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EU Taxonomy - what your organization needs to know


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Insights

18 November 2022


EXPAND BEYOND NET ZERO TARGETS, OR PAY THE PRICE - HOW CAN ENTERPRISES BECOME
CLIMATE INTELLIGENT

By Karan Chopra



FOLLOWING A SUCCESSION OF COMMITMENTS TOWARD REDUCING METHANE EMISSIONS AND
ADAPTATION FINANCING PACKAGES TO ASSIST DEVELOPING NATIONS — THE PENULTIMATE DAY
OF COP27 THIS YEAR FOCUSED ON SOLUTIONS. CERVEST’S COO, KARAN CHOPRA EXPLAINS
HOW CLIMATE INTELLIGENCE (CI) CAN POWER THE DECISION-MAKING C-LEVEL MANAGEMENT
MUST UNDERTAKE TO BUILD CLIMATE RESILIENCE INTO THEIR ORGANIZATIONS.

Every organization in every sector, in every part of the world, is facing
varying degrees of climate risk – and that risk is escalating as climate change
accelerates. In 2021 alone, extreme weather events caused USD329 billion in
economic losses – 45% higher than the 21st-century average. These catastrophes
are increasing in frequency and severity. In the coming decades, the impacts
will be felt globally: a report from McKinsey warns that of the 105 countries it
assessed, which represents 90% of the world’s population and 90% of global GDP,
all “are expected to experience an increase in at least one major type of impact
on their stock of human, physical, and natural capital by 2030.”

Accelerating climate change is placing acute pressure on organization leaders
from a wide range of strategic, financial and operations angles. Direct losses
and financial impacts are already widespread through asset damage and supply
chain disruptions, with global economic losses projected to hit USD23 trillion
by 2050 under current climatic conditions. Regulatory pressure from emerging
climate disclosure requires risk to be quantified and integrated into enterprise
frameworks. Increasingly, pressure will come from an array of stakeholders such
as B2B partners, shareholders, insurers and financial institutions for clear
risk management strategies and transparent climate metrics.

Forecasting, quantifying and adapting to climate-related risk will be an
essential capability to protect any organization’s bottom line. To date, efforts
to address climate change have been focused on decarbonization strategies, but
reaching Net Zero will not protect an organizations assets from the physical
impacts of extreme weather events already being experienced. Nor will it ensure
a smooth material transition to a low-carbon future. C-Level leaders must
consider the full picture of climate risk - a picture that must include managing
asset-level physical and transition risk alongside Net Zero Targets.

C-Level leaders must consider the full picture of climate risk - a picture that
must include managing asset-level physical and transition risk alongside Net
Zero Targets.

A comprehensive view of climate risk

To go beyond Net Zero targets, design effective strategies and make effective
decisions on organizational climate action leadership must be able to access and
assess a unified view of their climate risk, that includes physical risk as well
as incorporating carbon management, and transition risk. This information must
be decision-useful, translating complex science into actionable insights
Physical and transition risk are the tangible impacts of climate change each
with its own drivers, challenges and consequences for organizations. Physical
risk includes the floods, heatwaves, wildfires and droughts that are becoming
increasingly frequent, widespread and volatile in our warming world while
transition risks derive from the shift to a decarbonized future. Importantly for
organizations, physical risk, as well as transition risk, is also a key aspect
of climate-related regulatory reporting that will need to be disclosed as a
mandatory requirement.

Taking climate action and tackling climate risk can seem like a daunting task.
However, alongside the material risks that must be addressed, becoming more
resilient through climate intelligence also offers businesses strategic and
competitive advantages and opportunities.

Taking climate action and tackling climate risk can seem like a daunting task.
However, alongside the material risks that must be addressed, becoming more
resilient through climate intelligence also offers businesses strategic and
competitive advantages and opportunities:

Comprehensive climate action increases customer value, so many organizations are
looking to partner with companies they know focus on, enable and support
credible sustainable practices. With investor and customer preferences shifting,
companies that don’t adopt mitigation and adaptation measures are more exposed
to reputation risk. Taking a long-term view, climate-informed investments are a
better bet for allocating capital and more likely to have enhanced return. The
flip side of the coin is avoiding investments that may not pay-off in the
long-term, for example writing-off stranded assets.

