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IFRS

sustainability

June2023

IFRSS2

IFRS?SustainabilityDisclosureStandard

Climate-relatedDisclosures

InternationalSustainabilityStandardsBoard

IFRSS2

Climate-relatedDisclosures

IFRSS2Climate-relatedDisclosurestogetherwithitsaccompanyingdocumentsisissuedbytheInternationalSustainabilityStandardsBoard(ISSB).

Disclaimer:Totheextentpermittedbyapplicablelaw,theISSBandtheIFRSFoundation(Foundation)expresslydisclaimallliabilityhowsoeverarisingfromthispublicationoranytranslationthereofwhetherincontract,tortorotherwisetoanypersoninrespectofanyclaimsorlossesofanynatureincludingdirect,indirect,incidentalorconsequentialloss,punitivedamages,penaltiesorcosts.

Informationcontainedinthispublicationdoesnotconstituteadviceandshouldnotbesubstitutedfortheservicesofanappropriatelyqualifiedprofessional.

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Reproductionanduserightsarestrictlylimitedtopersonalnon-commercialuse,suchascorporatedisclosure.

Anyotheruse,suchas–butnotlimitedto–reportingsoftware,investmentanalysis,dataservicesandproductdevelopmentisnotpermittedwithoutwrittenconsent.PleasecontacttheFoundationforfurtherdetailsatsustainability_licensing@.

Allrightsreserved.

IFRS'

TheFoundationhastrademarksregisteredaroundtheworld(Marks)including‘IAS?’,‘IASB?’,theIASB?logo,‘IFRIC?’,‘IFRS?’,theIFRS?logo,‘IFRSforSMEs?’,theIFRSforSMEs?logo,‘InternationalAccountingStandards?’,‘InternationalFinancialReportingStandards?’,the‘HexagonDevice’,‘NIIF?’,‘SIC?’andSASB?.FurtherdetailsoftheFoundation’sMarksareavailablefromtheFoundationonrequest.

TheFoundationisanot-for-profitcorporationundertheGeneralCorporationLawoftheStateofDelaware,USAandoperatesinEnglandandWalesasanoverseascompany(Companynumber:FC023235)withitsprincipalofficeintheColumbusBuilding,7WestferryCircus,CanaryWharf,London,E144HD.

IFRSSUSTAINABILITYDISCLOSURESTANDARDS

CONTENTS

IFRSSUSTAINABILITYDISCLOSURESTANDARDS2CLIMATE-RELATEDDISCLOSURES

OBJECTIVESCOPE

CORECONTENTGovernance

Strategy

RiskmanagementMetricsandtargetsAPPENDICES

ADefinedterms

BApplicationguidance

CEffectivedateandtransition

APPROVALBYTHEISSBOFIFRSS2ISSUEDINJUNE2023

fromparagraph

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5

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FORTHEACCOMPANYINGGUIDANCELISTEDBELOW,SEEPARTBOFTHISEDITION

ILLUSTRATIVEGUIDANCEILLUSTRATIVEEXAMPLES

INDUSTRY-BASEDGUIDANCEONIMPLEMENTINGIFRSS2

FORTHEBASISFORCONCLUSIONS,SEEPARTCOFTHISEDITION

BASISFORCONCLUSIONS

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IFRSS2Climate-relatedDisclosuresissetoutinparagraphs1-37andAppendicesA-C.Allparagraphshaveequalauthority.Paragraphsinboldtypestatethemainprinciples.TermsdefinedinAppendixAareinitalicsthefirsttimetheyappearintheStandard.DefinitionsofothertermsaregiveninotherIFRSSustainabilityDisclosureStandards.TheStandardshouldbereadinthecontextofitsobjective,theBasisforConclusionsandIFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformation.

