ESG Impact, Risk & opportunities public analysis

{
    "company_id_card": {
        "contact_emails": [],
        "description": "Trafic is a retail company operating in Belgium. With over 80 stores, they offer a wide range of products and services, including home delivery and free pickup options. They also provide services such as photo printing and a customer loyalty program called Club Malin. Trafic emphasizes customer service and offers multiple channels for contact and support. The company is committed to sustainability through its TakeCare program. They also have a strong social media presence, engaging with customers on platforms like Facebook, Instagram, and LinkedIn. Trafic aims to provide a pleasant shopping experience with a focus on quality and competitive pricing.",
        "linkedin": "https://www.linkedin.com/company/trafic/",
        "location": "Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique",
        "logo_url": "https://trafic.com/static/frontend/TraficFun/trafic/fr_BE/Magento_Enterprise/favicon.ico",
        "name": "Trafic",
        "partners": [],
        "services": [
            "Retail sales",
            "Home delivery",
            "In-store pickup",
            "Photo printing",
            "Customer loyalty program (Club Malin)",
            "Gift cards",
            "Product recalls",
            "Supplier access"
        ],
        "team": [],
        "twitter": null,
        "website": "https://trafic.com/fr_BE/"
    },
    "iros": [
        {
            "description": "Rising temperatures and extreme weather events associated with climate change can lead to increased energy demand for cooling and heating in Trafic stores, impacting operational costs and profitability. This necessitates exploring energy-efficient technologies and renewable energy sources to mitigate the financial impact.",
            "financial_type": "risk",
            "matter_id": "0",
            "name": "Increased Energy Costs due to Climate Change",
            "nature": "financial",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
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                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "time_horizon": "medium",
            "value_chain_item_ids": "0,1,2"
        },
        {
            "description": "Extreme weather events, exacerbated by climate change, can disrupt Trafic's supply chain, leading to delays in product delivery, inventory shortages, and increased procurement costs. This necessitates diversifying sourcing locations and implementing robust supply chain management strategies.",
            "financial_type": "risk",
            "matter_id": "0",
            "name": "Supply Chain Disruptions from Extreme Weather",
            "nature": "financial",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
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                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                }
            ],
            "time_horizon": "medium",
            "value_chain_item_ids": "5"
        },
        {
            "description": "Trafic's operations generate pollution through packaging waste and transportation emissions. This negatively impacts air and soil quality, contributing to environmental degradation. Implementing sustainable packaging solutions and optimizing logistics can mitigate this impact.",
            "material_scope": "current",
            "material_type": "negative",
            "material_value_chain": "local",
            "matter_id": "1",
            "name": "Pollution from Packaging and Transportation",
            "nature": "material",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                }
            ],
            "value_chain_item_ids": "0,1,2"
        },
        {
            "description": "Trafic's operations, including cleaning and sanitation, consume water resources. In water-stressed regions, this can exacerbate water scarcity and negatively impact local communities. Implementing water-efficient technologies and practices can reduce water consumption and mitigate this impact.",
            "material_scope": "current",
            "material_type": "negative",
            "material_value_chain": "local",
            "matter_id": "2",
            "name": "Water Consumption in Operations",
            "nature": "material",
            "sources": [
                {
                    "document": "##  Locating opportunities to reduce water consumption and carbon emissions",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/managing-water-and-climate-risk-with-renewable-energy"
                    }
                },
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
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                        "origin": "public",
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                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                }
            ],
            "value_chain_item_ids": "0,2,3"
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        {
            "description": "Trafic's store locations and logistics operations can contribute to habitat loss and fragmentation, impacting local biodiversity. Implementing sustainable land management practices and minimizing the environmental footprint of operations can mitigate this impact.",
            "material_scope": "potential",
            "material_type": "negative",
            "material_value_chain": "local",
            "matter_id": "3",
            "name": "Impact on Biodiversity through Land Use",
            "nature": "material",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
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                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "value_chain_item_ids": "0,1,2"
        },
        {
            "description": "Trafic's operations generate waste from packaging, product returns, and obsolete inventory. This contributes to landfill burden and resource depletion. Implementing robust waste management systems, promoting recycling, and minimizing waste generation can contribute to a circular economy.",
            "material_scope": "current",
            "material_type": "negative",
            "material_value_chain": "local",
            "matter_id": "4",
            "name": "Waste Generation and Recycling",
            "nature": "material",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "value_chain_item_ids": "0,1,2"
        },
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            "description": "Trafic's employees' well-being and development are crucial for productivity and company success. Providing fair wages, safe working conditions, and opportunities for professional growth enhances employee satisfaction and retention, positively impacting the company's performance.",
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            "material_type": "positive",
            "material_value_chain": "local",
            "matter_id": "5",
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            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
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                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
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            ],
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        },
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            "material_scope": "current",
            "material_type": "positive",
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            "matter_id": "6",
            "name": "Fair Labor Practices in the Supply Chain",
            "nature": "material",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
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                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
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                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
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                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
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                        "origin": "public",
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                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
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                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "value_chain_item_ids": "5"
        },
        {
            "description": "Engaging with local communities and contributing to their social and economic development can enhance Trafic's brand reputation and foster positive relationships. Supporting local initiatives, creating job opportunities, and promoting social inclusion can generate positive social impact.",
            "material_scope": "potential",
            "material_type": "positive",
            "material_value_chain": "local",
            "matter_id": "7",
            "name": "Community Engagement and Social Impact",
            "nature": "material",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "value_chain_item_ids": "0,1,2"
        },
        {
            "description": "Protecting customer data privacy and ensuring data security are crucial for maintaining customer trust and complying with data protection regulations. Implementing robust data security measures and transparent data privacy policies can mitigate reputational and legal risks.",
            "material_scope": "current",
            "material_type": "positive",
            "material_value_chain": "downstream",
            "matter_id": "8",
            "name": "Customer Data Privacy and Security",
            "nature": "material",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "value_chain_item_ids": "0,4"
        },
        {
            "description": "Maintaining ethical business conduct and implementing anti-corruption measures are essential for building trust with stakeholders and complying with legal requirements. Implementing robust compliance programs and promoting transparency can mitigate reputational and legal risks.",
            "material_scope": "current",
            "material_type": "positive",
            "material_value_chain": "local",
            "matter_id": "9",
            "name": "Ethical Business Conduct and Anti-Corruption",
            "nature": "material",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Back to Top  |  Back to Key Strategies and Progress   ###  Climate Risk Assessment      To help inform our climate strategy, we periodically conduct a scenario-based climate risk assessment (first completed in 2017, updated in 2020).",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "perils, or hazards, in different geographical areas. After selecting the perils,  Footnote  2  we then modeled these risks against a low-emissions scenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in five-year increments through 2050.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "###  Evaluation of physical risks      **Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****   **Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)    **Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)       ###  Time horizon      **Horizon** **\u200b** |  **Definition** **\u200b**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "2100). By analyzing the effects of climate under these scenarios, practitioners can gain an understanding of the plausible physical and transitional impacts that global warming may have on the risk profiles of their exposures.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "economic environments affect each firm\u2019s financial health within these environments. Finally, we translate each firm\u2019s financial position into credit risk forecasts at any point within the scenario. The impact is then aggregated at portfolio level.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "to account for climate risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "warming paths, the methodology analyzes differential climate exposures based on the time horizon, location of a firm\u2019s physical assets and operations, and firm financial characteristics.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events.",
                    "metadata": {
                        "ext_id": "36ba7845-07a1-438f-a76d-b2aad5153e7a",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "value_chain_item_ids": "0,5"
        },
        {
            "description": "Growing consumer demand for sustainable products presents an opportunity for Trafic to expand its offerings and gain a competitive advantage. Introducing eco-friendly product lines and promoting sustainable consumption patterns can attract environmentally conscious customers and enhance brand image.",
            "financial_type": "opportunity",
            "matter_id": "4",
            "name": "Opportunity for Sustainable Products and Services",
            "nature": "financial",
            "sources": [
                {
                    "document": "As with the transition risks, opportunities were categorized by type, according to the TCFD recommendations: Resource Efficiency, Energy Source, Products and Services, Markets and Resilience. Using the same ERM processes, the potential for an opportunity was determined based on the potential likelihood and frequency within the respective timeframe and assigned an",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "To further United\u2019s understanding of climate-related risks and opportunities, we have completed several exercises, including a risk and opportunities assessment as well as a scenario analysis. The outcomes of these activities guide our strategy, including our approach to emit less, adopt more sustainable alternatives, improve our operations beyond flights and collaborate with partners.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "##  Opportunities assessment",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "applicable score. Notably, the opportunities do not include characterization by low- and high-emission scenarios. The characterizations provided are reflective of a low-emissions scenario, which accounts for market-level economic, political, economic, energy and societal factors.",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "Technology risk  (2) If use of renewable energy does not grow as expected, SUBARU could face slower progress in achieving its Scope 1 and 2 emissions reduction goals.  ###  Main Opportunities Identified  Market opportunity",
                    "metadata": {
                        "ext_id": "aa797346-bc3a-4e5f-b16e-4182480d0ddb",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
                    }
                },
                {
                    "document": "###  Opportunity type: Markets      **Climate-related opportunity** |  **Opportunity area(s)** |  **United Airlines opportunity response** |  **Timeframe** |  **Potential opportunity score**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "###  Opportunity type: Resource efficiency      **Climate-related opportunity** |  **Opportunity area(s)** |  **United Airlines opportunity response** |  **Timeframe** |  **Potential opportunity score**",
                    "metadata": {
                        "ext_id": "fde34fc6-f336-4403-8696-3f98dd0f53fe",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                },
                {
                    "document": "##  Risks and Opportunities Identified",
                    "metadata": {
                        "ext_id": "aa797346-bc3a-4e5f-b16e-4182480d0ddb",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
                    }
                },
                {
                    "document": "In 2023, we worked with an external vendor to complete a scenario analysis aligned with TCFD recommendations. As part of this process, we engaged stakeholders from across the company to help us identify climate-related risks and opportunities. The scenario analysis helped us prioritize the climate- related risks and opportunities most significant to the company and estimate",
                    "metadata": {
                        "ext_id": "4a2374ad-9e96-462c-91f3-2cd398fb5bbd",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://sustainability.att.com/priority-topics/efficiency-emissions"
                    }
                },
                {
                    "document": "the financial impacts. A few areas of focus include improving data collection of hazard impacts, defining the return on investment of resiliency efforts, and expanding our collaboration with new business unit partners that have the potential to be impacted by climate-related issues. For more information about our climate scenario analysis, see our [ TCFD Report ](/reports/reporting-",
                    "metadata": {
                        "ext_id": "4a2374ad-9e96-462c-91f3-2cd398fb5bbd",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://sustainability.att.com/priority-topics/efficiency-emissions"
                    }
                }
            ],
            "time_horizon": "long",
            "value_chain_item_ids": "0,5"
        },
        {
            "description": "Negative publicity and consumer boycotts related to unsustainable practices can damage Trafic's brand reputation and impact customer loyalty. Implementing transparent and ethical sourcing policies, reducing environmental footprint, and engaging in responsible business practices can mitigate reputational risks.",
            "financial_type": "risk",
            "matter_id": "9",
            "name": "Reputational Risk from Unsustainable Practices",
            "nature": "financial",
            "sources": [
                {
                    "document": "Reconciliation and meaningful Indigenous Peoples engagement and collaboration  Geopolitical and societal trends analysis, and benchmarking with LicenseSecure\u2122  Responsible policy engagement  ##  Outcomes  Strengthen engagement and collaboration  Build resilient businesses and supply chains  Secure social license to operate  Reduce reputational and operational risk  ERM in numbers",
                    "metadata": {
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                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://erm.com/solutions/social-impact-human-rights/"
                    }
                },
                {
                    "document": "[ Read more  ](/solutions/social-impact-human-rights/strategic-communications- stakeholder-engagement/ \"Read more\")  Manage political and policy risk and opportunity",
                    "metadata": {
                        "ext_id": "38bbba14-ebfd-4141-ad96-ccf39aebf5c2",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://erm.com/solutions/social-impact-human-rights/"
                    }
                },
                {
                    "document": "ERM enables organizations to keep track of and respond to evolving geopolitical and societal risks. We monitor and analyze the impacts of international and domestic political events and trends and help clients navigate the landscape of lobbying and advocacy with our Responsible Policy Engagement services.  Our approach  ##  Achieve better outcomes with ERM\u2019s Social Impact & Human Rights services",
                    "metadata": {
                        "ext_id": "38bbba14-ebfd-4141-ad96-ccf39aebf5c2",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://erm.com/solutions/social-impact-human-rights/"
                    }
                },
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "Integrated Assessment Model (IAM) to understand how a given transition future affects sector-level prices, quantities sold, and costs. We augment the IAM with a model of firm-level competition to understand the effects of transition over time on firm earnings, firm valuations, and, ultimately, firm credit risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "Transition risk employs the sectoral output from GCAM combined with firm-level scope 1 and 2 emissions. These are used to adjust firm-level costs. Using these costs and a model of oligopolistic competition, we disaggregate sectoral output to the firm level. The impact of the two risks is combined via the path of asset values. We generate a joint output and also illustrate aggregated",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "quantify the effect of physical risk on these firms\u2019 moments within scenario analyses as follows:",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "2. Firm location-specific physical damages. Firms with facilities in areas with high exposures to warming-related climate and weather events will have relatively high physical risk-related damage. We leverage Moody\u2019s ESG (MESG) country and firm-level scores to determine how global damages are distributed across firm locations. We also leverage on the UN Sustainability Index Data and EM-DAT",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "time_horizon": "long",
            "value_chain_item_ids": "0,5"
        },
        {
            "description": "Changes in environmental and social regulations, such as stricter emissions standards or mandatory human rights due diligence, can impose compliance costs and operational challenges for Trafic. Staying informed about evolving legislation and proactively adapting to new requirements can mitigate regulatory risks.",
            "financial_type": "risk",
            "matter_id": "9",
            "name": "Regulatory Risk from Evolving ESG Legislation",
            "nature": "financial",
            "sources": [
                {
                    "document": "operations (e.g., heating and cooling costs, damage), product supply chain (e.g., production and distribution disruption), and communities (e.g., displacement, health, financial wellbeing). We also assessed transition risks (e.g., potential regulation/legislation, technology advancement, carbon pricing, legal risk, market trends, reputation). For additional details, see [",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "* Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "Integrated Assessment Model (IAM) to understand how a given transition future affects sector-level prices, quantities sold, and costs. We augment the IAM with a model of firm-level competition to understand the effects of transition over time on firm earnings, firm valuations, and, ultimately, firm credit risk.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "Transition risk employs the sectoral output from GCAM combined with firm-level scope 1 and 2 emissions. These are used to adjust firm-level costs. Using these costs and a model of oligopolistic competition, we disaggregate sectoral output to the firm level. The impact of the two risks is combined via the path of asset values. We generate a joint output and also illustrate aggregated",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "quantify the effect of physical risk on these firms\u2019 moments within scenario analyses as follows:",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "2. Firm location-specific physical damages. Firms with facilities in areas with high exposures to warming-related climate and weather events will have relatively high physical risk-related damage. We leverage Moody\u2019s ESG (MESG) country and firm-level scores to determine how global damages are distributed across firm locations. We also leverage on the UN Sustainability Index Data and EM-DAT",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "3. Firm-specific hazard frequency. We translate firm location damage (in % of GDP) in a hazard frequency. To do so, we calculate the average damage \u2018dose\u2019 of significant climate events. We then compute the number of average dosed climate events, which is equivalent to the associated damage of the firm location. More firm-level damage is represented by a higher frequency of average dosed climate",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "4. Firm impact per event in financial terms. We translate economic damages (% of GDP) into financial damages (change in asset value). For this, we leverage the results of a case study on historical public asset return of climate events (Ozkanoglu, 2020)  11  to assess the impact on firms\u2019 earnings and asset value upon realization of adverse climate hazard events. As a result, we obtain the",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "we obtain the total expected impact on the statistical moments describing a firm\u2019s asset value process.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "time_horizon": "long",
            "value_chain_item_ids": "0,5"
        }
    ],
    "iros_per_materiality": {
        "negative_impacts": [
            2,
            3,
            4,
            5
        ],
        "opportunities": [
            11
        ],
        "positive_impacts": [
            6,
            7,
            8,
            9,
            10
        ],
        "risks": [
            0,
            1,
            12,
            13
        ]
    },
    "iros_per_matters": {
        "0": [
            0,
            1
        ],
        "1": [
            2
        ],
        "2": [
            3
        ],
        "3": [
            4
        ],
        "4": [
            5,
            11
        ],
        "5": [
            6
        ],
        "6": [
            7
        ],
        "7": [
            8
        ],
        "8": [
            9
        ],
        "9": [
            10,
            12,
            13
        ]
    },
    "materiality_matters": [
        "Climate Change",
        "Pollution",
        "Water and marine resources",
        "Biodiversity and ecosystems",
        "Circular Economy",
        "Own workforce",
        "Workers in the value chain",
        "Affected communities",
        "Consumers and end-users",
        "Business conduct"
    ],
    "public_sources": [
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                    "resource_type": "webpage",
                    "source": "https://trafic.com/nl_BE/contact-et-formulaire"
                },
