the actions it took during the year which are reflected in its TCFD disclosure and its progress and plans for the coming two years to enable it to provide full TCFD disclosure.

Coca-Cola HBC AG

Integrated Annual Report 2020 pg 64, 65

What is useful?

In their analysis of physical and transitional risks, Coca-Cola HBC highlight the additional actions and disclosures they will make in the following year.

Black tea

We are the world's biggest tea company and buy around 10% of the world's black tea. We source tea from our own tea estates, our suppliers, or from smallholder farmers across four continents.

What we modelled: We worked with the Potsdam Institute for Climate Impact Research to forecast future tea yields using crop and climate models. We similarly isolated the impact of climate-induced yield changes on prices from other important factors such as acreage, farming technology, tea quality, extreme weather events and man-made factors such as elections, unrest and governmental policy. The black tea market is highly fragmented and lacks liquidity so we modelled risks in four key sourcing countries: Argentina, India, Kenya and Turkey.

Impact on yields: Varies between countries but on average, overall yields are expected to increase. Reduced yields are a particular risk in 2030 in a 2°C scenario in Kenya and in 2050 in a 4°C scenario in Argentina. Associated average price reductions are expected in most scenarios over a 30-year horizon.

Risk profile: Some exposure to risk due to lower yields in Kenya and Argentina in some scenarios. However overall, there is a low direct financial risk to our black tea business from climate change across all four countries modelled.

Key risks: Small potential price rises in Kenya and Argentina. In Kenya there is a risk of plateauing yields if additional acreage is not available due to government or land-use change policies in the 2°C scenario. In India, the declining quality of black tea could be a bigger risk to prices than yields, driven by water scarcity and temperature stress in both 2°C and 4°C scenarios. Extreme weather events and man-made factors (such as elections or public unrest) could also have a bigger – but very unpredictable – impact on prices and production than the direct impacts of climate change. Lack of appropriate substitutions for black tea also increases the risk profile.

Mitigating actions: Since 2014, we've developed diverse natural tea varieties that are more resilient to the impacts of climate change such as drought, as well as pests and disease. Our long-standing partnership with the Rainforest Alliance supports smallholder farmers to improve sustainable practices in Kenya and we're working with The Sustainable Trade Initiative (IDH) to reverse deforestation and improve rainfall to support tea growing. In India, we are a founding member of trustea, supporting sustainable practices across the country's tea estates. Together with Oxfam and the Ford Foundation, we created the Enhancing Livelihoods Fund (ELF), which aims to enhance the livelihoods of smallholders while securing ingredients sustainably. Our ELF programme in Kenya supports 200 women tea farmers with access to finance, skills and training to cultivate drought-resistant tea crops.

Scenario: Potential impact of a 2°C temperature increase by 2100 (transition impacts)

Scenario drivers	Potential financial impact in 2030 if no actions to mitigate risks are taken
Increased costs due to carbon pricing.	Turnover: Not material Expenditure: Estimated increase of €0.8bn
Increased raw material costs from zero net deforestation policies and a shift to sustainable agriculture.	Turnover: Not material Expenditure: Estimated increase of €0.9bn

Scenario: Potential impact of a 4°C temperature increase by 2100 (physical impacts)

Scenario drivers	Potential financial impact in 2030 if no actions to mitigate risks are taken
Chronic and acute water stress reduces agricultural productivity in some regions, raising prices of raw materials.	Turnover: Not material Expenditure: Estimated increase of €2.7bn
Increased frequency of extreme weather (storms and floods) causes increased incidence of disruption to our manufacturing and distribution networks.	Turnover: Estimated reduction of €0.4bn Expenditure: Not material
Temperature increase and extreme weather events reduce economic activity, GDP growth and hence sales levels fall.	Turnover: Estimated reduction of €2.1bn Expenditure: Not material

Unilever plc

Annual Report 2020, pg 52-54

What is useful?

Unilever's scenario analysis states the drivers for each scenario and quantifies the potential financial impact in 2030 on turnover and expenditure, including where this is not considered to be material. Furthermore, Unilever provides a deep-dive analysis of the potential financial impact of climate change on three of its key agricultural commodities (black tea is shown above). This analysis highlights specific risks to its supply chain and mitigating actions to counter the results of modelling for the two scenarios.

National Grid plc

Annual Report 2020, pg 63-64

What is useful?