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IFRSSUSTAINABILITYDISCLOSURESTANDARDS

IFRSS2Climate-relatedDisclosures

Objective

1

TheobjectiveofIFRSS2Climate-relatedDisclosuresistorequireanentitytodiscloseinformationaboutitsclimate-relatedrisksandopportunitiesthatisusefultoprimaryusersofgeneralpurposefinancialreportsinmakingdecisionsrelatingtoprovidingresourcestotheentity.1

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ThisStandardrequiresanentitytodiscloseinformationaboutclimate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’scashflows,itsaccesstofinanceorcostofcapitalovertheshort,mediumorlongterm.ForthepurposesofthisStandard,theserisksandopportunitiesarecollectivelyreferredtoas‘climate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects’.

Scope

3ThisStandardappliesto:

(a)climate-relatedriskstowhichtheentityisexposed,whichare:

(i)climate-relatedphysicalrisks;and

(ii)climate-relatedtransitionrisks;and

(b)climate-relatedopportunitiesavailabletotheentity.

4Climate-relatedrisksandopportunitiesthatcouldnotreasonablybe

expectedtoaffectanentity’sprospectsareoutsidethescopeofthis

Standard.Corecontent

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Governance

Theobjectiveofclimate-relatedfinancialdisclosuresongovernanceistoenableusersofgeneralpurposefinancialreportstounderstandthegovernanceprocesses,controlsandproceduresanentityusestomonitor,manageandoverseeclimate-relatedrisksandopportunities.

Toachievethisobjective,anentityshalldiscloseinformationabout:

(a)thegovernancebody(s)(whichcanincludeaboard,committeeor

equivalentbodychargedwithgovernance)orindividual(s)responsibleforoversightofclimate-relatedrisksandopportunities.Specifically,theentityshallidentifythatbody(s)orindividual(s)anddiscloseinformationabout:

1ThroughoutthisStandard,theterms‘primaryusers’and‘users’areusedinterchangeably,withthesamemeaning.

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(i)howresponsibilitiesforclimate-relatedrisksandopportunitiesarereflectedinthetermsofreference,mandates,roledescriptionsandotherrelatedpoliciesapplicabletothatbody(s)orindividual(s);

(ii)howthebody(s)orindividual(s)determineswhetherappropriateskillsandcompetenciesareavailableorwillbedevelopedtooverseestrategiesdesignedtorespondtoclimate-relatedrisksandopportunities;

(iii)howandhowoftenthebody(s)orindividual(s)isinformedaboutclimate-relatedrisksandopportunities;

(iv)howthebody(s)orindividual(s)takesintoaccountclimate-relatedrisksandopportunitieswhenoverseeingtheentity’sstrategy,itsdecisionsonmajortransactionsanditsriskmanagementprocessesandrelatedpolicies,includingwhetherthebody(s)orindividual(s)hasconsideredtrade-offsassociatedwiththoserisksandopportunities;and

(v)howthebody(s)orindividual(s)overseesthesettingoftargetsrelatedtoclimate-relatedrisksandopportunities,andmonitorsprogresstowardsthosetargets(seeparagraphs33-36),includingwhetherandhowrelatedperformancemetricsareincludedinremunerationpolicies(seeparagraph29(g)).

(b)management’sroleinthegovernanceprocesses,controlsandproceduresusedtomonitor,manageandoverseeclimate-relatedrisksandopportunities,includinginformationabout:

(i)whethertheroleisdelegatedtoaspecificmanagement-level

positionormanagement-levelcommitteeandhowoversightisexercisedoverthatpositionorcommittee;and

(ii)whethermanagementusescontrolsandprocedurestosupporttheoversightofclimate-relatedrisksandopportunitiesand,ifso,howthesecontrolsandproceduresareintegratedwithotherinternalfunctions.

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Inpreparingdisclosurestofulfiltherequirementsinparagraph6,anentityshallavoidunnecessaryduplicationinaccordancewithIFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformation(IFRSS1)(seeparagraphB42(b)ofIFRSS1).Forexample,althoughanentityshallprovidetheinformationrequiredbyparagraph6,ifoversightofsustainability-relatedrisksandopportunitiesismanagedonanintegratedbasis,theentitywouldavoidduplicationbyprovidingintegratedgovernancedisclosuresinsteadofseparatedisclosuresforeachsustainability-relatedriskandopportunity.

