Welcome & About Whistl
Risk management We have integrated the monitoring of climate-related risks and opportunities into our principal risk management process; this comprises control risk assessments, risk registers and reviews. This process is governed by our Risk Management Committee (which reports to the Board of Management), which uses the process to identify and monitor potential risks. Once we identify a climate-related risk or opportunity, we categorise it according to Whistl’s five key risk categories:
Metrics and targets Metrics and targets are effective tools to help businesses successfully monitor, manage and communicate their risks and opportunities. They are a means to convey transparent information about a business’s climate-related performance to both internal and external stakeholders. As detailed within this report, Whistl has made ambitious commitments to emissions reductions, headlined by our commitment to achieving net zero by 2045. We report our energy consumption as part of our ongoing commitment to combatting climate change, and we have established targets that will help us meet the UK Government’s commitment to net zero by 2050. In 2022, we completed our first comprehensive carbon footprint in line with the Greenhouse Gas Protocol and the UK’s Streamlined Energy and Carbon Reporting (SECR), and this will enable us to track progress against our net-zero targets year on year. Our full suite of ESG KPIs and targets further enables us to manage and communicate our climate performance over time. These KPIs and targets are detailed across the ‘Preserving our natural environment’ section of our report on page 28. Next steps We recognise that we are on a journey towards a better understanding of the climate-related risks and opportunities for our business. As climate science evolves, we are committed to enhancing our understanding of what that means for Whistl. Therefore, we will conduct an updated scenario analysis in 2024, in line with the latest emission pathways from the IPCC; these are known as Shared Socioeconomic Pathways. We will also enhance our understanding of energy transition through an analysis of the International Energy Agency’s World Energy Outlook’s transition pathways. We will review our climate-related metrics and targets and measure progress against our 2022 baseline, as well as review our greenhouse gas (GHG) methodologies in line with best practice.
Whistl’s ESG strategy
• Strategic • Operational • Financial • Compliance • Reputational
Valuing colleagues
Once the risk or opportunity has been categorised, we assess the size and scope of it based on the severity or likelihood of it occurring. We score both on a scale of 1 to 4 (minor to extreme for severity, and rare to almost certain for likelihood). In the case of risk, if the inherent score is beyond our acceptable risk appetite, we work to mitigate, transfer, accept or control the risk. Our Risk Management Committee will regularly evaluate, control and update our climate-related risks and opportunities (currently every six weeks) as part of our Group control measures. The significance of each climate-related risk and opportunity is reassessed following an evaluation and application of current control measures, and the resultant score is referred to as our residual risk score. Future controls and recommendations are also captured, producing a future risk score. This informs our strategic action planning.
Fulfilling opportunities
Preserving our natural environment
Task Force on Climate-related Financial Disclosures
Appendices
37
2023 ESG Report
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