In its discussion of strategy for responding to climate change, National Grid states what it considers to be short, medium and long term. For each risk or opportunity, the relevant time frames and the specific areas of the business impacted are identified. National Grid then explains the actions, including investment, and what its plans are in response to the risk or opportunity. Where relevant, the response relates to how National Grid will meet its Net Zero commitments.

Our strategy for responding to climate change

Overview of our climate-related risks and opportunities

The scale of ambition and speed of change required to meet net zero emission targets, along with the changes in temperature and weather patterns present both risks and opportunities to our business. These risks and opportunities, along with a summary of the work we are doing to address them, are presented in the table below. Short-, medium- and long-term timeframes are defined in our risk methodology as one year or less, one to three years and three or more years respectively, and this is reflected in the table below.

| Risk/opportunity type and description | Our response - Unilever plc Annual Report 2020, pg 52-54

What is useful?

Unilever's scenario analysis states the drivers for each scenario and quantifies the potential financial impact in 2030 on turnover and expenditure, including where this is not considered to be material. Furthermore, Unilever provides a deep-dive analysis of the potential financial impact of climate change on three of its key agricultural commodities (black tea is shown above). This analysis highlights specific risks to its supply chain and mitigating actions to counter the results of modelling for the two scenarios.

Polymetal International plc

Climate Report 2021 pgs 14,15

What is useful?

Polymetal outlines the implications of the three scenarios it chose (based on Representative Concentration Pathways (RCP) and the International Energy Agency (IEA)), including those specific to the regions it operates in. Each scenario is assessed against the time horizons it considers to be short, medium and long-term horizons. These scenarios are further considered in relation to specific risks (see next page).

Considering regional specifics

Our operating assets are located in remote regions of Russia and Kazakhstan, and all have their own specific climate and natural features. Climate change has an overall impact on all climate zones and local ecosystems. At the same time, the ongoing changes are heterogeneous and manifest themselves differently. Being aware of the complexity and heterogeneity of climatic processes, we thoroughly analyse the regional aspects of our assets and consider, among other things, region-specific processes, such as thawing of permafrost and changes in the seasonal regimes of seas and rivers.

To take account of the climate features and the intensity of climate change in every region of our operations, we selected sets of meteorological data for each asset, using information from Roshydromet and Kazhydromet. Using this data, we developed climate profiles for each asset. A climate profile contains the data on the frequency and severity of extreme natural events, including trends and climate change over the past 20 years. This tool, together with global IPCC research and RCP models, gives us the means to properly assess the potential climate change and the possible risks for each asset.

This approach is also applicable to future projects. When assessing the potential for further operations in a new region, an analysis of its climate profile enables us to consider potential climate risks and regional climate features at early stages, therefore significantly increasing the Group's resilience to climate change.

| | SUSTAINABLE DEVELOPMENT SCENARIO | PARIS AGREEMENT SCENARIO | BUSINESS AS USUAL | | IEA's Current Policies scenario RCP 4.5/RCP 6.0 | | :-------------------------------------------------------------- | 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| | Unilever plc Annual Report 2020, pg 52-54

What is useful?

Unilever's scenario analysis states the drivers for each scenario and quantifies the potential financial impact in 2030 on turnover and expenditure, including where this is not considered to be material. Furthermore, Unilever provides a deep-dive analysis of the potential financial impact of climate change on three of its key agricultural commodities (black tea is shown above). This analysis highlights specific risks to its supply chain and mitigating actions to counter the results of modelling for the two scenarios.

Polymetal International plc

Climate Report 2021 pgs 17,19-21

What is useful?

Polymetal assesses the impact of transitional, acute physical and chronic physical risks against the different scenarios across different time horizons, and outlines the actions Polymetal is taking to adapt to these risks. Polymetal also quantifies the potential risk impact ranges when setting out its risk assessment criteria.

Potential risk impacts

Risk impact:	Insignificant	Minor	Moderate	Major	Catastrophic
Business disruption / asset damage and other consequential loss	Less than 1% Adjusted EBITDA	1-5% Adjusted EBITDA	5-10% Adjusted EBITDA	10-20% Adjusted EBITDA	More than 20% Adjusted EBITDA
Politico-economic impact	Minimal financial impact	Material financial impact	Serious financial impact	Major financial impact	Extreme financial impact
Technology impact	No need to change existing technologies	Insignificant technology update required	Serious technology update required	The best available technology needs to be implemented in the medium term	The best available technology is urgently required
Social impact	Public awareness may exist but no public concern	Local social issue or public concern	Regional social issue or public concern	National social issue or public concern	International social issue or public concern
Physical impact of climate change	Minimal impact	Material impact	Serious impact	Major impact	Extreme impact