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Strategy

Theobjectiveofclimate-relatedfinancialdisclosuresonstrategyistoenableusersofgeneralpurposefinancialreportstounderstandanentity’sstrategyformanagingclimate-relatedrisksandopportunities.

Specifically,anentityshalldiscloseinformationtoenableusersofgeneralpurposefinancialreportstounderstand:

(a)theclimate-relatedrisksandopportunitiesthatcouldreasonablybe

expectedtoaffecttheentity’sprospects(seeparagraphs10-12);

(b)thecurrentandanticipatedeffectsofthoseclimate-relatedrisksandopportunitiesontheentity’sbusinessmodelandvaluechain(seeparagraph13);

(c)theeffectsofthoseclimate-relatedrisksandopportunitiesontheentity’sstrategyanddecision-making,includinginformationaboutitsclimate-relatedtransitionplan(seeparagraph14);

(d)theeffectsofthoseclimate-relatedrisksandopportunitiesontheentity’sfinancialposition,financialperformanceandcashflowsforthereportingperiod,andtheiranticipatedeffectsontheentity’sfinancialposition,financialperformanceandcashflowsovertheshort,mediumandlongterm,takingintoconsiderationhowthoseclimate-relatedrisksandopportunitieshavebeenfactoredintotheentity’sfinancialplanning(seeparagraphs15-21);and

(e)theclimateresilienceoftheentity’sstrategyanditsbusinessmodeltoclimate-relatedchanges,developmentsanduncertainties,takingintoconsiderationtheentity’sidentifiedclimate-relatedrisksandopportunities(seeparagraph22).

Climate-relatedrisksandopportunities

Anentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandtheclimate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects.Specifically,theentityshall:

(a)describeclimate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects;

(b)explain,foreachclimate-relatedrisktheentityhasidentified,whethertheentityconsiderstherisktobeaclimate-relatedphysicalriskorclimate-relatedtransitionrisk;

(c)specify,foreachclimate-relatedriskandopportunitytheentityhasidentified,overwhichtimehorizons—short,mediumorlongterm—theeffectsofeachclimate-relatedriskandopportunitycouldreasonablybeexpectedtooccur;and

(d)explainhowtheentitydefines‘shortterm’,‘mediumterm’and‘longterm’andhowthesedefinitionsarelinkedtotheplanninghorizonsusedbytheentityforstrategicdecision-making.

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Inidentifyingtheclimate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectanentity’sprospects,theentityshalluseallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort,includinginformationaboutpastevents,currentconditionsandforecastsoffutureconditions.

Inidentifyingtheclimate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectanentity’sprospects,theentityshallrefertoandconsidertheapplicabilityoftheindustry-baseddisclosuretopicsdefinedintheIndustry-basedGuidanceonImplementingIFRSS2.

Businessmodelandvaluechain

Anentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandthecurrentandanticipatedeffectsofclimate-relatedrisksandopportunitiesontheentity’sbusinessmodelandvaluechain.Specifically,theentityshalldisclose:

(a)adescriptionofthecurrentandanticipatedeffectsofclimate-relatedrisksandopportunitiesontheentity’sbusinessmodelandvaluechain;and

(b)adescriptionofwhereintheentity’sbusinessmodelandvaluechainclimate-relatedrisksandopportunitiesareconcentrated(forexample,geographicalareas,facilitiesandtypesofassets).