                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\nMenu\n\n  * [ Home ](https://trafic.com/nl_BE/ \"Ga naar homepagina\")\n  * **Contact**\n\nAnnuleer  Ga verder met winkelen\n\nPr\u00e9f\u00e9rez-vous faire vos achats sur notre site  country_destination_language_fr\n?\n\nNous remarquons que vous surfez depuis  country_destination_name_fr  sur notre\nsite belge. Surfer sur le site dans votre propre pays pr\u00e9sente un certain\nnombre d'avantages tels que des frais d'exp\u00e9dition corrects, etc.\n\n[ Oui, dirigez-moi vers le site **country_destination_language_fr**\n](javascript:void\\(\\);) [ Non, restez sur le site belge\n](javascript:void\\(\\);)\n\nDoe je liever je aankopen op onze  country_destination_language_nl  site?\n\nWe merkten dat je surft vanuit  country_destination_name_nl  op onze Belgische\nsite. De site van je eigen land gebruiken heeft een aantal voordelen zoals\ncorrecte verzendingskosten en dergelijke.\n\n[ Ja, breng me naar de **country_destination_language_nl** site\n](javascript:void\\(\\);) [ Nee, blijf op de Belgische site\n](javascript:void\\(\\);)\n\nNewsletter\n\nSchrijf je in om ons nieuws te ontvangen\n\nU kunt zich op elk moment afmelden door naar uw account te gaan. Zie ons\nprivacybeleid voor meer informatie.\n\n[ ](https://trafic.com/nl_BE/)\n\n[ ](https://www.trafic.com/)\n\nSND (BE) BE0866.592.258  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSOGESMA S.A. BE 0866 517 727  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSUIVEZ-NOUS\n\n  * [ ](https://www.facebook.com/MagasinsTrafic?fref=ts \"Follow us on Facebook\")\n  * [ ](https://www.instagram.com/magasins.trafic/ \"Follow us on Instagram\")\n  * [ ](https://www.linkedin.com/company/trafic/ \"Follow us on Linkedin\")\n\nSnelle toegang\n\n  * [ Onze Shops ](/nl_BE/magasins/ \"Onze Shops\")\n  * [ Folders ](https://www.trafic.com/nl_BE/folders \"Folders\")\n  * [ Club Malin ](/nl_BE/club-malin \"Club Malin\")\n  * [ Jobs ](https://trafic.com/nl_BE/jobs \"Jobs\")\n  * [ Foto afdrukken ](https://photoservice.fujicolor.eu/20645485/fr?reload \"Foto afdrukken\")\n  * [ Leverancierstoegang ](/nl_BE/acc%C3%A8s-fournisseur \"Leverancierstoegang\")\n\nTrafic\n\n  * [ Wie zijn wij ? ](/nl_BE/qui-sommes-nous \"Wie zijn we ?\")\n  * [ TakeCare ](/nl_BE/takecare \"TakeCare\")\n  * [ Voorwaarden ](/nl_BE/conditions-generales \"Voorwaarden\")\n  * [ Prive leven en cookies ](/nl_BE/vie-privee \"Prive leven\")\n  * [ Leveringmethoden ](https://trafic.com/nl_BE/modes-livraison \"leveringmethoden\")\n  * [ Garantie ](https://support-clients.trafic.com/hc/nl-be \"Garantie\")\n\nklantenservice\n\n  * [ Veelgestelde vragen en contact ](https://support-clients.trafic.com/hc/nl-be \"Veelgestelde vragen en contact\")\n  * [ Dienst na Verkoop ](https://support-clients.trafic.com/hc/nl-be \"Dienst na Verkoop\")\n  * [ Fotografie afdeling ](https://photoservice.fujicolor.eu/20645485/help/contact \"Fotografie afdeling\")\n  * [ Cadeaukaart ](https://trafic.com/nl_BE/carte-cadeau \"Cadeaukaart\")\n  * [ Waarschuwing ](https://trafic.com/nl_BE/waarschuwing)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
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                "page_content": "The store will not work correctly when cookies are disabled.\n\n**Javascript est d\u00e9sactiv\u00e9 dans votre navigateur.** Pour une meilleure\nexp\u00e9rience sur notre site, assurez-vous d\u2019activer JavaScript dans votre\nnavigateur.\n\n_NOTRE[ **SERVICE CLIENT** ](https://support-clients.trafic.com) _\n\n_**[ NOTRE FOLDER ](https://trafic.com/fr_BE/folders?utm_content=Avantage2) **\nDE LA SEMAINE _\n\n_**[ LIVRAISON \u00c0 DOMICILE ](https://support-\nclients.trafic.com/hc/fr/articles/7316116790685-Quels-sont-les-frais-de-\nlivraison-?utm_content=Avantage3) ** _ OU EN MAGASIN\n\n_**[ RETRAIT GRATUIT ](https://support-\nclients.trafic.com/hc/fr/articles/7316116790685-Quels-sont-les-frais-de-\nlivraison-?utm_content=Avantage4) ** DANS **[ PLUS DE 80 MAGASINS\n](https://trafic.com/fr_BE/magasins?utm_content=Avantage5) ** _\n\n\ud83d\udea8 En raison de la gr\u00e8ve chez notre partenaire de livraison bpost, la livraison\nde vos colis \u00e0 domicile pourrait prendre du retard.\n\nMenu\n\n  * [ Accueil ](https://trafic.com/fr_BE/ \"Aller \u00e0 la page d\u2019accueil\")\n  * **Contact**\n\nAnnuler  Continuer vos achats\n\nPr\u00e9f\u00e9rez-vous faire vos achats sur notre site  country_destination_language_fr\n?\n\nNous remarquons que vous surfez depuis  country_destination_name_fr  sur notre\nsite belge. Surfer sur le site dans votre propre pays pr\u00e9sente un certain\nnombre d'avantages tels que des frais d'exp\u00e9dition corrects, etc.\n\n[ Oui, dirigez-moi vers le site **country_destination_language_fr**\n](javascript:void\\(\\);) [ Non, restez sur le site belge\n](javascript:void\\(\\);)\n\nDoe je liever je aankopen op onze  country_destination_language_nl  site?\n\nWe merkten dat je surft vanuit  country_destination_name_nl  op onze Belgische\nsite. De site van je eigen land gebruiken heeft een aantal voordelen zoals\ncorrecte verzendingskosten en dergelijke.\n\n[ Ja, breng me naar de **country_destination_language_nl** site\n](javascript:void\\(\\);) [ Nee, blijf op de Belgische site\n](javascript:void\\(\\);)\n\nNEWSLETTER\n\nInscrivez-vous pour recevoir nos infos\n\nVous pouvez vous d\u00e9sinscrire \u00e0 tout moment en vous rendant sur votre compte.\nVoyez notre politique de respect de la vie priv\u00e9e pour plus d'informations.\n\n[ ](https://trafic.com/fr_BE/)\n\n[ ](https://www.trafic.com/)\n\nSND (BE) BE0866.592.258  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSOGESMA S.A. BE 0866 517 727  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSUIVEZ-NOUS\n\n  * [ ](https://www.facebook.com/MagasinsTrafic?fref=ts \"Suivez nous sur Facebook\")\n  * [ ](https://www.instagram.com/magasins.trafic/ \"Suivez nous sur Instagram\")\n  * [ ](https://www.linkedin.com/company/trafic/ \"Suivez nous sur Linkedin\")\n\nAcc\u00e8s rapide\n\n  * [ Nos magasins ](https://trafic.com/fr_BE/magasins/ \"Nos magasins\")\n  * [ Folders ](https://www.trafic.com/fr_BE/folders \"Folders\")\n  * [ Club Malin ](https://trafic.com/fr_BE/club-malin \"Club Malin\")\n  * [ Jobs ](https://trafic.com/fr_BE/jobs \"Jobs\")\n  * [ Impression photos ](https://photoservice.fujicolor.eu/20645485/fr?reload \"Impression Photos\")\n  * [ Acc\u00e8s fournisseur ](https://trafic.com/fr_BE/acces-fournisseur \"Acc\u00e8s fournisseur\")\n\nTrafic\n\n  * [ Qui sommes-nous ? ](https://trafic.com/fr_BE/qui-sommes-nous \"Qui sommes-nous ?\")\n  * [ TakeCare ](https://trafic.com/fr_BE/takecare \"TakeCare\")\n  * [ Recupel ](https://trafic.com/fr_BE/recupel)\n  * [ Conditions g\u00e9n\u00e9rales ](https://trafic.com/fr_BE/conditions-generales \"CGV\")\n  * [ Vie priv\u00e9e et cookies ](https://trafic.com/fr_BE/vieprivee \"Vie priv\u00e9e\")\n  * [ Modes de livraison ](https://trafic.com/fr_BE/modes-livraison \"Modes de livraison\")\n  * [ Garantie ](https://support-clients.trafic.com/hc/fr \"Garantie\")\n  * [ Presse ](https://trafic.com/fr_BE/articles-presse \"Presse\")\n\nService clients\n\n  * [ Contact ](https://trafic.com/fr_BE/contact-et-formulaire \"FAQ et contact\")\n  * [ Service apr\u00e8s-vente et FAQ ](https://support-clients.trafic.com \"Service apr\u00e8s-vente\")\n  * [ Service photo ](https://photoservice.fujicolor.eu/20645485/help/contact \"Service photo\")\n  * [ Cartes cadeaux ](https://trafic.com/fr_BE/carte-cadeau \"Cartes cadeaux\")\n  * [ Rappel Produit ](https://trafic.com/fr_BE/rappel-produit \"Rappel produit\")\n  * [ Signalement ](https://trafic.com/fr_BE/signalement \"Signalement\")\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\nPayez vite et en toute s\u00e9curit\u00e9 avec  avec Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/fr_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
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                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\nMenu\n\n  * [ Home ](https://trafic.com/nl_BE/ \"Ga naar homepagina\")\n  * **Rappel produit**\n\nAnnuleer  Ga verder met winkelen\n\nPr\u00e9f\u00e9rez-vous faire vos achats sur notre site  country_destination_language_fr\n?\n\nNous remarquons que vous surfez depuis  country_destination_name_fr  sur notre\nsite belge. Surfer sur le site dans votre propre pays pr\u00e9sente un certain\nnombre d'avantages tels que des frais d'exp\u00e9dition corrects, etc.\n\n[ Oui, dirigez-moi vers le site **country_destination_language_fr**\n](javascript:void\\(\\);) [ Non, restez sur le site belge\n](javascript:void\\(\\);)\n\nDoe je liever je aankopen op onze  country_destination_language_nl  site?\n\nWe merkten dat je surft vanuit  country_destination_name_nl  op onze Belgische\nsite. De site van je eigen land gebruiken heeft een aantal voordelen zoals\ncorrecte verzendingskosten en dergelijke.\n\n[ Ja, breng me naar de **country_destination_language_nl** site\n](javascript:void\\(\\);) [ Nee, blijf op de Belgische site\n](javascript:void\\(\\);)\n\nNewsletter\n\nSchrijf je in om ons nieuws te ontvangen\n\nU kunt zich op elk moment afmelden door naar uw account te gaan. Zie ons\nprivacybeleid voor meer informatie.\n\n[ ](https://trafic.com/nl_BE/)\n\n[ ](https://www.trafic.com/)\n\nSND (BE) BE0866.592.258  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSOGESMA S.A. BE 0866 517 727  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSUIVEZ-NOUS\n\n  * [ ](https://www.facebook.com/MagasinsTrafic?fref=ts \"Follow us on Facebook\")\n  * [ ](https://www.instagram.com/magasins.trafic/ \"Follow us on Instagram\")\n  * [ ](https://www.linkedin.com/company/trafic/ \"Follow us on Linkedin\")\n\nSnelle toegang\n\n  * [ Onze Shops ](/nl_BE/magasins/ \"Onze Shops\")\n  * [ Folders ](https://www.trafic.com/nl_BE/folders \"Folders\")\n  * [ Club Malin ](/nl_BE/club-malin \"Club Malin\")\n  * [ Jobs ](https://trafic.com/nl_BE/jobs \"Jobs\")\n  * [ Foto afdrukken ](https://photoservice.fujicolor.eu/20645485/fr?reload \"Foto afdrukken\")\n  * [ Leverancierstoegang ](/nl_BE/acc%C3%A8s-fournisseur \"Leverancierstoegang\")\n\nTrafic\n\n  * [ Wie zijn wij ? ](/nl_BE/qui-sommes-nous \"Wie zijn we ?\")\n  * [ TakeCare ](/nl_BE/takecare \"TakeCare\")\n  * [ Voorwaarden ](/nl_BE/conditions-generales \"Voorwaarden\")\n  * [ Prive leven en cookies ](/nl_BE/vie-privee \"Prive leven\")\n  * [ Leveringmethoden ](https://trafic.com/nl_BE/modes-livraison \"leveringmethoden\")\n  * [ Garantie ](https://support-clients.trafic.com/hc/nl-be \"Garantie\")\n\nklantenservice\n\n  * [ Veelgestelde vragen en contact ](https://support-clients.trafic.com/hc/nl-be \"Veelgestelde vragen en contact\")\n  * [ Dienst na Verkoop ](https://support-clients.trafic.com/hc/nl-be \"Dienst na Verkoop\")\n  * [ Fotografie afdeling ](https://photoservice.fujicolor.eu/20645485/help/contact \"Fotografie afdeling\")\n  * [ Cadeaukaart ](https://trafic.com/nl_BE/carte-cadeau \"Cadeaukaart\")\n  * [ Waarschuwing ](https://trafic.com/nl_BE/waarschuwing)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
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                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\nMenu\n\n  * [ Home ](https://trafic.com/nl_BE/ \"Ga naar homepagina\")\n  * **Wie zijn wij ?**\n\nAnnuleer  Ga verder met winkelen\n\nPr\u00e9f\u00e9rez-vous faire vos achats sur notre site  country_destination_language_fr\n?\n\nNous remarquons que vous surfez depuis  country_destination_name_fr  sur notre\nsite belge. Surfer sur le site dans votre propre pays pr\u00e9sente un certain\nnombre d'avantages tels que des frais d'exp\u00e9dition corrects, etc.\n\n[ Oui, dirigez-moi vers le site **country_destination_language_fr**\n](javascript:void\\(\\);) [ Non, restez sur le site belge\n](javascript:void\\(\\);)\n\nDoe je liever je aankopen op onze  country_destination_language_nl  site?\n\nWe merkten dat je surft vanuit  country_destination_name_nl  op onze Belgische\nsite. De site van je eigen land gebruiken heeft een aantal voordelen zoals\ncorrecte verzendingskosten en dergelijke.\n\n[ Ja, breng me naar de **country_destination_language_nl** site\n](javascript:void\\(\\);) [ Nee, blijf op de Belgische site\n](javascript:void\\(\\);)\n\nNewsletter\n\nSchrijf je in om ons nieuws te ontvangen\n\nU kunt zich op elk moment afmelden door naar uw account te gaan. Zie ons\nprivacybeleid voor meer informatie.\n\n[ ](https://trafic.com/nl_BE/)\n\n[ ](https://www.trafic.com/)\n\nSND (BE) BE0866.592.258  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSOGESMA S.A. BE 0866 517 727  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSUIVEZ-NOUS\n\n  * [ ](https://www.facebook.com/MagasinsTrafic?fref=ts \"Follow us on Facebook\")\n  * [ ](https://www.instagram.com/magasins.trafic/ \"Follow us on Instagram\")\n  * [ ](https://www.linkedin.com/company/trafic/ \"Follow us on Linkedin\")\n\nSnelle toegang\n\n  * [ Onze Shops ](/nl_BE/magasins/ \"Onze Shops\")\n  * [ Folders ](https://www.trafic.com/nl_BE/folders \"Folders\")\n  * [ Club Malin ](/nl_BE/club-malin \"Club Malin\")\n  * [ Jobs ](https://trafic.com/nl_BE/jobs \"Jobs\")\n  * [ Foto afdrukken ](https://photoservice.fujicolor.eu/20645485/fr?reload \"Foto afdrukken\")\n  * [ Leverancierstoegang ](/nl_BE/acc%C3%A8s-fournisseur \"Leverancierstoegang\")\n\nTrafic\n\n  * [ Wie zijn wij ? ](/nl_BE/qui-sommes-nous \"Wie zijn we ?\")\n  * [ TakeCare ](/nl_BE/takecare \"TakeCare\")\n  * [ Voorwaarden ](/nl_BE/conditions-generales \"Voorwaarden\")\n  * [ Prive leven en cookies ](/nl_BE/vie-privee \"Prive leven\")\n  * [ Leveringmethoden ](https://trafic.com/nl_BE/modes-livraison \"leveringmethoden\")\n  * [ Garantie ](https://support-clients.trafic.com/hc/nl-be \"Garantie\")\n\nklantenservice\n\n  * [ Veelgestelde vragen en contact ](https://support-clients.trafic.com/hc/nl-be \"Veelgestelde vragen en contact\")\n  * [ Dienst na Verkoop ](https://support-clients.trafic.com/hc/nl-be \"Dienst na Verkoop\")\n  * [ Fotografie afdeling ](https://photoservice.fujicolor.eu/20645485/help/contact \"Fotografie afdeling\")\n  * [ Cadeaukaart ](https://trafic.com/nl_BE/carte-cadeau \"Cadeaukaart\")\n  * [ Waarschuwing ](https://trafic.com/nl_BE/waarschuwing)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
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                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\nMenu\n\n  * [ Home ](https://trafic.com/nl_BE/ \"Ga naar homepagina\")\n  * **Duurzame toekomst**\n\nAnnuleer  Ga verder met winkelen\n\nPr\u00e9f\u00e9rez-vous faire vos achats sur notre site  country_destination_language_fr\n?\n\nNous remarquons que vous surfez depuis  country_destination_name_fr  sur notre\nsite belge. Surfer sur le site dans votre propre pays pr\u00e9sente un certain\nnombre d'avantages tels que des frais d'exp\u00e9dition corrects, etc.\n\n[ Oui, dirigez-moi vers le site **country_destination_language_fr**\n](javascript:void\\(\\);) [ Non, restez sur le site belge\n](javascript:void\\(\\);)\n\nDoe je liever je aankopen op onze  country_destination_language_nl  site?\n\nWe merkten dat je surft vanuit  country_destination_name_nl  op onze Belgische\nsite. De site van je eigen land gebruiken heeft een aantal voordelen zoals\ncorrecte verzendingskosten en dergelijke.\n\n[ Ja, breng me naar de **country_destination_language_nl** site\n](javascript:void\\(\\);) [ Nee, blijf op de Belgische site\n](javascript:void\\(\\);)\n\nNewsletter\n\nSchrijf je in om ons nieuws te ontvangen\n\nU kunt zich op elk moment afmelden door naar uw account te gaan. Zie ons\nprivacybeleid voor meer informatie.\n\n[ ](https://trafic.com/nl_BE/)\n\n[ ](https://www.trafic.com/)\n\nSND (BE) BE0866.592.258  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSOGESMA S.A. BE 0866 517 727  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSUIVEZ-NOUS\n\n  * [ ](https://www.facebook.com/MagasinsTrafic?fref=ts \"Follow us on Facebook\")\n  * [ ](https://www.instagram.com/magasins.trafic/ \"Follow us on Instagram\")\n  * [ ](https://www.linkedin.com/company/trafic/ \"Follow us on Linkedin\")\n\nSnelle toegang\n\n  * [ Onze Shops ](/nl_BE/magasins/ \"Onze Shops\")\n  * [ Folders ](https://www.trafic.com/nl_BE/folders \"Folders\")\n  * [ Club Malin ](/nl_BE/club-malin \"Club Malin\")\n  * [ Jobs ](https://trafic.com/nl_BE/jobs \"Jobs\")\n  * [ Foto afdrukken ](https://photoservice.fujicolor.eu/20645485/fr?reload \"Foto afdrukken\")\n  * [ Leverancierstoegang ](/nl_BE/acc%C3%A8s-fournisseur \"Leverancierstoegang\")\n\nTrafic\n\n  * [ Wie zijn wij ? ](/nl_BE/qui-sommes-nous \"Wie zijn we ?\")\n  * [ TakeCare ](/nl_BE/takecare \"TakeCare\")\n  * [ Voorwaarden ](/nl_BE/conditions-generales \"Voorwaarden\")\n  * [ Prive leven en cookies ](/nl_BE/vie-privee \"Prive leven\")\n  * [ Leveringmethoden ](https://trafic.com/nl_BE/modes-livraison \"leveringmethoden\")\n  * [ Garantie ](https://support-clients.trafic.com/hc/nl-be \"Garantie\")\n\nklantenservice\n\n  * [ Veelgestelde vragen en contact ](https://support-clients.trafic.com/hc/nl-be \"Veelgestelde vragen en contact\")\n  * [ Dienst na Verkoop ](https://support-clients.trafic.com/hc/nl-be \"Dienst na Verkoop\")\n  * [ Fotografie afdeling ](https://photoservice.fujicolor.eu/20645485/help/contact \"Fotografie afdeling\")\n  * [ Cadeaukaart ](https://trafic.com/nl_BE/carte-cadeau \"Cadeaukaart\")\n  * [ Waarschuwing ](https://trafic.com/nl_BE/waarschuwing)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
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                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\nMenu\n\n  * [ Home ](https://trafic.com/nl_BE/ \"Ga naar homepagina\")\n  * **Algemene Verkoopvoorwaarden**\n\nAnnuleer  Ga verder met winkelen\n\nPr\u00e9f\u00e9rez-vous faire vos achats sur notre site  country_destination_language_fr\n?\n\nNous remarquons que vous surfez depuis  country_destination_name_fr  sur notre\nsite belge. Surfer sur le site dans votre propre pays pr\u00e9sente un certain\nnombre d'avantages tels que des frais d'exp\u00e9dition corrects, etc.\n\n[ Oui, dirigez-moi vers le site **country_destination_language_fr**\n](javascript:void\\(\\);) [ Non, restez sur le site belge\n](javascript:void\\(\\);)\n\nDoe je liever je aankopen op onze  country_destination_language_nl  site?\n\nWe merkten dat je surft vanuit  country_destination_name_nl  op onze Belgische\nsite. De site van je eigen land gebruiken heeft een aantal voordelen zoals\ncorrecte verzendingskosten en dergelijke.\n\n[ Ja, breng me naar de **country_destination_language_nl** site\n](javascript:void\\(\\);) [ Nee, blijf op de Belgische site\n](javascript:void\\(\\);)\n\nNewsletter\n\nSchrijf je in om ons nieuws te ontvangen\n\nU kunt zich op elk moment afmelden door naar uw account te gaan. Zie ons\nprivacybeleid voor meer informatie.\n\n[ ](https://trafic.com/nl_BE/)\n\n[ ](https://www.trafic.com/)\n\nSND (BE) BE0866.592.258  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSOGESMA S.A. BE 0866 517 727  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSUIVEZ-NOUS\n\n  * [ ](https://www.facebook.com/MagasinsTrafic?fref=ts \"Follow us on Facebook\")\n  * [ ](https://www.instagram.com/magasins.trafic/ \"Follow us on Instagram\")\n  * [ ](https://www.linkedin.com/company/trafic/ \"Follow us on Linkedin\")\n\nSnelle toegang\n\n  * [ Onze Shops ](/nl_BE/magasins/ \"Onze Shops\")\n  * [ Folders ](https://www.trafic.com/nl_BE/folders \"Folders\")\n  * [ Club Malin ](/nl_BE/club-malin \"Club Malin\")\n  * [ Jobs ](https://trafic.com/nl_BE/jobs \"Jobs\")\n  * [ Foto afdrukken ](https://photoservice.fujicolor.eu/20645485/fr?reload \"Foto afdrukken\")\n  * [ Leverancierstoegang ](/nl_BE/acc%C3%A8s-fournisseur \"Leverancierstoegang\")\n\nTrafic\n\n  * [ Wie zijn wij ? ](/nl_BE/qui-sommes-nous \"Wie zijn we ?\")\n  * [ TakeCare ](/nl_BE/takecare \"TakeCare\")\n  * [ Voorwaarden ](/nl_BE/conditions-generales \"Voorwaarden\")\n  * [ Prive leven en cookies ](/nl_BE/vie-privee \"Prive leven\")\n  * [ Leveringmethoden ](https://trafic.com/nl_BE/modes-livraison \"leveringmethoden\")\n  * [ Garantie ](https://support-clients.trafic.com/hc/nl-be \"Garantie\")\n\nklantenservice\n\n  * [ Veelgestelde vragen en contact ](https://support-clients.trafic.com/hc/nl-be \"Veelgestelde vragen en contact\")\n  * [ Dienst na Verkoop ](https://support-clients.trafic.com/hc/nl-be \"Dienst na Verkoop\")\n  * [ Fotografie afdeling ](https://photoservice.fujicolor.eu/20645485/help/contact \"Fotografie afdeling\")\n  * [ Cadeaukaart ](https://trafic.com/nl_BE/carte-cadeau \"Cadeaukaart\")\n  * [ Waarschuwing ](https://trafic.com/nl_BE/waarschuwing)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
                "url": "https://trafic.com/nl_BE/conditions-generales"
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                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\nMenu\n\n  * [ Home ](https://trafic.com/nl_BE/ \"Ga naar homepagina\")\n  * **Jobs**\n\nAnnuleer  Ga verder met winkelen\n\nPr\u00e9f\u00e9rez-vous faire vos achats sur notre site  country_destination_language_fr\n?\n\nNous remarquons que vous surfez depuis  country_destination_name_fr  sur notre\nsite belge. Surfer sur le site dans votre propre pays pr\u00e9sente un certain\nnombre d'avantages tels que des frais d'exp\u00e9dition corrects, etc.\n\n[ Oui, dirigez-moi vers le site **country_destination_language_fr**\n](javascript:void\\(\\);) [ Non, restez sur le site belge\n](javascript:void\\(\\);)\n\nDoe je liever je aankopen op onze  country_destination_language_nl  site?\n\nWe merkten dat je surft vanuit  country_destination_name_nl  op onze Belgische\nsite. De site van je eigen land gebruiken heeft een aantal voordelen zoals\ncorrecte verzendingskosten en dergelijke.\n\n[ Ja, breng me naar de **country_destination_language_nl** site\n](javascript:void\\(\\);) [ Nee, blijf op de Belgische site\n](javascript:void\\(\\);)\n\nNewsletter\n\nSchrijf je in om ons nieuws te ontvangen\n\nU kunt zich op elk moment afmelden door naar uw account te gaan. Zie ons\nprivacybeleid voor meer informatie.\n\n[ ](https://trafic.com/nl_BE/)\n\n[ ](https://www.trafic.com/)\n\nSND (BE) BE0866.592.258  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSOGESMA S.A. BE 0866 517 727  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSUIVEZ-NOUS\n\n  * [ ](https://www.facebook.com/MagasinsTrafic?fref=ts \"Follow us on Facebook\")\n  * [ ](https://www.instagram.com/magasins.trafic/ \"Follow us on Instagram\")\n  * [ ](https://www.linkedin.com/company/trafic/ \"Follow us on Linkedin\")\n\nSnelle toegang\n\n  * [ Onze Shops ](/nl_BE/magasins/ \"Onze Shops\")\n  * [ Folders ](https://www.trafic.com/nl_BE/folders \"Folders\")\n  * [ Club Malin ](/nl_BE/club-malin \"Club Malin\")\n  * [ Jobs ](https://trafic.com/nl_BE/jobs \"Jobs\")\n  * [ Foto afdrukken ](https://photoservice.fujicolor.eu/20645485/fr?reload \"Foto afdrukken\")\n  * [ Leverancierstoegang ](/nl_BE/acc%C3%A8s-fournisseur \"Leverancierstoegang\")\n\nTrafic\n\n  * [ Wie zijn wij ? ](/nl_BE/qui-sommes-nous \"Wie zijn we ?\")\n  * [ TakeCare ](/nl_BE/takecare \"TakeCare\")\n  * [ Voorwaarden ](/nl_BE/conditions-generales \"Voorwaarden\")\n  * [ Prive leven en cookies ](/nl_BE/vie-privee \"Prive leven\")\n  * [ Leveringmethoden ](https://trafic.com/nl_BE/modes-livraison \"leveringmethoden\")\n  * [ Garantie ](https://support-clients.trafic.com/hc/nl-be \"Garantie\")\n\nklantenservice\n\n  * [ Veelgestelde vragen en contact ](https://support-clients.trafic.com/hc/nl-be \"Veelgestelde vragen en contact\")\n  * [ Dienst na Verkoop ](https://support-clients.trafic.com/hc/nl-be \"Dienst na Verkoop\")\n  * [ Fotografie afdeling ](https://photoservice.fujicolor.eu/20645485/help/contact \"Fotografie afdeling\")\n  * [ Cadeaukaart ](https://trafic.com/nl_BE/carte-cadeau \"Cadeaukaart\")\n  * [ Waarschuwing ](https://trafic.com/nl_BE/waarschuwing)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
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                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\n[ ](https://trafic.com/nl_BE/)\n\n#  Customer Login\n\n**Welkom terug! Of hier voor het eerst?**\n\nAnnuleer  Ga verder met winkelen\n\nOnze 4 beloftes:\n\n  * Laat je verwennen \n  * met een indrukwekkende selectie, exclusieve aanbiedingen en collecties \n\n  * Vertrouwen \n  * naar geteste en gevalideerde kwaliteit \n\n  * Genieten \n  * gegarandeerd de beste prijzen op de markt \n\n  * Leven \n  * een warme en prettige ervaring \n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
                "url": "https://trafic.com/nl_BE/customer/account/login/referer/aHR0cHM6Ly90cmFmaWMuY29tL25sX0JFL2N1c3RvbWVyL2FjY291bnQvaW5kZXgv/"
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            "reason": "INTERNAL_LINK",
            "reliability_score": 1.0,
            "search_query": "overview",
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            "url": "https://trafic.com/nl_BE/customer/account/login/referer/aHR0cHM6Ly90cmFmaWMuY29tL25sX0JFL2N1c3RvbWVyL2FjY291bnQvaW5kZXgv/"
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                    "source": "https://trafic.com/nl_BE/customer/account/login/referer/aHR0cHM6Ly90cmFmaWMuY29tL25sX0JFL2N1c3RvbWVyL2FjY291bnQvbG9nb3V0Lw~~/"
                },
                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\n[ ](https://trafic.com/nl_BE/)\n\n#  Customer Login\n\n**Welkom terug! Of hier voor het eerst?**\n\nAnnuleer  Ga verder met winkelen\n\nOnze 4 beloftes:\n\n  * Laat je verwennen \n  * met een indrukwekkende selectie, exclusieve aanbiedingen en collecties \n\n  * Vertrouwen \n  * naar geteste en gevalideerde kwaliteit \n\n  * Genieten \n  * gegarandeerd de beste prijzen op de markt \n\n  * Leven \n  * een warme en prettige ervaring \n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
                "url": "https://trafic.com/nl_BE/customer/account/login/referer/aHR0cHM6Ly90cmFmaWMuY29tL25sX0JFL2N1c3RvbWVyL2FjY291bnQvbG9nb3V0Lw~~/"
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            "reason": "INTERNAL_LINK",
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                    "resource_type": "webpage",
                    "source": "https://trafic.com/nl_BE/acces-fournisseur"
                },
                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\nMenu\n\n  * [ Home ](https://trafic.com/nl_BE/ \"Ga naar homepagina\")\n  * **Leverancierstoegang**\n\nAnnuleer  Ga verder met winkelen\n\nPr\u00e9f\u00e9rez-vous faire vos achats sur notre site  country_destination_language_fr\n?\n\nNous remarquons que vous surfez depuis  country_destination_name_fr  sur notre\nsite belge. Surfer sur le site dans votre propre pays pr\u00e9sente un certain\nnombre d'avantages tels que des frais d'exp\u00e9dition corrects, etc.\n\n[ Oui, dirigez-moi vers le site **country_destination_language_fr**\n](javascript:void\\(\\);) [ Non, restez sur le site belge\n](javascript:void\\(\\);)\n\nDoe je liever je aankopen op onze  country_destination_language_nl  site?\n\nWe merkten dat je surft vanuit  country_destination_name_nl  op onze Belgische\nsite. De site van je eigen land gebruiken heeft een aantal voordelen zoals\ncorrecte verzendingskosten en dergelijke.\n\n[ Ja, breng me naar de **country_destination_language_nl** site\n](javascript:void\\(\\);) [ Nee, blijf op de Belgische site\n](javascript:void\\(\\);)\n\nNewsletter\n\nSchrijf je in om ons nieuws te ontvangen\n\nU kunt zich op elk moment afmelden door naar uw account te gaan. Zie ons\nprivacybeleid voor meer informatie.\n\n[ ](https://trafic.com/nl_BE/)\n\n[ ](https://www.trafic.com/)\n\nSND (BE) BE0866.592.258  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSOGESMA S.A. BE 0866 517 727  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSUIVEZ-NOUS\n\n  * [ ](https://www.facebook.com/MagasinsTrafic?fref=ts \"Follow us on Facebook\")\n  * [ ](https://www.instagram.com/magasins.trafic/ \"Follow us on Instagram\")\n  * [ ](https://www.linkedin.com/company/trafic/ \"Follow us on Linkedin\")\n\nSnelle toegang\n\n  * [ Onze Shops ](/nl_BE/magasins/ \"Onze Shops\")\n  * [ Folders ](https://www.trafic.com/nl_BE/folders \"Folders\")\n  * [ Club Malin ](/nl_BE/club-malin \"Club Malin\")\n  * [ Jobs ](https://trafic.com/nl_BE/jobs \"Jobs\")\n  * [ Foto afdrukken ](https://photoservice.fujicolor.eu/20645485/fr?reload \"Foto afdrukken\")\n  * [ Leverancierstoegang ](/nl_BE/acc%C3%A8s-fournisseur \"Leverancierstoegang\")\n\nTrafic\n\n  * [ Wie zijn wij ? ](/nl_BE/qui-sommes-nous \"Wie zijn we ?\")\n  * [ TakeCare ](/nl_BE/takecare \"TakeCare\")\n  * [ Voorwaarden ](/nl_BE/conditions-generales \"Voorwaarden\")\n  * [ Prive leven en cookies ](/nl_BE/vie-privee \"Prive leven\")\n  * [ Leveringmethoden ](https://trafic.com/nl_BE/modes-livraison \"leveringmethoden\")\n  * [ Garantie ](https://support-clients.trafic.com/hc/nl-be \"Garantie\")\n\nklantenservice\n\n  * [ Veelgestelde vragen en contact ](https://support-clients.trafic.com/hc/nl-be \"Veelgestelde vragen en contact\")\n  * [ Dienst na Verkoop ](https://support-clients.trafic.com/hc/nl-be \"Dienst na Verkoop\")\n  * [ Fotografie afdeling ](https://photoservice.fujicolor.eu/20645485/help/contact \"Fotografie afdeling\")\n  * [ Cadeaukaart ](https://trafic.com/nl_BE/carte-cadeau \"Cadeaukaart\")\n  * [ Waarschuwing ](https://trafic.com/nl_BE/waarschuwing)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