Climate change impact	Exposure to transitional risks	1.5°C scenario	2°C scenario	Business-as-usual scenario	Adaptations
Short-term We do not anticipate any significant changes occurring over the short term. Implementation of transboundary regulatory controls can potentially commence.	Insignificant	Insignificant	Insignificant	Insignificant	* Approval of mid-term goals on GHG emissions reduction and adaptation plan until 2030. Development of long-term goals until 2050 and achieving carbon neutrality. Ongoing monitoring of legal initiatives on climate related regulation.
Mid-term In the +1.5°C and +2°C scenarios, we expect the introduction of transboundary regulatory controls, which will have an impact on exports (concentrate, Dore bars). National carbon regulations (such as carbon offset credits) may potentially be introduced.	Relevant risk	Relevant risk	Relevant risk	Relevant risk	* Consistent carbon footprint reduction and transition to low-carbon energy solutions, including switching to power grids, implementation of renewables, transition to electric underground equipment, etc. Change in concentrate sales: exclude export and concentrate processing at our POX-2 plant located in Russia. Approval of long-term goals on carbon footprint reduction until 2050 and of the carbon neutrality achievement plan.
Long-term Apart from the implementation of international and national carbon regulatory controls, we expect the introduction of more rigorous requirements for implementing best available technologies over a long-term horizon. We also anticipate stricter design standards and requirements, particularly those applicable to dams and other hazardous facilities.	Minor	Minor	Insignificant	Insignificant	* GHG emissions reduction by 30% by 2030 (emission intensity, kg CO₂e per oz GE) and increased share of renewables to 7% of energy generated by 2025. Moving towards carbon neutrality according to the defined targets. Transition to low-carbon technologies and to green electricity wherever possible. Evaluation of the potential of hydrogen technologies. * Rehabilitation of depleted deposits and complete reforestation of closed mine sites.

Risk type:

• Cross-border carbon tax
• National-level carbon regulations
• Compulsory requirements for renewable energy usage and tightening construction standards

Land Securities Group PLC (Landsec)

Annual Report 2020/2021 pg 76

What is useful?

Landsec provides a summary of the assumptions and expected implications (including portfolio exposure) of the two scenarios chosen across its defined short and long term periods. Further detail is provided in Landsec's sustainability performance and data report.

| | SHORT TERM (UNTIL 2030) | LONG TERM (2030-2100) | | 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-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------## 1. Introduction

Climate change has been identified as a systemic risk to the global financial system. The Financial Stability Board's Task Force on Climate-related Financial Disclosures (TCFD) was established in December 2015 to develop recommendations for consistent climate-related financial disclosures that are useful for investors, lenders, and insurance underwriters in understanding material climate-related risks and opportunities.

1.1 Scope and Objectives

This document outlines the Financial Reporting Council (FRC) Lab’s review of current reporting practice regarding TCFD disclosures, with the objective of providing practical guidance to companies preparing for mandatory TCFD reporting. It highlights areas where improvements are needed and showcases examples of better practice.

1.2 The TCFD Framework

The TCFD framework is structured around four core elements of climate-related financial disclosures:

• Governance: The organization's governance around climate-related risks and opportunities.
• Strategy: The actual and potential impacts of climate-related risks and opportunities on the organization's businesses, strategy, and financial planning.
• Risk Management: The processes used by the organization to identify, assess, and manage climate-related risks.
• Metrics and Targets: The metrics and targets used to assess and manage relevant climate-related risks and opportunities.

These four pillars are supported by eleven recommended disclosures, as illustrated in the original document's Figure 1.

1.3 Regulatory Context

The Financial Conduct Authority (FCA) issued a rule, effective for periods beginning on or after 1 January 2021, for UK premium-listed companies to report against TCFD on a 'comply or explain' basis. The government also published a roadmap setting out when mandatory TCFD reporting requirements will be applied to other companies. Further details on these requirements are provided in Appendix 2.

1.4 Considerations for Companies

Companies should consider existing related requirements, including those in the Guidance on the Strategic Report, the Corporate Governance Code, and the Streamlined Energy and Carbon Reporting (SECR) rules. The FRC has also published a thematic review of company reporting against SECR regulations, identifying areas for improvement in understandability and relevance of disclosures.