Strategyanddecision-making

Anentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandtheeffectsofclimate-relatedrisksandopportunitiesonitsstrategyanddecision-making.Specifically,theentityshalldisclose:

(a)informationabouthowtheentityhasrespondedto,andplansto

respondto,climate-relatedrisksandopportunitiesinitsstrategyanddecision-making,includinghowtheentityplanstoachieveanyclimate-relatedtargetsithassetandanytargetsitisrequiredtomeetbylaworregulation.Specifically,theentityshalldiscloseinformationabout:

(i)currentandanticipatedchangestotheentity’sbusinessmodel,includingitsresourceallocation,toaddressclimate-relatedrisksandopportunities(forexample,thesechangescouldincludeplanstomanageordecommissioncarbon-,energy-orwater-intensiveoperations;resourceallocationsresultingfromdemandorsupply-chainchanges;resourceallocationsarisingfrombusinessdevelopmentthroughcapitalexpenditureoradditionalexpenditureonresearchanddevelopment;andacquisitionsordivestments);

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(ii)currentandanticipateddirectmitigationandadaptationefforts(forexample,throughchangesinproductionprocessesorequipment,relocationoffacilities,workforceadjustments,andchangesinproductspecifications);

(iii)currentandanticipatedindirectmitigationandadaptationefforts(forexample,throughworkingwithcustomersandsupplychains);

(iv)anyclimate-relatedtransitionplantheentityhas,includinginformationaboutkeyassumptionsusedindevelopingitstransitionplan,anddependenciesonwhichtheentity’stransitionplanrelies;and

(v)howtheentityplanstoachieveanyclimate-relatedtargets,

includinganygreenhousegasemissionstargets,describedinaccordancewithparagraphs33-36.

(b)informationabouthowtheentityisresourcing,andplanstoresource,theactivitiesdisclosedinaccordancewithparagraph14(a).

(c)quantitativeandqualitativeinformationabouttheprogressofplansdisclosedinpreviousreportingperiodsinaccordancewithparagraph14(a).

Financialposition,financialperformanceandcashflows

Anentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstand:

(a)theeffectsofclimate-relatedrisksandopportunitiesontheentity’s

financialposition,financialperformanceandcashflowsforthereportingperiod(currentfinancialeffects);and

(b)theanticipatedeffectsofclimate-relatedrisksandopportunitiesontheentity’sfinancialposition,financialperformanceandcashflowsovertheshort,mediumandlongterm,takingintoconsiderationhowclimate-relatedrisksandopportunitiesareincludedintheentity’sfinancialplanning(anticipatedfinancialeffects).

Specifically,anentityshalldisclosequantitativeandqualitativeinformationabout:

(a)howclimate-relatedrisksandopportunitieshaveaffecteditsfinancialposition,financialperformanceandcashflowsforthereportingperiod;

(b)theclimate-relatedrisksandopportunitiesidentifiedinparagraph16(a)forwhichthereisasignificantriskofamaterialadjustmentwithinthenextannualreportingperiodtothecarryingamountsofassetsandliabilitiesreportedintherelatedfinancialstatements;

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(c)howtheentityexpectsitsfinancialpositiontochangeovertheshort,mediumandlongterm,givenitsstrategytomanageclimate-relatedrisksandopportunities,takingintoconsideration:

(i)itsinvestmentanddisposalplans(forexample,plansforcapitalexpenditure,majoracquisitionsanddivestments,jointventures,businesstransformation,innovation,newbusinessareas,andassetretirements),includingplanstheentityisnotcontractuallycommittedto;and

(ii)itsplannedsourcesoffundingtoimplementitsstrategy;and

(d)howtheentityexpectsitsfinancialperformanceandcashflowsto

changeovertheshort,mediumandlongterm,givenitsstrategytomanageclimate-relatedrisksandopportunities(forexample,increasedrevenuefromproductsandservicesalignedwithalower-carboneconomy;costsarisingfromphysicaldamagetoassetsfromclimateevents;andexpensesassociatedwithclimateadaptationormitigation).

Inprovidingquantitativeinformation,anentitymaydiscloseasingleamountorarange.