                "url": "https://trafic.com/nl_BE/acces-fournisseur"
            },
            "reason": "INTERNAL_LINK",
            "reliability_score": 1.0,
            "search_query": "overview",
            "summary": "",
            "url": "https://trafic.com/nl_BE/acces-fournisseur"
        },
        {
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                    "source": "https://trafic.com/nl_BE/customer/account/login/referer/aHR0cHM6Ly90cmFmaWMuY29tL25sX0JFL3NhbGVzL29yZGVyL2hpc3Rvcnkv/"
                },
                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\n[ ](https://trafic.com/nl_BE/)\n\n#  Customer Login\n\n**Welkom terug! Of hier voor het eerst?**\n\nAnnuleer  Ga verder met winkelen\n\nOnze 4 beloftes:\n\n  * Laat je verwennen \n  * met een indrukwekkende selectie, exclusieve aanbiedingen en collecties \n\n  * Vertrouwen \n  * naar geteste en gevalideerde kwaliteit \n\n  * Genieten \n  * gegarandeerd de beste prijzen op de markt \n\n  * Leven \n  * een warme en prettige ervaring \n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
                "url": "https://trafic.com/nl_BE/customer/account/login/referer/aHR0cHM6Ly90cmFmaWMuY29tL25sX0JFL3NhbGVzL29yZGVyL2hpc3Rvcnkv/"
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                    "source": "https://trafic.com/nl_BE/"
                },
                "page_content": "The store will not work correctly when cookies are disabled.\n\n**JavaScript lijkt te zijn uitgeschakeld in uw browser.** Voor de beste\ngebruikerservaring, zorg ervoor dat javascript ingeschakeld is voor uw\nbrowser.\n\n_ONZE[ **KLANTENSERVICE** ](https://support-clients.trafic.com/hc/nl-be) _\n\n_**[ ONZE FOLDER ](/nl_BE/folders) ** VAN DE WEEK _\n\n_**** [ **LEVERING AAN HUIS** ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage3)\nOF IN THE WINKEL _\n\n_**[ GRATIS OPHALEN ](https://support-clients.trafic.com/hc/nl-\nbe/articles/7316116790685-Wat-zijn-de-\nverzendkosten?_gl=1%2A1rv8smv%2A_gcl_aw%2AR0NMLjE3MTkzODgxMTAuQ2p3S0NBanczdWVpQmhCbUVpd0E0QmhzcEcyQkRvUTdOcEFDT3RYRW5aR2JLNWM4aDg4QmRmUlF4cmdpMkFPSVQtdzFjeUxCVG9kNkpob0N1TzhRQXZEX0J3RQ..%2A_gcl_au%2AOTIwMDgwNjg5LjE3MTkzMjEzMzI.%2A_ga%2AMTExMzgxNTE4Ni4xNjgzNjM2OTI4%2A_ga_2ZF1P36PSW%2AMTcxOTM4NzM5MS4xNy4xLjE3MTkzODgyOTcuNTIuMC4w&utm_content=Avantage4)\n** BIJ **[ MEER DAN 80 WINKELS ](/nl_BE/magasins) ** _\n\nMenu\n\nAnnuleer  Ga verder met winkelen\n\nPr\u00e9f\u00e9rez-vous faire vos achats sur notre site  country_destination_language_fr\n?\n\nNous remarquons que vous surfez depuis  country_destination_name_fr  sur notre\nsite belge. Surfer sur le site dans votre propre pays pr\u00e9sente un certain\nnombre d'avantages tels que des frais d'exp\u00e9dition corrects, etc.\n\n[ Oui, dirigez-moi vers le site **country_destination_language_fr**\n](javascript:void\\(\\);) [ Non, restez sur le site belge\n](javascript:void\\(\\);)\n\nDoe je liever je aankopen op onze  country_destination_language_nl  site?\n\nWe merkten dat je surft vanuit  country_destination_name_nl  op onze Belgische\nsite. De site van je eigen land gebruiken heeft een aantal voordelen zoals\ncorrecte verzendingskosten en dergelijke.\n\n[ Ja, breng me naar de **country_destination_language_nl** site\n](javascript:void\\(\\);) [ Nee, blijf op de Belgische site\n](javascript:void\\(\\);)\n\nNewsletter\n\nSchrijf je in om ons nieuws te ontvangen\n\nU kunt zich op elk moment afmelden door naar uw account te gaan. Zie ons\nprivacybeleid voor meer informatie.\n\n[ ](https://trafic.com/nl_BE/)\n\n[ ](https://www.trafic.com/)\n\nSND (BE) BE0866.592.258  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSOGESMA S.A. BE 0866 517 727  \n(Rue de Capil\u00f4ne 6, 6220 Heppignies, Belgique)\n\nSUIVEZ-NOUS\n\n  * [ ](https://www.facebook.com/MagasinsTrafic?fref=ts \"Follow us on Facebook\")\n  * [ ](https://www.instagram.com/magasins.trafic/ \"Follow us on Instagram\")\n  * [ ](https://www.linkedin.com/company/trafic/ \"Follow us on Linkedin\")\n\nSnelle toegang\n\n  * [ Onze Shops ](/nl_BE/magasins/ \"Onze Shops\")\n  * [ Folders ](https://www.trafic.com/nl_BE/folders \"Folders\")\n  * [ Club Malin ](/nl_BE/club-malin \"Club Malin\")\n  * [ Jobs ](https://trafic.com/nl_BE/jobs \"Jobs\")\n  * [ Foto afdrukken ](https://photoservice.fujicolor.eu/20645485/fr?reload \"Foto afdrukken\")\n  * [ Leverancierstoegang ](/nl_BE/acc%C3%A8s-fournisseur \"Leverancierstoegang\")\n\nTrafic\n\n  * [ Wie zijn wij ? ](/nl_BE/qui-sommes-nous \"Wie zijn we ?\")\n  * [ TakeCare ](/nl_BE/takecare \"TakeCare\")\n  * [ Voorwaarden ](/nl_BE/conditions-generales \"Voorwaarden\")\n  * [ Prive leven en cookies ](/nl_BE/vie-privee \"Prive leven\")\n  * [ Leveringmethoden ](https://trafic.com/nl_BE/modes-livraison \"leveringmethoden\")\n  * [ Garantie ](https://support-clients.trafic.com/hc/nl-be \"Garantie\")\n\nklantenservice\n\n  * [ Veelgestelde vragen en contact ](https://support-clients.trafic.com/hc/nl-be \"Veelgestelde vragen en contact\")\n  * [ Dienst na Verkoop ](https://support-clients.trafic.com/hc/nl-be \"Dienst na Verkoop\")\n  * [ Fotografie afdeling ](https://photoservice.fujicolor.eu/20645485/help/contact \"Fotografie afdeling\")\n  * [ Cadeaukaart ](https://trafic.com/nl_BE/carte-cadeau \"Cadeaukaart\")\n  * [ Waarschuwing ](https://trafic.com/nl_BE/waarschuwing)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\n[ ](https://trustmark.becom.digital/fr/Trafic_4032416)\n\nBetaal veilig en snel met  via Mollie\n\nTrafic \u00a9\n\n| [ Terms of Sales Trafic.com ](https://trafic.com/nl_BE/conditions-generales)\n\n[ E-commerce ](https://www.studioemma.com \"Een e-commerce project door Studio\nEmma\")\n\n",
                "url": "https://trafic.com/nl_BE/"
            },
            "reason": "INTERNAL_LINK",
            "reliability_score": 1.0,
            "search_query": "overview",
            "summary": "",
            "url": "https://trafic.com/nl_BE/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "3c95ea17-5cdc-445d-9502-bf8ccc08b57a",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.traffic.org/about-us/our-organisation/our-accounts/"
                },
                "page_content": "  * English \n\n[ Ti\u1ebfng Vi\u1ec7t ](/vn/about-us/our-organisation/our-accounts/) [ Chinese\n](/cn/about-us/our-organisation/our-accounts/)\n\n[ ](https://www.facebook.com/trafficnetwork \"Visit our Facebook Page\") [\n](https://uk.linkedin.com/company/traffic-international \"Contact us at\nLinkedIn\") [ ](https://bsky.app/profile/trafficintl.bsky.social \"Follow us on\nBluesky\") [ ](https://www.instagram.com/traffic_wltrade/?hl=en \"Follow us on\nInstagram\") [ ](https://www.youtube.com/user/trafficnetwork \"Visit our YouTube\nChannel\") [ ](https://x.com/TRAFFIC_WLTrade \"Follow us on X\")\n\n[ ](/ \"Link to TRAFFIC.org home page\")\n\n##\n\n#  **our accounts** how much we receive and where we spend it\n\nTom Vierus / WWF-US\n\ni\n\n  * [ __ ](/ \"TRAFFIC Home Page\") \u00bb \n  * About Us  \u00bb \n  * [ Our Organisation ](/about-us/our-organisation/) \u00bb \n  * Our accounts \n\n##  our finances\n\n**TRAFFIC delivered strong programmatic and operational results in the fiscal\nyear to the end of June 2023, including the launch of our 2030 Strategy.**\n\nThe 2030 strategy is designed to scale up evidence, solutions and influence to\nensure that trade in wild species is legal and sustainable, for the benefit of\nthe planet and people. At a time of unprecedented biodiversity loss, this\nrepresents a renewed commitment by TRAFFIC to drive urgent action to achieve a\nnature-positive world by 2030.\n\n###  98%\n\n###  Of our revenue is dedicated to charitable purposes\n\n##\n\n##  trustees annual reports and financial statements\n\nEach year, in line with Charity and Company law, we produce an annual report\nwhich includes a full financial review as well as a retrospective look at the\nachievements of the year just past and identifies key areas of focus over the\ncoming twelve months. [ Visit the Charity Commission website\n](http://apps.charitycommission.gov.uk/Showcharity/RegisterOfCharities/CharityWithPartB.aspx?RegisteredCharityNumber=1076722&SubsidiaryNumber=0)\nfor more information.\n\nShort snouted seahorse _Hippocampus hippocampus_ . Photo: Wild Wonders of\nEurope / Zankl / WWF\n\ni\n\n#####  june 2023\n\n[ view report ](/site/assets/files/4732/traffic_-_accounts_2023_-_signed.pdf)\n\n#####  June 2022\n\n[ view report ](https://www.traffic.org/site/assets/files/4732/traffic_-\n_trustees_accounts_2022.pdf)\n\n#####  June 2021\n\n[ view report ](/site/assets/files/4732/traffic_-_accounts_2021.pdf)\n\n#####  June 2020\n\n[ view report ](/site/assets/files/4732/traffic_trustees-\nreport-2020-w-cover.pdf)\n\n#####  June 2019\n\n[ view report ](/site/assets/files/4732/trustees-report-accounts-\njune-2019.pdf)\n\n#####  June 2018\n\n[ view report ](/site/assets/files/4732/trustees-report-accounts-\njune-2018.pdf)\n\n#####  June 2017\n\n[ view report ](/site/assets/files/4732/trustees-report-accounts-\njune-2017.pdf)\n\n#####  June 2016\n\n[ view report ](/site/assets/files/4732/trustees-report-accounts-\njune-2016.pdf)\n\nTRAFFIC is a registered UK charity, Number 1076722. Company Number 3785518.\n\nOur headquarters are located at TRAFFIC, David Attenborough Building, Pembroke\nStreet, Cambridge, CB2 3QZ  \n  \nTRAFFIC is a member of the\n\n  \n\n[ ](/about-us/partnerships/cambridge-conservation-initiative/)\n\n\u00a92025 TRAFFIC INTERNATIONAL. All rights reserved.\n\nDeveloped by Ian Kimber at Rochdale Online, designed by Marcus Cornthwaite.\n\nback to top\n\nWe use cookies to enhance the functionality of this website. To learn more\nabout the types of cookies this website uses, see our [ Cookie Statement\n](/about-us/our-organisation/cookie-statement/) . You can accept cookies by\nclicking the \"I accept\" button or by cancelling this cookie notice; or you can\nmanage your cookie preferences via \"Manage Cookies\".\n\nClose\n\n####  Manage Cookies\n\nYou can opt out of certain types of cookies (e.g. those used in social media\nsharing) by choosing \"I do not accept\". The website will still largely\nfunction well, but with slightly less functionality in places. To manage your\ncookie preferences in future, visit the \"Cookie Statement\" link at the bottom\nof any page.\n\nYour cookie preferences have been saved\n\n",
                "url": "https://www.traffic.org/about-us/our-organisation/our-accounts/"
            },
            "reason": "This is the official website of TRAFFIC, a wildlife trade monitoring network. The page provides access to their official accounts and organizational information, making it a highly reliable source for information about the organization itself.",
            "reliability_score": 0.9,
            "search_query": "company 'Trafic' overview financial performance",
            "summary": "Official website of TRAFFIC providing access to their accounts and organizational information.",
            "url": "https://www.traffic.org/about-us/our-organisation/our-accounts/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "d7d95354-6a99-416b-9789-fe8345b85708",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.traffic.org/"
                },
                "page_content": "  * English \n\n[ Ti\u1ebfng Vi\u1ec7t ](/vn/) [ Chinese ](/cn/)\n\n[ ](https://www.facebook.com/trafficnetwork \"Visit our Facebook Page\") [\n](https://uk.linkedin.com/company/traffic-international \"Contact us at\nLinkedIn\") [ ](https://bsky.app/profile/trafficintl.bsky.social \"Follow us on\nBluesky\") [ ](https://www.instagram.com/traffic_wltrade/?hl=en \"Follow us on\nInstagram\") [ ](https://www.youtube.com/user/trafficnetwork \"Visit our YouTube\nChannel\") [ ](https://x.com/TRAFFIC_WLTrade \"Follow us on X\")\n\n[ ](/ \"Link to TRAFFIC.org home page\")\n\n##\n\n##  ACHIEVING A NATURE-POSITIVE FUTURE\n\nWorking to ensure that trade in wild species is legal and sustainable, for the\nbenefit of the planet and people\n\n[ Our Mission ](/about-us/mission/)\n\n**Trade in wild species is one of the world's most pressing conservation and\ndevelopment challenges.**  \nGlobal supply chains for wild plants and animals provide livelihoods for\nhundreds of millions of the world\u2019s poor. At the same time, illegal trade \u2013\none of the most profitable criminal activities worldwide \u2013 fuels environmental\ndegradation and economic losses.\n\nTRAFFIC is driving action to reduce illegal trafficking and enhance benefits\nto people from legal and sustainable trade of wild species. As a global\ntrusted advisor, we generate evidence, analysis, and solutions to strengthen\nglobal and national policy frameworks, and build responsible and fair supply\nchains.\n\n[ Our Strategy ](/about-us/our-strategy/) |  [ The Trade in Wild Species ](/what-we-do/the-trade-in-wild-species/)  \n---|---  \n  \n###  Giving enforcement the upper hand\n\n####  The Trade in Wildlife Information eXchanges\n\n#####  Strategic priorities\n\nOur five priority pathways to drive sustained, systemic change.\n\n[ Strategic priorities ](/what-we-do/strategic-priorities/)\n\n#####  Species and landscapes\n\nThe key species and landscapes that we focus on.\n\n[ Species and landscapes ](/what-we-do/species-and-landscapes/)\n\n#####  Thematic issues\n\nThe critical cross-cutting issues we work to tackle.\n\n[ Thematic issues ](/what-we-do/thematic-issues/)\n\n##  latest news and reports on the trade in wild species\n\n### [ Environmental Crime: Five years for the EU to turn the tide!  European\nleaders have issued an urgent rallying cry for international action to tackle\nenvironmental crime \u2013 a deeply disturbing and growing\u2026  ](/news/environmental-\ncrime-five-years-for-the-eu-to-turn-the-tide-1/)\n\n### [ Indonesia busts grisly online trade in wildlife skulls  Indonesian\nauthorities have shut down a macabre trade in wildlife skulls and parts\nonline, seizing 94 items and detaining two people who had been\u2026\n](/news/indonesia-busts-grisly-online-trade-in-wildlife-skulls/)\n\n[ All News ](/news/)\n\n##\n\n##  LEARNING CENTRE\n\nExplore our training, courses, and capacity-building resources for all\nstakeholders working on the trade in wild species.\n\n[ Learning Centre ](/learning-centre/)\n\n##\n\n##  TRAFFIC STORIES\n\nBe inspired by people around the world building a better future through\nchoosing legal and sustainable trade  .\n\n[ Sign up ](/traffic-stories/)\n\nTRAFFIC is a registered UK charity, Number 1076722. Company Number 3785518.\n\nOur headquarters are located at TRAFFIC, David Attenborough Building, Pembroke\nStreet, Cambridge, CB2 3QZ  \n  \nTRAFFIC is a member of the\n\n  \n\n[ ](/about-us/partnerships/cambridge-conservation-initiative/)\n\n\u00a92025 TRAFFIC INTERNATIONAL. All rights reserved.\n\nDeveloped by Ian Kimber at [ Rochdale Online\n](https://www.rowebsolutions.co.uk) , designed by Marcus Cornthwaite\n\nback to top\n\nWe use cookies to enhance the functionality of this website. To learn more\nabout the types of cookies this website uses, see our [ Cookie Statement\n](/about-us/our-organisation/cookie-statement/) . You can accept cookies by\nclicking the \"I accept\" button or by cancelling this cookie notice; or you can\nmanage your cookie preferences via \"Manage Cookies\".\n\nClose\n\n####  Manage Cookies\n\nYou can opt out of certain types of cookies (e.g. those used in social media\nsharing) by choosing \"I do not accept\". The website will still largely\nfunction well, but with slightly less functionality in places. To manage your\ncookie preferences in future, visit the \"Cookie Statement\" link at the bottom\nof any page.\n\nYour cookie preferences have been saved\n\n",
                "url": "https://www.traffic.org/"
            },
            "reason": "This website appears to be related to wildlife trade monitoring, not the target retail company 'Trafic'. However, it is a reputable organization focused on conservation, so it gets a moderate reliability score.",
            "reliability_score": 0.7,
            "search_query": "company 'Trafic' customers stakeholders",
            "summary": "This website appears to be related to wildlife trade monitoring, not the target retail company 'Trafic'. However, it is a reputable organization focused on conservation, so it gets a moderate reliability score.",
            "url": "https://www.traffic.org/"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "a29ffef9-2621-42c2-9a89-bef74aa816b1",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://esg.tsmc.com/en/resources/ClimateChangeManagementFramework.html"
                },
                "page_content": "Enable JavaScript and cookies to continue\n\n",
                "url": "https://esg.tsmc.com/en/resources/ClimateChangeManagementFramework.html"
            },
            "reason": "This is the official website of TSMC, a major semiconductor manufacturing company, detailing their climate change management framework. It is a primary source for information on their environmental policies and initiatives.",
            "reliability_score": 1.0,
            "search_query": "company 'Trafic' climate risk energy usage",
            "summary": "Official document outlining TSMC's climate change management framework.",
            "url": "https://esg.tsmc.com/en/resources/ClimateChangeManagementFramework.html"
        },
        {
            "content": {
                "metadata": {
                    "ext_id": "4a2374ad-9e96-462c-91f3-2cd398fb5bbd",
                    "origin": "public",
                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://sustainability.att.com/priority-topics/efficiency-emissions"
                },
                "page_content": "Skip to main content\n\n[ ](/) [ Key Topics ](/priority-topics) [ Efficiency & Emissions ](/priority-\ntopics/efficiency-emissions)\n\nSide Navigation\n\nQuick Links  [ Print ](javascript:window.print\\(\\))\n\n#  Efficiency & Emissions\n\n[ Global Reporting Initiative Standard Disclosures  305-1; 305-2; 305-3;\n305-4; 305-5; 305-6  ](/reports/reporting-frameworks/gri) [ Task Force on\nClimate-related Financial Disclosures  Governance; strategy; risk management;\nmetrics & targets  ](/reports/reporting-frameworks/tcfd)\n\n##  Issue Summary\n\nAT&T prioritizes sustainable business practices to address global challenges\nsuch as climate change and is an active participant in the worldwide effort to\ntransition to net zero greenhouse gas (GHG) emissions. In 2020, we committed\nto reaching carbon neutrality by 2035 in Scope 1 and 2 emissions across our\nglobal operations, followed by interim targets approved by the [ Science Based\nTargets initiative (SBTi) ](https://sciencebasedtargets.org/) in 2021.\n\nWe are deploying Smart Climate Solutions\u2014through efforts like our Connected\nClimate Initiative\u2014that will help enable our business customers to reduce\ntheir emissions as well. Our goal is to help collectively reduce their\nemissions by 1 billion metric tons\u2014a gigaton\u2014by 2035, compared to 2018 levels.\n\nMeanwhile, we are strengthening our network resilience, utilizing climate\ndata, and we are working with our communities, our customers and others to do\nthe same.\n\n##  Our Goals & Progress\n\n###  GHG Emissions\n\n####  2030 Goal:\n\nReduce our absolute Scope 1 and 2 GHG emissions  1  by 63% (2015 base\nyear)\u2014aligning with a 1.5-degree C pathway by the end of 2030.  2\n\n####  Progress  3  : Reduction of nearly 52%  1\n\n2023 Scope 1 and 2 emissions were 4.2 million metric tons (MT) of CO  2\nequivalent (CO  2  e). This represents a reduction of nearly 52% from our 2015\nbase year (8.8 million MT CO  2  e)\u2014 82% attainment toward our Scope 1 and 2\nscience-based targets.  1\n\n###  Carbon Neutrality\n\n####  2035 Goal:\n\nAchieve carbon neutrality (Scope 1 and 2 emissions  1  ) by the end of 2035.\n\n####  Progress: Reduction of more than 4.5 million MT of CO  2  e  3  4\n\n2023 Scope 1 and 2 emissions were approximately 4.2 million MT of CO  2  e.\nThis represents a reduction of more than 4.5 million MT from our 2015 base\nyear (approximately 8.8 million MT CO  2  e)\u2014nearly 52% attainment toward our\ncarbon neutral target.  3\n\n###  Supplier Emissions\n\n####  2024 Goal:\n\nWork to ensure 50% of our suppliers (covering purchased goods and services,\ncapital goods, and downstream leased assets as a portion of spend) set their\nown science-based Scope 1 and 2 GHG targets by the end of 2024.  2\n\n####  Progress: 55% of suppliers have set science-based GHG emissions targets\n\nIn 2022, we met our 50% Scope 3 science-based target two years ahead of\nschedule. By the end of 2023, 55% of our suppliers had set science-based Scope\n1 and 2 targets.\n\n###  Customer Emissions Reduction Enablement\n\n####  2035 Goal:\n\nDeliver connectivity solutions that enable business customers to reduce a\ngigaton (1 billion metric tons) of GHG emissions from 2018 through the end of\n2035.\n\n####  Progress: Enabled 188.3 million MT of customer emissions savings\n\nFrom 2018 through the end of 2023, AT&T identified 30 Smart Climate Solutions\nfor which we\u2019ve calculated emissions reductions. The use of these solutions\nhas enabled emissions reductions of 188.3 million MT CO  2  e\u201419% of our\nGigaton Goal.\n\n##  Efficiency & Emissions Data\n\n3  |  2020  |  2021  |  2022  |  2023   \n---|---|---|---|---  \nGlobal carbon footprint (Scope 1, 2 & 3 in metric tons (MT) CO  2  e)  5  6  |  22,033,564  |  20,431,671  |  18,908,274  |  15,233,084   \nU.S. carbon footprint (Scope 1, 2 & 3 in MT CO  2  e)  5  6  |  20,295,829  |  18,805,350  |  17,901,301  |  14,811,085   \nGHG emissions intensity (Scope 1 & 2 in MT CO  2  e/billion dollars of revenue)  |  39,749  |  40,896  |  39,574  |  34,537   \nGHG emissions intensity (Scope 1 & 2 in MT CO  2  e/1,000 subscribers)  7  |  24.94  |  22.18  |  18.20  |  14.79   \nScope 1 GHG emissions (MT CO  2  e)  |  1,044,751  |  997,129  |  917,036  |  643,346  8   \nScope 2 market-based GHG emissions (MT CO\u2082e)  9  |  4,743,507  |  4,550,580  |  3,861,164  |  3,585,008  8   \nScope 2 location-based GHG emissions (MT CO\u2082e)  |  5,635,263  |  5,212,703  |  4,962,516  |  4,816,513  8   \nScope 3 GHG emissions (MT CO  2  e)  6  |  16,245,306  |  14,883,962  |  14,130,075  |  11,004,731   \n  \nFor more information, see our [ Global Reporting Initiative Index\n](/reports/reporting-frameworks/gri) and [ Task Force on Climate-related\nFinancial Disclosures (TCFD) Report ](/reports/reporting-frameworks/tcfd) .\n\n##  Our Actions & Impacts\n\nIn 2023, AT&T continued efforts to reduce our GHG emissions, help our\ncustomers and partners reduce theirs, and proactively manage our climate-\nrelated risks.\n\n  * To pursue our goal of helping customers reduce their emissions by a gigaton, we are creating [ Smart Climate Solutions ](https://www.business.att.com/products/business-sustainability.html) that leverage AT&T connectivity solutions such as fiber, 5G and Internet of Things (IoT). As of the end of 2023, we have identified 30 Smart Climate Solutions addressing high-impact areas such as transportation, buildings, manufacturing, energy and agriculture. And we are pursuing collaborations to develop more. \n  * We made progress toward carbon neutrality by continuing to invest in renewable energy and by deploying our first electric vehicles in our fleet. We are also preparing more locations with electric vehicle infrastructure. \n  * We continued the expansion of our Scope 3 inventory. We engaged with suppliers on setting science-based targets to reduce GHG emissions in their operations and in AT&T\u2019s value chain. We continue to push further beyond our 2024 Scope 3 science-based target of 50% of our suppliers by spend setting their own Scope 1 and 2 science-based targets. We met our Scope 3 science-based target two years ahead of schedule by ensuring that suppliers representing 53% of our spend have set science-based Scope 1 and 2 targets. The number increased to 55% in 2023. \n  * Additionally, we are supporting climate resilience with the award-winning [ Climate Risk and Resilience Portal (ClimRR) ](https://www.anl.gov/ccrds/ClimRR) that we developed in collaboration with the [ Federal Emergency Management Agency (FEMA) ](https://www.fema.gov/) and [ Argonne National Laboratory ](https://www.anl.gov/) . ClimRR provides communities with data to better understand and address the expected future impacts of climate change. See below for more details on how ClimRR is helping to build community resilience. We continue to work to enhance and grow awareness of this unique and impactful resource. \n\n###  Governance\n\nWe rely on several policies, oversight structures, management roles and\nprocedures to manage climate-related risks and opportunities at AT&T.\n\n####  Policies\n\n  * **Environmental Statement:** The AT&T [ Environmental Statement ](/ViewFile?fileGuid=f851bf03-69bc-43c0-a163-cc1c01000f01) addresses our approach to managing the impacts of climate change. The policy guides us in helping our customers be more sustainable, reduce our own GHG emissions and increase resilience throughout our operations. \n  * **Climate Strategy & Transition Plan: ** Our [ Climate Strategy & Transition Plan ](https://sustainability.att.com/ViewFile?fileGuid=01b84e21-1bbf-4696-98d8-3f9cbec733bd ) describes our approach to supporting the transition to a net zero economy. \n\n####  Board of Directors Oversight\n\n  * **Governance & Policy Committee (GPC): ** The GPC of the AT&T Board of Directors (Board) meets no fewer than four times per year to assist the Board in oversight of AT&T\u2019s Governance practices and Corporate Responsibility strategy, including related policies, programs and sustainability reporting. In 2023, the GPC held four regularly scheduled meetings, which included climate initiatives and reporting information. \n  * **Audit Committee:** The Audit Committee of the Board oversees our internal audit of Corporate Responsibility reporting and our integration of Corporate Responsibility issues into corporate enterprise risk management analysis. \n\n####  Climate-Related Management Roles\n\n  * **Chief Sustainability Officer (CSO):** Our CSO, who is also our Senior Vice President of Corporate Responsibility, oversees AT&T\u2019s climate strategy. Our CSO receives weekly updates on climate-related activities and developments throughout the business. Our CSO is also present at GPC meetings for sustainability dialogue. \n  * **Corporate Responsibility (CR) Governance Council:** Our CR Governance Council is led by our CSO and is composed of more than a dozen officers representing business operations aligned to our most important sustainability focus areas. It meets multiple times per year and collaborates across a broad range of initiatives, competencies and perspectives. \n  * **Assistant Vice President (AVP) of Global Environmental Sustainability:** As a direct report to the CSO, the AVP of Global Environmental Sustainability oversees AT&T\u2019s climate-related strategy and leads our Environment Committee, which comprises business leaders from across the company. \n  * **Environmental Sustainability Team:** Members of our Global Environmental Sustainability team, also led by our AVP of Global Environmental Sustainability, monitor internal and external climate-related developments and communicate the most relevant issues to the CSO. The team works closely with business unit experts to implement and enhance programs and policies addressing climate-related risks and opportunities for AT&T. \n  * **Senior Vice President (SVP) of Engineering & Operations: ** Our SVP of Engineering and Operations has responsibility for the resilience of our network, including energy and water use. This position also oversees our commitments to renewable energy procurement, energy efficiency, network disaster response and business continuity planning. \n\n####  Climate-Related Ties to Leadership Compensation\n\n  * **Executive Officers:** Our CEO and other Named Executive Officers have short-term incentives focused on strategic measures such as \u201cadvancing our ESG priorities, especially worker health and safety, global emissions reduction and helping to narrow the digital divide.