1.5 Investor Expectations

Investors consistently seek a better understanding of:

• How boards consider and assess climate-related issues (governance).
• How the business model may be affected by climate-related issues, whether it remains sustainable, and how the company may respond to the challenge posed by climate change, including what changes the company might need to make to strategy (strategy).
• The risks and opportunities presented by climate change, including their prioritisation, likelihood, and impact, what scenarios might affect sustainability and viability, and how the company is responding (strategy and risk management).
• How climate-related issues and their impact are measured, including metrics, data, and financially-relevant information (metrics and targets).

These considerations remain relevant and are addressed by the four pillars of TCFD. Areas requiring more attention from companies include:

Area	Issues identified in the Climate Thematic	Better practice examples
	There is a lack of sufficient detail and specificity on the impact of climate on business model and strategy which would be useful to investors.	Unilever, National Grid
	Disclosures of risks and opportunities arising from climate change impacts on the business model are of mixed quality, with a lack of substance on how strategy will be adapted, or much more emphasis on opportunities than on risks. More information on prioritisation, likelihood and impact, and the timeframes over which risks and opportunities might crystallise is needed.	Unilever, National Grid, Polymetal
	Reporting on scenarios remains a key area of investor interest, and an area of weaker disclosure. Some companies disclose climate change scenarios that may affect viability, but detail is scarce.	Polymetal, Landsec, United Utilities
	Pledges and indicators related to Net Zero are often ill-defined and difficult to understand and compare, and have the potential to be misleading. 'Aims' and 'ambitions' should be clearly distinguished from policies which are actively being pursued and are included in business plans and budgets.	National Grid, Landsec
	There is a lack of explanation of performance against set targets and a disproportionate focus on 'good news stories' related to a small part of the business. Outcomes for the business as a whole should be reported.	Landsec
	Scope and basis of calculation of metrics is often unclear.	ABF

This report also includes interesting examples of reporting on climate governance (National Grid and ITV) and plans for TCFD disclosures (Persimmon and Coca-Cola HBC).

1.6 Spotlight on Scenarios

Scenarios remain a key area of investor interest, but related disclosures are still developing. To be more useful, companies should:

• give comfort that a range of scenarios and outcomes are considered by providing information on process, inputs, assumptions, actions and responses;
• link clearly the scenario to the disclosures on the related principal risk(s);
• explain unique circumstances specific to the company and not provide generic narrative;
• report on plausible actions, not ones unlikely to be taken; and
• be clear on details and outcomes of stress tests and not just state that they occurred.

An FRC and Alliance Manchester Business School research report on climate scenario analysis also highlighted that disclosures of climate risk mitigation plans are not often related to discussions around climate scenarios, and that the latter are rarely explicit in considering the impacts of climate change on the company's customers or suppliers.

1.7 Beyond TCFD Disclosures

Investors want climate-related issues to be reflected in the financial statements, with consistency between narrative and financial reporting. Limited consideration of climate change in financial statements has been observed, with investors challenging companies to adequately explain material climate-related issues. An example that addresses climate in the notes to the financial statements is United Utilities.

1.8 Other Reminders

Companies should consider:

• SECR metrics may not include all entities within a group and may not be appropriate for TCFD unless representative of whole group emissions.
• Clarity on whether climate information is presented in annual reports or standalone sustainability reports, and providing explanations where disclosures are external.
• Making references to external disclosures easily available, ideally through hyperlinks.

2. Examples of Current Practice

This section highlights examples from various companies that demonstrate current reporting practices related to TCFD disclosures, addressing questions raised in Appendix 1 and issues identified in the FRC Climate Thematic.

National Grid plc

Annual Report 2020, pg 61-62

What is useful?

National Grid highlights its internal governance structure, and how each different board committee, including the Nominations committee, considers climate. This section outlines some of the main climate-related issues addressed by the board. In addition, National Grid discusses management's role and how climate risks and opportunities are considered across the business.

2.1 Governance of Climate-related Risks and Opportunities

The Board's oversight

The Board of Directors is responsible for the oversight of climate-related risks and opportunities impacting the Group. They in turn delegate some elements of their responsibility to their various sub-committees, as set out in the diagram below:

Board of Directors: There has been an increased focus on climate-related matters at the Board level as the landscape continues to evolve with further regulatory developments and changes in stakeholder expectations. Board members presented alongside management at environment, social and governance (ESG) investor presentations during the year, including an ESG virtual seminar event in October 2020 and a follow-up session on the future of gas in January 2021. The expertise of the Board on ESG-related matters continues to be enhanced through regular interactions with management, regulators and government bodies on matters such as our net zero strategy. The Board will also be actively involved in COP26 taking place in Glasgow in November, for which National Grid is a principal partner. In addition, the Board was involved in the following discussions relevant to climate change:

• reviewed and approved the climate change principal risk as part of the annual risk review and challenge process. This risk is now owned by Justine Campbell, the Group General Counsel & Company Secretary and a member of the Group Executive Committee, having first been elevated to a principal risk in Autumn 2019;
• RIIO-2 Final Determinations which reflect our investment proposition for supporting the UK energy transition;
• quarterly reviews of performance on our environmental sustainability metrics and targets; and
• approved the acquisition of WPD to achieve a scale position in electricity distribution in the UK, which is expected to see a high level of asset growth as a result of the energy transition.

