2022年現(xiàn)狀報告 2022年TCFD現(xiàn)狀報告-氣候相關(guān)金融問題工作組

1sltaokk12341234oveBfMilestonesOverFive-YearMilestonesOverFive-YearPeriod1123232 MATECHANGEbytng456789fordtsneddlfntsReportingPracticesSurveySurveyofer56esnetersDisclosetheactualandpotential?nancialimpactsofclimate-relatedissuesontheirbusinesses,strategies,or?nancialplanningstoclimatechangeacrosscompaniesIncreasethenumberofcompaniesdisclosingclimate-related?nancialinformationinvestorsarerequestingtherRespondentsLetterfromMichaelR.Bloomberg1ExecutiveSummary2AStateofClimate-RelatedFinancialDisclosures8TimeC.CaseStudiesonBoardOversight79y5.CaseStudybyanEnergyCompany89DInitiativesSupportingTCFD97ortsAppendixTaskForceMembers107ReviewMethodologyetManagerandAssetOwnerMetricsReportingAppendix6:GlossaryandAbbreviations131AppendixReferences133A.A.A.teRelatedFinancialDisclosuresB..D.net18Thepopulationofcompaniesusedinthefive-yearreviewissmallerthanthepopulationusedinthethree-yearreviewbecausenotallcompaniesincludedinthethree-yearreviewhadannualreportsforfiscalyears2017and2018.9A.A.teRelatedFinancialDisclosuresB..D.deformationthatappearedsdesignedtoassessthequalityofcompanies’edfinancialdisclosuresbutrathertoprovideanindicationofthealignmentofIndustryMaterialsandBuildingsTransportationAg.,Food,andForestProductsTechnologyandMediaConsumerGoodsTotalNumberandorelyhedeA.A.teRelatedFinancialDisclosuresB..D.ntrnancesgovernancearoundclimate-relatedrisksandopportunities.ndpotentialimpactsofclimate-relatedrisksandopportunitieshecompanysbusinessesstrategy,panyidentifies,sclimate-relatedrisks.andsessandmanagerelevantclimate-relatedrisksandopportunitieswheresuchinformationismaterial.ssA.teRelatedFinancialDisclosuresA.teRelatedFinancialDisclosuresndedecommendation5aB..D.A.A.teRelatedFinancialDisclosuresB..D.rReportingonriskmanagementprocessesisbelowaveragebutsteadilyimproving.WhilecompaniesincreasinglydisclosedtheirtedrisksandopportunitiestheocessesthroughwhichtheymanagesuchlosureonRiskManagementa)—processesforidentifyingandassessingreportingRiskManagementb—processesforasandRiskManagementc)—whetherprocessesntooverallriskmanagementdisclosureforallthreeoftheserecommendedhownstronggrowthcomparedtotheotherrecommendedDisclosureoftheresilienceofcompanies’strategiesunderdifferentclimate-relatedscenarios(Strategyc)increasedfrom6%to16%overthethree-yearperiod.ThepercentofbedurentWhilethelevelsofdisclosureofclimate-relatedmetricsandtargetsisrelativelyhigh,growthrelatedtometricshasslowed.ThentsGovernanceremainstheleastdisclosedrecommendation.ThetwoGovernancesysThemajorityofcompaniesdonotdiscloseinformationonspecificscenarios.GivenhenA.A.teRelatedFinancialDisclosuresB..D.rsSeveralindustriescoveredbytheAIreviewnowhaveaveragelevelsofdisclosureofLeadingindustryvariesbyrecommendedintheEnergyindustryagePercentageofDisclosureyIndustryingAg.,Food,andForestProductsConsumerGoodsTransportationTechnologyandMediaPercentanyandTargetsaandCompaniesintheTechnologyandMediaindustrydiscloselessthanothergroupssecompanieshadthelowesttyandMedia.A.teRelatedFinancialDisclosuresMaterialskingommendationRecommendedDisclosureA.teRelatedFinancialDisclosuresMaterialskingommendationRecommendedDisclosureConsumerportation&Forest&MediaGoodsRecommendationRecommendedDisclosureLegend:B..D.A.teRelatedFinancialDisclosuresPercentAsiaAfricaAmericaRecommendationisclosureA.teRelatedFinancialDisclosuresPercentAsiaAfricaAmericaRecommendationisclosureEuroperemainstheleadingregionforacrossthe11recommendeddisclosures,tshigherthanthetheEuropeancompaniesreviewedhavetheofdisclosureforeachofthe11recommendeddisclosuresasshowninncompaniesdisclosedtheirclimate-relatedagePercentageofDisclosureeyNorthAmerica24%45%Legend:B..D.A.A.teRelatedFinancialDisclosuresB..D.tintageofDisclosurebyMarketCapitalizationPercentnLargercompaniesaremorelikelytodiscloseTCFD-alignedinformationthansmallerones.TCFDrecommendationsDisclosurefromlargercompaniesgrewthefastest,witha16percentagepointincreasebetween2019and2021reporting.TherehasalsobeenencouraginggrowthinreportingbytsrespectivelyA.teRelatedFinancialDisclosuresMarketCapitalizationCapitalizationA.teRelatedFinancialDisclosuresMarketCapitalizationCapitalizationCapitalizationRecommendationisclosureLegend:B..D.A.teRelatedFinancialDisclosuresA.teRelatedFinancialDisclosuresscompaniesdisclosethefiverecommendeddisclosuresialityassessmentForalyearslosuresPerCompany 