Another strategic advantage of taking climate action is the cost reductions from
becoming more energy efficient, reducing water consumption, sourcing locally,
reducing shipping costs etc. Being prepared for climate hazards can avoid or
minimize operational disruptions, reducing associated costs and losses due to
business discontinuity. For existing assets, businesses can use CI to decide
whether climate resilience would be best achieved by retrofitting, retiring or
relocating them depending on the exact hazards, risk level and relevant
timeframe. With many businesses retrofitting assets to meet decarbonization
targets, combining Net Zero and adaptation retrofits at the same time can
provide significant cost savings. Taking these actions now can help
organizations avoid operational shutdowns where the direct and indirect impacts
of climate change lead to business operations being no longer profitable.

Subscribe to our newsletter for more insights

Subscribe now

How to become climate intelligent

Climate intelligence is a critical enabler of data insights and solutions that
can bring competitive advantages to the company, and feed into multiple
operational workflows. The first step is to make climate intelligence and
adaptation an active agenda point at the board-level, ensuring board-level
oversight on the financial implications of physical climate risk and how the
organization is managing that risk. The business case for doing so is clear:
according to the Global Center on Adaptation, “Adaptation actions, done right,
are some of the most cost-effective investments a country, city, or company can
make.” While ‘Chief Climate Officer is not yet a C-suite role, being
climate-informed is absolutely essential to any C-suite role that involves the
integration of people, processes and technologies across the company and with
oversight of multiple decision-making flows. A climate-informed board, supported
by regular reporting on climate-related issues will be key for facilitating
strategic, climate-informed decision-making .

The second step is to review the decision and workflows across multiple
functions in an organization and identify where climate intelligence needs to be
integrated. Climate-related risk is relevant across multiple functions;
regulatory compliance and disclosure, internal reporting, risk management,
operations, facilities management, supply chains, M&A, due diligence processes,
investments, and insurance. Climate intelligence needs to be a coordinated and
well-integrated capability across the enterprise, with accessible, shareable and
comparable science-backed information in order to support joined-up
decision-making and efficient deployment of resources. Organizations need a
climate intelligence provider that can enable multiple functions to be able
access and share the same climate intelligence. We’ve built this functionality
into Cervest’s CI product EarthScan™ which provides decision-ready intelligence
on asset-level climate risk for millions of assets. Designed to be actionable,
it goes beyond just providing climate analytics and data, and supports the
development and monitoring of effective climate adaptation strategies.

Once climate intelligence has been integrated into multiple functions and
workflows, it can be utilized to identify climate-related risks and
opportunities and develop a clear view of what, where, when and how an
organization and its assets are likely to be impacted by climate risk.
Upskilling will be a necessary part of this process - climate literacy will be
needed at every level, particularly in operational functions, where employees
will be required to communicate climate risks and opportunities clearly and
effectively to internal and external stakeholders. With an accurate
understanding of asset-level risk spanning multiple functions, decision-makers
can develop a joined-up and co-ordinated asset adaptation strategy to reduce the
organization's risk.

With an accurate understanding of asset-level risk spanning multiple functions,
decision-makers can develop a joined-up and co-ordinated asset adaptation
strategy to reduce the organization's risk.

As an example, one adaptation-focused global organization is using EarthScan to
stress test its infrastructure investments. The long-term nature and fixed
location of infrastructure means visibility of climate risk is critical. With
EarthScan, they can identify their risk, and feed climate insights into their
workflows to identify operability and expenditure risk for their assets. Using
these CI insights, they are investing in targeted resilience measures that will
secure stable, long-term financial returns for their clients.

Download our free ebook to find out why you need to include climate intelligence
in your ESG budget.




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