The Audit Committee remains responsible for reviewing and approving the content of our TCFD disclosures. The Audit Committee considered papers in March and May 2021 on the financial reporting and disclosure considerations in respect of climate change. The Audit Committee also oversees the development of the assurance model for our RBR and recommends to the Board the approval of the disclosures in our first RBR.

The Finance Committee is responsible for overseeing our financing strategy, including the issuance of our first Green Bonds in National Grid Electricity Transmission and Niagara Mohawk Power Corporation (NMPC). The Finance Committee also considers the financial impact of environmental factors on our credit metrics and relevant considerations with regards to debt investors.

The Safety, Environment and Health Committee (SEH Committee) is responsible for assessing the Group environmental sustainability strategy and performance, as well as how the Company adapts its business strategy considering potential climate change risks and opportunities. The SEH Committee monitors our environmental sustainability performance quarterly and approves updates to our environmental sustainability strategy and targets annually.

The Remuneration Committee is responsible for determining our remuneration policy, including how ESG factors are considered in the policy, and how they are taken into consideration in determining the final incentive pay decisions. For further detail on how such factors feature in executive remuneration, please refer to the Directors' Remuneration Report on pages 92–113.

The Nominations Committee is responsible for Board appointments and succession planning. In 2019, the Nominations Committee approved the appointments of Jonathan Silver, whose previous experience included leading the US Federal government's clean energy investment fund and Earl Shipp, who brings significant experience in safety, environmental and sustainability from his executive career.

A TCFD steering group comprised of representatives from Group Financial Reporting, Safety, Health and Sustainability, Corporate Strategy and Investor Relations oversees progress against the TCFD recommendations and the publication of our annual disclosure, and reports to the Chief Financial Officer. In addition, a new Responsible Business steering group, chaired by the Interim Group Corporate Affairs Director, has been set up to provide oversight of the integration of responsible business into National Grid, including the development of ESG targets and future ESG strategy. The steering group also provides oversight over ESG-related external reporting, including TCFD disclosures and is comprised of the Interim Group Corporate Affairs Director, Chief Financial Officer, Group General Counsel & Company Secretary and the Chief People and Culture Officer. Standing attendees include the Head of Responsible Business, Head of Safety, Sustainability, Health and Environment and the Group Financial Controller.

A Green Financing Committee chaired by the Group Treasurer, provides governance over our Green Financing Programme. In December 2020, the Green Financing Committee approved the publication of our first Green Financing Report, which provided an analysis of how we utilised the proceeds from our portfolio of Green Bonds and their environmental impact.

Management's role

Management is responsible for managing on a day-to-day basis the climate-related risks and opportunities faced by the Group and for delivering the roadmaps to achieve the net zero strategy set by the Board.

Responsibility for asset investment and maintenance planning, implementation of the net zero strategy and overseeing the development of the RBC is delegated by the Board to the Group Executive Committee which further delegates responsibility to the core operational businesses.

Our businesses are responsible for and held accountable for determining their local roadmaps for achieving net zero, including tracking and monitoring net zero metrics and targets at a local level:

• UK and US core businesses – responsible for managing the impacts of climate change on the assets within their businesses and working with local regulators to develop regulatory frameworks that enable the transition to net zero;
• Electricity System Operator – responsible for working with the energy industry to adapt the Great Britain (GB) electricity system to keep electricity flowing reliably with increasing renewable sources;
• National Grid Ventures (NGV) – responsible for identifying clean energy investment opportunities, such as large-scale renewables like wind and solar. NGV is also responsible for investing in our interconnector portfolio which is expected to import energy that is 90% zero carbon by 2030; and
• National Grid Partners (NGP) – responsible for incubating and investing in technology startups that can help National Grid achieve the energy transformation.

Our functions are responsible for supporting the businesses in achieving their net zero pathways:

• Corporate Affairs – responsible for external communications in regard to our net zero strategy, including the publication of the RBC and RBR;
• Group Finance – responsible for supporting the businesses to understand the financial impacts of net zero plans and producing external ESG metric reporting and disclosures, executing green financing and managing ESG investor communications;
• Safety, Health and Environment – responsible for assessing the Group environmental sustainability strategy and performance, monitoring our environmental sustainability performance quarterly and implementing the annual updates to our environmental sustainability strategy and targets; and
• Group Human Resources – responsible for integrating ESG targets into remuneration frameworks for approval by the Remuneration Committee.

Our role in the energy transition continues to be an area of increasing focus at all levels of the organisation, from Company-wide calls led by the Chief Executive on the commitments published in our RBC, to bespoke sessions run locally to develop and communicate the roadmaps for each business' contribution to achieving net zero. Previous training has been delivered in the US about how our role is changing on the pathway to 80% reduction by 2030. More formal training programmes in the UK which were paused due to the ongoing pandemic are currently being designed for roll-out throughout the business next year. Bespoke training has been delivered to specific roles where they need knowledge and skills to deliver against our targets.

ITV plc

Annual Report 2020 pg 63

What is useful?

ITV provides an overview of its Environmental Governance structure, including the roles and responsibilities of each of the relevant groups and how they interact with each other.

Environmental Governance structure

Board Responsible for: - Ensuring the effective delivery of environmental targets - Reviewing key climate-related risks and opportunities and overseeing mitigation strategies as part of the bi-annual review of principal and emerging risks - Considering climate change as part of stakeholder engagement

Management Board Responsible for: - Reviewing and monitoring climate-related risks at least bi-annually, as part of the principal and emerging risks - Reviews and establishing effective mitigation and controls to manage risks - Ensuring appropriate action is being taken to meet our environmental targets, through review of quarterly reporting on climate change issues, including proposed metrics and KPIs

Divisional Boards (Studios and Media & Entertainment) Responsible for: - Monitoring divisional progress on environmental targets through tracking KPIs - Assessing climate change risks and opportunities within the division

Climate Change Delivery Group Chaired by the Group CFO, this group is responsible for: - Identifying all climate-related risks and opportunities, including and developing appropriate mitigation strategies - Establishing action plans to deliver our environmental targets, tracking progress against the targets and reporting to the PLC Board/ Audit and Risk Committee and Management Board - Embedding accountability in each business area for delivery of the targets and monitoring progress and actions - The group meets quarterly and comprises senior business leaders from across ITV, who also lead working groups in their respective business to deliver actions required

Green Team Steering Group and business area Green Teams Responsible for: - Embedding and championing environmentally sustainable behaviours across the organisation - Supporting local green team champions in business areas - This group is chaired by the Senior Manager of our Social Purpose team and comprises senior leaders across the business

Audit and Risk Committee Responsible for supporting the Board in its responsibilities with respect to climate change, including: - Considering climate change risks as part of the bi-annual review of principal and emerging risks - Overseeing compliance with, and progress on, climate change reporting - Overseeing ITV's environmental data and its accuracy and completeness, the Company's environmental targets set in 2020, and the governance and planned roadmap to enable the targets to be achieved

Working Groups Responsible for: - Delivering the relevant actions related to their area to meet our environmental targets - Day-to-day management of climate-related risks - Embedding the climate change culture and mindset within their business area - Working groups are led by senior business leaders from across ITV, supported by colleagues within their area

2.2 Pathway to Full TCFD Disclosure in 2021

The Group's progress in 2020 includes:

• Adoption of the Greenhouse Gas ('GHG') Protocol Corporate Accounting and Reporting Standard (Revised Edition) as the method to measure and report the Group's emissions from its own operations;
• Publication of a Carbon Reporting Methodology Statement to describe the processes and methodologies for measuring and reporting the Group's emissions from its own operations;
• Begin to establish and set science based GHG emissions targets for the Group's emissions from its own operations, its homes in use and its supply chain;
• Established operations led steering groups to direct, manage and integrate the impact of potential regulatory changes and GHG emission reduction strategies throughout the business; and
• Performed a high-level balance sheet, profit and loss account and cash flow review of the asset classes and cost categories likely to be most significantly impacted by climate change.