357911osing YB..D.A.A.teRelatedFinancialDisclosuresB..D.ndsOversightofClimaterelatedRisksandOpportunitiesToyotaaddressesclimate-relatedissuesatitsBoardofDirectors’Meeting.ThroughthisToyotaassurese?ectivestrategyformulationandimplementationinlinewithlatestsocietaltrends.Furthermore,theboardisguidingandreviewingrelevantactionandbusinessplanstogetherwithmonitoringprogressforqualitativeandquantitativetargetsaddressingclimateissues.Aspartofthemonitoring,theBoardconsidersclimate-relatedissues,includingrisks/opportunitiesrelatedtoproducts,suchasfuele?ciency/emissionregulations,andrisks/opportunitiesrelatedtolow-carbontechnologydevelopment,aswellasthe?nancialimpactthereof.Weusethesegovernancemechanismsinformulatingitslong-termstrategy,includingtheToyotaEnvironmentalChallenge2050,andinformulatingandreviewingitsmedium-tolong-termtargetsandactionplans.BoarddecidedtoinvestinToyotaGreenEnergy,whichwasestablishedjointlybyToyota,companythatwillobtainandmanagerenewableenergysourcesinJapan.ItisexpectedtoatureA.A.teRelatedFinancialDisclosuresB..D.Governanceb)askscompaniestodescribengsandbuildingscompanysmanagementngtedrisksA.A.teRelatedFinancialDisclosuresB..D.StrategyRecommendationlongtermFigureA1describesabank’sterelatedrisksincludingrisktypesriskclimate-relatedrisksandopportunitiestheydrivers,andtimehorizons.ClimateRiskMainafectedTypeClimateDriversTimeHorizonTransionMarket&Customers→→→Technology&→→→→→→→→ng→Morefrequentandsevereclimateeventssuchas?ooding,drought,etc,thattnancedassetsandthevalueofthecollaterals→→→AlteraonsinweatherpaernsandstabilityoflocalecosystemsaecngfoodA.A.teRelatedFinancialDisclosuresB..D.ngreopportunities.A.teRelatedFinancialDisclosuresA.teRelatedFinancialDisclosuresB..D.esROPPORTUNITIESA.teRelatedFinancialDisclosuresMarketriskA.teRelatedFinancialDisclosuresMarketriskCreditriskmanagementOperationriskmanagementuidityriskReputationriskmanagementkmanagementGRiskManagementEnvironmentalrisksClimate-relatedTransitionriskTheriskofpolicy,law,technological,andmarketchangesbroughtaboutbythelow-carboneconomysksPhysicalrisksTheriskofinanciallossescausedbyextremeweathereventsSocietyRisksEnterpriseRiskManagementFramework(ERMF)ESGRiskManagementGuidelinesThreeLinesofDefenseModeliskidentiicationInvestingandlendingInsuranceproductlyOperationiskassessmentiskresponseiskreportB..D.RiskManagementa)askscompaniestodescribeeirprocessesforidentifyingandassessingeprocessesaninsurancecompanyusestoimaterelatedrisksCathayestablishedtheESGRiskManagementPolicyandGuidelinesin2020,andintegrateditwithitsEnterpriseRiskManagementFramework(ERMF)toenhanceitsESGandclimate-relatedriskmanagementabilities.EnterpriseEnterpriseRiskManagementFramework(ERMF)RiskmanagementpolicyCapitaladequacyanagementRanagementMESGESGRiskManagementGuidelinesCorporategovernanceriskClimateriskmanagementCathayintegratedclimate-relatedriskmanagementClimateriskmanagementexistingriskmanagementframework,andadoptedtheThreeLinesofDefenseModel.Eachlineofdefenseperformsitsdutiesbyidentifyingandassessingclimate-relatedrisks,analyzingtherelevanceofrisks,evaluatingtheimpactontheCompany'soperationsandbusiness,andformulatingcontrolmeasuresandresponsestrategies.Cathaycontinuestostrengthenthemanagementofclimate-relatedrisksassociatedwithitsinvestment,loan,andinsuranceproducts,anddevelopedBusinessContinuityManagement(BCM),obtainingISO22301BusinessContinuityManagementSystemCertiicationtostrengthenemergencyresponseabilitiesformajorcontingenciessuchasnaturaldisasters.PleaseseeChapter2SustainableFinanceandChapter6SustainableOperationManagementfordetails.A.A.teRelatedFinancialDisclosuresB..D.ibellproposedprojects.terialoperaonalexposuresacrossShell’senrevaluechainwhichprovidesamoregranularassessmentofkeyrisksthattheorganisaonisfacing.1conductandculturerisks:weconsideralignmentofourpolicies,praccesandbehavioursagainstourpurposeandcorevalues.eandtGroup1mandatoryriskstandardsandmanuals;1project-levelriskmanagementprocesses;1managementandBoardreview;1internalauditsandinvesgaons;andalstheeportg1clarifytypesofassuranceacviesthatmaybeapplicable;strengthendecisionmakingbyensuringthatbusinesseshavebe擴erawarenessandunderstandingofclimaterisks(includingtheirlikelihoodandpotenalimpact)andmigaonplans;and1enableintegraonofShell’sreporng.almanceectsttheromtheangesofrgingA.A.teRelatedFinancialDisclosuresPSEGriskcategories