\u201d In 2023, attainment was demonstrated, in part, through our reduction of AT&T Scope 1 and 2 GHG emissions. Read more in our most recent [ Proxy Statement ](https://investors.att.com/~/media/Files/A/ATT-IR-V2/financial-reports/annual-reports/2024/2024-notice-of-annual-meeting-of-stockholders-and-proxy-statement.pdf) . \n  * **Senior Leaders:** Demonstrated progress toward and achievement of goals that address climate-related issues, such as our approved science-based carbon reduction targets and our 2035 carbon neutral goal, are part of the annual performance objectives for our CSO. Our VP of Implementation, Provisioning and Optimization and other senior leaders across our business have energy efficiency and optimization goals that contribute to our carbon reduction objectives. Performance toward such goals is considered when these individuals\u2019 supervisors determine annual merit salary increases and bonus awards. \n\nFor more information about how remuneration is tied to the management of\nclimate-related issues, please visit our [ Task Force on Climate-related\nFinancial Disclosures Report ](/reports/reporting-frameworks/tcfd) .\n\n####  Management Practices\n\n  * **Updating GHG Emissions Management:** Our GHG emissions management program and reporting tools evolve with the changing landscape and scope of our company, as well as with relevant standards, protocols and best practices. We work with an integrated energy services provider to compile, analyze and produce annual reports related to our GHG emissions. The content and methods related to data calculation, estimation and aggregation are reviewed each year to identify opportunities for improvement. \n  * **Automating Emissions Data:** We have continued our work of automating significant portions of our GHG emissions data collection and the calculations associated with our annual GHG emissions statement. The goal is to reduce data collection and processing time, speed up data validation and decrease the likelihood of human error. Learn more about our [ methodologies for calculating emissions ](/ViewFile?fileGuid=b3a2b1a4-d6cf-4250-89d6-95d83c54ae0f) . \n  * **Corporate Responsibility Reporting Quality:** We evaluate sustainability topics through our stakeholder engagement efforts and evaluate those topics for inclusion in our corporate enterprise risk management process. We obtained annual, limited independent assurance of our Scope 1, 2 and select Scope 3 emissions in accordance with the International Standard for Assurance Engagements 3000 (Revised). The rigor of this process helps us realize year-over-year improvements in accuracy. Learn more in the [ Independent Accountant\u2019s Report ](/ViewFile?fileGuid=cc0ab99d-a3f8-467c-acf3-4fa383325f26) . \n  * **Oversight of GHG Emissions:** The AT&T Implementation, Provisioning and Optimization organization, which sits in our Network Engineering and Operations organization, oversees numerous aspects of our business that impact GHG emissions. This includes energy efficiency and energy conservation measures, decommissioning activities and renewable energy purchases. Other measures affecting our emissions\u2014such as our fleet\u2014are managed within distinct departments in accordance with organizational procedures. \n\n###  Climate Change Strategy\n\nTo help us better understand how AT&T is positioned to respond to climate\nchange, we assess potential climate-related impacts on our operations. Our\nresulting climate strategy focuses on three areas: mitigating impacts,\nmanaging climate-related risks and seizing opportunities.\n\n####  Mitigating Impacts\n\nOur 2030 science-based target for Scope 1 and 2 emissions aligns with a\n1.5-degree pathway, meeting the ambitions of the Paris Agreement. We are also\nadvancing toward a 2035 carbon neutral (Scope 1 and 2) goal. Underlying these\ngoals are our commitments to energy efficiency, renewable energy procurement\nand reducing our fleet emissions.\n\nWe are working to achieve these goals through the following initiatives:\n\n  * **Scope 1 Emissions Reduction:** 62% of AT&T\u2019s Scope 1 emissions comes from our ground fleet.  3  We have begun transitioning our fleet to low-carbon alternatives. \n  * **Scope 2 Emissions Reduction:** Purchased electricity and steam are a predominant source of emissions for AT&T, with market-based Scope 2 emissions accounting for nearly 84.8% of our total operational emissions (Scope 1 and 2). AT&T is actively addressing these emissions through renewable energy procurement and the implementation of energy efficiency projects and network optimization efforts. \n    * In 2023, AT&T renewable energy deals accounted for 3.3 million MWhs of produced electricity. \n  * AT&T uses IoT solutions to drive efficiencies in our internal operations. To optimize energy use in our buildings, we implemented a solution that uses AT&T connectivity to acquire performance data from facility equipment across the U.S. We analyze the data centrally to create performance baselines, monitor equipment status and identify required maintenance in real time. This effort contributes to maintenance cost savings and reductions in unnecessary energy use. Learn more about how we use IoT to manage our facilities in our [ Customer Stories ](https://www.business.att.com/products/business-sustainability.html#segment_heading_1951906783) . \n  * **Scope 3 Emissions Accounting:** In 2023, AT&T analyzed our 2022 Scope 3 emissions statement. This was necessary due to multiple methodology changes and the addition of Category 15: Investments to our 2023 emissions statement. Additional information regarding our Scope 3 methodologies and updated emissions accounting can be found below. \n  * **Carbon Offsets:** Though we aim to reduce our emissions footprint as much as possible, there may be some sources of emissions that cannot be eliminated. In these cases, we may invest in carbon offsets in the future. We are committed to pursuing only the most credible offsets and aim to be transparent in our approach. To date, carbon offsets are not included in our carbon footprint. \n\nFor more information about our goals, please see the Our Goals & Progress\nsection in this issue brief.\n\n#####  Managing Climate-Related Risks\n\nAT&T assesses how regulations, developments in technology, and market or\nreputational factors could affect our company. We look at the long-term\nprojected impacts of climate change and continue to seek new ways to integrate\nclimate data into our planning systems to inform infrastructure decisions for\nthe future. In addition, we are making data publicly available via our Climate\nRisk & Resilience Portal to empower municipalities, businesses, non-\ngovernmental organizations and others to build climate resilience. Details\nabout how we identify and prepare for climate-related risks are outlined\nbelow:\n\n#####  Climate Scenario Analysis\n\nIn 2023, we worked with an external vendor to complete a scenario analysis\naligned with TCFD recommendations. As part of this process, we engaged\nstakeholders from across the company to help us identify climate-related risks\nand opportunities. The scenario analysis helped us prioritize the climate-\nrelated risks and opportunities most significant to the company and estimate\nthe financial impacts. A few areas of focus include improving data collection\nof hazard impacts, defining the return on investment of resiliency efforts,\nand expanding our collaboration with new business unit partners that have the\npotential to be impacted by climate-related issues. For more information about\nour climate scenario analysis, see our [ TCFD Report ](/reports/reporting-\nframeworks/tcfd) .\n\n######  Physical Risks\n\nWe are adapting our business practices to minimize the impact of climate\nchange, including changes in weather and natural disaster patterns. We conduct\nregular analysis and implement solutions to help ensure that our network\ninfrastructure, such as cell sites, can withstand natural disasters and other\nenvironmental factors. For example, in certain locations, we deploy high-\ncapacity battery backup to our cell sites, which enables them to remain in\nservice in the event of a power loss. We also utilize advanced climate tools\nand modeling to project infrastructure risk out into the future and make\nbetter, climate-informed decisions for our network.\n\n######  Transition Risks\n\nAT&T recognizes that our company can be impacted positively or negatively by\nan accelerating transition to a more sustainable economy. We are looking at\nboth the potential risks and opportunities associated with that transition.\n\nAT&T\u2019s climate strategy and transition plan focuses on three areas: mitigating\nimpacts, managing climate-related risks and seizing opportunities. As part of\nour effort to support the transition to a net zero economy, AT&T has committed\nto be carbon neutral across our entire global operations by 2035. We plan to\nachieve this goal by eliminating Scope 1 and 2 emissions through improved\nenergy efficiency, moving to a low-emissions fleet, scaling renewable energy\ncapacity and transitioning away from technologies that use traditional fossil\nfuel-based energy production. For more information about our transition plans\nand identified transition risks, see our [ TCFD Report ](/reports/reporting-\nframeworks/tcfd) and [ Climate Strategy & Transition Plan\n](https://sustainability.att.com/ViewFile?fileGuid=01b84e21-1bbf-4696-98d8-3f9cbec733bd\n) .\n\n#####  Using Climate Data to Build Our Network Resilience\n\nFor years, we have been working with the U.S. Department of Energy\u2019s Argonne\nNational Laboratory (Argonne) to get the best available climate data to help\nmake our network more climate resilient. We have future-looking climate\nprojections on wind, drought, wildfire and flooding at the neighborhood level,\nup to 30 years in the future. With this data, AT&T can take climate change\ninto account as we plan for network buildouts, maintenance and disaster\npreparedness. Among the efforts our climate data supports:\n\n######  Prioritizing Network Resilience Investments for Existing Sites:\n\n  * We\u2019re using the climate data in our model to improve network resiliency in existing sites. To fortify our assets, we tripled our electrical maintenance budget for 2023 and invested in new onsite equipment to better protect our sites against future weather events. As an example, we have assets called Mobile Telephone Switching Offices, which contain important network elements, located across the country. By integrating coastal storm surge and flood data from Argonne into our vulnerability modeling for these sites, we can identify which sites should be prioritized. \n  * In hurricane-prone areas such as the Southeast, we\u2019re planning to make investments in new generators, rectifiers and batteries; maintain critical electrical equipment such as HVACs; install flood gates; and upgrade switchgear equipment. Once a location has been approved for enhancements, the construction and engineering teams can make more informed decisions about how to protect the site. For example, by using Argonne projections of flood extremes, we can make smarter decisions about where to place flood gates. Our teams have used this and other data to analyze the climate-informed flood vulnerability of more than 7,000 facilities. These analyses have led to the installation of flood gates, generators and upgraded switchgears to enhance network resilience. \n\n######  Assessing Climate Impacts in Network Planning & Design of New Sites:\n\n  * When we\u2019re planning a new mobility site to enhance coverage or capacity, we typically consider several factors, including radiofrequency coverage, fit with overall tower-location strategy, fiber proximity and rental costs. As part of our efforts to develop a new end-to-end workflow system for planning and design, we began incorporating climate-related risk factors into the site selection and prioritization process. These factors include wind, wildfire, drought, inland flooding and coastal flooding. Equipped with that data, engineers can proactively build sites with lower risk and cost, reduce downtime due to disasters and harden our network for the future. \n  * AT&T also integrates climate data into our wireline planning and design system, enabling engineers to identify where climate hazard exposure could be an issue and how to harden equipment appropriately. \n  * Moving forward, we\u2019ll be deploying a series of trainings aimed to educate employees about how climate data can help enhance resilience. In order to build climate-resilient infrastructure, we need a climate-informed workforce. \n\n######  Embedding Climate Data into Weather Forecasting Tools:\n\n  * AT&T has several tools that help us predict and visualize the short- and long-term impacts of extreme weather. Our AT&T Weather and Operations Center includes a group of meteorologists who issue daily updates to the network operations teams managing company assets. With this enhanced intelligence, network teams can prepare and protect critical equipment from weather impacts and make climate-informed decisions. \n\n####  Climate Risk & Resilience Portal (ClimRR)\n\nAT&T, Argonne and FEMA created the award-winning ClimRR portal to advance\naccess to cutting-edge climate projections and help improve America\u2019s\npreparedness for future climate-related events.\n\nClimRR makes some of the most sophisticated climate-science modeling in the\nworld publicly accessible. It provides state, local, Tribal and territorial\nemergency managers and community leaders free access to localized data about\nfuture climate risks that can be used to explore strategies for resilience.\nClimRR enables community leaders and public safety officials to understand how\nclimate risks such as extreme heat, heavy rainfall, wildfire and drought will\naffect their populations.\n\nAccess to the information in ClimRR can assist municipal leaders as they\nstrategically invest in infrastructure and response capabilities to protect\ncommunities. ClimRR can help local public health officials and emergency\nmanagers understand where limited resources will have the biggest impact in\nprotecting against threats such as flooding and extreme heat.\n\nAT&T works with external organizations to maximize the positive impact ClimRR\ncan have on communities across the country. For example:\n\n  * In 2023, we promoted awareness of ClimRR at Concordia\u2019s Annual Summit during Climate Week, the Conference of Mayors Annual Meeting, and the Climate Leadership Conference. \n  * To find new use cases for ClimRR, we\u2019re working closely with thought leaders such as C2ES, a think tank that brings the business community and public sector together to discuss climate solutions. C2ES invited AT&T to join a new initiative with Resilience Rising and Resilience First to launch a multi-year initiative to build and mainstream climate resilience within the private sector. We\u2019re also participating in its newly launched Climate Resilient Communities Accelerator in the North Front Range of Colorado. \n  * AT&T collaborated with Idaho\u2019s Office of Emergency Management to integrate an analysis of forward-looking data into the state\u2019s [ 2023 Hazard Mitigation Plan ](https://ioem.idaho.gov/wp-content/uploads/2023/11/2023-SHMP-State-Mitigation-Final-11_15_23.pdf) . The state chose to utilize data from ClimRR to inform its long-term risk reduction strategies. \n\nIn 2023, ClimRR received numerous awards and recognitions, including:\n\n  * [ 2023 Climate Leadership Awards ](https://climateleadershipconference.org/2023-climate-leadership-award-winners/) : Winner in the Innovative Partnership Certificate category \n  * [ 2023 R&D 100 Awards ](https://www.rdworldonline.com/2023-rd-100-award-winners/) : Winner in the Software/Services category \n  * [ 2023 U.S. Chamber of Commerce Foundation Citizens Awards ](https://www.uschamberfoundation.org/corporate-social-responsibility/2023-citizens-awards-finalists) : Finalist in the Best Community Resilience and Disaster Response Program category \n  * [ 2023 World Sustainability Awards ](https://worldsustainabilityleaders.com/events/awards/2023-winners/) : Shortlisted in the External Partnership Award category \n\n####  Seizing Opportunities\n\nAT&T connectivity solutions can support emissions reductions in industries\nthat currently have large environmental footprints, such as transportation,\nreal estate, manufacturing, energy and agriculture.\n\n#####  Gigaton Goal and Smart Climate Solutions\n\nIn 2021, we launched the [ Gigaton Goal\n](https://about.att.com/csr/home/environment/reducing-emissions.html) to\ndeliver connectivity solutions that enable business customers to collectively\nsave a gigaton (1 billion MT) of GHG emissions from 2018 through 2035. A\ngigaton amounts to about a fifth of all U.S. GHG emissions in 2020.  9  10  We\naim to achieve this goal by developing Smart Climate Solutions\u2014technology\nsolutions that utilize AT&T connectivity to enable efficiencies that reduce\nemissions. Between 2018 and 2023, AT&T identified 30 Smart Climate Solutions\nand calculated the emissions reductions that each can support. These solutions\nhave already enabled emissions reductions of 188.3 million MT CO  2  e\u201419% of\nour Gigaton Goal. We plan to report progress toward our Gigaton Goal annually.\n\nTo pursue the Gigaton Goal, we need to increase the number and adoption of\nSmart Climate Solutions. We have identified nine key Impact Areas in which\nAT&T connectivity can play a fundamental role in reducing emissions, including\nModern Workplace; Transportation; Healthcare; Smart Cities and Buildings;\nManufacturing; Energy; Consumer/Retail; Food, Beverage and Agriculture; and\nReselling. We work with The Carbon Trust to develop emissions abatement\nfactors representing the average emissions reduction that can be achieved\nthrough AT&T-enabled solutions. Collaborating with our customers on these\ntechnology solutions can also create opportunities for us to bring innovation\nto new industries and markets.\n\n#####  The Connected Climate Intiative\n\nTo pursue the Gigaton Goal, we formed the [ Connected Climate Initiative (CCI)\n](https://about.att.com/story/2021/gigaton_global_emissions_2035.html) \u2014a\ncollection of complementary technology and industrial companies, universities\nand nonprofits that are working together to scale Smart Climate Solutions.\n\n  * **Purpose:** Through CCI, we convene people from leading technology companies, AT&T Business customers, universities and nonprofits to identify best practices, develop innovative new products and use cases, and scale the innovations of startup partners building 5G and other broadband-enabled Smart Climate Solutions. \n  * **Collaboration:** We work with a range of companies to develop and market solutions that utilize connectivity to enable emissions reduction. From global consultancies and leading software platforms to startups looking to transform industries, we\u2019re working to build relationships that drive business success and emissions reduction. We\u2019ve also funded research at Texas A&M University, Purdue University and the University of Missouri to evaluate how 5G can enable emissions reduction in transportation, manufacturing and buildings. \n  * **2023 CCI Smart Climate Solution Examples:**\n    * **Professional services:** We recognize that AT&T connectivity plays an important role in developing new processes to reduce emissions, so we\u2019ve collaborated with leading consultants such as Deloitte and Cognizant to integrate connectivity into major emissions software platforms. \n    * **Cloud services:** We integrated AT&T IoT connectivity into the Salesforce Net Zero Cloud to make it easier to track emissions at the asset level in near-real time. We\u2019ve also worked with Microsoft to bring to market Connected Spaces, a product that combines AT&T IoT connectivity and Microsoft\u2019s Azure cloud environment. Connected Spaces helps facility operators in the retail sector increase energy efficiency, detect and respond to water leakages, and minimize spoilage. \n    * **Industry disruptors:** We\u2019ve worked with innovative companies to rethink how traditional processes and industries work. SoilTech, for example, uses connected durable sensors to monitor crop growth in the field and food health during transit and storage. Traxen uses artificial intelligence and real-time data provided via the AT&T network to optimize trucking operations, improving fuel efficiency by 10%. GCP Applied Technologies uses AT&T connectivity to optimize cement delivery. And Badger Meter uses AT&T connectivity to actively monitor water infrastructure to prevent water leaks and reduce truck rolls. We also work with Third Derivative to identify leading startups that are developing climate-tech solutions that could benefit from AT&T connectivity expertise, so that we can support the scaling of new technology developments. \n    * **Research:** We collaborate with and support academic researchers looking at new ways of enlisting 5G communications in emissions-reducing innovations. For example, Texas A&M University found that 5G-enabled electric vehicles can reduce battery consumption by 1.3%\u20131.9% during stop-and-go traffic. And Purdue University found that 5G can help optimize manufacturing equipment like air compressors, helping to save money and reduce energy waste and emissions. \n\nFor more information, please see the [ 2023 AT&T Gigaton Goal Progress Update\n](https://sustainability.att.com/ViewFile?fileGuid=4eee0c9e-31b3-4889-8b31-cf80a17bbca2)\n.\n\n####  Biodiversity\n\nWe believe conservation of natural resources and reducing carbon emissions are\ncritical for building climate resilience throughout our operations and helping\nto reduce biodiversity loss. AT&T is committed to responsible network\ninstallation and maintenance, including working to reduce our impact on\nsensitive species and their habitats. We are committed to complying with\napplicable laws and regulations, including Federal Communications Commission\n(FCC) rules on environmental impact; the [ National Environmental Policy Act\n(NEPA) ](https://ceq.doe.gov/) , which is aimed at minimizing negative\nenvironmental effects on historical sites, Tribal lands, floodplains, wetlands\nand areas with endangered species; and the Endangered Species Act, which\nrequires applicants, licensees and tower owners to consider the impact of\nproposed facilities on sensitive species and their habitats. When\ncommissioning a new cell site, we use the [ FCC\u2019s NEPA EA checklist\n](https://us-fcc.app.box.com/s/f2rbaxbka6ni4e30jwun4nms6lbk18kf) to determine\nwhether any proposed facility may affect listed, threatened or endangered\nspecies or designated critical habitats. We work to measure, mitigate and\naddress direct environmental impacts through third-party environmental\nassessments where required.\n\nAs part of our overall climate strategy and commitments, we continue to\npartner with external organizations to increase our impacts. For example, in\n2023, we partnered with local nonprofits like Texas Trees Foundation and Trees\nAtlanta to host tree-planting activities. Our employees planted 50 trees at\nCummings Park in Dallas and 54 trees at the West End in Atlanta to increase\ntree canopy coverage. Areas were selected based on tree canopy coverage and\nother indicators of community need, including air quality and public health.\nThis information helps cities and community partners plant trees where they\nare most needed. These sorts of engagements build on AT&T\u2019s existing portfolio\nof programs committed to protecting natural resources, minimizing biodiversity\nloss and building climate resilience.\n\n####  GHG Emissions Inventory  8\n\nIn 2023, AT&T\u2019s combined Scope 1 and market-based (MB) Scope 2 emissions\ndecreased by 11.5% relative to 2022.  3  Our Scope 3 emissions also reduced\nfor 2023 when accounting for the addition of Category 15: Investments.\n\n#####  Scope 1 (Direct) Emissions\n\nScope 1 (direct) emissions account for 4.2% of our total reported emissions\nand 15.2% of our total operational emissions.  11  In 2023, we emitted 643,346\n8  MT CO  2  e. This figure represents a 29.9% year-over-year decrease in\nScope 1 emissions.  3\n\n######  Fleet\n\nAT&T aims to reduce our fleet emissions, which currently account for 62% of\nour Scope 1 emissions, by at least 76% by 2035. Our approach:\n\n  * **Emissions Reduction:** Through the end of 2023, our domestic fleet emissions decreased by 344,440 MT CO  2  e, or nearly 46%, from our 2015 base year. This figure represents a year-over-year decrease of 75,360 MT CO  2  e, or nearly 16% from 2022.  3  The YoY reductions are largely a result of accounting for the biogenic emissions associated with consumption of gasoline, which contains ethanol. AT&T\u2019s biogenic emissions for 2023 were 27,679 MT CO  2  e. Over the next several years, we anticipate that our fleet vehicle count will increase as we continue to build out our fiber network. These vehicles will likely be heavier vehicles for which suitable electric vehicle (EV) alternatives do not yet exist. As such, we are preparing for emissions to grow in our fleet and are actively identifying additional options for Scope 1 emissions reductions. \n  * **Collaboration:** We are a member of the [ Corporate Electric Vehicle Alliance ](https://www.ceres.org/transportation/corporate-electric-vehicle-alliance) , which is a collaboration platform for companies to increase corporate demand for EVs and to identify challenges and opportunities for adding EVs to their fleets. \n  * **Moving Forward:** In 2023, AT&T deployed nearly 40 EVs. Additionally, we coordinated with sites on EV-related infrastructure deployment. Preparations for that infrastructure began in 2023 and will continue into 2024, with more site EV infrastructure expected in the future. \n\n######  Refrigerants\n\nRefrigerants account for 9.5% of AT&T\u2019s Scope 1 emissions.  