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Climate-related Disclosures

June 2023

IFRS S2

IFRS® Sustainability Disclosure Standard

International Sustainability Standards Board

IFRS S2

Climate-related Disclosures

IFRS S2 Climate-related Disclosures together with its accompanying documents is issued by

the International Sustainability Standards Board (ISSB).

Disclaimer: To the extent permitted by applicable law, the ISSB and the IFRS Foundation

(Foundation) expressly disclaim all liability howsoever arising from this publication or

any translation thereof whether in contract, tort or otherwise to any person in respect of

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Information contained in this publication does not constitute advice and should not be

substituted for the services of an appropriately qualified professional.

Reproduction and use rights are strictly limited to personal non-commercial use, such as

corporate disclosure.

Any other use, such as – but not limited to – reporting software, investment analysis,

data services and product development is not permitted without written consent. Please

contact the Foundation for further details at sustainability_licensing@ifrs.org.

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Climate-relatedDisclosuresJune2023IFRSS2IFRS®SustainabilityDisclosureStandardInternationalSustainabilityStandardsBoardIFRSS2Climate-relatedDisclosuresIFRSS2Climate-relatedDisclosurestogetherwithitsaccompanyingdocumentsisissuedbytheInternationalSustainabilityStandardsBoard(ISSB).Disclaimer:Totheextentpermittedbyapplicablelaw,theISSBandtheIFRSFoundation(Foundation)expresslydisclaimallliabilityhowsoeverarisingfromthispublicationoranytranslationthereofwhetherincontract,tortorotherwisetoanypersoninrespectofanyclaimsorlossesofanynatureincludingdirect,indirect,incidentalorconsequentialloss,punitivedamages,penaltiesorcosts.Informationcontainedinthispublicationdoesnotconstituteadviceandshouldnotbesubstitutedfortheservicesofanappropriatelyqualifiedprofessional.©IFRSFoundation2023Reproductionanduserightsarestrictlylimitedtopersonalnon-commercialuse,suchascorporatedisclosure.Anyotheruse,suchas–butnotlimitedto–reportingsoftware,investmentanalysis,dataservicesandproductdevelopmentisnotpermittedwithoutwrittenconsent.PleasecontacttheFoundationforfurtherdetailsatsustainability_licensing@ifrs.org.Allrightsreserved.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.CONTENTSfromparagraphIFRSSUSTAINABILITYDISCLOSURESTANDARDS2CLIMATE-RELATEDDISCLOSURESOBJECTIVE1SCOPE3CORECONTENT5Governance5Strategy8Riskmanagement24Metricsandtargets27APPENDICESADefinedtermsBApplicationguidanceCEffectivedateandtransitionAPPROVALBYTHEISSBOFIFRSS2ISSUEDINJUNE2023FORTHEACCOMPANYINGGUIDANCELISTEDBELOW,SEEPARTBOFTHISEDITIONILLUSTRATIVEGUIDANCEILLUSTRATIVEEXAMPLESINDUSTRY-BASEDGUIDANCEONIMPLEMENTINGIFRSS2FORTHEBASISFORCONCLUSIONS,SEEPARTCOFTHISEDITIONBASISFORCONCLUSIONSIFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation3IFRSS2Climate-relatedDisclosuresissetoutinparagraphs1–37andAppendicesA–C.Allparagraphshaveequalauthority.Paragraphsinboldtypestatethemainprinciples.TermsdefinedinAppendixAareinitalicsthefirsttimetheyappearintheStandard.DefinitionsofothertermsaregiveninotherIFRSSustainabilityDisclosureStandards.TheStandardshouldbereadinthecontextofitsobjective,theBasisforConclusionsandIFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformation.IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE20234©IFRSFoundationIFRSS2Climate-relatedDisclosuresObjectiveTheobjectiveofIFRSS2Climate-relatedDisclosuresistorequireanentitytodiscloseinformationaboutitsclimate-relatedrisksandopportunitiesthatisusefultoprimaryusersofgeneralpurposefinancialreportsinmakingdecisionsrelatingtoprovidingresourcestotheentity.1ThisStandardrequiresanentitytodiscloseinformationaboutclimate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’scashflows,itsaccesstofinanceorcostofcapitalovertheshort,mediumorlongterm.ForthepurposesofthisStandard,theserisksandopportunitiesarecollectivelyreferredtoas‘climate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’sprospects’.ScopeThisStandardappliesto:(a)climate-relatedriskstowhichtheentityisexposed,whichare:(i)climate-relatedphysicalrisks;and(ii)climate-relatedtransitionrisks;and(b)climate-relatedopportunitiesavailabletotheentity.Climate-relatedrisksandopportunitiesthatcouldnotreasonablybeexpectedtoaffectanentity’sprospectsareoutsidethescopeofthisStandard.CorecontentGovernanceTheobjectiveofclimate-relatedfinancialdisclosuresongovernanceistoenableusersofgeneralpurposefinancialreportstounderstandthegovernanceprocesses,controlsandproceduresanentityusestomonitor,manageandoverseeclimate-relatedrisksandopportunities.Toachievethisobjective,anentityshalldiscloseinformationabout:(a)thegovernancebody(s)(whichcanincludeaboard,committeeorequivalentbodychargedwithgovernance)orindividual(s)responsibleforoversightofclimate-relatedrisksandopportunities.Specifically,theentityshallidentifythatbody(s)orindividual(s)anddiscloseinformationabout:1234561ThroughoutthisStandard,theterms‘primaryusers’and‘users’areusedinterchangeably,withthesamemeaning.IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation5(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-levelpositionormanagement-levelcommitteeandhowoversightisexercisedoverthatpositionorcommittee;and(ii)whethermanagementusescontrolsandprocedurestosupporttheoversightofclimate-relatedrisksandopportunitiesand,ifso,howthesecontrolsandproceduresareintegratedwithotherinternalfunctions.Inpreparingdisclosurestofulfiltherequirementsinparagraph6,anentityshallavoidunnecessaryduplicationinaccordancewithIFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformation(IFRSS1)(seeparagraphB42(b)ofIFRSS1).Forexample,althoughanentityshallprovidetheinformationrequiredbyparagraph6,ifoversightofsustainability-relatedrisksandopportunitiesismanagedonanintegratedbasis,theentitywouldavoidduplicationbyprovidingintegratedgovernancedisclosuresinsteadofseparatedisclosuresforeachsustainability-relatedriskandopportunity.7IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE20236©IFRSFoundationStrategyTheobjectiveofclimate-relatedfinancialdisclosuresonstrategyistoenableusersofgeneralpurposefinancialreportstounderstandanentity’sstrategyformanagingclimate-relatedrisksandopportunities.Specifically,anentityshalldiscloseinformationtoenableusersofgeneralpurposefinancialreportstounderstand:(a)theclimate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffecttheentity’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-relatedrisksandopportunitiesAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandtheclimate-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.8910IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation7Inidentifyingtheclimate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectanentity’sprospects,theentityshalluseallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort,includinginformationaboutpastevents,currentconditionsandforecastsoffutureconditions.Inidentifyingtheclimate-relatedrisksandopportunitiesthatcouldreasonablybeexpectedtoaffectanentity’sprospects,theentityshallrefertoandconsidertheapplicabilityoftheindustry-baseddisclosuretopicsdefinedintheIndustry-basedGuidanceonImplementingIFRSS2.BusinessmodelandvaluechainAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandthecurrentandanticipatedeffectsofclimate-relatedrisksandopportunitiesontheentity’sbusinessmodelandvaluechain.Specifically,theentityshalldisclose:(a)adescriptionofthecurrentandanticipatedeffectsofclimate-relatedrisksandopportunitiesontheentity’sbusinessmodelandvaluechain;and(b)adescriptionofwhereintheentity’sbusinessmodelandvaluechainclimate-relatedrisksandopportunitiesareconcentrated(forexample,geographicalareas,facilitiesandtypesofassets).Strategyanddecision-makingAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandtheeffectsofclimate-relatedrisksandopportunitiesonitsstrategyanddecision-making.Specifically,theentityshalldisclose:(a)informationabouthowtheentityhasrespondedto,andplanstorespondto,climate-relatedrisksandopportunitiesinitsstrategyanddecision-making,includinghowtheentityplanstoachieveanyclimate-relatedtargetsithassetandanytargetsitisrequiredtomeetbylaworregulation.Specifically,theentityshalldiscloseinformationabout:(i)currentandanticipatedchangestotheentity’sbusinessmodel,includingitsresourceallocation,toaddressclimate-relatedrisksandopportunities(forexample,thesechangescouldincludeplanstomanageordecommissioncarbon-,energy-orwater-intensiveoperations;resourceallocationsresultingfromdemandorsupply-chainchanges;resourceallocationsarisingfrombusinessdevelopmentthroughcapitalexpenditureoradditionalexpenditureonresearchanddevelopment;andacquisitionsordivestments);11121314IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE20238©IFRSFoundation(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,financialperformanceandcashflowsAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstand:(a)theeffectsofclimate-relatedrisksandopportunitiesontheentity’sfinancialposition,financialperformanceandcashflowsforthereportingperiod(currentfinancialeffects);and(b)theanticipatedeffectsofclimate-relatedrisksandopportunitiesontheentity’sfinancialposition,financialperformanceandcashflowsovertheshort,mediumandlongterm,takingintoconsiderationhowclimate-relatedrisksandopportunitiesareincludedintheentity’sfinancialplanning(anticipatedfinancialeffects).Specifically,anentityshalldisclosequantitativeandqualitativeinformationabout:(a)howclimate-relatedrisksandopportunitieshaveaffecteditsfinancialposition,financialperformanceandcashflowsforthereportingperiod;(b)theclimate-relatedrisksandopportunitiesidentifiedinparagraph16(a)forwhichthereisasignificantriskofamaterialadjustmentwithinthenextannualreportingperiodtothecarryingamountsofassetsandliabilitiesreportedintherelatedfinancialstatements;1516IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation9(c)howtheentityexpectsitsfinancialpositiontochangeovertheshort,mediumandlongterm,givenitsstrategytomanageclimate-relatedrisksandopportunities,takingintoconsideration:(i)itsinvestmentanddisposalplans(forexample,plansforcapitalexpenditure,majoracquisitionsanddivestments,jointventures,businesstransformation,innovation,newbusinessareas,andassetretirements),includingplanstheentityisnotcontractuallycommittedto;and(ii)itsplannedsourcesoffundingtoimplementitsstrategy;and(d)howtheentityexpectsitsfinancialperformanceandcashflowstochangeovertheshort,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)thelevelofmeasurementuncertaintyinvolvedinestimatingthoseeffectsissohighthattheresultingquantitativeinformationwouldnotbeuseful.Inaddition,anentityneednotprovidequantitativeinformationabouttheanticipatedfinancialeffectsofaclimate-relatedriskoropportunityiftheentitydoesnothavetheskills,capabilitiesorresourcestoprovidethatquantitativeinformation.Ifanentitydeterminesthatitneednotprovidequantitativeinformationaboutthecurrentoranticipatedfinancialeffectsofaclimate-relatedriskoropportunityapplyingthecriteriasetoutinparagraphs19–20,theentityshall:(a)explainwhyithasnotprovidedquantitativeinformation;1718192021IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202310©IFRSFoundation(b)providequalitativeinformationaboutthosefinancialeffects,includingidentifyinglineitems,totalsandsubtotalswithintherelatedfinancialstatementsthatarelikelytobeaffected,orhavebeenaffected,bythatclimate-relatedriskoropportunity;and(c)providequantitativeinformationaboutthecombinedfinancialeffectsofthatclimate-relatedriskoropportunitywithotherclimate-relatedrisksoropportunitiesandotherfactorsunlesstheentitydeterminesthatquantitativeinformationaboutthecombinedfinancialeffectswouldnotbeuseful.ClimateresilienceAnentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandtheresilienceoftheentity’sstrategyandbusinessmodeltoclimate-relatedchanges,developmentsanduncertainties,takingintoconsiderationtheentity’sidentifiedclimate-relatedrisksandopportunities.Theentityshalluseclimate-relatedscenarioanalysistoassessitsclimateresilienceusinganapproachthatiscommensuratewiththeentity’scircumstances(seeparagraphsB1–B18).Inprovidingquantitativeinformation,theentitymaydiscloseasingleamountorarange.Specifically,theentityshalldisclose:(a)theentity’sassessmentofitsclimateresilienceasatthereportingdate,whichshallenableusersofgeneralpurposefinancialreportstounderstand:(i)theimplications,ifany,oftheentity’sassessmentforitsstrategyandbusinessmodel,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:22IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation11(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).Inpreparingdisclosurestomeettherequirementsinparagraphs13–22,anentityshallrefertoandconsidertheapplicabilityofcross-industrymetriccategories,asdescribedinparagraph29,andindustry-basedmetricsassociatedwithdisclosuretopicsdefinedintheIndustry-basedGuidanceonImplementingIFRSS2asdescribedinparagraph32.23IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202312©IFRSFoundationRiskmanagementTheobjectiveofclimate-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.242526IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation13MetricsandtargetsTheobjectiveofclimate-relatedfinancialdisclosuresonmetricsandtargetsistoenableusersofgeneralpurposefinancialreportstounderstandanentity’sperformanceinrelationtoitsclimate-relatedrisksandopportunities,includingprogresstowardsanyclimate-relatedtargetsithasset,andanytargetsitisrequiredtomeetbylaworregulation.Toachievethisobjective,anentityshalldisclose:(a)informationrelevanttothecross-industrymetriccategories(seeparagraphs29–31);(b)industry-basedmetricsthatareassociatedwithparticularbusinessmodels,activitiesorothercommonfeaturesthatcharacteriseparticipationinanindustry(seeparagraph32);and(c)targetssetbytheentity,andanytargetsitisrequiredtomeetbylaworregulation,tomitigateoradapttoclimate-relatedrisksortakeadvantageofclimate-relatedopportunities,includingmetricsusedbythegovernancebodyormanagementtomeasureprogresstowardsthesetargets(seeparagraphs33–37).Climate-relatedmetricsAnentityshalldiscloseinformationrelevanttothecross-industrymetriccategoriesof:(a)greenhousegases—theentityshall:(i)discloseitsabsolutegrossgreenhousegasemissionsgeneratedduringthereportingperiod,expressedasmetrictonnesofCO2equivalent(seeparagraphsB19–B22),classifiedas:(1)Scope1greenhousegasemissions;(2)Scope2greenhousegasemissions;and(3)Scope3greenhousegasemissions;(ii)measureitsgreenhousegasemissionsinaccordancewiththeGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004)unlessrequiredbyajurisdictionalauthorityoranexchangeonwhichtheentityislistedtouseadifferentmethodformeasuringitsgreenhousegasemissions(seeparagraphsB23–B25);(iii)disclosetheapproachitusestomeasureitsgreenhousegasemissions(seeparagraphsB26–B29)including:(1)themeasurementapproach,inputsandassumptionstheentityusestomeasureitsgreenhousegasemissions;(2)thereasonwhytheentityhaschosenthemeasurementapproach,inputsandassumptionsitusestomeasureitsgreenhousegasemissions;and272829IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202314©IFRSFoundation(3)anychangestheentitymadetothemeasurementapproach,inputsandassumptionsduringthereportingperiodandthereasonsforthosechanges;(iv)forScope1andScope2greenhousegasemissionsdisclosedinaccordancewithparagraph29(a)(i)(1)–(2),disaggregateemissionsbetween:(1)theconsolidatedaccountinggroup(forexample,foranentityapplyingIFRSAccountingStandards,thisgroupwouldcomprisetheparentanditsconsolidatedsubsidiaries);and(2)otherinvesteesexcludedfromparagraph29(a)(iv)(1)(forexample,foranentityapplyingIFRSAccountingStandards,theseinvesteeswouldincludeassociates,jointventuresandunconsolidatedsubsidiaries);(v)forScope2greenhousegasemissionsdisclosedinaccordancewithparagraph29(a)(i)(2),discloseitslocation-basedScope2greenhousegasemissions,andprovideinformationaboutanycontractualinstrumentsthatisnecessarytoinformusers’understandingoftheentity’sScope2greenhousegasemissions(seeparagraphsB30–B31);and(vi)forScope3greenhousegasemissionsdisclosedinaccordancewithparagraph29(a)(i)(3),andwithreferencetoparagraphsB32–B57,disclose:(1)thecategoriesincludedwithintheentity’smeasureofScope3greenhousegasemissions,inaccordancewiththeScope3categoriesdescribedintheGreenhouseGasProtocolCorporateValueChain(Scope3)AccountingandReportingStandard(2011);and(2)additionalinformationabouttheentity’sCategory15greenhousegasemissionsorthoseassociatedwithitsinvestments(financedemissions),iftheentity’sactivitiesincludeassetmanagement,commercialbankingorinsurance(seeparagraphsB58–B63);(b)climate-relatedtransitionrisks—theamountandpercentageofassetsorbusinessactivitiesvulnerabletoclimate-relatedtransitionrisks;(c)climate-relatedphysicalrisks—theamountandpercentageofassetsorbusinessactivitiesvulnerabletoclimate-relatedphysicalrisks;(d)climate-relatedopportunities—theamountandpercentageofassetsorbusinessactivitiesalignedwithclimate-relatedopportunities;(e)capitaldeployment—theamountofcapitalexpenditure,financingorinvestmentdeployedtowardsclimate-relatedrisksandopportunities;(f)internalcarbonprices—theentityshalldisclose:IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation15(i)anexplanationofwhetherandhowtheentityisapplyingacarbonpriceindecision-making(forexample,investmentdecisions,transferpricingandscenarioanalysis);and(ii)thepriceforeachmetrictonneofgreenhousegasemissionstheentityusestoassessthecostsofitsgreenhousegasemissions;(g)remuneration—theentityshalldisclose:(i)adescriptionofwhetherandhowclimate-relatedconsiderationsarefactoredintoexecutiveremuneration(seealsoparagraph6(a)(v));and(ii)thepercentageofexecutivemanagementremunerationrecognisedinthecurrentperiodthatislinkedtoclimate-relatedconsiderations.Inpreparingdisclosurestomeettherequirementsinparagraph29(b)–(d),anentityshalluseallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort.Inpreparingdisclosurestomeettherequirementsinparagraph29(b)–(g),anentityshallrefertoparagraphsB64–B65.Anentityshalldiscloseindustry-basedmetricsthatareassociatedwithoneormoreparticularbusinessmodels,activitiesorothercommonfeaturesthatcharacteriseparticipationinanindustry.Indeterminingtheindustry-basedmetricsthattheentitydiscloses,theentityshallrefertoandconsidertheapplicabilityoftheindustry-basedmetricsassociatedwithdisclosuretopicsdescribedintheIndustry-basedGuidanceonImplementingIFRSS2.Climate-relatedtargetsAnentityshalldisclosethequantitativeandqualitativeclimate-relatedtargetsithassettomonitorprogresstowardsachievingitsstrategicgoals,andanytargetsitisrequiredtomeetbylaworregulation,includinganygreenhousegasemissionstargets.Foreachtarget,theentityshalldisclose:(a)themetricusedtosetthetarget(seeparagraphsB66–B67);(b)theobjectiveofthetarget(forexample,mitigation,adaptationorconformancewithscience-basedinitiatives);(c)thepartoftheentitytowhichthetargetapplies(forexample,whetherthetargetappliestotheentityinitsentiretyoronlyapartoftheentity,suchasaspecificbusinessunitorspecificgeographicalregion);(d)theperiodoverwhichthetargetapplies;(e)thebaseperiodfromwhichprogressismeasured;(f)anymilestonesandinterimtargets;(g)ifthetargetisquantitative,whetheritisanabsolutetargetoranintensitytarget;and30313233IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202316©IFRSFoundation(h)howthelatestinternationalagreementonclimatechange,includingjurisdictionalcommitmentsthatarisefromthatagreement,hasinformedthetarget.Anentityshalldiscloseinformationaboutitsapproachtosettingandreviewingeachtarget,andhowitmonitorsprogressagainsteachtarget,including:(a)whetherthetargetandthemethodologyforsettingthetargethasbeenvalidatedbyathirdparty;(b)theentity’sprocessesforreviewingthetarget;(c)themetricsusedtomonitorprogresstowardsreachingthetarget;and(d)anyrevisionstothetargetandanexplanationforthoserevisions.Anentityshalldiscloseinformationaboutitsperformanceagainsteachclimate-relatedtargetandananalysisoftrendsorchangesintheentity’sperformance.Foreachgreenhousegasemissionstargetdisclosedinaccordancewithparagraphs33–35,anentityshalldisclose:(a)whichgreenhousegasesarecoveredbythetarget.