IllustrativeexamplesofrisksassociatedwithclimatechangeforeachriskcategoryB..D.ibedkssesgePSEGenterpriseriskmanagementprocesscomponentsandtopriskcategoriesRiskGovernanceRisk-AwareCultureRisk-InformedagingiskReportingandDecision-MakingDecision-MakingutionRiskCommuCommunicationenticrationallenticrationalllSafetyComplianceA.A.teRelatedFinancialDisclosuresB..D.dUnit20192020MetricUnit20192020EnvironmentalEnvironmentalStewardshipEnergy4,996,7204,956,351ectricity1,565,5801,546,046tock3,262,5683,285,281GreenhouseGasEmissionsemissions595,918592,463713,955697,565ssionsmarketbased704,68977,18692,9550.170.16lscopeemissions23,277,49325,026,531ervices18,282,75018,537,494397,604351,878CategoryFuelandenergyrelatedacvies717,229711,945CategoryUpstreamtransportaonanddistribuon*1,366,4151,748,423egoryWastegeneratedinoperaons52,06655,658Category6:Businesstravel*9884,383loyeecommung,89793,618CategoryDownstreamtransportaonanddistribuon*1,307,3921,339,067productsd1,102,744ifetreatmentofsoldproducts1,029,1521,081,321WaterTotalwaterwithdrawals*ers41,59841,253Totalwaterwithdrawalsatwater-stressedmanufacturingsitesers956329WateruseintensityTonsofProduct5.395.24teruseintensityatwaterstressedmanufacturingsitesTonsofProduct7.707.30WasteWastetoland?ll*s,59596,450tetolandllintensitytricTonsofProduct0.0130.012A.teRelatedFinancialDisclosuresaCumulavereducA.teRelatedFinancialDisclosuresaCumulavereduconsagainstthe2019baselineonanabsolutebasis.bPreviously30-35%.gThemethaneintensityiscalculatedusingexisngmethodologyand,iIn2021,capitalexpenditureagainstouraim5acvieshasincreasedfrom$750millionin2020tonearly$2.2billion,themajorityofwhichrelatedtoarginginfrastructureandsolarimNetzeroNetzeroNetzeroB..D.MetricsandTargetsb)askscompaniesssionseeyearperiodbasedopeGHGemissionsA22050,orsooner,2021performance2025target2030aimAimA.A.teRelatedFinancialDisclosuresB..D.sndroachestosionsAssetManagersandAssetOwnerss kAn e ofchmarkfoliopositioningunderdifferentclimatescenarios.AssetOwnersonsntdJuneA.A.teRelatedFinancialDisclosuresetB..D.etodetngingrssGiventhecompositionofsurveyrespondents,shouldnotbeextrapolatedtoabroaderanagersandassetownersrthePRIpndA.teRelatedFinancialDisclosuresnTypesbutionofRespondentsingdomA.teRelatedFinancialDisclosuresnTypesbutionofRespondentsingdomCanada16Japan15Australia12PaciicendDistributionbyAssetsunderManagement B..D.ftiveA.teRelatedFinancialDisclosuresentofRespondentsStatusofReportingRespondentsAssetManagersA.teRelatedFinancialDisclosuresentofRespondentsStatusofReportingRespondentsAssetManagers62%AssetOwners77%LegendCurrentlyReportPlantoReportDoNotPlantoReportReasonsforReportingorPlanningtoReport2RequestsfromClientsClimate-RelatedRequiredbyRegulatorsPeersReportSeniorManagementorBene?ciariesRisksareMaterial(orWillBe)InformationPriorityYearReportingBeganorWillBeginbyFiscalYear3rtReport orByByByByByMarchByEnd2023orEarlier2022of2022LaterntsB..D.edtsdassetownerreportingtotheirclientsorsrespectivelyrespondentswereyreportplantotordonotplantoreporttotheirclientswninthetopchartsinndentsindicatedorttotheirclientsandownersandmostoftheremainderindicatedtheyplantoreport.A.teRelatedFinancialDisclosuresPercentofRespondentsCurrentlyReportingLevelofA.teRelatedFinancialDisclosuresPercentofRespondentsCurrentlyReportingLevelofReportingPubliclyandDirectlytoClients1FrequencyofReportingDirectlytoClients2PortfoliodssMandateDoNoteportatclyrectlytoClients AnnuallySemi-AnnuallyQuarterlyMonthly2Legend:B..D.inofgore38InFigureA21andotherfiguresinthissubsection,“entityoraggregateportfolio”isreferredtoas“totalportfolio”foreaseofreference.34A.te