3  We have\ndeveloped a database of AT&T refrigerant leak events for our large HVAC\nsystems. We modified our methodology for refrigerant calculations to look at\nequipment actuals and more granular leakage factors. As a result, our 2023\nemissions for refrigerants appear to have decreased dramatically. This\ndecrease is from developing a more accurate accounting methodology and not\nactual emissions reductions.\n\n######  Stationary Engines\n\n16.9% of AT&T\u2019s Scope 1 emissions come from our use of stationary generator\nengines, which provide critical backup power to help maintain our network\nreliability.  3  Stationary emissions may pose a challenge for AT&T\u2019s GHG\nemissions goals in the future, because we must increase our use of generators\nto improve network reliability. We are currently evaluating opportunities to\nuse fuel cells and other power generation options to reduce our reliance on\nfossil fuel backup generation. Due to challenges in capturing data, AT&T\nestimated fuel consumption for generators for the second half of 2023.\n\n#####  Scope 2 (Indirect) Emissions\n\nScope 2 (indirect) emissions account for 23.5% of our total reported\nemissions. AT&T reports market-based Scope 2 emissions in accordance with the\n[ Greenhouse Gas Protocol ](https://ghgprotocol.org/) , enabling us to account\nfor renewable electricity in our portfolio.\n\n  * **Overview:** Scope 2 emissions (from purchased electricity and steam\u2014CO  2  , CH  4  , N  2  O) account for the majority of our total operational emissions (Scope 1 and 2\u2014i.e., direct and indirect). Our market-based Scope 2 emissions were 3,585,008  8  MT CO  2  e and account for nearly 84.8% of our operational emissions and 23.5% of our total reported (Scope 1, 2 and 3) emissions. In 2023, our year-over-year market-based Scope 2 emissions footprint decreased by 7.1%.  3 \n  * **Emissions Reduction Opportunities:** Purchased electricity represents our greatest opportunity for emissions savings. We have multi-year transition plans in place to reduce electricity consumption where possible and accelerate energy efficiency efforts. In addition to reducing our energy use, we are also focused on purchasing renewable energy. The primary reduction in our Scope 2 emissions resulted from renewable energy and implementation of energy efficiency projects, including building optimization modifications, repairs such as HVAC upgrades, lighting retrofits and decommissioning of underutilized equipment. Additionally, we have decommissioned real estate assets, implemented network radio resource efficiency improvements, and engaged in Community Solar and Proof of Concept projects, among various other energy reduction projects. \n  * AT&T has a team dedicated to identifying cost savings and emissions reduction opportunities. This team has identified several pilot projects it plans to test in 2024, including: \n    * Onsite solar analysis across AT&T\u2019s facility portfolio \n    * Geothermal opportunities, where aligned with HVAC requirements \n    * Tests of onsite wind generation on appropriate facility types \n    * Experiments with heat-reducing materials on facility surfaces to reduce or eliminate HVAC loads \n\nFor more information about our energy programs, see our [ Energy Management\n](https://esg-test.att.com/priority-topics/energy-management) issue brief.\n\n#####  Scope 3 (Other) Emissions\n\nWe are committed to addressing our Scope 3 emissions and pursuing our science-\nbased reduction target. One way we are doing that is through working with our\nsuppliers to set their own emissions reduction targets. In 2022, we met our\nScope 3 reduction target two years ahead of schedule. By the end of 2023, 55%\nof our suppliers by spend had set their own science-based Scope 1 and Scope 2\nemissions reduction targets.\n\nWe report on Scope 3 emissions categories that are relevant to our business\nand in 2023 expanded our reporting to include investments. Our most relevant\nsources of Scope 3 emissions include:\n\nScope 3 Emissions Sources:  12  |   \n---|---  \n2023 Emissions (by category)  |  MT CO  2  e   \nCategory 1: Purchased Goods and Services  |  4,270,744  8   \nCategory 2: Capital Goods  |  2,268,868  8   \nCategory 3: Fuel and Energy-Related Activities  |  1,087,623  8   \nCategories 4 & 9: Upstream and Downstream Transportation and Distribution  |  175,679  8   \nCategory 5: Waste Generated in Operations  |  72,022  8   \nCategory 6: Business Travel  |  84,507  8   \nCategory 7: Employee Commuting  |  191,819  8   \nCategory 11: Use of Sold Products  |  277,290  8   \nCategory 13: Downstream Leased Assets  13  |  834,484   \nCategory 15: Investments  |  1,741,695  8   \n  \n######  Category 1: Purchased Goods and Services & Category 2: Capital Goods\n\nOur Purchased Goods and Services and Capital Goods category emissions cover\nAT&T spend, excluding categories that are already addressed in other Scope 3\ncategories such as business travel and spend on energy. We evaluate our global\nspend and apply U.S. Environmental Protection Agency (EPA) Environmentally-\nExtended Input-Output (EEIO) emissions factors to that spend, to determine our\nPurchased Goods and Services category emissions and Capital Goods category\nemissions. We utilized supplier-specific emissions factors and life cycle\nassessment data when available from suppliers. In 2023, our year-over-year\nCategory 1 and Category 2 emissions decreased 2.4 million MT CO  2  e, or 27%,\nwhich was a result of reduced spend and utilizing supplier-specific emissions\nfactors.\n\n######  Category 3: Fuel and Energy-Related Activities\n\nOur Fuel and Energy-Related Activities category emissions include an\nassessment of AT&T Scope 1 and 2 energy consumption. These emissions include\nupstream emissions from purchased fuels and electricity as well as\ntransmission and distribution losses. In 2023, our Category 3 emissions\ndecreased 496k MT CO  2  e, or 31%. This was a result of updated guidance\nregarding AT&T\u2019s use of renewable energy in Scope 2 electricity and changes in\nemissions factors.\n\n######  Categories 4 & 9: Upstream and Downstream Transportation and\nDistribution\n\nOur Upstream and Downstream Transportation and Distribution emissions include\nthe transportation and distribution of AT&T products and services to and from\nAT&T locations. In 2023, we moved to distance-based calculations captured from\ndata provided by our suppliers, and we also updated our 2022 methodology to be\nconsistent with 2023. As a result, our Categories 4 and 9 emissions increased\n4.9k MT CO  2  e, or 2.8%.\n\n######  Category 5: Waste Generated in Operations\n\nAT&T waste generated includes corrugated containers, office paper, lumber,\nyard trimmings, mixed paper, mixed metals, mixed plastics, mixed recyclables,\nfood waste, mixed organics, construction debris and mixed municipal solid\nwaste. We utilize the EPA\u2019s Emission Factors Hub to report emissions from\nseveral different waste management practices. Our 2023 Category 5 emissions\nincreased by 138 MT CO  2  e, or 0.2%.\n\n######  Category 6: Business Travel\n\nOur business-related travel includes air and rail travel, rental car use,\nrideshare and hotel spend. Business travel calculations are based on the\nfollowing emission factors: U.K. Department for Environment, Food and Rural\nAffairs (DEFRA) (2020) for air travel, The Climate Registry (2020) for rental\ncars, and EPA Emission Factors Hub (Employee Commuting, 2020) and DEFRA (2020)\nfor rail travel. Our 2023 Category 6 emissions decreased by 1.7k MT CO  2  e,\nor 2.1%.\n\n######  Category 7: Employee Commuting\n\nOur Employee Commuting category emissions include AT&T employees. We evaluate\nemployees\u2019 status as in-office or virtual, then determine the average commute\ndata through the Bureau of Transportation Statistics and Streetlight Commutes\nacross the U.S. For non-U.S.-based employees, average U.S. data is assumed. In\n2023, we included well to tank emissions as well as work from home emissions\nand therefore updated our 2022 methodology as well. As a result, in 2023, our\nCategory 7 emissions decreased by 171 MT CO  2  e, or 0.1%.\n\n######  Category 11: Use of Sold Products\n\nOur Use of Sold Products category emissions include mobility devices that are\nsold or leased to customers. We evaluate the average device energy consumption\nover its average life on the AT&T network. In 2023, our Category 11 emissions\ndecreased by 64.7k MT CO  2  e, or 18.9%, which was a result of fewer products\nin the category consuming less energy.\n\n######  Category 13: Downstream Leased Assets\n\nWe track emissions from the operation of assets owned by AT&T and leased to\nother entities (e.g., customers) that are not already included in Scope 1 or\n2. Leased Assets only include customer gateways. Total emissions from leased\nassets for 2023 decreased by 98.8k MT CO  2  e, or 10.6%.  3  The decrease in\nemissions is largely a result of AT&T including upstream emissions sources\nassociated with customer energy consumption, updating 2022 methodology and\nincluding new emissions factors. Category 13 was not an assured category due\nto additional energy consuming assets not being fully accounted for.\n\n######  Category 15: Investments\n\nWe track emissions related to equity investments as identified in Note 10 of\nour Annual Report. Equity investments for AT&T in 2023 primarily included\nDIRECTV, Gigapower, SKY Mexico and certain sports-related programming\ninvestments.  14  Emissions were calculated using the average data method, as\ndata from the covered organizations for the investment-specific method was not\navailable. AT&T utilizes the EEIO category Satellite, Telecommunications\nResellers and All Other Telecommunications as the appropriate emissions factor\nfor the average data methodology calculation. Our 2023 Category 15 emissions\nwere 1,741,695 MT CO  2  e.\n\n###  Stakeholder Engagement\n\nWe engage with internal and external experts to understand how we can best\nprepare for climate change and make more informed business decisions. When\nclimate-related risks are identified or considered, they are evaluated in our\ncompany-wide enterprise risk management process. We also work with other\ncompanies, governments, nonprofits and academia to promote technology that\ntackles climate change and resource challenges. These collaborations include:\n\n  * **Center for Climate and Energy Solutions (C2ES):** AT&T has supported C2ES\u2019s new effort, in partnership with Resilience Rising and Resilience First, to develop a multistakeholder-led framework for business leadership on climate resilience. More specifically, we\u2019ve participated in developing the guiding principles that reflect how companies can demonstrate leadership in advancing resilience to physical impacts of climate change. AT&T has also engaged with C2ES\u2019s newly launched Climate Resilient Communities Accelerator, focusing on the North Front Range of Colorado. \n  * **FEMA and Argonne National Laboratory:** AT&T, FEMA and Argonne launched the ClimRR Portal, a free tool to help communities identify and address climate impacts. \n  * **Global eSustainability Initiative (GeSI):** AT&T is a member of [ GeSI ](https://gesi.org/) , which fosters open cooperation across international boundaries and promotes technologies bridging sustainable development. Through our participation in GeSI, AT&T is represented in projects and activities in the three primary focus areas of Climate Change, Supply Chain and Human Rights. \n  * **Trellis Network:** AT&T joined the [ Trellis Network ](https://www.greenbiz.com/trellis-network) , previously GreenBiz Executive Network, in 2023 and participates in various interest groups focused on Strategy, Circularity, Transportation and Logistics, and Carbon Markets. \n  * **Interdependent Networked Community Resilience Modeling Environment (IN-CORE):** AT&T supports IN-CORE, which provides expertise in community resilience, as we grow the userbase and awareness of the ClimRR portal. \n  * **Third Derivative:** Founded by the Rocky Mountain Institute (RMI) and New Energy Nexus, Third Derivative is an inclusive climate technology startup accelerator that rapidly finds, funds and scales climate tech innovation\u2014including CCI participants\u2019 cutting-edge emissions-reducing technologies\u2014globally. \n  * **University of Texas:** AT&T and the Center for Water and the Environment (CWE) at the University of Texas at Austin are collaborating to explore how Texas and its first responders could use AT&T\u2019s future flooding dataset to enhance their readiness and risk reduction efforts. \n  * We are also members of trade associations that support action on climate change, such as the Business Roundtable and the U.S. Chamber of Commerce.   \n  \n\n##  Our Path Forward\n\nIn 2024, we plan to identify and scale Smart Climate Solutions, build climate\nresilience, and build climate literacy in and outside our business. Among our\nplans:\n\n  * Continue to automate a greater portion of our emissions accounting while improving the reliability and accuracy of the data. \n  * Continue to work with FEMA and Argonne to build awareness and utilization of ClimRR, helping to improve America\u2019s preparedness for future climate extremes. We will also continue to build out the capabilities of ClimRR by incorporating additional climate risks into the model. \n  * Continue to collaborate with others to bring more Smart Climate Solutions to market, especially in high-emissions areas such as energy, transportation and industrial applications. \n  * In December of 2023, we announced an agreement with Rivian Automotive to pilot Rivian electric vehicles in our fleet in 2024\u2014one example of how we will continue to look for ways to reduce emissions from our operations. \n\n##  Additional Resources\n\n  * [ 2023 AT&T Gigaton Goal Progress Update ](/ViewFile?fileGuid=4eee0c9e-31b3-4889-8b31-cf80a17bbca2)\n  * [ 2023 Climate Leadership Awards ](https://climateleadershipconference.org/2023-climate-leadership-award-winners/)\n  * [ 2023 R&D 100 Awards ](https://www.rdworldonline.com/2023-rd-100-award-winners)\n  * [ 2023 U.S. Chamber of Commerce Foundation Citizens Awards ](https://www.uschamberfoundation.org/corporate-social-responsibility/2023-citizens-awards-finalists)\n  * [ 2023 World Sustainability Awards ](https://worldsustainabilityleaders.com/events/awards/2023-winners/)\n  * [ Argonne National Laboratory ](https://www.anl.gov/)\n  * [ AT&T Climate Strategy & Transition Plan ](/ViewFile?fileGuid=01b84e21-1bbf-4696-98d8-3f9cbec733bd )\n  * [ AT&T Environmental Statement ](/ViewFile?fileGuid=f851bf03-69bc-43c0-a163-cc1c01000f01)\n  * [ AT&T Proxy Statement ](https://investors.att.com/~/media/Files/A/ATT-IR-V2/financial-reports/annual-reports/2024/2024-notice-of-annual-meeting-of-stockholders-and-proxy-statement.pdf)\n  * [ AT&T Renewable Energy ](https://about.att.com/story/2022/commitment-to-sourcing-renewable-energy.html)\n  * [ AT&T Smart Climate Solutions website ](https://www.business.att.com/products/business-sustainability.html)\n  * [ Climate Risk & Resilience Portal ](https://www.anl.gov/ccrds/ClimRR)\n  * [ Connected Climate Initiative and Gigaton Goal ](https://about.att.com/csr/home/environment/reducing-emissions.html)\n  * [ Corporate Electric Vehicle Alliance ](https://www.ceres.org/climate/transportation/corporate-electric-vehicle-alliance)\n  * [ Federal Communications Commission NEPA EA checklist ](https://us-fcc.app.box.com/s/f2rbaxbka6ni4e30jwun4nms6lbk18kf)\n  * [ Federal Emergency Management Agency ](https://www.fema.gov/)\n  * [ Global eSustainability Initiative ](https://gesi.org/)\n  * [ Greenhouse Gas Protocol ](https://ghgprotocol.org/)\n  * [ Idaho 2023 Hazard Mitigation Plan ](https://ioem.idaho.gov/wp-content/uploads/2023/11/2023-SHMP-State-Mitigation-Final-11_15_23.pdf)\n  * [ National Environmental Policy Act ](https://ceq.doe.gov/)\n  * [ Science Based Targets initiative ](https://sciencebasedtargets.org/)\n  * [ Trellis Network ](https://www.greenbiz.com/trellis-network)\n\n  1. Scope 1 emissions include direct emissions from sources owned or controlled by the company (such as fleet). Scope 2 emissions include indirect emissions that result from the generation of purchased energy. Note that data is rounded. \n  2. Indicates a Science Based Targets initiative (SBTi)-approved goal. \n  3. Data (2020\u20132023) is rounded and inclusive of AT&T operations (U.S. and international). Starting in 2022, data does not include DIRECTV, Vrio, Xandr or WarnerMedia. \n  4. Representative of all AT&T operations, excluding AT&T Mexico. \n  5. Carbon emissions footprint does not include supplier emissions. \n  6. AT&T expanded our Scope 3 reporting capabilities to include investments in 2023. 2022 data has also been recast to include investments and to reflect updates in Scope 3 methodologies for consistency with 2023. \n  7. Intensity metrics relative to our total number of subscribers include North America wireless, wireline voice and domestic broadband subscribers, as identified in our fiscal year 2023 [ Form 10-K ](https://otp.tools.investis.com/clients/us/atnt2/sec/sec-show.aspx?FilingId=17303532&Cik=0000732717&Type=PDF&hasPdf=1) . \n  8. ERM CVS provided limited independent assurance of Scope 1, Scope 2 (location and market-based) and select Scope 3 GHG emissions. See our [ Independent Accountant\u2019s Report ](/ViewFile?fileGuid=cc0ab99d-a3f8-467c-acf3-4fa383325f26) for more information. \n  9. 2020 and 2021 data restated due to changes in our calculation methodology. \n  10. Calculated using U.S. Environmental Protection Agency data, [ https://www.epa.gov/ghgemissions/inventory-us-greenhouse-gas-emissions-and-sinks. ](https://www.epa.gov/ghgemissions/inventory-us-greenhouse-gas-emissions-and-sinks)\n  11. Inclusive of global Scope 1, 2 and 3 emissions. \n  12. Data is rounded. The following Scope 3 emissions categories are assured by ERM CVS: Purchased Goods and Services (Category 1), Capital Goods (Category 2), Fuel and Energy-Related Activities (Category 3), Upstream Transportation and Distribution (Category 4), Waste Generated in Operations (Category 5), Business Travel (Category 6), Employee Commuting (Category 7), Use of Sold Products (Category 11), and Investments (Category 15). Downstream Leased Assets (Category 13) were excluded from assurance due to more research being required on the use of customer premise equipment in AT&T\u2019s business category. \n  13. Category 13 was not an assured category due to additional energy consuming assets not being fully accounted for. \n  14. See our 2023 [ Form 10-K ](https://otp.tools.investis.com/clients/us/atnt2/sec/sec-show.aspx?FilingId=17303532&Cik=0000732717&Type=PDF&hasPdf=1) . \n\n* * *\n\nLast Updated: 3/21/2025\n\n##  Related Key Topics\n\n[ Community Engagement & Philanthropy\n\n  * Philanthropic Giving \n  * Volunteerism \n  * Disaster Response \n\n](/priority-topics/community-engagement) [ Energy Management\n\n  * Renewable Energy \n  * Energy Efficiency Projects \n  * Energy Management Platform \n\n](/priority-topics/energy-management) [ Environment, Health & Safety\nCompliance\n\n  * EHS Management System \n  * EHS Inspections \n  * Occupational Health & Safety \n\n](/priority-topics/environment-health-safety-compliance) [ Network Quality &\nReliability\n\n  * Network Investment & Resilience \n  * Business Continuity \n  * Technology Innovation \n\n](/priority-topics/network-quality-reliability) [ Product Life Cycle\n\n  * Product Sustainability \n  * Packaging & Paper \n  * Refurbishment & Recycling \n\n](/priority-topics/product-life-cycle) [ Responsible Supply Chain\n\n  * Supply Chain Resilience \n  * Supplier Sustainability \n  * Supplier Inclusion \n\n](/priority-topics/responsible-supply-chain) [ Waste Management\n\n  * Solid Waste \n  * Hazardous Waste \n  * Asset Recovery & E-Waste \n\n](/priority-topics/waste-management) [ Water Management\n\n  * Water Footprint \n  * Water Conservation Efforts \n\n](/priority-topics/water-management)\n\n[ View All Key Topics ](/priority-topics)\n\n[ Corporate Responsibility  ](/)\n\nJoin the conversation using  **#ATTimpact**\n\n[ ](https://twitter.com/attimpact) [ ](https://www.instagram.com/attimpact/)\n\n[ Privacy Notice ](http://about.att.com/sites/web_policy) [ Terms of Use\n](https://www.att.com/legal/terms.attWebsiteTermsOfUse.html) [ Accessibility\n](https://www.att.com/accessibility) [ Contact Us\n](https://www.att.com/support/contact-\nus/?source=EPcc000000000000U&wtExtndSource=Footer_Newsroom_DGen) [ Subscribe\nto AT&T News ](https://about.att.com/pages/subscribe-att-news) [\n](https://about.att.com/csr/home/privacy/rights_choices.html)\n\n\u00a9 2025 AT&T Intellectual Property. All rights reserved.\n\n",
                "url": "https://sustainability.att.com/priority-topics/efficiency-emissions"
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                    "source": "https://www.bbc.com/future/article/20200305-why-your-internet-habits-are-not-as-clean-as-you-think"
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                "page_content": "Skip to content\n\n  * [ Home ](/home)\n  * [ News ](/news)\n    * [ Israel-Gaza War ](/news/topics/c2vdnvdg6xxt)\n    * [ War in Ukraine ](/news/war-in-ukraine)\n    * [ US & Canada ](/news/us-canada)\n    * [ UK ](/news/uk)\n      * [ UK Politics ](/news/politics)\n      * [ England ](/news/england)\n      * [ N. Ireland ](/news/northern_ireland)\n        * [ N. 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As the day wears on\nyou will doubtless spend even more time browsing online, uploading images,\nplaying music and streaming video.\n\nEach of these activities you perform online comes with a small cost \u2013 a few\ngrams of carbon dioxide are emitted due to the energy needed to run your\ndevices and power the wireless networks you access. Less obvious, but perhaps\neven more energy intensive, are the data centres and vast servers needed to\nsupport the internet and store the content we access over it.\n\nAlthough the energy needed for a single [ internet search\n](https://googleblog.blogspot.com/2009/01/powering-google-search.html) or [\nemail is small ](https://www.ovoenergy.com/ovo-newsroom/press-\nreleases/2019/november/think-before-you-thank-if-every-brit-sent-one-less-\nthank-you-email-a-day-we-would-save-16433-tonnes-of-carbon-a-year-the-same-\nas-81152-flights-to-madrid.html) , approximately [ 4.1 billion\n](https://www.itu.int/en/ITU-D/Statistics/Pages/stat/default.aspx) people, or\n53.6% of the global population, now use the internet. Those scraps of energy,\nand the associated greenhouse gases emitted with each online activity, can add\nup.\n\nThe carbon footprint of our gadgets, the internet and the systems supporting\nthem account for about [ 3.7% ](https://theshiftproject.org/wp-\ncontent/uploads/2019/03/Lean-ICT-Report_The-Shift-Project_2019.pdf) of global\ngreenhouse emissions, according to some estimates. It is similar to the amount\n[ produced by the airline industry\n](https://www.bbc.com/future/article/20200218-climate-change-how-to-cut-your-\ncarbon-emissions-when-flying) globally, explains Mike Hazas, a researcher at\nLancaster University. And these emissions are [ predicted to double\n](https://theshiftproject.org/en/article/unsustainable-use-online-video/) by\n2025.\n\n_You might also like:_\n\n\u25cf [ Should you go on a \"flight diet\"?\n](https://www.bbc.com/future/article/20200218-climate-change-how-to-cut-your-\ncarbon-emissions-when-flying)\n\n\u25cf [ Why your bin is a climate problem\n](https://www.bbc.com/future/article/20200224-how-cutting-your-food-waste-can-\nhelp-the-climate)\n\n\u25cf [ Why we need to be more emotional\n](https://www.bbc.com/future/article/20200228-how-our-emotions-could-help-\nsave-the-world)\n\nIf we were to rather crudely divide the 1.7 billion tonnes (1.6 billion tons)\nof greenhouse gas emissions estimated to be produced in the manufacture and\nrunning of digital technologies between all internet users around the world,\nit means each of us is responsible for 414kg (912lbs) of carbon dioxide a\nyear.\n\nGetty Images/Javier Hirschfeld\n\nPopular music videos such as Despacito can have a large carbon footprint if\nthey are streamed billions of times (Credit: Getty Images/Javier Hirschfeld)\n\nBut things are not that simple \u2013 this figure can vary depending where in the\nworld you are. Internet users in some parts of the globe will have a\ndisproportionately large footprint. One study estimated that 10 years ago, the\naverage Australian internet user was responsible for the [ equivalent of 81kg\n(179lbs) of carbon dioxide\n](https://www.researchgate.net/publication/238634031_Carbon_footprint_of_the_Internet)\n(CO2e) being emitted into the atmosphere. Improvements in energy efficiency,\neconomies of scale and use of renewable energy will doubtless have reduced\nthis, but it is clear that people in developed nations still account for the\nmajority of the internet\u2019s carbon footprint. (CO2e is a unit used to express\nthe carbon footprint of all greenhouse gases together as if they were all\nemitted as carbon dioxide)\n\nFor some, the realisation that their online activity is harming the planet has\nspurred them into taking action.\n\n\u201cAnything we can do to reduce carbon emissions is important, no matter how\nsmall, and that includes how we behave on the internet,\" says Philippa Gaut, a\nteacher from Surrey, UK. She is one of a growing number of eco-conscious\nconsumers trying to reduce their environmental impact online and on their\nphones. \u201cIf everybody made changes, it would have more impact,\u201d she adds\n\nOne of the difficulties in working out the carbon footprint of our internet\nhabits is that few people can agree on what they should and should not\ninclude. Should it include the emissions that come from manufacturing the\ncomputing hardware? And what about those from the staff and buildings of\ntechnology companies? Even the figures around the running of data centres are\ndisputed \u2013 many run on renewable energy, while some companies buy \u201c [ carbon\noff-sets ](https://www.bbc.com/future/article/20190409-carbon-offseting-pros-\nand-cons) \u201d to clean up their energy use.\n\nWhile many companies claim to power their data centre\u2019s using renewable\nenergy, in some parts of the world they are still largely powered from the\nburning of fossil fuels\n\nIn the US, data centres are responsible for [ 2% of the country\u2019s electricity\nuse ](https://www.energy.gov/eere/buildings/data-centers-and-servers) , while\nglobally they account for [ just under 200 terawatt Hours (TWh)\n](https://www.itu.int/en/ITU-T/climatechange/Documents/ITU%20AI4EE%20-%20George%20KAMIYA.pdf)\n. According to the United Nation\u2019s International Telecommunications Union,\nhowever, this figure has flatlined in recent years despite rising internet\ntraffic and workloads. This is largely because of improved energy efficiency\nand the move to centralise data centres into giant facilities.\n\nBut while many companies claim to power their data centre\u2019s using renewable\nenergy, in some parts of the world they are still [ largely powered from the\nburning of fossil fuels ](https://www.wired.com/story/amazon-google-microsoft-\ngreen-clouds-and-hyperscale-data-centers/) . And it can be difficult for\nconsumers to choose which data centres they want to use. Many of the major\ncloud providers, however, have pledged to cut their carbon emissions, so\nstoring photos, documents and running services off their servers where\npossible is one approach to take.