Inpreparingdisclosuresabouttheanticipatedfinancialeffectsofaclimate-relatedriskoropportunity,anentityshall:

(a)useallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort;and

(b)useanapproachthatiscommensuratewiththeskills,capabilitiesandresourcesthatareavailabletotheentityforpreparingthosedisclosures.

Anentityneednotprovidequantitativeinformationaboutthecurrentoranticipatedfinancialeffectsofaclimate-relatedriskoropportunityiftheentitydeterminesthat:

(a)thoseeffectsarenotseparatelyidentifiable;or

(b)thelevelofmeasurementuncertaintyinvolvedinestimatingthose

effectsissohighthattheresultingquantitativeinformationwouldnotbeuseful.

Inaddition,anentityneednotprovidequantitativeinformationabouttheanticipatedfinancialeffectsofaclimate-relatedriskoropportunityiftheentitydoesnothavetheskills,capabilitiesorresourcestoprovidethatquantitativeinformation.

Ifanentitydeterminesthatitneednotprovidequantitativeinformationaboutthecurrentoranticipatedfinancialeffectsofaclimate-relatedriskoropportunityapplyingthecriteriasetoutinparagraphs19-20,theentityshall:

(a)explainwhyithasnotprovidedquantitativeinformation;

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(b)providequalitativeinformationaboutthosefinancialeffects,includingidentifyinglineitems,totalsandsubtotalswithintherelatedfinancialstatementsthatarelikelytobeaffected,orhavebeenaffected,bythatclimate-relatedriskoropportunity;and

(c)providequantitativeinformationaboutthecombinedfinancialeffectsofthatclimate-relatedriskoropportunitywithotherclimate-relatedrisksoropportunitiesandotherfactorsunlesstheentitydeterminesthatquantitativeinformationaboutthecombinedfinancialeffectswouldnotbeuseful.

Climateresilience

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Anentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandtheresilienceoftheentity’sstrategyandbusinessmodeltoclimate-relatedchanges,developmentsanduncertainties,takingintoconsiderationtheentity’sidentifiedclimate-relatedrisksandopportunities.Theentityshalluseclimate-relatedscenarioanalysistoassessitsclimateresilienceusinganapproachthatiscommensuratewiththeentity’scircumstances(seeparagraphsB1-B18).Inprovidingquantitativeinformation,theentitymaydiscloseasingleamountorarange.Specifically,theentityshalldisclose:

(a)theentity’sassessmentofitsclimateresilienceasatthereportingdate,whichshallenableusersofgeneralpurposefinancialreportstounderstand:

(i)theimplications,ifany,oftheentity’sassessmentforits

strategyandbusinessmodel,includinghowtheentitywouldneedtorespondtotheeffectsidentifiedintheclimate-relatedscenarioanalysis;

(ii)thesignificantareasofuncertaintyconsideredintheentity’sassessmentofitsclimateresilience;

(iii)theentity’scapacitytoadjustoradaptitsstrategyandbusinessmodeltoclimatechangeovertheshort,mediumandlongterm,including;

(1)theavailabilityof,andflexibilityin,theentity’sexistingfinancialresourcestorespondtotheeffectsidentifiedintheclimate-relatedscenarioanalysis,includingtoaddressclimate-relatedrisksandtotakeadvantageofclimate-relatedopportunities;

(2)theentity’sabilitytoredeploy,repurpose,upgradeordecommissionexistingassets;and

(3)theeffectoftheentity’scurrentandplannedinvestmentsinclimate-relatedmitigation,adaptationandopportunitiesforclimateresilience;and

(b)howandwhentheclimate-relatedscenarioanalysiswascarriedout,including:

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(i)informationabouttheinputstheentityused,including:

(1)whichclimate-relatedscenariostheentityusedfortheanalysisandthesourcesofthosescenarios;

(2)whethertheanalysisincludedadiverserangeofclimate-relatedscenarios;

(3)whethertheclimate-relatedscenariosusedfortheanalysisareassociatedwithclimate-relatedtransitionrisksorclimate-relatedphysicalrisks;

(4)whethertheentityused,amongitsscenarios,aclimate-relatedscenarioalignedwiththelatestinternationalagreementonclimatechange;

(5)whytheentitydecidedthatitschosenclimate-relatedscenariosarerelevanttoassessingitsresiliencetoclimate-relatedchanges,developmentsoruncertainties;

(6)thetimehorizonstheentityusedintheanalysis;and

(7)whatscopeofoperationstheentityusedintheanalysis(forexample,theoperatinglocationsandbusinessunitsusedintheanalysis);

(ii)thekeyassumptionstheentitymadeintheanalysis,includingassumptionsabout:

(1)climate-relatedpoliciesinthejurisdictionsinwhichtheentityoperates;

(2)macroeconomictrends;

(3)national-orregional-levelvariables(forexample,localweatherpatterns,demographics,landuse,infrastructureandavailabilityofnaturalresources);

(4)energyusageandmix;and

(5)developmentsintechnology;and

(iii)thereportingperiodinwhichtheclimate-relatedscenarioanalysiswascarriedout(seeparagraphB18).

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Inpreparingdisclosurestomeettherequirementsinparagraphs13-22,anentityshallrefertoandconsidertheapplicabilityofcross-industrymetriccategories,asdescribedinparagraph29,andindustry-basedmetricsassociatedwithdisclosuretopicsdefinedintheIndustry-basedGuidanceonImplementingIFRSS2asdescribedinparagraph32.

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Riskmanagement

Theobjectiveofclimate-relatedfinancialdisclosuresonriskmanagementistoenableusersofgeneralpurposefinancialreportstounderstandanentity’sprocessestoidentify,assess,prioritiseandmonitorclimate-relatedrisksandopportunities,includingwhetherandhowthoseprocessesareintegratedintoandinformtheentity’soverallriskmanagementprocess.

Toachievethisobjective,anentityshalldiscloseinformationabout:

(a)theprocessesandrelatedpoliciestheentityusestoidentify,assess,prioritiseandmonitorclimate-relatedrisks,includinginformationabout:

(i)theinputsandparameterstheentityuses(forexample,

informationaboutdatasourcesandthescopeofoperationscoveredintheprocesses);

(ii)whetherandhowtheentityusesclimate-relatedscenarioanalysistoinformitsidentificationofclimate-relatedrisks;

(iii)howtheentityassessesthenature,likelihoodandmagnitudeoftheeffectsofthoserisks(forexample,whethertheentityconsidersqualitativefactors,quantitativethresholdsorothercriteria);

(iv)whetherandhowtheentityprioritisesclimate-relatedrisksrelativetoothertypesofrisk;

(v)howtheentitymonitorsclimate-relatedrisks;and

(vi)whetherandhowtheentityhaschangedtheprocessesitusescomparedwiththepreviousreportingperiod;

(b)theprocessestheentityusestoidentify,assess,prioritiseandmonitorclimate-relatedopportunities,includinginformationaboutwhetherandhowtheentityusesclimate-relatedscenarioanalysistoinformitsidentificationofclimate-relatedopportunities;and

(c)theextenttowhich,andhow,theprocessesforidentifying,assessing,prioritisingandmonitoringclimate-relatedrisksandopportunitiesareintegratedintoandinformtheentity’soverallriskmanagementprocess.

Inpreparingdisclosurestofulfiltherequirementsinparagraph25,anentityshallavoidunnecessaryduplicationinaccordancewithIFRSS1(seeparagraphB42(b)ofIFRSS1).Forexample,althoughanentityshallprovidetheinformationrequiredbyparagraph25,ifoversightofsustainability-relatedrisksandopportunitiesismanagedonanintegratedbasis,theentitywouldavoidduplicationbyprovidingintegratedriskmanagementdisclosuresinsteadofseparatedisclosuresforeachsustainability-relatedriskandopportunity.

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