(b)whetherScope1,Scope2orScope3greenhousegasemissionsarecoveredbythetarget.(c)whetherthetargetisagrossgreenhousegasemissionstargetornetgreenhousegasemissionstarget.Iftheentitydisclosesanetgreenhousegasemissionstarget,theentityisalsorequiredtoseparatelydiscloseitsassociatedgrossgreenhousegasemissionstarget(seeparagraphsB68–B69).(d)whetherthetargetwasderivedusingasectoraldecarbonisationapproach.(e)theentity’splanneduseofcarboncreditstooffsetgreenhousegasemissionstoachieveanynetgreenhousegasemissionstarget.Inexplainingitsplanneduseofcarboncreditstheentityshalldiscloseinformationincluding,andwithreferencetoparagraphsB70–B71:(i)theextenttowhich,andhow,achievinganynetgreenhousegasemissionstargetreliesontheuseofcarboncredits;(ii)whichthird-partyscheme(s)willverifyorcertifythecarboncredits;(iii)thetypeofcarboncredit,includingwhethertheunderlyingoffsetwillbenature-basedorbasedontechnologicalcarbonremovals,andwhethertheunderlyingoffsetisachievedthroughcarbonreductionorremoval;and343536IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation17(iv)anyotherfactorsnecessaryforusersofgeneralpurposefinancialreportstounderstandthecredibilityandintegrityofthecarboncreditstheentityplanstouse(forexample,assumptionsregardingthepermanenceofthecarbonoffset).Inidentifyinganddisclosingthemetricsusedtosetandmonitorprogresstowardsreachingatargetdescribedinparagraphs33–34,anentityshallrefertoandconsidertheapplicabilityofcross-industrymetrics(seeparagraph29)andindustry-basedmetrics(seeparagraph32),includingthosedescribedinanapplicableIFRSSustainabilityDisclosureStandard,ormetricsthatotherwisesatisfytherequirementsinIFRSS1.37IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202318©IFRSFoundationAppendixADefinedtermsThisappendixisanintegralpartofIFRSS2andhasthesameauthorityastheotherpartsoftheStandard.carboncreditAnemissionsunitthatisissuedbyacarboncreditingprogrammeandrepresentsanemissionreductionorremovalofgreenhousegases.Carboncreditsareuniquelyserialised,issued,trackedandcancelledbymeansofanelectronicregistry.climateresilienceThecapacityofanentitytoadjusttoclimate-relatedchanges,developmentsoruncertainties.Climateresilienceinvolvesthecapacitytomanageclimate-relatedrisksandbenefitfromclimate-relatedopportunities,includingtheabilitytorespondandadapttoclimate-relatedtransitionrisksandclimate-relatedphysicalrisks.Anentity’sclimateresilienceincludesbothitsstrategicresilienceanditsoperationalresiliencetoclimate-relatedchanges,developmentsanduncertainties.climate-relatedphysicalrisksRisksresultingfromclimatechangethatcanbeevent-driven(acutephysicalrisk)orfromlonger-termshiftsinclimaticpatterns(chronicphysicalrisk).Acutephysicalrisksarisefromweather-relatedeventssuchasstorms,floods,droughtorheatwaves,whichareincreasinginseverityandfrequency.Chronicphysicalrisksarisefromlonger-termshiftsinclimaticpatternsincludingchangesinprecipitationandtemperaturewhichcouldleadtosealevelrise,reducedwateravailability,biodiversitylossandchangesinsoilproductivity.Theseriskscouldcarryfinancialimplicationsforanentity,suchascostsresultingfromdirectdamagetoassetsorindirecteffectsofsupply-chaindisruption.Theentity'sfinancialperformancecouldalsobeaffectedbychangesinwateravailability,sourcingandquality;andextremetemperaturechangesaffectingtheentity'spremises,operations,supplychains,transportationneedsandemployeehealthandsafety.climate-relatedrisksandopportunitiesClimate-relatedrisksreferstothepotentialnegativeeffectsofclimatechangeonanentity.Theserisksarecategorisedasclimate-relatedphysicalrisksandclimate-relatedtransitionrisks.Climate-relatedopportunitiesreferstothepotentialpositiveeffectsarisingfromclimatechangeforanentity.Effortstomitigateandadapttoclimatechangecanproduceclimate-relatedopportunitiesforanentity.climate-relatedtransitionplanAnaspectofanentity’soverallstrategythatlaysouttheentity’stargets,actionsorresourcesforitstransitiontowardsalower-carboneconomy,includingactionssuchasreducingitsgreenhousegasemissions.IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation19climate-relatedtransitionrisksRisksthatarisefromeffortstotransitiontoalower-carboneconomy.Transitionrisksincludepolicy,legal,technological,marketandreputationalrisks.Theseriskscouldcarryfinancialimplicationsforanentity,suchasincreasedoperatingcostsorassetimpairmentduetoneworamendedclimate-relatedregulations.Theentity'sfinancialperformancecouldalsobeaffectedbyshiftingconsumerdemandsandthedevelopmentanddeploymentofnewtechnology.CO2equivalentTheuniversalunitofmeasurementtoindicatetheglobalwarmingpotentialofeachgreenhousegas,expressedintermsoftheglobalwarmingpotentialofoneunitofcarbondioxide.Thisunitisusedtoevaluatereleasing(oravoidingreleasing)differentgreenhousegasesagainstacommonbasis.financedemissionsTheportionofgrossgreenhousegasemissionsofaninvesteeorcounterpartyattributedtotheloansandinvestmentsmadebyanentitytotheinvesteeorcounterparty.TheseemissionsarepartofScope3Category15(investments)asdefinedintheGreenhouseGasProtocolCorporateValueChain(Scope3)AccountingandReportingStandard(2011).globalwarmingpotentialAfactordescribingtheradiativeforcingimpact(degreeofharmtotheatmosphere)ofoneunitofagivengreenhousegasrelativetooneunitofCO2.greenhousegasesThesevengreenhousegaseslistedintheKyotoProtocol—carbondioxide(CO2);methane(CH4);nitrousoxide(N2O);hydrofluorocarbons(HFCs);nitrogentrifluoride(NF3);perfluorocarbons(PFCs)andsulphurhexafluoride(SF6).indirectgreenhousegasemissionsEmissionsthatareaconsequenceoftheactivitiesofanentity,butoccuratsourcesownedorcontrolledbyanotherentity.internalcarbonpricePriceusedbyanentitytoassessthefinancialimplicationsofchangestoinvestment,productionandconsumptionpatterns,andofpotentialtechnologicalprogressandfutureemissions-abatementcosts.Anentitycanuseinternalcarbonpricesforarangeofbusinessapplications.Twotypesofinternalcarbonpricesthatanentitycommonlyusesare:(a)ashadowprice,whichisatheoreticalcostornotionalamountthattheentitydoesnotchargebutthatcanbeusedtounderstandtheeconomicimplicationsortrade-offsforsuchthingsasriskimpacts,newinvestments,thenetpresentvalueofprojects,andthecostandbenefitofvariousinitiatives;andIFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202320©IFRSFoundation(b)aninternaltaxorfee,whichisacarbonpricechargedtoabusinessactivity,productline,orotherbusinessunitbasedonitsgreenhousegasemissions(theseinternaltaxesorfeesaresimilartointracompanytransferpricing).latestinternationalagreementonclimatechangeAnagreementbystates,asmembersoftheUnitedNationsFrameworkConventiononClimateChange,tocombatclimatechange.Theagreementssetnormsandtargetsforareductioningreenhousegases.Scope1greenhousegasemissionsDirectgreenhousegasemissionsthatoccurfromsourcesthatareownedorcontrolledbyanentity.Scope2greenhousegasemissionsIndirectgreenhousegasemissionsfromthegenerationofpurchasedoracquiredelectricity,steam,heatingorcoolingconsumedbyanentity.Purchasedandacquiredelectricityiselectricitythatispurchasedorotherwisebroughtintoanentity’sboundary.Scope2greenhousegasemissionsphysicallyoccuratthefacilitywhereelectricityisgenerated.Scope3greenhousegasemissionsIndirectgreenhousegasemissions(notincludedinScope2greenhousegasemissions)thatoccurinthevaluechainofanentity,includingbothupstreamanddownstreamemissions.Scope3greenhousegasemissionsincludetheScope3categoriesintheGreenhouseGasProtocolCorporateValueChain(Scope3)AccountingandReportingStandard(2011).Scope3categoriesScope3greenhousegasemissionsarecategorisedintothese15categories—asdescribedintheGreenhouseGasProtocolCorporateValueChain(Scope3)AccountingandReportingStandard(2011):(1)purchasedgoodsandservices;(2)capitalgoods;(3)fuel-andenergy-relatedactivitiesnotincludedinScope1greenhousegasemissionsorScope2greenhousegasemissions;(4)upstreamtransportationanddistribution;(5)wastegeneratedinoperations;(6)businesstravel;(7)employeecommuting;(8)upstreamleasedassets;(9)downstreamtransportationanddistribution;(10)processingofsoldproducts;IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation21(11)useofsoldproducts;(12)end-of-lifetreatmentofsoldproducts;(13)downstreamleasedassets;(14)franchises;and(15)investments.TermsdefinedinotherStandardsandusedinthisStandardwiththesamemeaningbusinessmodelAnentity’ssystemoftransforminginputsthroughitsactivitiesintooutputsandoutcomesthataimstofulfiltheentity’sstrategicpurposesandcreatevaluefortheentityandhencegeneratecashflowsovertheshort,mediumandlongterm.disclosuretopicAspecificsustainability-relatedriskoropportunitybasedontheactivitiesconductedbyentitieswithinaparticularindustryassetoutinanIFRSSustainabilityDisclosureStandardoraSASBStandard.generalpurposefinancialreportsReportsthatprovidefinancialinformationaboutareportingentitythatisusefultoprimaryusersinmakingdecisionsrelatingtoprovidingresourcestotheentity.Thosedecisionsinvolvedecisionsabout:(a)buying,sellingorholdingequityanddebtinstruments;(b)providingorsellingloansandotherformsofcredit;or(c)exercisingrightstovoteon,orotherwiseinfluence,theentity’smanagement’sactionsthataffecttheuseoftheentity’seconomicresources.Generalpurposefinancialreportsinclude—butarenotrestrictedto—anentity’sgeneralpurposefinancialstatementsandsustainability-relatedfinancialdisclosures.impracticableApplyingarequirementisimpracticablewhenanentitycannotapplyitaftermakingeveryreasonableefforttodoso.primaryusersofgeneralpurposefinancialreports(primaryusers)Existingandpotentialinvestors,lendersandothercreditors.valuechainThefullrangeofinteractions,resourcesandrelationshipsrelatedtoareportingentity’sbusinessmodelandtheexternalenvironmentinwhichitoperates.Avaluechainencompassestheinteractions,resourcesandrelationshipsanentityusesanddependsontocreateitsproductsorservicesfromconceptiontodelivery,consumptionandend-of-life,includinginteractions,resourcesandIFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202322©IFRSFoundationrelationshipsintheentity’soperations,suchashumanresources;thosealongitssupply,marketinganddistributionchannels,suchasmaterialsandservicesourcing,andproductandservicesaleanddelivery;andthefinancing,geographical,geopoliticalandregulatoryenvironmentsinwhichtheentityoperates.IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation23AppendixBApplicationguidanceThisappendixisanintegralpartofIFRSS2andhasthesameauthorityastheotherpartsoftheStandard.Climateresilience(paragraph22)Paragraph22requiresanentitytouseclimate-relatedscenarioanalysistoassessitsclimateresilience,usinganapproachthatiscommensuratewithitscircumstances.2Theentityisrequiredtouseanapproachtoclimate-relatedscenarioanalysisthatenablesittoconsiderallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort.ParagraphsB2–B18provideguidanceonhowanentityusesscenarioanalysistoassesstheentity’sclimateresilience.Specifically:(a)paragraphsB2–B7setoutthefactorstheentityshallconsiderwhenassessingitscircumstances;(b)paragraphsB8–B15setoutthefactorstheentityshallconsiderwhendetermininganappropriateapproachtoclimate-relatedscenarioanalysis;and(c)paragraphsB16–B18setoutadditionalfactorsfortheentitytoconsiderwhendeterminingitsapproachtoclimate-relatedscenarioanalysisovertime.AssessingthecircumstancesAnentityshalluseanapproachtoclimate-relatedscenarioanalysisthatiscommensuratewithitscircumstancesasatthetimetheentitycarriesoutitsclimate-relatedscenarioanalysis(seeparagraphB3).Toassessitscircumstancestheentityshallconsider:(a)theentity’sexposuretoclimate-relatedrisksandopportunities(seeparagraphsB4–B5);and(b)theskills,capabilitiesandresourcesavailabletotheentityfortheclimate-relatedscenarioanalysis(seeparagraphsB6–B7).Anentityshallassessitscircumstanceseachtimeitcarriesoutitsclimate-relatedscenarioanalysis.Forexample,anentitythatcarriesoutitsclimate-relatedscenarioanalysiseverythreeyearstoalignwithitsstrategicplanningcycle(seeparagraphB18)wouldberequiredtoreconsiderforthispurposeitsexposuretoclimate-relatedrisksandopportunitiesandtheskills,capabilitiesandresourcesavailableatthattime.B1B2B32Thisapplicationguidance(paragraphsB1–B18)drawsontherangeofpracticeoutlinedindocumentspublishedbytheTaskForceonClimate-relatedFinancialDisclosures(TCFD),includingTechnicalSupplement:TheUseofScenarioAnalysisinDisclosureofClimate-relatedRisksandOpportunities(2017)andGuidanceonScenarioAnalysisforNon-FinancialCompanies(2020).IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202324©IFRSFoundationExposuretoclimate-relatedrisksandopportunitiesAnentityshallconsideritsexposuretoclimate-relatedrisksandopportunitiesinitsassessmentofitscircumstancesandwhendeterminingtheapproachtouseforitsclimate-relatedscenarioanalysis.Thisconsiderationprovidesessentialcontextforunderstandingthepotentialbenefitsofusingaparticularapproachtoclimate-relatedscenarioanalysis.Forexample,ifanentityhasahighdegreeofexposuretoclimate-relatedriskthenamorequantitativeortechnicallysophisticatedapproachtoclimate-relatedscenarioanalysiswouldbeofgreaterbenefittotheentityandusersofgeneralpurposefinancialreports.Usersofgeneralpurposefinancialreportswouldbelesslikelytobenefitfromquantitativeortechnicallysophisticatedclimate-relatedscenarioanalysisiftheentityisexposedtofeworrelativelylesssevereclimate-relatedrisksandopportunities.Thismeansthat—withallelsebeingequal—thegreatertheentity’sexposuretoclimate-relatedrisksoropportunities,themorelikelyitistheentitywoulddeterminethatamoretechnicallysophisticatedformofclimate-relatedscenarioanalysisisrequired.ThisStandardrequiresanentitytoidentifytheclimate-relatedrisksandopportunitiestowhichitisexposed(seeparagraph10)andtodiscloseinformationabouttheprocesstheentityusestoidentify,assess,prioritiseandmonitorthoserisksandopportunities(seeparagraph25).Theinformationtheentitydisclosesinaccordancewithparagraphs10and25caninformtheentity’sconsiderationofitsexposuretoclimate-relatedrisksandopportunities.Skills,capabilitiesandresourcesavailableAnentityshallconsidertheavailableskills,capabilitiesandresourceswhendetermininganappropriateapproachtouseforitsclimate-relatedscenarioanalysis.Theseskills,capabilitiesandresourcesmightincludebothinternalandexternalskills,capabilitiesandresources.Theentity’savailableskills,capabilitiesandresourcesprovidecontexttoinformitsconsiderationofthepotentialcostandlevelofeffortrequiredbyaparticularapproachtoclimate-relatedscenarioanalysis.Forexample,ifanentityhasonlyjustbeguntoexploretheuseofclimate-relatedscenarioanalysistoassessitsclimateresilience,itmightbeunabletouseaquantitativeortechnicallysophisticatedapproachtoclimate-relatedscenarioanalysiswithoutunduecostoreffort.Fortheavoidanceofdoubt,ifresourcesareavailabletotheentitythenitwillbeabletoinvestinobtainingordevelopingthenecessaryskillsandcapabilities.Climate-relatedscenarioanalysiscanberesourceintensiveandmight—throughaniterativelearningprocess—bedevelopedandrefinedovermultipleplanningcycles.Asanentityrepeatstheclimate-relatedscenarioanalysis,itislikelytodevelopskillsandcapabilitiesthatwillenabletheentitytostrengthenitsapproachtoclimate-relatedscenarioanalysisovertime.Forexample,ifanentityhasnotyetusedclimate-relatedscenarioanalysisorparticipatesinanindustrywhereclimate-relatedscenarioanalysisisnotcommonlyused,theentitymightneedmoretimetodevelopitsskillsandcapabilities.Incontrast,anentityinanindustrywhereclimate-relatedscenarioanalysisisestablishedpractice—suchasextractivesandmineralB4B5B6B7IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation25processing—wouldbeexpectedtohavestrengtheneditsskillsandcapabilitiesthroughitsexperience.DeterminingtheappropriateapproachAnentityshalldetermineanapproachtoclimate-relatedscenarioanalysisthatenablesittoconsiderallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort.Thedeterminationoftheapproachshallbeinformedbytheassessmentsoftheentity’sexposuretoclimate-relatedrisksandopportunities(seeparagraphsB4–B5)anditsavailableskills,capabilitiesandresources(seeparagraphsB6–B7).Makingsuchadeterminationinvolves:(a)selectinginputstotheclimate-relatedscenarioanalysis(seeparagraphsB11–B13);and(b)makinganalyticalchoicesabouthowtocarryouttheclimate-relatedscenarioanalysis(seeparagraphsB14–B15).Reasonableandsupportableinformationincludesinformationaboutpastevents,currentconditionsandforecastsoffutureconditions.Italsoincludesquantitativeorqualitativeinformation,andinformationthatisobtainedfromanexternalsourceorownedordevelopedinternally.Anentitywillneedtousejudgementtodeterminethemixofinputsandanalyticalchoicesthatwillenabletheentitytoconsiderallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort.Thedegreeofjudgementthatisrequireddependsontheavailabilityofdetailedinformation.Asthetimehorizonincreasesandtheavailabilityofdetailedinformationdecreases,thedegreeofjudgementrequiredincreases.SelectinginputsWhenanentityselectstheinputstouseinitsclimate-relatedscenarioanalysis,theentityshallconsiderallreasonableandsupportableinformation—includingscenarios,variablesandotherinputs—availabletotheentityatthereportingdatewithoutunduecostoreffort.Theinputsusedinscenarioanalysismightincludeinformationthatisqualitativeorquantitative,andisobtainedfromanexternalsourceordevelopedinternally.Forexample,publiclyavailableclimate-relatedscenarios—fromauthoritativesources—thatdescribefuturetrendsandarangeofpathwaystoplausibleoutcomesareconsideredtobeavailabletotheentitywithoutunduecostoreffort.Whenselectingscenarios,variablesandotherinputstouseinclimate-relatedscenarioanalysis,anentitymight,forexample,useoneormoreclimate-relatedscenarios—includinginternationalandregionalscenarios—thatarepubliclyandfreelyavailablefromauthoritativesources.Theentityshallhaveareasonableandsupportablebasisforusingaparticularscenarioorsetofscenarios.Forexample,anentitywithoperationsconcentratedinajurisdictionwhereemissionsareregulated—orarelikelytoberegulatedinthefuture—mightdeterminethatitisappropriatetocarryoutitsanalysisusingascenarioconsistentwithanorderlytransitiontoalower-carbonB8B9B10B11B12IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202326©IFRSFoundationeconomyorconsistentwithrelevantjurisdictionalcommitmentstothelatestinternationalagreementonclimatechange.Elsewhere,forexample,anentitywithheightenedexposuretophysicalclimate-relatedrisksmightdeterminethatitisappropriatetocarryoutitsanalysisusingalocalisedclimate-relatedscenariothattakesintoaccountcurrentpolicies.Inconsideringwhethertheselectedinputsarereasonableandsupportable,anentityshallconsidertheobjectiveofparagraph22,whichrequirestheentitytodiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstandtheresilienceoftheentity’sstrategyandbusinessmodeltoclimate-relatedchanges,developmentsanduncertainties,takingintoconsiderationtheentity’sidentifiedclimate-relatedrisksandopportunities.Thismeansthattheinputstotheentity’sclimate-relatedscenarioanalysisshallberelevanttotheentity’scircumstances,forexample,totheparticularactivitiestheentityundertakesandthegeographicallocationofthoseactivities.MakinganalyticalchoicesAnentity’sresilienceassessmentwillbeinformednotonlybytheindividualinputstoitsclimate-relatedscenarioanalysis,butalsobytheinformationitdevelopsincombiningthoseinputstocarryouttheanalysis.Theentityshallprioritisetheanalyticalchoices(forexample,whethertousequalitativeanalysisorquantitativemodelling)thatwillenableittoconsiderallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort.Forexample,ifanentityisable—withoutunduecostoreffort—toincorporatemultiplecarbonpricepathwaysassociatedwithagivenoutcome(forexample,a1.5degreeCelsiusoutcome),thisanalysisislikelytostrengthentheentity’sresilienceassessment,assumingsuchanapproachiswarrantedbytheentity’sriskexposure.Quantitativeinformationwilloftenenableanentitytocarryoutamorerobustassessmentofitsclimateresilience.However,qualitativeinformation(includingscenarionarratives),eitheraloneorcombinedwithquantitativedata,canalsoprovideareasonableandsupportablebasisfortheentity’sresilienceassessment.AdditionalconsiderationsClimate-relatedscenarioanalysisisanevolvingpracticeand,therefore,theapproachthatanentityusesislikelytochangeovertime.AsdescribedinparagraphsB2–B7,theentityshalldetermineitsapproachtoclimate-relatedscenarioanalysisbasedonitsparticularcircumstances,includingtheentity’sexposuretoclimate-relatedrisksandopportunitiesandtheskills,capabilitiesandresourcesavailableforthescenarioanalysis.Thosecircumstancesarealsolikelytochangeovertime.Therefore,theentity’sapproachtoclimate-relatedscenarioanalysisneednotbethesamefromonereportingperiodorstrategicplanningcycletothenext(seeparagraphB18).B13B14B15B16IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation27Anentitymightuseasimplerapproachtoclimate-relatedscenarioanalysis,suchasqualitativescenarionarratives,ifsuchanapproachisappropriatetotheentity’scircumstances.Forexample,ifanentitydoesnotcurrentlyhavetheskills,capabilitiesorresourcestocarryoutquantitativeclimate-relatedscenarioanalysisbuthasahighdegreeofexposuretoclimate-relatedrisk,theentitymightinitiallyuseasimplerapproachtoclimate-relatedscenarioanalysis,butwouldbuilditscapabilitiesthroughexperienceand,therefore,wouldapplyamoreadvancedquantitativeapproachtoclimate-relatedscenarioanalysisovertime.Anentitywithahighdegreeofexposuretoclimate-relatedrisksandopportunities,andwithaccesstothenecessaryskills,capabilitiesorresources,isrequiredtoapplyamoreadvancedquantitativeapproachtoclimate-relatedscenarioanalysis.Althoughparagraph22requiresanentitytodiscloseinformationaboutitsclimateresilienceateachreportingdate,theentitymightcarryoutitsclimate-relatedscenarioanalysisinlinewithitsstrategicplanningcycle,includingamulti-yearstrategicplanningcycle(forexample,everythreetofiveyears).Therefore,insomereportingperiodstheentity’sdisclosuresinaccordancewithparagraph22(b)couldremainunchangedfromthepreviousreportingperiodiftheentitydoesnotconductascenarioanalysisannually.Theentityshall—ataminimum—updateitsclimate-relatedscenarioanalysisinlinewithitsstrategicplanningcycle.However,anassessmentoftheentity’sresilienceisrequiredtobecarriedoutannuallytoreflectupdatedinsightintotheimplicationsofclimateuncertaintyfortheentity’sbusinessmodelandstrategy.Assuch,anentity’sdisclosureinaccordancewithparagraph22(a)—thatis,theresultsoftheentity’sresilienceassessment—shallbeupdatedateachreportingperiod.B17B18IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202328©IFRSFoundationGreenhousegases(paragraph29(a))GreenhousegasemissionsPermissiontouseinformationfromareportingperiodthatisdifferentfromtheentity’sreportingperiod,inspecificcircumstancesAnentitymighthaveadifferentreportingperiodfromsomeoralloftheentitiesinitsvaluechain.Suchadifferencewouldmeanthatgreenhousegasemissionsinformationfromtheseentitiesinitsvaluechainfortheentity’sreportingperiodmightnotbereadilyavailablefortheentitytouseforitsowndisclosure.Insuchcircumstances,theentityispermittedtomeasureitsgreenhousegasemissionsinaccordancewithparagraph29(a)(i)usinginformationforreportingperiodsthataredifferentfromitsownreportingperiodifthatinformationisobtainedfromentitiesinitsvaluechainwithreportingperiodsthataredifferentfromtheentity’sreportingperiod,ontheconditionthat:(a)theentityusesthemostrecentdataavailablefromthoseentitiesinitsvaluechainwithoutunduecostorefforttomeasureanddiscloseitsgreenhousegasemissions;(b)thelengthofthereportingperiodsisthesame;and(c)theentitydisclosestheeffectsofsignificanteventsandchangesincircumstances(relevanttoitsgreenhousegasemissions)thatoccurbetweenthereportingdatesoftheentitiesinitsvaluechainandthedateoftheentity’sgeneralpurposefinancialreports.AggregationofgreenhousegasesintoCO2equivalentusingglobalwarmingpotentialvaluesParagraph29(a)requiresanentitytodiscloseitsabsolutegrossgreenhousegasemissionsgeneratedduringthereportingperiod,expressedasmetrictonnesofCO2equivalent.Tomeetthisrequirement,theentityshallaggregatethesevenconstituentgreenhousegasesintoCO2equivalentvalues.Ifanentityusesdirectmeasurementtomeasureitsgreenhousegasemissions,theentityisrequiredtoconvertthesevenconstituentgreenhousegasesintoaCO2equivalentvalueusingglobalwarmingpotentialvaluesbasedona100-yeartimehorizon,fromthelatestIntergovernmentalPanelonClimateChangeassessmentavailableatthereportingdate.Ifanentityusesemissionfactorstoestimateitsgreenhousegasemissions,theentityshalluse—asitsbasisformeasuringitsgreenhousegasemissions—theemissionfactorsthatbestrepresenttheentity’sactivity(seeparagraphB29).IftheseemissionfactorshavealreadyconvertedtheconstituentgasesintoCO2equivalentvalues,theentityisnotrequiredtorecalculatetheemissionfactorsusingglobalwarmingpotentialvaluesbasedona100-yeartimehorizonfromthelatestIntergovernmentalPanelonClimateChangeassessmentavailableatthereportingdate.However,ifanentityusesemissionfactorsthatarenotB19B20B21B22IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation29convertedintoCO2equivalentvalues,thentheentityshallusetheglobalwarmingpotentialvaluesbasedona100-yeartimehorizonfromthelatestIntergovernmentalPanelonClimateChangeassessmentavailableatthereportingdate.GreenhouseGasProtocolParagraph29(a)(ii)requiresanentitytodiscloseitsgreenhousegasemissionsmeasuredinaccordancewiththeGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004).Fortheavoidanceofdoubt,anentityshallapplytherequirementsintheGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004)onlytotheextentthattheydonotconflictwiththerequirementsinthisStandard.Forexample,theGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004)doesnotrequireanentitytodiscloseitsScope3greenhousegasemissions,however,theentityisrequiredtodiscloseScope3greenhousegasemissionsinaccordancewithparagraph29(a).AnentityisrequiredtousetheGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004)unlesstheentityisrequiredbyajurisdictionalauthorityoranexchangeonwhichitislistedtouseadifferentmethodformeasuringitsgreenhousegasemissions.Iftheentityisrequiredbyajurisdictionalauthorityoranexchangeonwhichitislistedtouseadifferentmethodformeasuringitsgreenhousegasemissions,theentityispermittedtousethismethodratherthanusingtheGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004)foraslongasthejurisdictionalorexchangerequirementappliestotheentity.Insomecircumstances,anentitymightbesubjecttoarequirementinthejurisdictioninwhichitoperatestodiscloseitsgreenhousegasemissionsforaspecificpartoftheentityorforsomeofitsgreenhousegasemissions(forexample,onlyforScope1andScope2greenhousegasemissions).Insuchcircumstances,thejurisdictionalrequirementdoesnotexempttheentityfromapplyingtherequirementsinthisStandardtodisclosetheentity’sScope1,Scope2andScope3greenhousegasemissionsfortheentityasawhole.Measurementapproach,inputsandassumptionsParagraph29(a)(iii)requiresanentitytodisclosethemeasurementapproach,inputsandassumptionsitusestomeasureitsgreenhousegasemissions.Aspartofthisrequirement,theentityshallincludeinformationabout:(a)themeasurementapproachtheentityusesinaccordancewiththeGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004)(seeparagraphB27);(b)theapplicablemethodiftheentityisnotusingtheGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004)andthemeasurementapproachtheentityuses(seeparagraphB28);and(c)theemissionfactorstheentityuses(seeparagraphB29).B23B24B25B26IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202330©IFRSFoundationThemeasurementapproachsetoutintheGreenhouseGasProtocolTheGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004)includesdifferentmeasurementapproachesthatanentitymightusewhenmeasuringitsgreenhousegasemissions.Indisclosinginformationinaccordancewithparagraph29(a)(iii),theentityisrequiredtodiscloseinformationaboutthemeasurementapproachituses.Forexample,whentheentitydisclosesitsgreenhousegasemissionsmeasuredinaccordancewiththeGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004),theentityisrequiredtousetheequityshareorcontrolapproach.Specifically,theentityshalldisclose:(a)theapproachitusestodetermineitsgreenhousegasemissions(forexample,theequityshareorcontrolapproachintheGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004));and(b)thereason,orreasons,fortheentity’schoiceofmeasurementapproachandhowthatapproachrelatestothedisclosureobjectiveinparagraph27.OthermethodsandmeasurementapproachesWhenanentitydisclosesitsgreenhousegasemissionsmeasuredinaccordancewithanothermethod,applyingparagraphs29(a)(ii),B24–B25orC4(a),theentityshalldisclose:(a)theapplicablemethodandmeasurementapproachtheentityusestodetermineitsgreenhousegasemissions;and(b)thereason,orreasons,fortheentity’schoiceofmethodandmeasurementapproachandhowthatapproachrelatestothedisclosureobjectiveinparagraph27.EmissionfactorsAspartofanentity’sdisclosureofthemeasurementapproach,inputsandassumptions,theentityshalldiscloseinformationtoenableusersofgeneralpurposefinancialreportstounderstandwhichemissionfactorstheentityusesinitsmeasurementofitsgreenhousegasemissions.ThisStandarddoesnotspecifyemissionfactorsanentityisrequiredtouseinitsmeasurementofitsgreenhousegasemissions.Instead,thisStandardrequiresanentitytouseemissionfactorsthatbestrepresenttheentity’sactivityasitsbasisformeasuringitsgreenhousegasemissions.Scope2greenhousegasemissionsParagraph29(a)(v)requiresanentitytodiscloseitslocation-basedScope2greenhousegasemissionsandprovideinformationaboutanycontractualinstrumentstheentityhasenteredintothatcouldinformusers’understandingoftheentity’sScope2greenhousegasemissions.Fortheavoidanceofdoubt,anentityisrequiredtodiscloseitsScope2greenhousegasemissionsusingalocation-basedapproachandisrequiredtoprovideinformationaboutcontractualinstrumentsonlyifsuchinstrumentsexistandB27B28B29B30IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation31informationabouttheminformsusers’understandingofanentity’sScope2greenhousegasemissions.Contractualinstrumentsareanytypeofcontractbetweenanentityandanotherpartyforthesaleandpurchaseofenergybundledwithattributesabouttheenergygenerationorforunbundledenergyattributeclaims(unbundledenergyattributeclaimsrelatetothesaleandpurchaseofenergythatisseparateanddistinctfromthegreenhousegasattributecontractualinstruments).Varioustypesofcontractualinstrumentsareavailableindifferentmarketsandtheentitymightdiscloseinformationaboutitsmarket-basedScope2greenhousegasemissionsaspartofitsdisclosure.Scope3greenhousegasemissionsInaccordancewithparagraph29(a)(vi),anentityshalldiscloseinformationaboutitsScope3greenhousegasemissionstoenableusersofgeneralpurposefinancialreportstounderstandthesourceoftheseemissions.Theentityshallconsideritsentirevaluechain(upstreamanddownstream)andshallconsiderall15categoriesofScope3greenhousegasemissions,asdescribedintheGreenhouseGasProtocolCorporateValueChain(Scope3)AccountingandReportingStandard(2011).Inaccordancewithparagraph29(a)(vi),theentityshalldisclosewhichofthesecategoriesareincludedinitsScope3greenhousegasemissionsdisclosures.Fortheavoidanceofdoubt,regardlessofthemethodanentityusestomeasureitsgreenhousegasemissions,theentityisrequiredtodisclosethecategoriesincludedwithinitsmeasureofScope3greenhousegasemissionsasdescribedinparagraph29(a)(vi)(1).InaccordancewithparagraphB11inIFRSS1,ontheoccurrenceofasignificanteventorasignificantchangeincircumstances,anentityshallreassessthescopeofallaffectedclimate-relatedrisksandopportunitiesthroughoutitsvaluechain,includingreassessingwhichScope3categoriesandentitiesthroughoutitsvaluechaintoincludeinthemeasurementofitsScope3greenhousegasemissions.Asignificanteventorsignificantchangeincircumstancescanoccurwithouttheentitybeinginvolvedinthateventorchangeincircumstancesorasaresultofachangeinwhattheentityassessestobeimportanttousersofgeneralpurposefinancialreports.Forexample,suchsignificanteventsorsignificantchangesincircumstancesmightinclude:(a)asignificantchangeintheentity'svaluechain(forexample,asupplierintheentity'svaluechainmakesachangethatsignificantlyaltersthesupplier’sgreenhousegasemissions);(b)asignificantchangeintheentity’sbusinessmodel,activitiesorcorporatestructure(forexample,amergeroracquisitionthatexpandstheentity'svaluechain);and(c)asignificantchangeintheentity’sexposuretoclimate-relatedrisksandopportunities(forexample,asupplierintheentity’svaluechainisaffectedbytheintroductionofanemissionsregulationthattheentityhadnotanticipated).B31B32B33B34IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202332©IFRSFoundationAnentityispermitted,butnotrequired,toreassessthescopeofanyclimate-relatedriskoropportunitythroughoutitsvaluechainmorefrequentlythanrequiredbyparagraphB11inIFRSS1.InaccordancewithparagraphB6(b)inIFRSS1,todeterminethescopeofthevaluechain,whichincludesitsbreadthandcomposition,anentityshalluseallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffort.Anentitythatparticipatesinoneormorefinancialactivitiesassociatedwithassetmanagement,commercialbankingandinsuranceshalldiscloseadditionalinformationaboutthefinancedemissionsassociatedwiththoseactivitiesaspartoftheentity’sdisclosureofitsScope3greenhousegasemissions(seeparagraphsB58–B63).Scope3measurementframeworkAnentity’smeasurementofScope3greenhousegasemissionsislikelytoincludetheuseofestimationratherthansolelycomprisingdirectmeasurement.InmeasuringScope3greenhousegasemissionsanentityshalluseameasurementapproach,inputsandassumptionsthatresultinafaithfulrepresentationofthismeasurement.ThemeasurementframeworkdescribedinparagraphsB40–B54providesguidanceforanentitytouseinpreparingitsScope3greenhousegasemissionsdisclosures.Anentityisrequiredtouseallreasonableandsupportableinformationthatisavailabletotheentityatthereportingdatewithoutunduecostoreffortwhentheentityselectsthemeasurementapproach,inputsandassumptionsitusesinmeasuringScope3greenhousegasemissions.Anentity’smeasurementofScope3greenhousegasemissionsreliesuponarangeofinputs.ThisStandarddoesnotspecifytheinputstheentityisrequiredtousetomeasureitsScope3greenhousegasemissions,butdoesrequiretheentitytoprioritiseinputsandassumptionsusingtheseidentifyingcharacteristics(whicharelistedinnoparticularorder):(a)databasedondirectmeasurement(paragraphsB43–B45);(b)datafromspecificactivitieswithintheentity’svaluechain(paragraphsB46–B49);(c)timelydatathatfaithfullyrepresentsthejurisdictionof,andthetechnologyusedfor,thevaluechainactivityanditsgreenhousegasemissions(paragraphsB50–B52);and(d)datathathasbeenverified(paragraphsB53–B54).AnentityisrequiredtoapplytheScope3measurementframeworktoprioritiseinputsandassumptionsevenwhentheentityisrequiredbyajurisdictionalauthorityoranexchangeonwhichtheentityislistedtouseamethodotherthantheGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004)formeasuringitsgreenhousegasemissions(seeparagraphsB24–B25),orwhethertheentityusesthetransitionreliefdescribedinparagraphC4(a).B35B36B37B38B39B40B41IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation33Anentity’sprioritisationofthemeasurementapproach,inputsandassumptionsandtheentity’sconsiderationsofassociatedtrade-offs—basedonthecharacteristicsinparagraphB40—requiresmanagementtoapplyjudgement.Forexample,anentitymightneedtoconsiderthetrade-offsbetweentimelydataanddatathatismorerepresentativeofthejurisdictionandtechnologyusedforthevaluechainactivityanditsemissions.Morerecentdatamightprovidelessdetailaboutthespecificactivity,includingthetechnologythatwasusedinthevaluechainandthelocationofthatactivity.Ontheotherhand,olderdatathatispublishedinfrequentlymightbeconsideredmorerepresentativeofthespecificactivityanditsgreenhousegasemissions.DatabasedondirectmeasurementTwomethodsareusedtoquantifyScope3greenhousegasemissions:directmeasurementandestimation.Ofthesetwomethods—andwithallelsebeingequal—anentityshallprioritisedirectmeasurement.‘Directmeasurement’referstothedirectmonitoringofgreenhousegasemissionsand,intheory,providesthemostaccurateevidence.However,itisexpectedthatScope3greenhousegasemissionsdatawillincludeestimationduetothechallengesassociatedwithdirectmeasurementofScope3greenhousegasemissions.EstimationofScope3greenhousegasemissionsinvolvesapproximatecalculationsofdatabasedonassumptionsandappropriateinputs.AnentitythatmeasuresitsScope3greenhousegasemissionsusingestimationislikelytousetwotypesofinput:(a)datathatrepresentstheentity’sactivitythatresultsingreenhousegasemissions(activitydata).Forexample,theentitymightusedistancetravelledasactivitydatatorepresentthetransportofgoodswithinitsvaluechain.