The Group's current progress and future plans for 2021/2022 include:

• The calculation and publication of the Group's science based GHG emissions targets for its own operations and those from its homes in use and its supply chain (see page 48);
• Submit the Group's science based targets to the Science Based Target Initiative for formal accreditation;
• Measure and publish the Group's emissions from its homes in use and its supply chain within its 2021 annual financial statements;
• Embed GHG emission reduction strategies, into 'business as usual' via the Group's steering groups;
• Publication of progress against these emissions targets;
• Perform climate change scenario analysis;
• Assess and develop the pathway to net zero for the operations of the Group; and
• Assess and develop the pathway to developing low carbon homes at scale.

3. Reduced ability to produce as result of water scarcity

Access to water is fundamental to our business and to the communities we operate in. Climate change is impacting the availability and quality of water in some of the areas where we need it and might have an impact on our communities and the environment.

We have assessed future water stress levels based on different global warming scenarios. A number of our plants are located in areas that are or will be facing water challenges. These plants are called water priority plants.

During the year, we assessed revenue at risk for water priority plants. We are reducing our water usage across our business and, as part of our Mission 2025 sustainability commitments. have committed to a 20% reduction for water priority plants.

In 2021, we will include a quantitative assessment of the impact of climate change on water availability in key markets under different climate scenarios.

7. Increased costs and disruptions due to water regulations

As noted above, water is fundamental to our business. Any changes to the cost of water or placement of restrictions on the availability of water may impact our ability to produce or increase the cost of production.

We are reducing our water usage across our business and, as part of our Mission 2025 sustainability commitments. have committed to a 20% reduction in water usage in our water priority plants. We are also closely monitoring for potential additional taxes, levies or restrictions in the availability of water.

In 2021, we will include a quantitative assessment of the impact of climate change on water availability in key markets under different climate scenarios. We will also include potential shorter-term transitional costs in that assessment.

Persimmon plc

Annual Report 2020 pg 66

What is useful?

Persimmon outlines the actions it took during the year which are reflected in its TCFD disclosure and its progress and plans for the coming two years to enable it to provide full TCFD disclosure.

Coca-Cola HBC AG

Integrated Annual Report 2020 pg 64, 65

What is useful?

In their analysis of physical and transitional risks, Coca-Cola HBC highlight the additional actions and disclosures they will make in the following year.

2.3 Unilever plc - Black Tea Production and Climate Scenarios

Black tea

We are the world's biggest tea company and buy around 10% of the world's black tea. We source tea from our own tea estates, our suppliers, or from smallholder farmers across four continents.

What we modelled: We worked with the Potsdam Institute for Climate Impact Research to forecast future tea yields using crop and climate models. We similarly isolated the impact of climate-induced yield changes on prices from other important factors such as acreage, farming technology, tea quality, extreme weather events and man-made factors such as elections, unrest and governmental policy. The black tea market is highly fragmented and lacks liquidity so we modelled risks in four key sourcing countries: Argentina, India, Kenya and Turkey.

Impact on yields: Varies between countries but on average, overall yields are expected to increase. Reduced yields are a particular risk in 2030 in a 2°C scenario in Kenya and in 2050 in a 4°C scenario in Argentina. Associated average price reductions are expected in most scenarios over a 30-year horizon.

Risk profile: Some exposure to risk due to lower yields in Kenya and Argentina in some scenarios. However overall, there is a low direct financial risk to our black tea business from climate change across all four countries modelled.

Key risks: Small potential price rises in Kenya and Argentina. In Kenya there is a risk of plateauing yields if additional acreage is not available due to government or land-use change policies in the 2°C scenario. In India, the declining quality of black tea could be a bigger risk to prices than yields, driven by water scarcity and temperature stress in both 2°C and 4°C scenarios. Extreme weather events and man-made factors (such as elections or public unrest) could also have a bigger – but very unpredictable – impact on prices and production than the direct impacts of climate change. Lack of appropriate substitutions for black tea also increases the risk profile.

Mitigating actions: Since 2014, we've developed diverse natural tea varieties that are more resilient to the impacts of climate change such as drought, as well as pests and disease. Our long-standing partnership with the Rainforest Alliance supports smallholder farmers to improve sustainable practices in Kenya and we're working with The Sustainable Trade Initiative (IDH) to reverse deforestation and improve rainfall to support tea growing. In India, we are a founding member of trustea, supporting sustainable practices across the country's tea estates. Together with Oxfam and the Ford Foundation, we created the Enhancing Livelihoods Fund (ELF), which aims to enhance the livelihoods of smallholders while securing ingredients sustainably. Our ELF programme in Kenya supports 200 women tea farmers with access to finance, skills and training to cultivate drought-resistant tea crops.