\n\nAs an individual, simply upgrading our equipment less often is one way of\ncutting the carbon footprint of our digital technology. The greenhouse gases\nemitted while manufacturing and transporting these devices can [ make up a\nconsiderable portion ](https://www.greenpeace.org/usa/reports/greener-\nelectronics-2017/) of the lifetime emissions from a piece of electronics. One\nstudy at the University of Edinburgh found that extending the time you use a\nsingle computer and monitors from four to six years could [ avoid the\nequivalent of 190kg of carbon emissions\n](https://www.ed.ac.uk/files/atoms/files/pc-carbonfootprints-jh-ecci2.pdf) .\n\n**Eco-messaging**\n\nWe can also alter the way we use our gadgets to cut our digital carbon\nfootprints. One of the easiest ways is to switch they way we send messages.\n\nPerhaps unsurprisingly, the footprint of an email also varies dramatically,\nfrom [ 0.3g CO2e for a spam email\n](https://books.google.co.uk/books?id=zs13m5JquBwC&pg=PA15&dq=how+bad+are+bananas+and+email+and+0.3&hl=en&sa=X&ved=0ahUKEwizu8Goq4PoAhUPGsAKHb11AA0Q6AEIKTAA#v=onepage&q=how%20bad%20are%20bananas%20and%20email%20and%200.3&f=false)\nto 4g (0.14oz) CO2e for a regular email and 50g (1.7oz) CO2e for one with a\nphoto or hefty attachment, according to Mike Berners-Lee, a fellow at\nLancaster University who researches carbon footprints. These figures, however,\nwere crunched by Berners-Lee 10 years ago. Charlotte Freitag, a carbon\nfootprint expert at Small World Consulting, the company founded by Berners-\nLee, says the impact of emailing may have gone up.\n\n\u201cWe think the footprint per message might be higher today because of the\nbigger phones people are using,\u201d she says.\n\nGetty Images/Javier Hirschfeld\n\nWhile spam emails can have quite a small carbon footprint, sending images or\nlarge attachments can have a much bigger impact (Credit: Getty Images/Javier\nHirschfeld)\n\nBased on the older figures, some people have estimated that their own emails\nwill generate [ 1.6kg (3.5lb) CO2e in a single day\n](https://carbonliteracy.com/the-carbon-cost-of-an-email/) . Berners-Lee\nhimself also calculated that a typical business user creates [ 135kg (298lbs)\nCO2e ](https://www.theguardian.com/environment/green-living-\nblog/2010/oct/21/carbon-footprint-email) from sending emails every year, which\nis the equivalent of driving 200 miles in a family car.\n\nBut it should also be easy to cut this down. By simply stopping unnecessary\nniceties such as \u201cthank you\u201d emails we could collectively save a lot of carbon\nemissions. If every adult in the UK sent one less \u201cthank you\u201d email, it could\nsave [ 16,433 tonnes of carbon a year ](https://www.ovoenergy.com/ovo-\nnewsroom/press-releases/2019/november/think-before-you-thank-if-every-brit-\nsent-one-less-thank-you-email-a-day-we-would-save-16433-tonnes-of-carbon-a-\nyear-the-same-as-81152-flights-to-madrid.html) \u2013 the equivalent to taking\n3,334 diesel cars off the road, according to energy company, OVO.\n\n\u201cWhile the carbon footprint of an email isn\u2019t huge, it\u2019s a great illustration\nof the broader principle that cutting the waste out of our lives is good for\nour wellbeing and good for the environment,\u201d Berners-Lee says.\n\nSwapping email attachments for links to documents and not sending messages to\nmultiple recipients are another easy way to reduce our digital carbon\nfootprints, as well as unsubscribing from mailing lists we no longer read.\n\n\u201cI unsubscribed from automatically generated newsletters, as when I learned\nabout the carbon footprint from emails, I was horrified,\u201d says Gaut. \u201cNow, I\u2019m\ncareful not to send out my email to new websites\u2026 it\u2019s made me consider the\nimpact more.\u201d\n\nAccording to estimates by antispam service Cleanfox, the average user receives\n2,850 unwanted emails every year from subscriptions, which are responsible for\n28.5kg (63lbs) CO2e.\n\nIf every adult in the UK sent one less \u201cthank you\u201d email, it could save 16,433\ntonnes of carbon a year \u2013 the equivalent to taking 3,334 diesel cars off the\nroad\n\nChoosing to send an SMS text message is the perhaps the most environmentally-\nfriendly alternative as a way of staying in touch because [ each text\ngenerates just 0.014g of CO2e\n](https://books.google.co.uk/books?id=zs13m5JquBwC&pg=PA11&lpg=PA11&dq=carbon+footprint+of+text+message+0.014g&source=bl&ots=ERyThSpwu3&sig=ACfU3U37N02X1GRa05PUwS6S6YBhI57T3w&hl=en&sa=X&ved=2ahUKEwjvvab8qoPoAhW9QEEAHdrjC54Q6AEwBXoECAkQAQ#v=onepage&q=carbon%20footprint%20of%20text%20message%200.014g&f=false)\n. A tweet is estimated to have [ a footprint of 0.2g CO2e\n](https://www.fastcompany.com/1620676/how-much-energy-does-tweet-consume)\n(although Twitter did not respond to requests to confirm this figure) while\nsending a message via a private messaging app such as WhatsApp or Facebook\nMessenger is estimated by Freitag to be only slightly less carbon intensive\nthan sending an email. Again this can depend on what you are sending \u2013 gifs,\nemojis and images have a greater footprint than plain text.\n\nThe carbon footprint of making a one-minute mobile phone call is a little\nhigher than sending a text, according to Freitag, but making video calls over\nthe internet is much higher. One study from 2012 estimated that a five-hour\nmeeting held over a video conferencing call between participants in different\ncountries would produce between [ 4kg (8.8lbs) CO2e and 215kg (474lbs) CO2e\n](http://www2.eet.unsw.edu.au/~vijay/pubs/jrnl/14comcomVC.pdf) .\n\nBut it is important to remember where it replaces travel to reach meetings, it\ncan be far better for the environment. The same study found the video\nconferencing produced just [ 7% of the emissions\n](http://www2.eet.unsw.edu.au/~vijay/pubs/jrnl/14comcomVC.pdf) of meeting in\nperson. Another study found \u201cthe impact of a car ride exceeds the [ impact of\na video conference at less than 20km\n](https://www.yumpu.com/en/document/read/33165368/enviroinfo-2002-environmental-\nadvantages-of-video-conferencing-) \u201d.\n\n**Clean searching**\n\nInternet searching is another tricky area. A decade ago, each internet search\nhad [ a footprint of 0.2g CO2e\n](https://googleblog.blogspot.com/2009/01/powering-google-search.html) ,\naccording to figures released by Google. Today, Google uses a mixture of\nrenewable energy and [ carbon offsetting to reduce the carbon footprint of its\noperations ](https://sustainability.google/reports/environmental-report-2019/)\n, while Microsoft, which owns the Bing search engine, has promised to become [\ncarbon negative ](https://blogs.microsoft.com/blog/2020/01/16/microsoft-will-\nbe-carbon-negative-by-2030/) by 2030, and efforts are underway to investigate\nwhether this footprint is now higher or lower.\n\nAccording to Google\u2019s own figures, however, an average user of its services \u2013\nsomeone who performs 25 searches each day, watches 60 minutes of YouTube, has\na Gmail account and accesses some of its other services \u2013 [ produces less than\n8g (0.28oz) CO2e\n](https://services.google.com/fh/files/misc/google_2019-environmental-\nreport.pdf) a day.\n\nGetty Images/Javier Hirschfeld\n\nSpending less time on niceties such as short, unnecessary \"thank you\" messages\ncould also reduce the carbon footprint of your email (Credit: Getty\nImages/Javier Hirschfeld)\n\nNewer search engines, however, are attempting to set themselves apart as\ngreener options from the outset. Ecosia, for example, says it will plant a\ntree for every 45 searches it performs. This sort of carbon offsetting can\nhelp to remove [ carbon from the atmosphere\n](https://science.sciencemag.org/content/365/6448/76) , but the success of\nthese projects often depends on how long the trees grow for and what happens\nto them when they are chopped down.\n\nRegardless of the search engine you choose, using the web to find information\nis more sustainable than browsing in books. In fact, a paperback\u2019s carbon\nfootprint is around 1kg (2.2lbs) CO2e, while a weekend newspaper accounts for\nbetween 0.3kg (10oz) and 4.1kg (9lbs) CO2e making reading the news online more\nenvironmentally friendly than poring over a paper.\n\nBut you could still read a lifetime of paperbacks \u2013 2,300 to be precise \u2013 for\nthe same carbon footprint as a flight from London to Hong Kong, so don\u2019t feel\ntoo guilty for reading the next best seller. ( _Read more about_ [ _how to\nreduce the impact your flights have on the environment._\n](https://www.bbc.com/future/article/20200218-climate-change-how-to-cut-your-\ncarbon-emissions-when-flying) )\n\nThose who have been tempted by cryptocurrencies might also want to think\ncarefully about the environmental impact of the transactions they conduct.\nVast amounts of computing power are needed for the so-called \u201c [ proof of work\n](https://cointelegraph.com/explained/proof-of-work-explained) \u201d algorithm\nthat is used to validate transactions on Blockchain's distributed ledger\nsystem. One recent study estimated that BitCoin alone is responsible for [\naround 22m tonnes of carbon dioxide emissions every year\n](https://www.sciencedirect.com/science/article/abs/pii/S2542435119302557) \u2013\ngreater than all the carbon footprint of the whole of Jordan.\n\n**Beating boredom**\n\nWatching online videos accounts for the [ biggest chunk\n](https://www.bbc.co.uk/news/technology-45745362) of the world's internet\ntraffic \u2013 60% \u2013 and generates [ 300m tonnes\n](https://theshiftproject.org/en/article/unsustainable-use-online-video/) of\ncarbon dioxide a year, which is roughly 1% of global emissions, according to\nFrench think tank, [ The Shift Project\n](https://theshiftproject.org/en/article/unsustainable-use-online-video/) .\nThis is because, as well as the power used by devices, energy is consumed by\nthe servers and networks that distribute the content.\n\n\u201cIf you flip on your television to watch Netflix, around half the power goes\ninto powering the TV and half the energy goes into powering Netflix,\u201d says\nLancaster University\u2019s Mike Hazas. Some experts, however, insist that the [\nenergy needed to store and stream videos\n](https://mashable.com/article/streaming-versus-driving-carbon-\nemissions/?europe=true) is less than more intensive computational activities\nperformed by data centres.\n\nPornography accounts for a third of video streaming traffic, generating as\nmuch carbon dioxide as Belgium in a year\n\nSome of the climate pollution that comes from internet use also comes from\nsome rather dirty browsing. Pornography accounts for a [ third of video\nstreaming traffic ](https://theshiftproject.org/en/article/unsustainable-use-\nonline-video/) , generating as much carbon dioxide as Belgium in a year.\n\nOn-demand video services such as Amazon Prime and Netflix account for another\nthird while the final third of the video streaming carbon footprint includes\nwatching YouTube and clips on social media. Netflix says its total global\nenergy consumption reached [ 451,000 megawatt hours\n](https://s22.q4cdn.com/959853165/files/doc_downloads/2020/02/0220_Netflix_EnvironmentalSocialGovernanceReport_FINAL.pdf)\nper year, which is enough to power [ 37,000 homes\n](https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator) , but\ninsists it purchases renewable energy certificates and carbon offsets to\ncompensate for any energy that comes from fossil fuel sources.\n\nStreaming and downloading music also has an impact. Rabih Bashroush, a\nresearcher at the University of East London and lead scientist at the European\nCommission-funded Eureca project, calculated that [ five billion plays\n](https://www.bbc.co.uk/news/technology-45798523) clocked up by just one music\nvideo \u2013 the hit 2017 song Despacito \u2013 consumed as much electricity as Chad,\nGuinea-Bissau, Somalia, Sierra Leone and the Central African Republic put\ntogether in a single year. \u201cThe total emissions for streaming that song could\nbe over 250,000 tonnes of carbon dioxide,\u201d he says.\n\nHowever, Hazas points out that some YouTube views are unintentional. A study\nled by his colleague Kelly Widdicks analysed streaming habits and found that\nsome viewers use YouTube as [ background noise\n](http://www.research.lancs.ac.uk/portal/en/publications/streaming-\nmultiscreens-and-youtube\\(fa45527a-6088-485a-9b79-a12f4a2e45c5\\).html) , and\nsometimes even fall asleep, generating carbon for no gain. Cutting back on\nthese uses or stopping video from playing unintentionally on an open browser\nwhen you are not watching, could help keep your carbon footprint down.\n\nGetty Images/Javier Hirschfeld\n\nUsing online videos to drift off to sleep or as background noise places\nunnecessary demand on data centres and harms the climate (Credit: Getty\nImages/Javier Hirschfeld)\n\nFiddling with autoplay settings and switching from high definition to a lower\nresolution when it\u2019s not necessary can also make a difference. Hazas says the\nmost efficient way to see your favourite programme is by waiting for it to be\non terrestrial TV, or choosing to stream it over wi-fi rather than on a mobile\nnetwork can also make a difference.\n\n\u201cUsing a phone over a mobile network is at least twice as energy intensive\nthan using it over wi-fi, so if you can wait until you get home to watch\nYouTube that\u2019s best,\u201d he adds. And, one of the most enjoyable ways to be more\nenvironmentally friendly is to watch films and TV together.\n\n\u201cOn the whole, audio is less problematic,\u201d says Hazas, as streaming audio is\nless energy and carbon intensive than streaming images. But researchers at the\nUniversity of Oslo found that environmental impact of listening to music has [\nnever been higher\n](https://www.gla.ac.uk/news/archiveofnews/2019/april/headline_643297_en.html)\n, with a footprint of 200,000-350,000 tonnes of CO2e in the US alone for\ndownloading tracks onto MP3 players. It\u2019s thought emissions for streaming\nservices may be even higher.\n\nHowever, the number of times you listen to a piece of music can make a\ndifference. Buying a physical CD or record can be better if you listen to the\nsame album repeatedly, but if you only listen to a piece of [ music less than\n27 times over your lifetime ](https://www.bbc.com/future/article/20190207-why-\nstreaming-music-may-be-bad-for-climate-change) , then streaming can be better.\n( _Read more about_ [ _the carbon footprint of streaming music_\n](https://www.bbc.com/future/article/20190207-why-streaming-music-may-be-bad-\nfor-climate-change) _._ )\n\nSimilarly, the environmental cost of downloading video games is thought to be\n[ higher ](https://onlinelibrary.wiley.com/doi/abs/10.1111/jiec.12181) than\nproducing and distributing Blu-Ray disks from shops. The first attempt to map\nthe energy use of gaming in the US found it produces [ 24 megatonnes\n](https://link.springer.com/article/10.1007%2Fs40869-019-00084-2) of carbon\ndioxide a year. Researchers behind the study at the University of California\nfound US gamers use 2.4% of their household electricity \u2013 32 terawatt hours of\nenergy every year \u2013 which is more than freezers or washing machines. They also\nshowed that streaming games uses more energy, so gaming carbon emissions may\nworsen as more people adopt games where the computational work is being done\nremotely rather than on individual consoles, such as with devices like\nGoogle\u2019s Stadia.\n\nGetty Images/Javier Hirschfeld\n\nReading news or books online produces less greenhouse gases than the same\ncontent on paper (Credit: Getty Images/Javier Hirschfeld)\n\nBut Hazas is more optimistic. \"The carbon footprint of playing multiplayer\ngames like Fortnite isn\u2019t too bad,\u201d he says. \u201cThey are designed to be\nresponsive so they don\u2019t require too much data traffic. For example, you get a\nposition of a character on a map, or the fact someone\u2019s shooting, but it\ndoesn\u2019t take too much data to communicate that.\u201d\n\nHowever, updating games is more carbon intensive. \u201cFlagship games like\nFortnite or Call of Duty require lots of updates so you're looking at\ngigabytes every couple of weeks for downloads, which add new features.\"\n\nFor those who enjoy flicking through their social media, there is some good\nnews. It is arguably the least carbon intensive form of digital entertainment.\nAccording to Facebook\u2019s [ sustainability report\n](https://sustainability.fb.com/) , a user\u2019s annual carbon footprint is 299g\nCO2e, which is less than boiling the water for a pot of tea. But if you\nconsider the platform has more than one billion users, that\u2019s a lot of pots of\ntea.\n\nIt\u2019s possible to save carbon by disabling some features for social media and\nother apps.\n\n\u201cWe've found that app updates and automatic cloud backups are about 10% of\ntraffic from mobile phones,\u201d says Hazas. \u201cSo, switching off unnecessary cloud\nbackups and switching off automatic downloads for app updates are good things\nto do.\u201d\n\nBut while changes in our personal online behaviour will only take us so far,\nthere also needs to be change within the industry to ensure that carbon\nemissions can be reduced, says Elizabeth Jardim, a senior corporate campaigner\nat environmental campaign group Greenpeace. The IT industry\u2019s greenhouse gas\nemissions are predicted to [ reach 14% of global emissions by 2040\n](https://www.sciencedirect.com/science/article/pii/S095965261733233X?via%3Dihub)\nbut at the same time the UN's International Telecommunication's Union has set\nthe industry the target of [ reducing its emissions by 45%\n](https://www.itu.int/en/mediacentre/Pages/PR04-2020-ICT-industry-to-reduce-\ngreenhouse-gas-emissions-by-45-percent-by-2030.aspx) over the next decade.\n\n\u201cIt\u2019s more important to make sure the companies building the internet are\nswitching to renewable and phasing out fossil fuels,\u201d says Jardim. \u201cThat's\nwhen searching will be more guilt free.\u201d\n\n_* An earlier version of this article incorrectly stated that each internet\nuser was responsible for 400g of carbon dioxide annually. The figure should\nhave been 414kg of CO2 and the article has been updated._\n\n\\--\n\n**Smart Guide to Climate Change**\n\nFor most BBC Future readers, the question of whether climate change is\nhappening is no longer something that needs to be asked. Instead, there is now\ngrowing concern about what each of us as individuals can do about it. This new\nseries, our \" [ Smart Guide to Climate Change\n](https://www.bbc.com/future/smart-guide-to-climate-change) \", uses scientific\nresearch and data to break down the most effective strategies each of us can\ntake to shrink our carbon footprint.\n\n**\\--**\n\n_Join one million Future fans by liking us on_ [ **_Facebook_ **\n](https://www.facebook.com/BBCFuture/) _, or follow us on_ [ **_Twitter_ **\n](https://twitter.com/BBC_Future) _or_ _**** _ [ **_Instagram_ **\n](https://www.instagram.com/bbcfuture_official/) _._\n\n_If you liked this story,_ [ **_sign up for the weekly bbc.com features\nnewsletter_ **\n](http://pages.emails.bbc.com/subscribe/?ocid=fut.bbc.email.we.email-signup)\n_, called \u201cThe Essential List\u201d. A handpicked selection of stories from BBC\nFuture, Culture, Worklife, and Travel, delivered to your inbox every Friday._\n\n[ Climate change ](/future/tags/climatechange)\n\n[ Smart Guide to Climate Change ](/future/tags/smart-guide-to-climate-change)\n\n[ Digital ](/future/tags/digital)\n\n[ Environment ](/future/tags/environment)\n\n* * *\n\n[ ](/)\n\n##  Follow BBC on:\n\nCopyright 2025 BBC. All rights reserved. __ The _BBC_ is _not responsible for\nthe content of external sites._ [ **Read about our approach to external\nlinking.** ](https://www.bbc.co.uk/editorialguidelines/guidance/feeds-and-\nlinks)\n\n",
                "url": "https://www.bbc.com/future/article/20200305-why-your-internet-habits-are-not-as-clean-as-you-think"
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            "summary": "Article from BBC Future discussing the environmental impact of internet usage.",
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                    "source": "https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/managing-water-and-climate-risk-with-renewable-energy"
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                "page_content": "Skip to main content\n\n#\n\nManaging water and climate risk with renewable energy\n\nOctober 22, 2021  | Article \n\nNew analysis shows how companies can target renewable-energy purchases and\ninvestments to reduce water risk and carbon emissions in tandem.\n\n###\n\n(11 pages)\n\n**Dwindling supplies of fresh water** pose a material business risk: one\nestimate shows that the lack of clean fresh water threatens some $425\u00c2 billion\nof value across more than 500 companies.  [ 1  _Cleaning up their act: Are\ncompanies responding to the risks and opportunities posed by water pollution?_\n, CDP Global Water Report 2019, cdp.net.  ](javascript:void\\(0\\);) Companies\nwith water-intensive operations are apt to be attuned to water risk. But all\ncompanies can be indirectly exposed to water risk through their purchases of\nelectricity, for water is widely used to generate electricity from steam-\npowered turbines. By contrast, electricity from renewable sources is generally\nless water intensive than electricity from fossil fuels.  [ 2  While\nelectricity generated from renewables is often less water intensive, other\nfactors might also influence choices about renewables deployment. Since these\nimportant factors, which include land-use requirements and environmental\nimpacts on wildlife, are evaluated in permitting processes for renewables\ndeployment across jurisdictions, we have not addressed them in this article.\n](javascript:void\\(0\\);) A promising way for businesses to lessen their risk\nexposure while helping relieve local water stress, therefore, is to make\ngreater use of renewable power, whether by sourcing a larger share of grid\npower from renewable sources or by installing their own renewable-generation\ncapacity.  [ 3  Power grids, too, can be less or more water intensive.\nIndividual companies and facilities will seldom be able to select an\nalternative-power grid; however, they can sometimes opt for virtual power-\nplant agreements that allow them to source all of their purchased electricity\nfrom renewable-power sources.  ](javascript:void\\(0\\);)\n\n##\n\nAbout the authors\n\nThis article is a collaborative effort by Alyssa Bryan, [ Thomas Hundertmark\n](/our-people/thomas-hundertmark) , [ Kun Lueck ](/our-people/kun-lueck) ,\nJason Morrison, Wilson Roen, [ Giulia Siccardo\n](/sitecore/service/notfound.aspx?item=web%3a%7b3ad0932d-34f9-4204-a2d4-e6a0a7f014f6%7d%40en)\n, and [ Humayun Tai ](/our-people/humayun-tai) , representing views from the\nElectric Power & Natural Gas Practice and McKinsey Sustainability.\n\nIt\u00e2\u0080\u0099s also well known that [ switching to renewables can help reduce carbon\nemissions ](/capabilities/sustainability/our-insights/climate-math-\nwhat-a-1-point-5-degree-pathway-would-take) \u00e2\u0080\u0094something that companies are\nincreasingly seeking to do, given the need to limit the buildup of physical\nclimate risks by achieving net-zero emissions. These dual water and climate\nbenefits of renewable power can be significant and should be considered in\ntandem. The idea that energy management affects water stewardship and climate\nstewardship is not new: the so-called energy-water-carbon nexus has long been\na focus of academic research related to a wide variety of topics, such as\nseawater desalination. But it is increasingly relevant to multinational\ncompanies\u00e2\u0080\u0099 decisions about how to reduce their water footprints in water-\nscarce regions and lower their carbon emissions.  [ 4  Power management is\nonly one of several methods that companies can use to manage their water\nfootprints, down to the site and basin level. Other methods include improving\noperational efficiency to reduce the amount of water used (for example, to\ncool machinery or to wash textiles). Companies can apply those methods\nsimultaneously with power management.  ](javascript:void\\(0\\);)\n\nAssessing the potential water and carbon savings from using more renewable\nenergy requires a granular analysis of site-level factors, ideally guided by a\ncompany-level strategy. To ascertain how these factors play out at the\nindustry level, we analyzed data from more than 1,500 companies on the water\nconsumption and carbon emissions associated with their electricity purchases\nin 2019, and then looked closely at two industries: chemicals, and food-and-\nbeverage processing.  [ 5  Disclosures on water consumption are documented by\nthe CDP (formerly the Carbon Disclosure Project), a global organization\nfocused on promoting corporate disclosure of environmental risks and impacts.\n](javascript:void\\(0\\);) (We selected these two industries because both had\nlarge data samples with extensive location footprints.)\n\nTwo site-level factors stood out in our analysis for both industries. The\nfirst factor is the water and carbon intensity of electricity purchased from\nthe power grid; this varies considerably among regions. The second factor is\nthe degree of water stress in the locations where a business operates, which\nalso differs from region to region. For the chemical companies in our data\nset, 40 percent of energy purchases take place in regions with medium-high or\nhigher levels of water stress, compared with 25 percent for food-and-beverage-\nprocessing companies.  [ 6  We use the definitions of water stress developed\nby the World Resources Institute. Countries are designated medium stress to\nhigh stress if their ratio of water withdrawals to water supply is in the\nrange of 20 to 40 percent, high stress if the ratio is 40 to 80 percent, and\nextremely high if the ratio is 80 percent or greater. For more, see Francis\nGassert, Tianyi Luo, Andrew Maddocks, and Paul Reig, \u00e2\u0080\u009cWater stress by\ncountry,\u00e2\u0080\u009d World Resources Institute, December 12, 2013, wri.org.\n](javascript:void\\(0\\);) In this article, we show how considering these\nfactors together can help executives maximize the water and carbon benefits of\nswitching to renewable energy where feasible.\n\n##  Locating opportunities to reduce water consumption and carbon emissions\n\nCompanies\u00e2\u0080\u0099 purchases of electricity from the grid affect local water quality\nand availability because the fossil-fuel and nuclear power plants that\ngenerate most of the world\u00e2\u0080\u0099s electricity withdraw considerable fresh water\nto support their operations. Some power plants discharge some or all of that\nwater back into the local basin, which lessens their impact on water\navailability. The water that is not discharged is said to be consumed, and\nwater consumption reduces the quantity available locally. Our analysis focuses\non water consumption because it tends to increase water stress. By contrast,\nwind farms and solar arrays consume little to no fresh water; at most, water\nis used to clean solar panels.  [ 7  In this analysis, rates of water\nwithdrawal and consumption for wind and solar account only for water withdrawn\nor consumed during power generation, not for water usage over the life cycle\nof renewable-generation facilities (including manufacturing of renewable-power\nequipment).  ](javascript:void\\(0\\);)\n\nIn general, countries that generate less grid power from renewable sources\nconsume water at higher rates per unit of purchased electricity (Exhibit 1).\nLooking at the sources of grid power for the 119 countries covered by the data\nset, we found that 47 percent generate less than 1 percent of their grid power\nusing wind or solar. Only 9 percent of countries generate more than 5 percent\nof their power from wind or solar.  [ 8  Hydropower, which provides a large\nfraction of grid power in many countries, is a renewable source of energy that\nresults in no carbon emissions and, in many cases, little water consumption.\nHowever, we have chosen to model only the increased use of solar power and\nwind power because companies are unable to increase their use of hydropower\neverywhere they operate. The limitation exists for two reasons. First, not all\ncountries can deploy hydropower; they can do so only if they possess certain\nnatural endowments, such as major rivers. Second, the large scale of\nhydropower installations makes them impractical for companies to deploy at\ntheir own facilities, whereas companies can readily deploy small-scale solar\nand wind installations.  ](javascript:void\\(0\\);) To find promising\nopportunities to reduce water consumption and carbon emissions by switching to\nrenewables\u00e2\u0080\u0094through power-purchase agreements or self-operated renewable\ninstallations\u00e2\u0080\u0094companies might prioritize operations in countries with\nelectricity grids that rely less on solar and wind power.\n\nThe other factor that bears consideration is water stress. Using information\non the water-stress levels of countries, we assessed exposures to water stress\nfor the companies in two sectors within the data set: 111 companies in the\nchemicals industry and 86 companies in the food-and-beverage-processing\nindustry. In total, the 111 chemical companies reported 209 terawatt-hours\n(TWh) of purchased energy; our estimates indicate that this energy use\nresulted in 89 megatons of carbon emissions and 16 billion gallons of water\nconsumed. The 86 food-and-beverage-processing companies reported purchasing\n102 TWh of purchased energy, resulting in 39 megatons of carbon emissions and\neight billion gallons of water consumed, according to our estimates.\n\nWhen it comes to managing water impact, companies should know how much of\ntheir energy consumption takes place in regions and countries that experience\ngreater water stress. The food-and-beverage-processing companies that we\nanalyzed purchased 20 percent of their grid power in countries with medium to\nhigh or higher levels of water stress. The resulting water and carbon impacts\nwere disproportionately large, accounting for 56 percent of the companies\u00e2\u0080\u0099\nwater consumed, and 32 percent of their carbon emissions. Companies in the\nchemicals sector recorded a higher fraction of their energy purchases in\nwater-stressed countries, 40 percent, which accounted for 44 percent of the\nsector\u00e2\u0080\u0099s water consumption and 49 percent of carbon emissions from purchased\nenergy (Exhibit 2). Across both sectors, energy purchases in water-stressed\ncountries accounted for outsize shares of water consumption and carbon\nemissions, suggesting an opportunity to reduce both by switching to renewables\nin those countries.\n\n##  Estimating the effects of switching to renewables\n\nNext, we estimated the potential water and carbon reductions that would result\nas companies replaced nonrenewable sources of purchased energy (starting with\ncoal power, then oil power, then gas power) with renewables. Adjustments were\napplied at the country level, to account for variations in the shares of\nnonrenewable power generated by using different fossil fuels. These variations\ncan make for large differences in the water intensity of nonrenewable\nelectricity: for example, nonrenewable-power generation in Mexico consumes\nnearly twice as much water, per kilowatt-hour, than in Egypt.\n\nSubstituting renewables for the most carbon-intensive energy sources had a\nprofound impact on emissions, even when the increases in renewables were\nmodest. In the chemicals sector, we estimate that lowering the share of\nnonrenewable energy by five percentage points and increasing the share of\nrenewable energy by five percentage points would reduce carbon emissions from\npurchased energy by approximately 40 percent. The same five-percentage-point\nchange in purchased energy had an even greater effect in the food-and-\nbeverage-processing sector: a 58 percent reduction in carbon emissions. Upping\nthe share of renewables by 50\u00c2 percentage points would prevent 78 percent of\ncarbon emissions for chemical companies and 84\u00c2 percent of carbon emissions\nfor food-and-beverage processors (Exhibit 3).\n\nThe water savings from switching to renewables were also significant. A\n50-percentage-point increase in purchases of renewables results in a nearly 60\npercent reduction in water consumption for both the chemical companies and the\nfood-and-beverage-processing companies (Exhibit 4).\n\nSwitching to renewables may not be a practical near-term option in every\ncountry where a company operates. Utilities might lack the renewable-\ngeneration capacity to supply a company with all the renewable energy that it\nneeds. And adding capacity takes time, whether the utility does so or the\ncompany sets up its own renewable installations. Companies might therefore\ntake a more gradual approach to increasing their use of renewable energy. Some\ncompanies have also made renewable-power purchasing agreements with local\nutilities. These enable the utilities to accelerate investment in renewable\ninstallations by ensuring long-term demand for the electricity that the\ninstallations produce.\n\nTo illustrate the effect of a more gradual and targeted ramp-up in renewable-\nenergy purchasing, we modeled the reductions in water consumption and carbon\nemissions that the two sets of companies would achieve if they increased their\nuse of renewable energy _only_ in countries with medium to high or higher\nlevels of water stress. A five-percentage-point increase in renewable-energy\nuse in water-stressed countries would reduce water consumption by around 6\npercent for both groups of companies; with a 50-percentage-point increase in\nrenewables, they would lower water consumption by about 60 percent for both\ngroups. In other words, increasing the use of renewables in water-stressed\ncountries results in an appreciable decrease in water consumption\u00e2\u0080\u0094the sort\nof result that can help guard against water risk.\n\nWhat\u00e2\u0080\u0099s more, switching to renewables in water-stressed countries alone\nproduces significant reductions in carbon emissions. With a five-percentage-\npoint increase in renewables in water-stressed countries alone, we estimate\nthat the chemical companies would lower their global carbon emissions by 13\npercent; for food-and-beverage-processing companies, the reduction would be 7\npercent. A 50-percentage-point increase in renewables in water-stressed\ncountries would lower chemical companies\u00e2\u0080\u0099 global carbon emissions by 36\npercent, and food-and-beverage-processing companies\u00e2\u0080\u0099 emissions by 23 percent\noverall (Exhibit\u00c2 5).\n\n##  Making the switch to renewables: How to begin\n\nBusiness leaders in all industries face questions from investors, regulators,\nand other stakeholders about their companies\u00e2\u0080\u0099 impact on the climate and on\nlocal water basins and about the actions being taken to manage both types of\nimpact. Increasing the use of renewable energy represents one potential action\nthat companies might take as part of a balanced, comprehensive approach to\nimproving both water efficiency and carbon efficiency, mitigating related\nrisks, and supporting sustainable, inclusive growth for the communities where\nthey operate. Here are five actions that executives can take to support such\nan approach:\n\n  * _Evaluate the company\u00e2\u0080\u0099s energy purchases and the resulting water consumption and carbon emissions_ in the aggregate as well as at the level of individual sites and for both direct operations as well as purchased electricity. For water, in particular, location-specific assessments matter because levels of water stress differ from place to place. \n  * _Set integrated targets_ rather than separate ones for lessening water consumption and carbon emissions. In doing so, management might benchmark the company\u00e2\u0080\u0099s activities against those of its peers. \n  * _Think cross-functionally about how water and carbon programs can support each other._ This article has focused on how companies can manage electricity sourcing for both water and carbon impact. But many business operations result in both water consumption and carbon emissions. Carbon-management efforts related to other areas, such as manufacturing processes, could be expanded to address water consumption, and vice versa. \n  * _Collaborate with others in and beyond the direct value chain._ When it comes to managing water and carbon impact by changing the types and sources of energy they use, companies that do business in a given locale may wish to explore joint sourcing of renewables and collaborative stewardship of water resources. Especially in areas with high levels of water stress, companies might consider coordinating their activities and consulting local stakeholders to devise water-management plans that don\u00e2\u0080\u0099t put undue strain on shared local resources. \n  * _Engage local utilities and regional or municipal authorities_ to understand their plans for phasing out fossil fuels and for increasing renewable capacity, then seek ways of working together to hasten the transition. If businesses voice interest in or commit to purchasing more renewable energy, they can encourage utilities to make needed capital investments. \n\nWater and carbon priorities don\u00e2\u0080\u0099t need to be at odds. An integrated\nrenewable-energy strategy can address these two sets of priorities at once,\nenhancing the company\u00e2\u0080\u0099s performance and improving its standing with\nstakeholders.\n\n#####\n\n**Alyssa Bryan** is a consultant in McKinsey\u2019s Charlotte office; **[ Thomas\nHundertmark ](/our-people/thomas-hundertmark) ** is a senior partner in the\nHouston office, where **[ Kun Lueck ](/our-people/kun-lueck) ** is a partner;\n**Wilson Roen** is a consultant in the Chicago office; **[ Giulia Siccardo\n](/sitecore/service/notfound.aspx?item=web%3a%7b3ad0932d-34f9-4204-a2d4-e6a0a7f014f6%7d%40en)\n** is an associate partner in the San Francisco office; **[ Humayun Tai\n](/our-people/humayun-tai) ** is a senior partner in the New York office; and\n**Jason Morrison** is the president of the Pacific Institute and head of the\nUN Global Compact\u2019s CEO Water Mandate.\n\nThe authors wish to thank Daniel Aminetzah, Anjan Asthana, Taylor Bacon,\nGualtiero Jaeger, Joshua Katz, Adam Kendall, Kee Wen Ng, and Dickon Pinner\nfrom McKinsey; Peter Schulte from the Pacific Institute; and the member\ncompanies of the UN Global Compact\u2019s Water Resilience Coalition for their\ncontributions to this article.\n\n* * *\n\nThis article was edited by Josh Rosenfield, an executive editor in the New\nYork office.\n\n#####  Explore a career with us\n\n[ Search Openings  ](/careers/search-jobs)\n\n#####  Related Articles\n\n[ ](/capabilities/sustainability/our-insights/water-a-human-and-business-\npriority)\n\nArticle - _McKinsey Quarterly_\n\n######  [ Water: A human and business priority\n](/capabilities/sustainability/our-insights/water-a-human-and-business-\npriority)\n\n[ ](/industries/electric-power-and-natural-gas/our-insights/how-to-\ndecarbonize-global-power-systems)\n\nArticle\n\n######  [ How to decarbonize global power systems  ](/industries/electric-\npower-and-natural-gas/our-insights/how-to-decarbonize-global-power-systems)\n\n[ ](/capabilities/sustainability/our-insights/powering-up-sustainable-energy)\n\nArticle - _McKinsey Quarterly_\n\n######  [ Powering up sustainable energy  ](/capabilities/sustainability/our-\ninsights/powering-up-sustainable-energy)\n\n",
                "url": "https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/managing-water-and-climate-risk-with-renewable-energy"
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            "summary": "Article from McKinsey & Company discussing managing water and climate risk with renewable energy.",
            "url": "https://www.mckinsey.com/industries/electric-power-and-natural-gas/our-insights/managing-water-and-climate-risk-with-renewable-energy"
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                    "source": "https://www.purdue.edu/newsroom/2023/Q1/talking-concrete-could-help-prevent-traffic-jams-and-cut-carbon-emissions"
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                "page_content": "Skip to content\n\n#  \u2018Talking\u2019 concrete could help prevent traffic jams and cut carbon emissions\n\nInterstates throughout U.S. consider Purdue invention to reduce road repairs\n\nMarch 13, 2023  [ Kayla Wiles ](https://www.purdue.edu/newsroom/author/kayla-\nwiles/ \"posts by Kayla Wiles\")\n\nShare  [ Facebook\n](https://www.facebook.com/sharer/sharer.php?u=https://www.purdue.edu/newsroom/2023/Q1/talking-\nconcrete-could-help-prevent-traffic-jams-and-cut-carbon-emissions) [ Twitter\n](https://twitter.com/intent/tweet?url=https://www.purdue.edu/newsroom/2023/Q1/talking-\nconcrete-could-help-prevent-traffic-jams-and-cut-carbon-emissions) [ LinkedIn\n](https://www.linkedin.com/shareArticle?mini=true&url=https://www.purdue.edu/newsroom/2023/Q1/talking-\nconcrete-could-help-prevent-traffic-jams-and-cut-carbon-emissions) [ Email\n](mailto:placeholder@placeholder.com?body=https://www.purdue.edu/newsroom/2023/Q1/talking-\nconcrete-could-help-prevent-traffic-jams-and-cut-carbon-emissions) Print\n\n  * Info for journalists \n\nWEST LAFAYETTE, Ind. \u2014\n\nAn increasing number of U.S. interstates are set to try out a Purdue\nUniversity invention that could save millions of taxpayer dollars and\nsignificantly reduce traffic delays.\n\nThe invention, a sensor that allows concrete to \u201ctalk,\u201d decreases construction\ntime and how often concrete pavement needs repairs while also improving the\nroad\u2019s sustainability and cutting its carbon footprint.\n\nEmbedded directly into a concrete pour, the sensor sends engineers more\nprecise and consistent data about the concrete\u2019s strength and need for repair\nthan is possible with currently used tools and methods.\n\n\u201cTraffic jams caused by infrastructure repairs have wasted 4 billion hours and\n3 billion gallons of gas on a yearly basis. This is primarily due to\ninsufficient knowledge and understanding of concrete\u2019s strength levels,\u201d said\n[ Luna Lu\n](https://engineering.purdue.edu/CE/People/ptProfile?resource_id=128278) , the\nReilly Professor and acting head of Purdue\u2019s [ Lyles School of Civil\nEngineering ](https://engineering.purdue.edu/CE) , who has been leading\ndevelopment of the sensors since 2017. \u201cFor instance, we don\u2019t know when\nconcrete will reach the right strength needed to accommodate traffic loads\njust after construction. The concrete may go through premature failure,\nleading to frequent repairing.\u201d\n\nAccording to [ data from the Federal Highway Administration\n](https://www.fhwa.dot.gov/policyinformation/statistics/2016/hm12.cfm) ,\nconcrete pavement makes up less than 2% of U.S. roads but approximately 20% of\nthe U.S. interstate system. Lu\u2019s research has focused on improving the\nconditions of concrete pavement first because it is the most challenging road\nmaterial to repair. Concrete interstate pavement also must reliably support a\nlarge proportion of the nation\u2019s traffic.\n\nMore than half of U.S. states with concrete interstate pavement have signed up\nto participate in a Federal Highway Administration pooled fund study to\nimplement the sensors. The participating states are Indiana, Missouri, North\nDakota, Kansas, California, Texas, Tennessee, Colorado and Utah.\n\nAdditional states are expected to join as the study kicks off in the coming\nmonths. Two states \u2013 Indiana and Texas \u2013 have already begun trying out the\nsensors in highway paving projects.\n\nThe technology also is on track to hit the market later this year as the [\nREBEL Concrete Strength Sensing System ](https://wavelogix.tech/products/) , a\nproduct of [ WaveLogix ](https://wavelogix.tech/) . Lu founded WaveLogix in\n2021 to manufacture the technology on a larger scale. The company licenses the\ntechnology from the [ Purdue Research Foundation Office of Technology\nCommercialization ](https://www.prf.org/otc/) , which has applied for patent\nprotection on the intellectual property.\n\nFast Company magazine [ named this invention\n](https://www.fastcompany.com/90804444/transportation-robotics-and-automation-\nthe-9-next-big-things-from-delivery-drones-to-warehouse-\nbots?_ga=2.256660751.581574254.1675089722-1903393249.1569853467) one of its [\nNext Big Things in Tech for 2022 ](https://www.fastcompany.com/next-big-\nthings-in-tech/list) , which recognizes projects already making an impact on a\nreal-world problem while also showing promise to make a greater impact in the\nyears to come. The American Society of Civil Engineers\u2019 [ 2021 Report Card for\nAmerica\u2019s Infrastructure ](https://infrastructurereportcard.org/gamechanger-\nitem/sensors-tell-construction-crews-exactly-how-long-to-let-concrete-cure/)\nalso selected the technology as one of its \u201cGamechangers\u201d for the year. Other\norganizations, such as the [ American Association of State Highway and\nTransportation Officials ](https://www.transportation.org/) , have followed\nthe [ technology\u2019s developments ](https://aashtojournal.org/2020/06/12/purdue-\nresearchers-seek-to-create-smart-concrete/) since its [ initial introduction\n](https://aashtojournal.org/2019/09/06/pilot-project-uses-highway-sensors-to-\ntrack-lifecycle-of-concrete/) in 2019.\n\n##  Replacing century-old industry standards to make roads last longer\n\nThe Purdue invention is gradually rising as a better alternative to tests that\nhave been the industry\u2019s standard since the early 1900s.\n\nLu and her lab started developing the technology in 2017, when the Indiana\nDepartment of Transportation requested help in eliminating premature failure\nof newly repaired concrete pavement by more accurately determining when the\npavement is ready to be opened to traffic.\n\nAfter embedding an [ early prototype of the sensor\n](https://www.purdue.edu/newsroom/releases/2019/Q3/science-to-reveal-how-long-\nhighway-construction-should-actually-take.html) into sections of various\nIndiana highways, INDOT [ added the sensor technology\n](https://www.in.gov/indot/doing-business-with-indot/files/408_testing.pdf) to\nits [ Indiana Test Methods Index ](https://www.in.gov/indot/doing-business-\nwith-indot/contractorsconstruction/division-of-materials-and-tests/indiana-\ntest-methods-index/) . This index lists tests for contractors and construction\nworkers to use to ensure road pavement quality.\n\nMethods that the industry has used for more than a century call for testing\nlarge samples of concrete at a lab or onsite facility. Using that data,\nengineers estimate the strength level that a particular concrete mix will\nreach after it\u2019s been poured and left to mature at a construction site. Even\nthough these tests are well understood by the industry, discrepancies between\nlab and outdoor conditions can lead to inaccurate estimates of the concrete\u2019s\nstrength due to the different cement compositions and temperatures of the\nsurrounding area.\n\nWith the technology Lu and her team invented, engineers no longer have to rely\non concrete samples to estimate when fresh concrete is mature enough. Instead,\nthey can directly monitor the fresh concrete and accurately measure many of\nits properties at once.\n\nThe sensor communicates to engineers via a smartphone app exactly when the\npavement is strong enough to handle heavy traffic. The stronger the pavement\nis before being used by vehicles, the less often it will need to be repaired.\nThe ability to instantly receive information about the concrete\u2019s strength\nlevels also allows roads to open to traffic on time or sooner following a\nfresh pour.\n\nConstruction workers can install the sensors simply by tossing them onto the\nground of the concrete formwork and covering them with concrete. Next, they\nplug the sensor cable into a reusable handheld device that automatically\nstarts logging data. Using the app, workers can receive information on real-\ntime changes in the concrete strength for as long as the strength data is\nrequired.\n\n##  Cutting carbon emissions by cutting down on traffic and cement\n\nBy decreasing road repairs and construction timelines, this technology could\nreduce carbon dioxide that vehicles would have emitted while waiting in\ntraffic to get around a construction site.\n\nLu\u2019s startup, WaveLogix, also is developing a way to curb carbon emissions by\ncutting the amount of cement needed in concrete mixes. The manufacturing of\ncement is responsible for [ 8% of the world\u2019s carbon footprint\n](https://www.nature.com/articles/d41586-021-02612-5) . WaveLogix has made\nprogress on a solution that uses artificial intelligence to optimize the\ndesign of concrete mixes based on data that the sensors would collect from\nhighways across the country.\n\n[ Construction codes\n](https://www.concrete.org/topicsinconcrete/topicdetail/318%20Building%20Code?search=318%20Building%20Code)\ncall for a higher cement content in concrete mixes to ensure that concrete\nsample testing meets required strength thresholds. Excess cement can lead to\npremature cracks in pavement. Based on these code requirements and data from\nthe [ Global Cement and Concrete Association\n](https://gccassociation.org/concretefuture/wp-content/uploads/2021/10/GCCA-\nConcrete-Future-Roadmap-Document-AW.pdf) , Lu estimates that concrete mix\noverdesign causes more than 1 billion tons of carbon emissions per year.\n\n\u201cThe biggest problem with concrete mixes is that we use more cement to\nincrease the concrete\u2019s strength. That won\u2019t help open the road to traffic any\nsooner,\u201d Lu said.\n\nThese codes are based on how concrete mixes were made in the early 1900s,\nwhich was before equipment that could grind cement into finer powder was\ndeveloped in the 1950s. Since concrete mixes use that finer powder today, they\nshould have different water-cement ratios than a hundred years ago. The codes\nalso don\u2019t take into consideration how weather in different states impacts a\nconcrete mix. A concrete pour in the middle of Indiana\u2019s winter, for example,\nrequires different concrete mixes to reach the right strength level than if\nthe concrete were poured during California\u2019s winter.\n\nLu believes that this new method using artificial intelligence could\npotentially reduce by 20% to 25% the amount of the cement used in concrete\nmixes \u2013 and simultaneously make pavement more durable and less expensive.\n\n\u201cI feel a strong sense of responsibility to make an impact on our\ninfrastructure through developing new types of technology. In the field of\ncivil engineering, if we don\u2019t make an impact on the world, there won\u2019t be a\nworld to worry about,\u201d Lu said.\n\n##  About Purdue University\n\nPurdue University is a top public research institution developing practical\nsolutions to today\u2019s toughest challenges. Ranked in each of the last five\nyears as one of the 10 Most Innovative universities in the United States by\nU.S. News & World Report, Purdue delivers world-changing research and out-of-\nthis-world discovery. Committed to hands-on and online, real-world learning,\nPurdue offers a transformative education to all. Committed to affordability\nand accessibility, Purdue has frozen tuition and most fees at 2012-13 levels,\nenabling more students than ever to graduate debt-free. See how Purdue never\nstops in the persistent pursuit of the next giant leap at [\nhttps://stories.purdue.edu ](https://stories.purdue.edu/) .\n\n**Writer/Media contact:** Kayla Wiles, 765-494-2432, [ wiles5@purdue.edu\n](mailto:wiles5@purdue.edu)  \n**Source:** Luna Lu, [ luna@purdue.edu ](mailto:luna@purdue.edu)\n\nNote to journalists:\n\n[ Photos and video\n](https://drive.google.com/drive/folders/1cFJkSuFh4PyoSRlwTvrqdbFWIhBvSAuZ?usp=share_link)\nof Luna Lu\u2019s concrete sensor research and [ b-roll of Purdue University\u2019s\ncampus\n](https://drive.google.com/drive/folders/1ei7vIyN2yZEWYqrfCQCU7VHcz2vAwy2J)\nare available via Google Drive. In addition, [ sound bites\n](https://apvideohub.ap.org/detail/Statesusetalkingconcretetostoptrafficjams/8fb16265729b4191ad0944b61d32596e/video?hpSectionId=2293806a10614a0e876a24f1bb66e24a&st=hpsection&mediaType=video&sortBy=arrivaldatetime:desc&dateRange=Anytime&totalCount=67&currentItemNo=0)\nof Lu discussing her work and expertise are available to media who have an\nAssociated Press subscription.\n\n##  Research News\n\n[ Discovery reveals how a specialized structure in plant cells helps regulate\nphotosynthesis  March 26, 2025\n](https://www.purdue.edu/newsroom/2025/Q1/discovery-reveals-how-a-specialized-\nstructure-in-plant-cells-helps-regulate-photosynthesis) [ Unburied treasure:\nRover researchers find unexpected minerals on Mars  March 5, 2025\n](https://www.purdue.edu/newsroom/2025/Q1/unburied-treasure-rover-researchers-\nfind-unexpected-minerals-on-mars) [ Small modular reactors could help Indiana\nshift to 24/7 carbon-free electricity with economic benefits, study says\nFebruary 20, 2025  ](https://www.purdue.edu/newsroom/2025/Q1/small-modular-\nreactors-could-help-indiana-shift-to-24-7-carbon-free-electricity-with-\neconomic-benefits-study-says) [ Air inside your home may be more polluted than\noutside due to everyday chemical products  February 13, 2025\n](https://www.purdue.edu/newsroom/2025/Q1/air-inside-your-home-may-be-more-\npolluted-than-outside-due-to-everyday-chemical-products)\n\n[ ](https://www.purdue.edu/)\n\n[ Purdue University  \n610 Purdue Mall  \nWest Lafayette, IN 47906\n](https://www.google.com/maps/search/?api=1&query=Purdue+University%2C610+Purdue+Mall%2CWest+Lafayette%2CIN)\n\n[ 765-494-4600 ](tel://7654944600)\n\n[ Systemwide options ](https://www.purdue.edu/home/about/systemwide-campuses/)\n\n##  Follow Us\n\n  * [ Facebook  ](https://www.facebook.com/PurdueUniversity/ \"Facebook\")\n  * [ Twitter  ](https://www.twitter.com/LifeAtPurdue \"Twitter\")\n  * [ LinkedIn  ](https://www.linkedin.com/edu/purdue-university-18357 \"LinkedIN\")\n  * [ Instagram  ](https://www.instagram.com/lifeatpurdue/ \"Instagram\")\n  * [ Youtube  ](https://www.youtube.com/purdueuniversity \"YouTube\")\n  * [ snapchat  ](https://www.snapchat.com/add/lifeatpurdue \"SnapChat\")\n\n[ Systemwide options ](https://www.purdue.edu/home/about/systemwide-campuses/)\n\n##\n\n  * [ West Lafayette Map ](https://www.purdue.edu/campus-map/)\n  * [ Careers ](https://www.purdue.edu/purdue/careers/index.php)\n  * [ Center for Healthy Living ](https://www.purdue.edu/hr/CHL/)\n  * [ Colleges and Schools ](https://www.purdue.edu/home/colleges_schools/)\n  * [ Directory ](https://www.purdue.edu/directory/)\n  * [ Entrepreneurship and Commercialization ](https://www.purdue.edu/purdue/commercialization/index.php)\n  * [ Human Resources ](https://www.purdue.edu/hr/)\n  * [ Libraries ](https://www.lib.purdue.edu/)\n\n##\n\n  * [ Ethics and Compliance ](https://www.purdue.edu/ethics/)\n  * [ Events ](https://events.purdue.edu/)\n  * [ Give ](https://giving.purdue.edu/west-lafayette/?appealcode=21008)\n  * [ Lost and Found ](https://www.purdue.edu/surplus/lost-and-found/Index.html)\n  * [ Office of Engagement ](https://www.purdue.edu/engagement/)\n  * [ President ](https://www.purdue.edu/president/)\n  * [ Tuition Calculator ](https://www.purdue.edu/treasurer/finance/bursar-office/tuition/tuition-calculator/)\n\n##\n\n  * [ BoilerConnect ](https://www.purdue.edu/boilerconnect/)\n  * [ Brightspace ](https://purdue.brightspace.com/)\n  * [ Current Students ](https://www.purdue.edu/purdue/current_students/index.php)\n  * [ Faculty and Staff ](https://www.purdue.edu/purdue/faculty_staff/index.php)\n  * [ myPurdue ](https://mypurdue.purdue.edu/)\n  * [ Office 365 ](https://portal.office.com/)\n  * [ OneCampus Portal ](https://one.purdue.edu/)\n  * [ Outlook ](https://outlook.office.com/)\n\n##\n\n  * [ Annual Security Report ](https://www.purdue.edu/ehps/police/statistics-policies/security-reports.php)\n  * [ Construction ](https://www.purdue.edu/physicalfacilities/construction/)\n  * [ Emergency ](https://www.purdue.edu/emergency/)\n  * [ Information Technology ](https://www.it.purdue.edu/)\n  * [ Marketing and Communications ](https://marcom.purdue.edu/)\n  * [ Purdue News ](https://www.purdue.edu/newsroom/)\n  * [ Purdue Hotline ](https://www.purdue.edu/hotline/)\n  * [ Timely Warnings ](https://www.purdue.edu/ehps/police/timely-warnings/)\n\nLast modified: June 10, 2024\n\n[ Copyright ](https://www.purdue.edu/securepurdue/security-programs/copyright-\npolicies/reporting-alleged-copyright-infringement.php) \u00a9 2025 Purdue\nUniversity. All Rights Reserved.  \n[ Accessibility ](https://www.purdue.edu/accessibilityresources/) | [ EA/EO University ](https://www.purdue.edu/purdue/ea_eou_statement.php) | [ Integrity Statement ](https://www.purdue.edu/purdue/about/integrity_statement.php) | [ Free Expression ](https://www.purdue.edu/home/free-speech/) | [ College Scorecard (ed.gov) ](https://collegescorecard.ed.gov/school/?243780-Purdue-University-Main-Campus) | [ Privacy Policy ](https://www.purdue.edu/purdue/about/privacy-notice.php) | [ Contact Us ](https://www.purdue.edu/purdue/contact-us/index.php)\n\n",