(b)emissionfactorsthatconvertactivitydataintogreenhousegasemissions.Forexample,theentitywillconvertthedistancetravelled(activitydata)intogreenhousegasemissionsdatausingemissionfactors.Datafromspecificactivitieswithintheentity’svaluechainAnentity’smeasurementofitsScope3greenhousegasemissionswillbebasedondataobtaineddirectlyfromspecificactivitieswithintheentity’svaluechain(primarydata),datanotobtaineddirectlyfromactivitieswithintheentity’svaluechain(secondarydata),oracombinationofboth.Inmeasuringanentity’sScope3greenhousegasemissions,primarydataismorelikelytoberepresentativeoftheentity’svaluechainactivityanditsgreenhousegasemissionsthansecondarydata.Therefore,theentityshallprioritise—withallelsebeingequal—theuseofprimarydata.B42B43B44B45B46B47IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202334©IFRSFoundationPrimarydataforScope3greenhousegasemissionsincludesdataprovidedbysuppliersorotherentitiesinthevaluechainrelatedtospecificactivitiesinanentity’svaluechain.Forexample,primarydatacouldbesourcedfrommeterreadings,utilitybillsorothermethodsthatrepresentspecificactivitiesintheentity’svaluechain.Primarydatacouldbecollectedinternally(forexample,throughtheentity’sownrecords),orexternallyfromsuppliersandothervaluechainpartners(forexample,supplier-specificemissionfactorsforpurchasedgoodsorservices).Datafromspecificactivitieswithinanentity’svaluechainprovidesamoreaccuraterepresentationoftheentity’sspecificvaluechainactivitiesand,therefore,willprovideabetterbasisformeasuringtheentity’sScope3greenhousegasemissions.SecondarydataforScope3greenhousegasemissionsisdatathatisnotobtaineddirectlyfromspecificactivitieswithinanentity’svaluechain.Secondarydataisoftensuppliedbythird-partydataprovidersandincludesindustry-averagedata(forexample,frompublisheddatabases,governmentstatistics,literaturestudiesandindustryassociations).Secondarydataincludesdatausedtoapproximatetheactivityoremissionfactors.Additionally,secondarydataincludesprimarydatafromaspecificactivity(proxydata)usedtoestimategreenhousegasemissionsforanotheractivity.IfanentityusessecondarydatatomeasureitsScope3greenhousegasemissions,itshallconsidertheextenttowhichthedatafaithfullyrepresentstheentity’sactivities.Timelydatathatfaithfullyrepresentsthejurisdictionof,andthetechnologyusedfor,thevaluechainactivityanditsgreenhousegasemissionsIfanentityusessecondarydata,itshallprioritisetheuseofactivityoremissionsdatathatisbasedon,orrepresents,thetechnologyusedinthevaluechainactivitythedataisintendedtorepresent.Forexample,anentitymightobtainprimarydatafromitsactivities(forexample,thespecificaircraftmodel,distancetravelledandtravel-classusedbyemployeeswhentravelling)andwouldthenusesecondarydatathatrepresentsthegreenhousegasemissionsarisingfromthoseactivitiestoconverttheprimarydataintoanestimateofitsgreenhousegasemissionsfromairtravel.Ifanentityusessecondarydata,itshallprioritiseactivityoremissionsdatathatisbasedon,orrepresents,thejurisdictioninwhichtheactivityhappened.Forexample,anentityshallprioritiseemissionfactorsthatrelatetothejurisdictioninwhichtheentityoperatesorinwhichtheactivityhastakenplace.Ifanentityusessecondarydata,itshallprioritiseactivityoremissionsdatathatistimelyandrepresentativeoftheentity’svaluechainactivityduringthereportingperiod.Insomejurisdictions,andforsometechnologies,secondarydataiscollectedannuallyand,therefore,thedataislikelytoberepresentativeoftheentity’scurrentpractice.However,somesecondarydatasourcesrelyoninformationcollectedinareportingperiodthatisdifferentfromtheentity’sownreportingperiod.B48B49B50B51B52IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation35VerifieddataAnentityshallprioritiseScope3greenhousegasemissionsdatathatisverified.Verificationcanprovideusersofgeneralpurposefinancialreportswithconfidencethattheinformationiscomplete,neutralandaccurate.Verifieddatamightincludedatathathasbeeninternallyorexternallyverified.Verificationcantakeplaceinseveralways,includingon-sitechecking,reviewingcalculations,orcross-checkingofdataagainstothersources.However,insomecasesanentitymightbeunabletoverifyitsScope3greenhousegasemissionswithoutunduecostoreffort.Forexample,theentitymightbepreventedfromobtainingacompletesetofverifieddataduetothevolumeofdataorbecausethedataisobtainedfromentitiesinthevaluechainthatareseparatedbymanytiersfromthereportingentity,thatis,entitiesthatthereportingentitydoesnotinteractwithdirectly.Insuchcases,anentitymightneedtouseunverifieddata.DisclosureofinputstoScope3greenhousegasemissionsAnentityshalldiscloseinformationaboutthemeasurementapproach,inputsandassumptionsitusestomeasureitsScope3greenhousegasemissionsinaccordancewithparagraph29(a)(iii).ThisdisclosureshallincludeinformationaboutthecharacteristicsofthedatainputsasdescribedinparagraphB40.Thepurposeofthisdisclosureistoprovideusersofgeneralpurposefinancialreportswithinformationabouthowtheentityhasprioritisedthehighestqualitydataavailable,whichfaithfullyrepresentsthevaluechainactivityanditsScope3greenhousegasemissions.Thisdisclosurealsohelpsusersofgeneralpurposefinancialreportstounderstandwhythemeasurementapproach,inputsandassumptionstheentityusestoestimateitsScope3greenhousegasemissionsarerelevant.Aspartoftherequirementinparagraph29(a)(iii),andtoreflecthowanentityprioritisesScope3datainaccordancewiththemeasurementframeworksetoutinparagraphsB40–B54,theentityshalldiscloseinformationthatenablesusersofgeneralpurposefinancialreportstounderstand:(a)theextenttowhichtheentity’sScope3greenhousegasemissionsaremeasuredusinginputsfromspecificactivitieswithintheentity’svaluechain;and(b)theextenttowhichtheentity’sScope3greenhousegasemissionsaremeasuredusinginputsthatareverified.ThisStandardincludesthepresumptionthatScope3greenhousegasemissionscanbeestimatedreliablyusingsecondarydataandindustryaverages.InthoserarecaseswhenanentitydeterminesitisimpracticabletoestimateitsScope3greenhousegasemissions,theentityshalldisclosehowitismanagingitsScope3greenhousegasemissions.Applyingarequirementisimpracticablewhentheentitycannotapplyitaftermakingeveryreasonableefforttodoso.B53B54B55B56B57IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202336©IFRSFoundationFinancedemissionsEntitiesparticipatinginfinancialactivitiesfacerisksandopportunitiesrelatedtothegreenhousegasemissionsassociatedwiththoseactivities.Counterparties,borrowersorinvesteeswithhighergreenhousegasemissionsmightbesusceptibletorisksassociatedwithtechnologicalchanges,shiftsinsupplyanddemandandpolicychange,whichinturncanaffectthefinancialinstitutionthatisprovidingfinancialservicestotheseentities.Theserisksandopportunitiescanariseintheformofcreditrisk,marketrisk,reputationalriskandotherfinancialandoperationalrisks.Forexample,creditriskmightariseinrelationtofinancingclientsaffectedbyincreasinglystringentcarbontaxes,fuelefficiencyregulationsorotherpolicies;creditriskmightalsoarisethroughtechnologicalshifts.Reputationalriskmightarisefromfinancingfossil-fuelprojects.Entitiesparticipatinginfinancialactivities,includingcommercialandinvestmentbanks,assetmanagersandinsuranceentities,areincreasinglymonitoringandmanagingsuchrisksbymeasuringtheirfinancedemissions.Thismeasurementservesasanindicatorofanentity’sexposuretoclimate-relatedrisksandopportunitiesandhowtheentitymightneedtoadaptitsfinancialactivitiesovertime.Paragraph29(a)(i)(3)requiresanentitytodiscloseitsabsolutegrossScope3greenhousegasemissionsgeneratedduringthereportingperiod,includingupstreamanddownstreamemissions.AnentitythatparticipatesinoneormoreofthefollowingfinancialactivitiesisrequiredtodiscloseadditionalandspecificinformationaboutitsCategory15emissionsorthoseemissionsassociatedwithitsinvestmentswhichisalsoknownas‘financedemissions’:(a)assetmanagement(seeparagraphB61);(b)commercialbanking(seeparagraphB62);and(c)insurance(seeparagraphB63).Anentityshallapplytherequirementsfordisclosinggreenhousegasemissionsinaccordancewithparagraph29(a)whendisclosinginformationaboutitsfinancedemissions.AssetmanagementAnentitythatparticipatesinassetmanagementactivitiesshalldisclose:(a)itsabsolutegrossfinancedemissions,disaggregatedbyScope1,Scope2andScope3greenhousegasemissions.(b)foreachofthedisaggregateditemsinparagraphB61(a),thetotalamountofassetsundermanagement(AUM)thatisincludedinthefinancedemissionsdisclosure,expressedinthepresentationcurrencyoftheentity’sfinancialstatements.(c)thepercentageoftheentity’stotalAUMincludedinthefinancedemissionscalculation.Ifthepercentageislessthan100%,theentityshalldiscloseinformationthatexplainstheexclusions,includingtypesofassetsandassociatedamountofAUM.B58B59B60B61IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation37(d)themethodologyusedtocalculatethefinancedemissions,includingthemethodofallocationtheentityusedtoattributeitsshareofemissionsinrelationtothesizeofinvestments.CommercialbankingAnentitythatparticipatesincommercialbankingactivitiesshalldisclose:(a)itsabsolutegrossfinancedemissions,disaggregatedbyScope1,Scope2andScope3greenhousegasemissionsforeachindustrybyassetclass.Whendisaggregatingby:(i)industry—theentityshallusetheGlobalIndustryClassificationStandard(GICS)6-digitindustry-levelcodeforclassifyingcounterparties,reflectingthelatestversionoftheclassificationsystemavailableatthereportingdate.(ii)assetclass—thedisclosureshallincludeloans,projectfinance,bonds,equityinvestmentsandundrawnloancommitments.Iftheentitycalculatesanddisclosesfinancedemissionsforotherassetclasses,itshallincludeanexplanationofwhytheinclusionofthoseadditionalassetclassesprovidesrelevantinformationtousersofgeneralpurposefinancialreports.(b)itsgrossexposuretoeachindustrybyassetclass,expressedinthepresentationcurrencyoftheentity’sfinancialstatements.For:(i)fundedamounts—grossexposureshallbecalculatedasthefundedcarryingamounts(beforesubtractingthelossallowance,whenapplicable),whetherpreparedinaccordancewithIFRSAccountingStandardsorotherGAAP.(ii)undrawnloancommitments—theentityshalldisclosethefullamountofthecommitmentseparatelyfromthedrawnportionofloancommitments.(c)thepercentageoftheentity’sgrossexposureincludedinthefinancedemissionscalculation.Theentityshall:(i)ifthepercentageoftheentity’sgrossexposureincludedinthefinancedemissionscalculationislessthan100%,discloseinformationthatexplainstheexclusions,includingthetypeofassetsexcluded.