Mitigating climate change has now become a common goal for countries and regions, where governments and international organisations have started to establish series of regulations and standards on decarbonisation. Recognising the emerging global trend to commit to carbon neutrality objectives, one of GreenCo’s clients has started to develop its in-house Climate Management Framework as an early preparation for upcoming strengthened climate related disclosures.
Designing an in-house Climate Management Framework is particularly important for companies in terms of building climate resilience. Not only should the document make reference to internationally recognised standards, such as the Task Force on Climate-related Financial Disclosures (TCFD) recommendations and International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures, but it should also take into account the companies’ actual operational context and relevant policies. By mapping climate-related risks and conducting scenario analysis, companies are able to have a clearer understanding on their positions and performance, thus enabling them to establish suitable strategies, metrics, and targets in combating climate change.
This proactive approach allows companies to stay ahead of the curve and demonstrate their commitment to addressing climate change. GreenCo believes that developing an in-house Climate Management Framework allows businesses to effectively manage climate-related risks, align with international standards, and establish strategies that contribute to a more sustainable future.
