Continued to implement our Climate Change Action Plan
Published targets to reduce Scope 1 and Scope 2 GHG emissions
Developed Natural Hazard Resilience Strategy
$310m in low carbon investments
Continued to implement our Environmental Performance Plan
Developed separate TCFD Disclosure
Suncorp conducts business in a way that protects and sustains the environment. We are continuing to reduce our environmental impact and be transparent about our environmental performance.
Climate change presents strategic and financial risks and opportunities for our organisation and our community. Suncorp is reducing greenhouse gas (GHG) emissions, and preparing for the physical impacts of climate change and the transition to a net-zero emissions economy by 2050.
We are responding to climate-related risks and opportunities, including natural hazard resilience building, through the implementation of our Climate Change Action Plan and Environmental Performance Plan.
#Climate Change Action Plan
Our CCAP details our actions for managing climate-related risks and opportunities and proactively reducing our environmental footprint.
Our CCAP includes:
- strengthening our governance processes including assessment of climate risk
- reducing our environmental footprint
- increasing community resilience
- accelerating emerging opportunities and climate-related innovation
- tracking and openly disclosing our climate-related performance.
#Summary of TCFD Disclosures
In 2018 Suncorp became one of the first 250 companies globally to be a signatory to the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD). Our first disclosures were in our 2017–18 Annual Review and the 2018 Carbon Disclosure Project.
This year we have developed a separate TCFD Disclosure, which details our continued progress on integrating climate change into governance, risk management and strategy processes. This includes an outline of our high-level assessment of climate-related risks and opportunities, and our plans for climate scenario analysis to be conducted in 2019–20.
Governance of climate change at Suncorp continues to be exercised by the Suncorp Group Limited Board and Suncorp New Zealand Boards and their Board Risk Committees, with activity driven by Suncorp’s Senior Leadership Team, Corporate Responsibility Council and Climate Change Leadership Group.
Potential impacts were assessed in our Climate Change High-level Risk and Opportunity Assessment. Scenario analysis will be undertaken in 2019-20 to further assess material impacts, as well as inform strategy and financial planning.
Suncorp considers climate-related risks in a number of existing risk and management practices such as insurance modelling and pricing, reinsurance, lending assessments, and investment evaluation. Further processes to identify, assess and manage climate-related risks have been identified through our Climate Change High-level Risk and Opportunity Assessment.
Scenario analysis will be undertaken in 2019-20 to increase the sophistication of processes to identify, assess, and manage climate-related risks under specific scenarios.
#Metrics and targets
Suncorp has set science-based targets for a reduction of Scope 1 and Scope 2 GHG emissions. Future work will be undertaken to explore other emissions sources, metrics and targets.