(ii)forfundedamounts,excludefromgrossexposureallimpactsofriskmitigants,ifapplicable.(iii)discloseseparatelythepercentageofitsundrawnloancommitmentsincludedinthefinancedemissionscalculation.(d)themethodologytheentityusedtocalculateitsfinancedemissions,includingthemethodofallocationtheentityusedtoattributeitsshareofemissionsinrelationtothesizeofitsgrossexposure.B62IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202338©IFRSFoundationInsuranceAnentitythatparticipatesinfinancialactivitiesassociatedwiththeinsuranceindustryshalldisclose:(a)itsabsolutegrossfinancedemissions,disaggregatedbyScope1,Scope2andScope3greenhousegasemissionsforeachindustrybyassetclass.Whendisaggregatingby:(i)industry—theentityshallusetheGlobalIndustryClassificationStandard(GICS)6-digitindustry-levelcodeforclassifyingcounterparties,reflectingthelatestversionoftheclassificationsystemavailableatthereportingdate.(ii)assetclass—thedisclosureshallincludeloans,bondsandequityinvestments,aswellasundrawnloancommitments.Iftheentitycalculatesanddisclosesfinancedemissionsforotherassetclasses,itshallincludeanexplanationofwhytheinclusionofthoseadditionalassetclassesprovidesrelevantinformationtousersofgeneralpurposefinancialreports.(b)thegrossexposureforeachindustrybyassetclass,expressedinthepresentationcurrencyoftheentity’sfinancialstatements.For:(i)fundedamounts—grossexposureshallbecalculatedasthefundedcarryingamounts(beforesubtractingthelossallowance,whenapplicable),whetherpreparedinaccordancewithIFRSAccountingStandardsorotherGAAP.(ii)undrawnloancommitments—theentityshalldisclosethefullamountofthecommitmentseparatelyfromthedrawnportionofloancommitments.(c)thepercentageoftheentity’sgrossexposureincludedinthefinancedemissionscalculation.Theentityshall:(i)ifthepercentageoftheentity’sgrossexposureincludedinthefinancedemissionscalculationislessthan100%,discloseinformationthatexplainstheexclusions,includingtypeofassetsexcluded.(ii)discloseseparatelythepercentageofitsundrawnloancommitmentsincludedinthefinancedemissionscalculation.(d)themethodologytheentityusedtocalculateitsfinancedemissions,includingthemethodofallocationtheentityusedtoattributeitsshareofemissionsinrelationtothesizeofitsgrossexposure.B63IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation39Cross-industrymetriccategories(paragraph29(b)–(g))Inadditiontoinformationaboutanentity’sgreenhousegasemissions,theentityisrequiredtodiscloseinformationrelevanttothecross-industrymetriccategoriessetoutinparagraph29(b)–(g).Inpreparingdisclosurestofulfiltherequirementsinparagraph29(b)–(g),anentityshall:(a)considerthetimehorizonsoverwhichtheeffectsofclimate-relatedrisksandopportunitiescouldreasonablybeexpectedtooccur,describedinaccordancewithparagraph10.(b)considerwhereintheentity’sbusinessmodelandvaluechainclimate-relatedrisksandopportunitiesareconcentrated(forexample,geographicalareas,facilitiesortypesofassets)(seeparagraph13).(c)considertheinformationdisclosedinaccordancewithparagraph16(a)–(b)inrelationtotheeffectsofclimate-relatedrisksandopportunitiesontheentity’sfinancialposition,financialperformanceandcashflowsforthereportingperiod.(d)considerwhetherindustry-basedmetrics,asdescribedinparagraph32—includingthosedefinedinanapplicableIFRSSustainabilityDisclosureStandardorthosethatotherwisesatisfytherequirementsinIFRSS1—couldbeusedtosatisfytherequirementsinwholeorinpart.(e)considertheconnectionsbetweentheinformationdisclosedtofulfiltherequirementsinparagraph29(b)–(g)withtheinformationdisclosedintherelatedfinancialstatements,inaccordancewithparagraph21(b)(ii)ofIFRSS1.Theseconnectionsincludeconsistencyinthedataandassumptionsused—totheextentpossible—andlinkagesbetweentheamountsdisclosedinaccordancewithparagraph29(b)–(g)andtheamountsrecognisedanddisclosedinthefinancialstatements.Forexample,anentitywouldconsiderwhetherthecarryingamountofassetsusedisconsistentwithamountsincludedinthefinancialstatementsandwouldexplaintheconnectionsbetweeninformationinthesedisclosuresandamountsinthefinancialstatements.B64B65IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202340©IFRSFoundationClimate-relatedtargets(paragraphs33–37)Characteristicsofaclimate-relatedtargetParagraph33requiresanentitytodisclosethequantitativeorqualitativeclimate-relatedtargetsithasset,andanyitisrequiredtomeetbylaworregulation,includinganygreenhousegasemissionstargets.Indisclosingtheseclimate-relatedtargets,theentityisrequiredtodiscloseinformationaboutthecharacteristicsofthesetargetsasdescribedinparagraph33(a)–(h).Iftheclimate-relatedtargetisquantitative,anentityisrequiredtodescribewhetherthetargetisanabsolutetargetoranintensitytarget.Anabsolutetargetisdefinedasatotalamountofameasureorachangeinthetotalamountofameasure,whereasanintensitytargetisdefinedasaratioofameasure,orachangeintheratioofameasure,toabusinessmetric.Inidentifyinganddisclosingthemetricusedtosetaclimate-relatedtargetandmeasureprogress,anentityshallconsiderthecross-industrymetricsandindustry-basedmetrics.Ifthemetrichasbeendevelopedbytheentitytomeasureprogresstowardsatarget,theentityshalldiscloseinformationaboutthatmetricinaccordancewithparagraph50ofIFRSS1.GreenhousegasemissionstargetsGrossandnetgreenhousegasemissionstargetsIfanentityhasagreenhousegasemissionstarget,theentityisrequiredtospecifywhetherthetargetisagrossgreenhousegasemissionstargetoranetgreenhousegasemissionstarget.Grossgreenhousegasemissionstargetsreflectthetotalchangesingreenhousegasemissionsplannedwithintheentity’svaluechain.Netgreenhousegasemissionstargetsaretheentity’stargetedgrossgreenhousegasemissionsminusanyplannedoffsettingefforts(forexample,theentity’splanneduseofcarboncreditstooffsetitsgreenhousegasemissions).Paragraph36(c)specifiesthatifanentityhasanetgreenhousegasemissionstargetitisrequiredtoalsodiscloseagrossgreenhousegasemissionstarget.Fortheavoidanceofdoubt,iftheentitydisclosesanetgreenhousegasemissionstarget,thistargetcannotobscureinformationaboutitsgrossgreenhousegasemissionstargets.CarboncreditsParagraph36(e)requiresanentitytodescribeitsplanneduseofcarboncredits—whicharetransferableortradeableinstruments—tooffsetemissionstoachieveanynetgreenhousegasemissionstargetstheentityhasset,oranyitisrequiredtomeetbylaworregulation.Anyinformationabouttheplanneduseofcarboncreditsshallclearlydemonstratetheextenttowhichthesecarboncreditsarereliedontoachievethenetgreenhousegasemissionstargets.B66B67B68B69B70IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation41Inaccordancewithparagraph36(e),anentityisrequiredtodiscloseonlyitsplanneduseofcarboncredits.However,aspartofthisdisclosure,theentitymightalsoincludeinformationaboutcarboncreditsithasalreadypurchasedthattheentityisplanningtousetomeetitsnetgreenhousegasemissionstarget,iftheinformationenablesusersofgeneralpurposefinancialreportstounderstandtheentity’sgreenhousegasemissionstarget.B71IFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202342©IFRSFoundationAppendixCEffectivedateandtransitionThisappendixisanintegralpartofIFRSS2andhasthesameauthorityastheotherpartsoftheStandard.EffectivedateAnentityshallapplythisStandardforannualreportingperiodsbeginningonorafter1January2024.Earlierapplicationispermitted.IfanentityappliesthisStandardearlier,itshalldisclosethatfactandapplyIFRSS1GeneralRequirementsforDisclosureofSustainability-relatedFinancialInformationatthesametime.ForthepurposesofapplyingparagraphsC3–C5,thedateofinitialapplicationisthebeginningoftheannualreportingperiodinwhichanentityfirstappliesthisStandard.TransitionAnentityisnotrequiredtoprovidethedisclosuresspecifiedinthisStandardforanyperiodbeforethedateofinitialapplication.Accordingly,anentityisnotrequiredtodisclosecomparativeinformationinthefirstannualreportingperiodinwhichitappliesthisStandard.InthefirstannualreportingperiodinwhichanentityappliesthisStandard,theentityispermittedtouseoneorbothofthesereliefs:(a)if,intheannualreportingperiodimmediatelyprecedingthedateofinitialapplicationofthisStandard,theentityusedamethodformeasuringitsgreenhousegasemissionsotherthantheGreenhouseGasProtocol:ACorporateAccountingandReportingStandard(2004),theentityispermittedtocontinueusingthatothermethod;and(b)anentityisnotrequiredtodiscloseitsScope3greenhousegasemissions(seeparagraph29(a))whichincludes,iftheentityparticipatesinassetmanagement,commercialbankingorinsuranceactivities,theadditionalinformationaboutitsfinancedemissions(seeparagraph29(a)(vi)(2)andparagraphsB58–B63).IfanentityusesthereliefinparagraphC4(a)orparagraphC4(b),theentityispermittedtocontinuetousethatreliefforthepurposesofpresentingthatinformationascomparativeinformationinsubsequentreportingperiods.C1C2C3C4C5IFRSSUSTAINABILITYDISCLOSURESTANDARDS©IFRSFoundation43ApprovalbytheISSBofIFRSS2Climate-relatedDisclosuresissuedinJune2023IFRSS2Climate-relatedDisclosureswasapprovedforissuebyall14membersoftheInternationalSustainabilityStandardsBoard.EmmanuelFaberChairJingdongHuaVice-ChairSuzanneLloydVice-ChairRichardBarkerJennyBofinger-SchusterVerityChegarJeffreyHalesMichaelJantziHiroshiKomoriBingLengNdidiNnoli-EdozienTae-YoungPaikVeronikaPountchevaElizabethSeegerIFRSS2CLIMATE-RELATEDDISCLOSURES—JUNE202344©IFRSFoundation©IFRSFoundation45ColumbusBuilding7WestferryCircusCanaryWharfLondonE144HD,UKTel+44(0)2072466410Emailsustainability_licensing@ifrs.orgifrs.orgInternationalFinancialReportingStandards®,IFRSFoundation®,IFRS®,IAS®,IFRIC®,SIC®,IASB®,ISSBTM,IFRSforSMEs®

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