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Vodafone Group Plc Task Force on Climate-related Financial Disclosures Report 2023
Overview
Risk Management
Metrics and Targets
Governance
Strategy
Overview About the Task Force on Climate-related Financial Disclosures
The aim of the Task Force on Climate-related Financial Disclosures (‘TCFD’) is to improve transparency of organisations’ climate-related risks and opportunities so that investors can make informed decisions on where to deploy their capital. In June 2017, the TCFD released it’s recommendations, providing a global framework for companies and other organisations to develop more effective climate-related financial disclosures through their existing reporting processes. Since then, the global momentum behind the TCFD’s work has grown significantly and, subsequently, multiple jurisdictions have proposed or finalised regulations which require disclosures similar or aligned to the TCFD framework. The TCFD structures its recommendations around four thematic areas that are core elements of how organisations operate, as shown in Figure 1. Under the core elements are a total of 11 recommendations setting out the information that companies should disclose to provide transparency and promote stability in the face of climate-related risks and opportunities. We recognise that climate change poses physical and transitional risks, as well as providing opportunities for our business. The former include both physical risks caused by the increased frequency and severity of climate and weather events, and transitional risks associated with economic, technology or regulatory changes related to the move towards a greener economy. We routinely consider the effects of climate change in our strategic and business planning so that we can maximise the value we bring to our customers, investors and the communities where we operate. We also monitor changes in the business landscape and markets to understand where there may be opportunities resulting from the transition to a low-carbon economy. We published our first standalone TCFD Report in 2021, on a voluntary basis, before TCFD reporting became mandatory in 2022. We aim to continually improve our climate reporting based on the latest available guidance, while taking into consideration an increasing number of emerging requirements from various stakeholders. In this year’s report we have once again adopted the structure suggested in the TCFD guidance (as amended in October 2021) and are pleased to share our progress against the recommended disclosures.
Figure 1 Core elements of recommended climate-related financial disclosures
Contents
Overview 1 A message from our Chief Executive 2 About the Task Force on Climate-related Financial Disclosures 3 Compliance with TCFD recommendations 4 Our progress on climate strategy 6 Governance The governance around climate-related risks and opportunities 7 Strategy
Governance
Strategy
Risk Management
The actual and potential impacts of climate-related risks and opportunities on the organisation’s business, strategy, and financial planning
15 Risk Management
The processes used to identify, assess, and manage climate-related risks
Metrics and Targets
17 Metrics and Targets
The metrics and targets used to assess and manage relevant climate-related risks and opportunities
Recommendations of the Task Force on Climate-related Financial Disclosures, June 2017
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