Climate-Related Disclosures


Suncorp is committed to integrating climate change into governance, risk management and strategy processes.

Performance Highlight


tick

Committed to meeting the recommendations of the TCFD

Governance


Suncorp’s Board oversees the management of climate change risks and opportunities through the Board Risk Committee in Australia and the Suncorp New Zealand Board Audit and Risk Committee. Suncorp’s CEO & Managing Director, supported by Suncorp’s Chief Risk Officer and Senior Leadership Team, is accountable for Suncorp’s actions and commitments to embed climate change into risk management, business strategy, business planning and budgeting processes and frameworks, as outlined in our Climate Change Action Plan (CCAP).

Suncorp’s Climate Change Leadership Group is responsible for delivering Suncorp’s commitments under our CCAP and Environmental Performance Plan (EPP) and reports into Suncorp’s Corporate Responsibility Council and Senior Leadership Team. Numerous other subject matter experts from across the organisation are engaged through specialist Working Groups that feed into the Climate Change Leadership Group.

Risk Management & Strategy


Suncorp has an established risk management framework that governs the identification, management, control and monitoring of risks, including risks presented by climate change. Suncorp Group policies, supporting procedures and guidelines are reviewed at least annually. Key strategic and financial risks are identified during the annual business planning process and then assessed and considered at least on a quarterly basis through reporting to the Board Audit and Risk Committees. Suncorp also works with experts including universities, reinsurers and natural peril specialists on an ongoing basis to take a long-term view of pricing sufficiency.

We are strengthening our technical capabilities to assess and manage climate risks and opportunities and increase the sophistication of Suncorp’s tools and capabilities within established risk management frameworks. We are working to identify priority areas, appropriate physical and transition scenarios, and technical and capability needs to support scenario analysis and modelling. This work will inform a roadmap of future activity to assess short, medium and long-term climate-related risks and opportunities, including the actual and potential impacts of those risks and opportunities on our business, strategy and financial planning.

Metrics & Targets


We have reviewed and improved our Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions reporting boundaries and are exploring opportunities to improve our environmental performance and carbon emissions. Suncorp will set and publish targets for Scope 1 and Scope 2 GHG emissions reductions in 2019.

We also publicly disclose information on our climate-related risks and opportunities to Carbon Disclosure Project (CDP), an independent, international not-for-profit organisation focused on transparency and environmental sustainability. 

Suncorp also reports GHG emissions and energy consumption in Australia under the National Greenhouse Emissions Reporting (NGER) Act 2007 (Cth) annually.