Strategic Report Environment, Social and Governance (ESG) continued
Metrics and targets At Whistl, we understand that to keep global temperature increases to below 1.5 degrees Celsius and to meet the UK Government’s 2050 Net Zero commitment, we need to chart a credible and socially inclusive net zero reduction pathway. This year, we have aligned with the latest climate science and best-practice principles of greenhouse gas reporting to ensure our baseline carbon footprint sets us on the right track from the start. Working with an independent third party ESG consultancy, we have reviewed our baseline carbon footprint, previously stated as 2019, to ensure we are setting a credible reference point against which emissions can be measured. To do so, we have built upon previous Scope 1, 2 and partial Scope 3 emissions reporting (Scope 3, Category 6 Business travel only) to ensure appropriate coverage for all material greenhouse gas emissions in line with science-based target principles. In accordance with these requirements, materially significant Scope 3 data has now been collected and has informed our revised baseline, redefined as 2022. Our 2022 carbon footprint will therefore be used as the base year inventory going forwards to ensure comparable performance monitoring over time. We continually review and revisit our base year inventory however to ensure it remains representative of our business operations and the latest methodologies. Refer to pages 23 to 27, Carbon footprint disclosure.
TCFD pillar
TCFD Recommended disclosures 1a) Describe the Board’s oversight of climate- related risks and opportunities.
Disclosure status
Next steps and other comments
Governance
Partially compliant
Board Committees to consider climate-related issues when reviewing business strategies and budgets. This will include how our Board monitors and oversees progress against climate-related goals and targets. Changes to roles to include climate-related responsibilities for senior management in the Risk Committee and the ESG Committee across the organisation. Whistl to undertake a financial risk assessment of the climate-related risks and opportunities to identify material financial risks and disclose these over the defined time horizons, including assumptions and rationale behind the three time-horizons identified. Undertake impact assessments of climate-related risks and opportunities on our business strategy and financial planning and report to Risk Committee ESG Committee and Board of Management. Develop an ESG strategy in FY23 and report on our performance and how climate-related risks and opportunities may affect progress against the strategy goals and targets.
1b) Describe management’s role in assessing and managing climate-related risks and opportunities.
Partially compliant
Strategy
2a) Describe the climate- related risks and opportunities the organisation has
Partially compliant
identified over the short, medium and long term.
2b) Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy and financial planning. 2c) Describe the resilience of the organisation’s strategy, taking into consideration different future climate scenarios, including a 2°C or lower scenario.
Partially compliant
Disclosure not met
Risk Management
3a) Describe the
Compliant
Further develop processes for identifying existing and emerging regulatory requirements related to climate change.
organisation’s processes for identifying and assessing climate-related risks.
3b) Describe the
Partially compliant
Further develop processes for the management of climate-related opportunities to capitalise on the commercial value and quantify these climate-related financial impact.
organisation’s processes for managing climate- related risks.
3c) Describe how processes for identifying, assessing and managing climate- related risks are integrated into the organisation’s overall risk management. 4a) Disclose the metrics used by the organisation to assess climate-related risks and opportunities. 4b) Disclose Scope 1, Scope 2, and if appropriate, Scope 3 greenhouse gas emissions, and the related risks. 4c) Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets.
Compliant
No further recommendations. We have met this disclosure in full.
Metrics and Targets
Partially compliant
Further develop and disclose robust climate-related KPIs and metrics (e.g. relating to energy, water, waste and land) and performance-related remunerations that are relevant to Whistl. Explore further opportunities to diversify our green products and service offerings as well as the revenue generated from low carbon products and services.
Task Force on Climate-related Financial Disclosures • For FY22, we fully comply with recommended disclosure 3a and 3c. • For FY22, we partially comply with recommended disclosures 1a, 1b, 2a, 2b, 3b, 4a, 4b, 4c and 4d. • For FY22, we do not comply with recommended disclosures 2c.
Partially compliant
Partially compliant
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Whistl Annual Report 2022
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