Climate-related Financial Disclosures

In 2015, the Financial Stability Board (“FSB”)²⁸ established the Task Force on Climate-related Financial Disclosures (“TCFD”) to develop voluntary, consistent climate-related financial risk disclosures for use by companies when providing information to investors, lenders, insurers, and other stakeholders. In 2017, the TCFD published a set of recommendations for voluntary climate-related financial disclosures that are consistent, comparable, reliable, clear, and efficient, and which aim to provide decision-useful information to lenders, insurers, and investors.

We recognise the risks and opportunities presented by climate change to our business. In accordance with our Climate Change Policy, we are committed to communicating our management approaches and strategies for climate mitigation, adaptation and resilience to our stakeholders. In 2018, we started to publish climate-related financial disclosures with reference to the recommendations of the TCFD under the four core categories of governance, strategy, risk management, and metrics and targets. In 2020, we completed the climate risk assessment for physical and transition risks and opportunities to our global portfolio. Our disclosures are set forth below.