Scenario: Potential impact of a 2°C temperature increase by 2100 (transition impacts)

Scenario drivers	Potential financial impact in 2030 if no actions to mitigate risks are taken
Increased costs due to carbon pricing.	Turnover: Not material Expenditure: Estimated increase of €0.8bn
Increased raw material costs from zero net deforestation policies and a shift to sustainable agriculture.	Turnover: Not material Expenditure: Estimated increase of €0.9bn

Scenario: Potential impact of a 4°C temperature increase by 2100 (physical impacts)

Scenario drivers	Potential financial impact in 2030 if no actions to mitigate risks are taken
Chronic and acute water stress reduces agricultural productivity in some regions, raising prices of raw materials.	Turnover: Not material Expenditure: Estimated increase of €2.7bn
Increased frequency of extreme weather (storms and floods) causes increased incidence of disruption to our manufacturing and distribution networks.	Turnover: Estimated reduction of €0.4bn Expenditure: Not material
Temperature increase and extreme weather events reduce economic activity, GDP growth and hence sales levels fall.	Turnover: Estimated reduction of €2.1bn Expenditure: Not material

Unilever plc

Annual Report 2020, pg 52-54

What is useful?

Unilever's scenario analysis states the drivers for each scenario and quantifies the potential financial impact in 2030 on turnover and expenditure, including where this is not considered to be material. Furthermore, Unilever provides a deep-dive analysis of the potential financial impact of climate change on three of its key agricultural commodities (black tea is shown above). This analysis highlights specific risks to its supply chain and mitigating actions to counter the results of modelling for the two scenarios.

National Grid plc

Annual Report 2020, pg 63-64

What is useful?

In its discussion of strategy for responding to climate change, National Grid states what it considers to be short, medium and long term. For each risk or opportunity, the relevant time frames and the specific areas of the business impacted are identified. National Grid then explains the actions, including investment, and what its plans are in response to the risk or opportunity. Where relevant, the response relates to how National Grid will meet its Net Zero commitments.

2.4 National Grid plc - Strategy for Responding to Climate Change

Our strategy for responding to climate change

Overview of our climate-related risks and opportunities

The scale of ambition and speed of change required to meet net zero emission targets, along with the changes in temperature and weather patterns present both risks and opportunities to our business. These risks and opportunities, along with a summary of the work we are doing to address them, are presented in the table below. Short-, medium- and long-term timeframes are defined in our risk methodology as one year or less, one to three years and three or more years respectively, and this is reflected in the table below.

| Risk/opportunity type and description | Our response | | 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Summary

We have identified eight characteristics of good governance of diversity, equity and inclusion (DEI), grouped into four themes. These are summarised below and explored in depth in this report.

Board

• 1. Strategy and Integration: Clear articulation of DEI objectives integrated into the organization’s overall strategy.
• 2. Oversight and Accountability: Well-defined governance structures that support DEI and ensure board-level accountability for its progress.

Management

• 3. Implementation and Monitoring: Practical execution of DEI strategies through effective policies, practices, and performance monitoring.
• 4. Communication and Transparency: Open and honest communication about DEI efforts, progress, and challenges, both internally and externally.

Culture

• 5. Inclusive Environment: A workplace culture that fosters belonging, respects individual differences, and supports equitable opportunities for all.
• 6. Continuous Learning and Adaptation: A commitment to ongoing education, self-reflection, and adaptation of DEI initiatives based on feedback and evolving best practices.

Data

• 7. Data-driven Decision Making: The systematic collection, analysis, and use of DEI data to inform strategy, identify disparities, and measure impact.
• 8. Disclosures and Reporting: Comprehensive and transparent reporting on DEI metrics and progress to stakeholders, enhancing trust and demonstrating commitment.

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Disclaimer

The Financial Reporting Council (FRC) Lab reports on climate-related reporting have been prepared by the FRC Lab team based on discussions with investors and companies, and a review of corporate reporting. While the content has been informed by stakeholder input and existing practices, it does not constitute a definitive evaluation of any specific entity’s annual report. The examples provided are illustrative and do not imply full acceptance of the company's TCFD disclosures or general reporting by investors. The FRC does not accept any liability for any loss, damage, or costs arising from actions or decisions taken (or not taken) based on reliance on this document or from any omission from it.

© The Financial Reporting Council Limited 2021. The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS.

Financial Reporting Council 8th Floor 125 London Wall London EC2Y 5AS +44 (0)20 7492 2300 www.frc.org.uk

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Name TCFD ahead of mandatory reporting

Publication date 27 September 2023

Type Report

Format PDF, 3.0 MB

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