                "url": "https://www.purdue.edu/newsroom/2023/Q1/talking-concrete-could-help-prevent-traffic-jams-and-cut-carbon-emissions"
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            "reason": "This article from Purdue University discusses how concrete technology can reduce traffic jams and carbon emissions. While it doesn't focus specifically on the company 'Trafic', it addresses the broader issue of traffic-related environmental impact, which is relevant to the search query. Purdue University is a reputable source, but the article's indirect relevance lowers the score slightly.",
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            "search_query": "company 'Trafic' environmental impact carbon footprint",
            "summary": "This article from Purdue University discusses how concrete technology can reduce traffic jams and carbon emissions.",
            "url": "https://www.purdue.edu/newsroom/2023/Q1/talking-concrete-could-help-prevent-traffic-jams-and-cut-carbon-emissions"
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                    "source": "https://www.gov.ca.gov/2022/11/16/california-releases-worlds-first-plan-to-achieve-net-zero-carbon-pollution/"
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                "page_content": "Los Angeles fires:  [ Go to CA.gov/LAfires for latest information and\nresources ](https://www.ca.gov/LAfires/)\n\n#  California Releases World\u2019s First Plan to Achieve Net Zero Carbon Pollution\n\n_Following Governor Newsom\u2019s call for more ambitious climate action, state\u2019s\nclimate plan would create 4 million new jobs, slash greenhouse gas emissions\nby 85%, and cut oil usage by 94%_\n\n_Amid global climate talks, the Scoping Plan lays out world\u2019s first detailed\npathway to carbon neutrality by 2045, as signed into law by Governor Newsom\nearlier this year_\n\nToday, the California Air Resources Board (CARB) [ released its updated\nproposal ](https://mclist.us7.list-\nmanage.com/track/click?u=afffa58af0d1d42fee9a20e55&id=13c707ce61&e=0b26ba1b5c)\nto implement the most ambitious climate action of any jurisdiction in the\nworld, taking unprecedented steps to drastically slash pollution and\naccelerate the transition to clean energy. No economy in the world, much less\nthe soon-to-be [ 4th largest ](https://mclist.us7.list-\nmanage.com/track/click?u=afffa58af0d1d42fee9a20e55&id=300d130fd5&e=0b26ba1b5c)\n, has put forth such a comprehensive roadmap to reach carbon neutrality.\n\nThis updated plan follows Governor Gavin Newsom\u2019s [ push to move faster\n](https://mclist.us7.list-\nmanage.com/track/click?u=afffa58af0d1d42fee9a20e55&id=0a2ba2c4df&e=0b26ba1b5c)\nto achieve new, ambitious climate goals, setting new targets for renewable\nenergy, clean buildings, carbon removal, and clean fuels in the transportation\nsector. If adopted by CARB, this plan will be a critical component of Governor\nNewsom\u2019s [ California Climate Commitment ](https://mclist.us7.list-\nmanage.com/track/click?u=afffa58af0d1d42fee9a20e55&id=12cf62e0f0&e=0b26ba1b5c)\n\u2013 a set of world-leading actions to build out a 100% clean energy grid,\nachieve carbon neutrality by 2045, ramp up carbon removal and sequestration,\nprotect Californians from harmful oil drilling, and invest $54 billion to\nforge an oil-free future while building sustainable communities throughout the\nstate.\n\nThe updated Scoping Plan would achieve carbon neutrality by 2045, in addition\nto:\n\n  * Cutting air pollution by 71%; \n  * Slashing greenhouse gas emissions 85% by 2045; \n    * That includes a 48% reduction of greenhouse gasses by 2030, surpassing the statutory mandate to reduce emissions 40% below 1990 levels in 2030; \n  * Reducing fossil fuel consumption to less than one-tenth of what we use today, a 94% drop in demand for oil and 86% drop in demand for all fossil fuels; \n  * Creating 4 million new jobs; \n  * Saving Californians $200 billion in health costs due to pollution. \n\n\u201cCalifornia is drastically cutting our dependence on fossil fuels and cleaning\nour air \u2013 this plan is a comprehensive roadmap to achieve a pollution-free\nfuture,\u201d said Governor Newsom. \u201cIt\u2019s the most ambitious set of climate goals\nof any jurisdiction in the world, and if adopted, it\u2019ll spur an economic\ntransformation akin to the industrial revolution. While big polluters focus on\nincreasing their profits at our expense, California is protecting communities,\ncreating jobs and accelerating our transition to clean energy.\u201d\n\nThe plan would also raise the stakes for clean energy and climate resiliency,\ncalling for:\n\n  * At least 20 GW offshore wind capacity built by 2045; \n  * 3 million climate-friendly homes by 2030 and 7 million by 2035; \n  * 6 million heat pumps deployed by 2030; \n  * Carbon removal/capture targets of 20 million metric tons CO2 equivalent (MMTCO2e) by 2030 and 100 MMTCO2e by 2045; \n  * Achieve 20% non-combustion in the aviation sector by 2045, with the remaining demand met with sustainable aviation fuel; \n  * Light-duty vehicle miles traveled (VMT) target of 25% per capita below 1990 levels by 2030 and 30% per capita below 1990 levels by 2045. \n\nToday\u2019s release follows the latest [ Greenhouse Gas Inventory\n](https://mclist.us7.list-\nmanage.com/track/click?u=afffa58af0d1d42fee9a20e55&id=283d7dffc6&e=0b26ba1b5c)\n, showing that 2020 had the steepest recorded drop in pollution in California\nhistory due to the pandemic, and including updated data showing California\nreached its 2020 climate targets six years ahead of schedule in 2014 rather\nthan the initially estimated four.\n\nThroughout California, leaders from the environmental, clean energy, academic,\nlabor, and business communities have weighed in on the proposal:\n\n_\u201cFinally there is a climate action plan that has the potential to bend the\nwarming curve in time. The plan contains all of the essential ingredients of\nclimate resilience: fossil free energy generation; reduction of short lived\nsuper pollutants; air pollution abatement; climate justice; restoration of\nnature\u2019s role as carbon sink. It integrates effortlessly mitigation,\nadaptation and transformation. This is the new way to address the climate\ncrisis. The health benefits of these actions alone will pay for the huge\ninvestment by the state. Having worked on climate change science since 1975, I\nam finally seeing a climate solutions plan that recognizes the grave risks\nposed by the climate crisis; I hope the rest of the planet will follow the\nCalifornia example.\u201d_ \u2013 **V. Ram Ramanathan, Distinguished Professor Emeritus,\nUniversity of California at San Diego**\n\n_\u201cThe science is clear: to avoid the worst impacts of climate change, the\nworld must rapidly cut greenhouse gas emissions in the current decade.\nGovernor Newsom understands the importance of near-term ambition, and his\nAdministration is to be commended for delivering a Scoping Plan that exceeds\nCalifornia\u2019s 2030 emissions reduction goal while providing necessary air\nquality and public health benefits for all Californians. EDF looks forward to\nworking with the Air Resources Board and partner agencies to adopt policy in\nthe coming year \u2013 including a more ambitious emissions cap \u2013 that locks in\nthese necessary reductions.\u201d_ \u2013 **Katelyn Roedner Sutter, California State\nDirector, Environmental Defense Fund (EDF)**\n\n_\u201cWe stand ready to partner with the Governor on implementing this ambitious\nplan while growing living-wage clean energy jobs. IBEW\u2019s close partnership\nwith the state will help California lead the world in building a clean energy\nfuture for decades to come.\u201d_ \u2013 **Joel Barton, Secretary Treasurer of the\nState Association of Electrical Workers**\n\n_\u201cThe Yurok Tribe applauds CARB for establishing a progressive Scoping Plan to\nimplement the state\u2019s climate goals. We especially appreciate efforts to\ninclude Tribal voices in the development of the plan. We now look forward to\nmoving to implementation of the plan in the years ahead.\u201d_ \u2013 **Chairman James,\nThe Yurok Tribe**\n\n_\u201cThe Scoping Plan contains many ambitious goals that will create major\nbenefits for California and the world if we succeed in reaching them. But\nuntil we take action, it is just a report. It is our job as an advocacy\ncommunity to turn seemingly impossible goals into realities and to prevent\noutcomes that continue the legacy of environmental racism at the hands of\npolluting fossil fuel companies. NextGen stands ready to work with the State\nto build a California that we can all be proud of.\u201d_ \u2013 **David Weiskopf,\nSenior Policy Advisor, NextGen Policy**\n\n_\u201cWe have an urgent call to action and unless we act decisively, many of our\ncommunities will continue to experience severe impacts of a worsening climate.\nWe know smart land management across California is essential to every region\nin the state. To advance a healthier and thriving California, we must double\ndown on our efforts to accelerate nature-based climate solutions that increase\naccess to nature and protect our public health. The Trust for Public Land, in\npartnership with the State of California, is ready to advance and deliver on\nthis agenda.\u201d_ \u2013 **Juan Altamirano, Director of Government Affairs, Trust for\nPublic Land**\n\n_\u201cThe California Hydrogen Coalition supports the Scoping Plan\u2019s bold framework\nof action that is inclusive of clean and renewable hydrogen. Paired with\nGovernor Newsom\u2019s and the Legislature\u2019s creation of ARCHES to leverage federal\nfunding opportunities, the Scoping Plan supports hydrogen as a mitigation tool\nfor short-lived but potent methane emissions and the management of biomass\nwithout combustion in addition to enabling deeper penetration of renewable\nelectricity by providing greater grid resiliency and reliability. Decarbonized\nand renewable hydrogen in fuel cells for zero-emission transportation,\ntransit, goods movement, industrial activities, and power will enable\nCalifornia to cost-effectively achieve carbon neutrality. We look forward to\nCARB adopting the Scoping Plan.\u201d_ \u2013 **Teresa Cooke, Executive Director,\nCalifornia Hydrogen Coalition**\n\n_\u201cNothing could be more important to community resilience, improved air\nquality, public health, and economic prosperity in the rural regions of the\nstate than the 2022 Scoping Plan proposal to conserve 30% of the California\u2019s\nnatural and working lands by 2030 and treat more than 2 million acres a year\nto reduce the risk of wildfire and capture carbon in our soils. This strategy\nwill drive innovation in rural regions and create thousands of good jobs in\nrural communities.\u201d_ \u2013 **Steve Frisch, President, Sierra Business Council**\n\n_\u201cThe landmark ambition of the Scoping Plan and 2022 legislative actions sets\nCalifornia on a course to build energy, transportation, and decarbonization\ninfrastructure that will rival the new deal in terms of scale. Ambition\ndemands action \u2013 CCEEB\u2019s membership is ready to build the necessary\ninfrastructure to achieve our shared climate goals. We will work diligently\nwith the Governor, Legislature, local governments, and CARB to permit and\nbuild a carbon neutral future for all Californians with strong economic and\nlabor protections that support a thriving middle class.\u201d_ \u2013 **Tim Carmichael,\nPresident and CEO, California Council for Environmental and Economic Balance\n(CCEEB)**\n\n_\u201cThe Los Angeles Business Council commends CARB for crafting a Scoping Plan\nthat will allow the state to meet its necessary climate targets, while\ncreating clear guidelines for industry to follow. The Scoping Plan lays out a\ncrucial roadmap to achieve carbon neutrality by 2045 and 100% zero emission\nvehicle sales by 2035 that are critical to climate, public health, and\neconomic goals. California has proven time and time again that science-based\npublic policy can and will reduce the adverse impacts of climate change,\nimprove health outcomes for Californians, and spur in-state investment and job\ncreation that has allowed California to be the number one clean energy job\ncreator in the nation.\u201d_ \u2013 **Mary Leslie, President, Los Angeles Business\nCouncil**\n\n_\u201cPG &E commends CARB for its robust public process to develop the Scoping\nPlan. It establishes the right framework to achieve the Governor\u2019s and the\nState\u2019s ambitious climate goals, while minimizing costs to customers. The Plan\nallows for a wide range of decarbonization strategies, and will help deliver\ncarbon neutrality through significant economy-wide emissions reductions and\ncarbon removal. It\u2019s aligned with PG&E\u2019s decarbonization strategy, and\nsupports the nation\u2019s clean energy strategy.\u201d _ \u2013 **Carla Peterman, Executive\nVice President of Corporate Affairs and Chief Sustainability Officer, PG &E **\n\n_\u201cBy recognizing the essential role of natural climate solutions in its\nScoping Plan update, California is again taking the lead in addressing climate\nchange. Working with nature acts to both reduce harmful emissions and promote\nadaptation, a necessity underscored at COP 27. California, with its highly\nproductive and biodiverse forests \u2013 which store vast amounts of carbon but\nalso are the state\u2019s water source and biodiversity treasure house \u2013 is\nuniquely poised to model new approaches to climate smart land management.\u201d_ \u2013\n**Laurie Wayburn, President, Pacific Forest Trust**\n\n_\u201cThe Scoping Plan reinforces the need to urgently increase tree canopy by 10%\nabove current levels as called for in AB 2251 in order to sequester carbon,\nreduce climate risks, support canopy equity, and protect public health and\nsafety in California\u2019s most vulnerable communities. TreePeople appreciates\nthis recognition of the critical role urban forestry plays in California\u2019s\nlandscape and stands ready to work with the state and partners across\nCalifornia to achieve these targets as a first step and elevate the role of\nall natural and working lands in the Scoping Plan.\u201d_ \u2013 **Cindy Montanez, Chief\nExecutive Officer, TreePeople**\n\n_\u201cCalifornia\u2019s path to achieving carbon neutrality by 2045 depends on strong\nstatewide action to decarbonize our homes and buildings through immediate and\ndirect cuts to pollution with policies developed in partnership with\nenvironmental justice communities. CARB\u2019s commitment in its Scoping Plan to\nachieving Governor\u2019s Newsom\u2019s goal of deploying six million heat pumps and\ncreating three million climate-ready homes by 2030, and seven million climate-\nready homes by 2035 is a significant step in the right direction. Overall, it\nis vital that California pursue strategies that will clean the air in front-\nline communities long over-burdened by pollution. We look forward to creating\na healthier, safer future for Californians by ensuring decarbonization\nstrategies are led by communities and prioritize high-road jobs.\u201d_ \u2013 **Jose\nTorres, California Director, Building Decarbonization Coalition**\n\n###  Website Publishing Information\n\nPowered by: CAWeb Publishing Service\n\n\u00a9 Copyright\n\n",
                "url": "https://www.gov.ca.gov/2022/11/16/california-releases-worlds-first-plan-to-achieve-net-zero-carbon-pollution/"
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            "summary": "Official California government website detailing the state's plan to achieve net-zero carbon pollution.",
            "url": "https://www.gov.ca.gov/2022/11/16/california-releases-worlds-first-plan-to-achieve-net-zero-carbon-pollution/"
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                    "source": "https://www.dovercorporation.com/sustainability/environmental/climate-change-risks-and-opportunities"
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                "page_content": "\n\n",
                "url": "https://www.dovercorporation.com/sustainability/environmental/climate-change-risks-and-opportunities"
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            "summary": "Official page detailing Dover Corporation's climate change risks and opportunities.",
            "url": "https://www.dovercorporation.com/sustainability/environmental/climate-change-risks-and-opportunities"
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                    "source": "https://www.cdp.net/en"
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                "page_content": "CDP pioneered climate disclosure at the turn of the millennium. Founded in the\nknowledge that **transparency drives action** , CDP convinced 35 forward-\nlooking investors to make a simple request to companies: disclose your\nemissions data so we can make smarter decisions.\n\nNow with **the world\u2019s largest, most comprehensive dataset on environmental\naction** , the insights that CDP holds empower investors, companies, cities,\nand national and regional governments **to make Earth-positive decisions** .\n\nIt\u2019s time to create **a world where people, planet and profit are truly\nbalanced** . Transparent disclosure holds the key and, now, CDP\u2019s role is more\nimportant than ever. So, we are stepping up our efforts to collect the data\nneeded to **surface new information** , enabling you to make Earth-positive\ndecisions to protect future generations.\n\n##  CDP's 25  th  Year\n\n25 years since CDP pioneered disclosure, seeing the change catalyzed by data\nfirst-hand, the number of investors backing CDP\u2019s annual request has ballooned\nto more than 700, representing **a quarter of all global institutional\nfinancial assets** .\n\nNow, companies representing **two-thirds of global market capitalization \u2013\nfrom 130 countries \u2013 disclose critical environmental data through CDP** .\nWithin two years **** of an investor request, **companies disclosing through\nCDP reduce their direct emissions by 7-10%** .\n\nHowever, compounding crises have left us at a crossroads. Awareness has\naccelerated, but emissions are still rising and nature is disappearing. Costs\nto the Earth will also cost us our economy. We already face US$38 trillion in\ndamages a year by 2050, [ with incomes to decline by almost 20%\n](https://www.pik-potsdam.de/en/news/latest-news/38-trillion-dollars-in-\ndamages-each-year-world-economy-already-committed-to-income-reduction-\nof-19-due-to-climate-change  ) .\n\n[ Why Disclose?  ](/en/disclose/why-disclose) [ Why use data?  ](/en/data)\n\n##  CDP highlights\n\n###  Turning Transparency to Action\n\nThe case for change: The Earth can\u2019t wait. Globally, we need to rapidly change\nthe path we are on to have any chance of reaching a net-zero, Earth-positive\nfuture.\n\n[ Take action  ](/en/brand-hub)\n\n###  Corporate Health Check 2025\n\nOur new annual report, in partnership with Oliver Wyman, quantifies how\neffectively large corporations are integrating Earth-positive decisions into\ntheir business models.\n\n[ Explore  ](https://www.cdp.net/en/insights/cdp-2025-corporate-health-check)\n\n###  Disclosure 2025\n\nTransparent disclosure. Actionable insights. Real impact. It\u2019s time to create\na world where people, planet and profit are truly balanced.\n\n[ Learn More  ](/en/disclosure-2025)\n\n###  Explore CDP's Insights\n\n\u00a9 2025 CDP Worldwide\n\nRegistered Charity no. 1122330\n\nVAT registration no: 923257921\n\nA company limited by guarantee registered in England no. 05013650\n\nCDP is [ Cyber Essentials Certified \u2013 click here to view certificate\n](https://assets.ctfassets.net/v7uy4j80khf8/alSF8auPseLDJzWgbaoEU/26bf3e7847c8ac2f89b013db1d70380c/Cyber_Essentials_Plus_Certificate_Feb_2025.pdf)\n.\n\n[ LinkedIn  ](https://uk.linkedin.com/company/cdp-worldwide) [ X\n](https://x.com/CDP) [ YouTube\n](https://www.youtube.com/channel/UCriW4gZMiuZsq51iLSRXdTQ)\n\n",
                "url": "https://www.cdp.net/en"
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            "reason": "This is the official website for CDP (Carbon Disclosure Project), a global non-profit that runs the world\u2019s environmental disclosure system. It is a primary source for information on corporate environmental impact.",
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            "search_query": "company 'Trafic' climate risk energy usage",
            "summary": "Official website for CDP (Carbon Disclosure Project), a global non-profit that runs the world\u2019s environmental disclosure system.",
            "url": "https://www.cdp.net/en"
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                    "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                },
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   * [ Investing In American Jobs ](/suppliers/investing-in-american-jobs)\n    * [ Sam's Club Suppliers ](/suppliers/sams-club-suppliers)\n    * [ Walmart Growth Summits ](/suppliers/walmart-growth-summit)\n  * [ Careers ](/careers)\n  * [ Ask Walmart ](/askwalmart)\n\n[ ESG  ](https://corporate.walmart.com/esgreport)\n\n[ Home ](/)\n\n[ Purpose ](/purpose)\n\n[ ESG Reporting ](/purpose/esgreport)\n\nEnvironmental\n\n#  Climate Change\n\n**SASB:** CG-MR-130a.1, CG-EC-410a.2; FB-FR-110b.1  \n**GRI:** 3-3, 201-2, 302-1, 302-4, 305-1, 305-2, 305-3, 305-4, 305-5\n\n**TCFD:** [ See table ](/content/corporate/en_us/purpose/esgreport/reporting-\ndata/tcfd.html)\n\n**UN SDGs:** 7, 11, 13\n\nE\n\n  \n\n_Published: Dec. 18, 2024_ __\n\n####  At a Glance\n\n  * As of the end of 2023, our operational emissions (Scopes 1 & 2) have decreased 19.3% relative to our 2015 baseline, while carbon intensity has declined by 45% in the same period.  3  However, in 2023, our annual year-over-year emissions increased 3.9% due to business growth and other factors. \n  * While we continue to work towards our aspirational goal of zero emissions by 2040, progress will not be linear; our trajectory and challenges related to energy policy, infrastructure and the availability of cost-effective low-carbon technologies will likely delay achievement of our interim 2025 and 2030 targets. \n  * We continue to expand our onsite and offsite renewable energy portfolio, with 48% of our global electricity needs supplied by renewable sources in 2023  2  \u2014in line with targets. \n  * We achieved our Project Gigaton goal six years early, with suppliers reporting projects that are expected to exceed 1 billion metric tons of cumulative emissions reduced, avoided, or sequestered in global value chains by 2030.  6  We continue to prioritize reductions in value chain emissions, including through the continuation of Project Gigaton. \n  * While we continue to work towards our goals, progress depends on many factors outside our control, including public policy, emergence and cost-effectiveness of low carbon technologies, and broad sectoral transitions in energy systems, transportation, materials, and agriculture. \n\n* Key Goals & Metrics \n* Relevance to Our Business and Society \n* Walmart's Approach \n* Key Strategies and Progress \n* Challenges \n\nClick Here To Navigate\n\nClose Navigation\n\nMain Navigation\n\nPage Navigation\n\nKey Goals & Metrics\n\nRelevance to Our Business and Society\n\nWalmart's Approach\n\nKey Strategies and Progress\n\nChallenges\n\nWe seek to strengthen the resilience of our business against the effects of\nclimate change while pursuing science-based targets for emissions reduction \u2013\nincluding our goal of achieving zero emissions in our operations by 2040 \u2013 and\ncatalyzing climate action across retail value chains through advocacy,\nsupplier engagement, philanthropy, and innovation.\n\nKey Goals & Metrics\n\n**Goal: Achieve zero emissions across global operations by 2040 (Scopes 1 &\n2): **  \n\n  * Sub-goal: Reduce absolute global Scope 1 & 2 greenhouse gas (GHG) emissions 35% by 2025 and 65% by 2030 from 2015 base year  1 \n  * Sub-goal: Power 50% of our global operations with renewable sources of energy  2  by 2025 and 100% by 2035 \n\n  \n---  \n  \n#####  Metric\n\n|\n\n#####  CY2021\n\n|\n\n#####  CY2022\n\n|\n\n#####  CY2023  \n  \nAnnual Scopes 1 & 2 GHG emissions (million metric tons carbon dioxide\nequivalent \u2013 MMT CO2e)  3  \n|  Total: 14.49  \nScope 1: 7.38  \nScope 2 (market-based): 7.11  \n|  Total: 14.49  \nScope 1: 7.76  \nScope 2 (market-based): 6.73  \n|  Total: 15.06  \nScope 1: 8.11  \nScope 2 (market-based): 6.95  \nPercent change in annual Scopes 1 & 2 emissions (vs 2015 baseline)  4  \n|  -23.0%  \n|  -22.3%  \n|  -19.3%  \nPercent change in annual Scopes 1 & 2 emissions (vs previous year)  4  |  -4.6%   \n|  +0.9%  \n|  +3.9%  \nEstimated percentage of global electricity needs supplied by renewable sources  5  |  46%   \n|  47%  \n|  48%  \n**Goal (achieved): Reduce, avoid, or sequester one billion metric tons (MT) of\nCO2e emissions in the global value chain by 2030 (Project Gigaton)** 6,7  \n  \n#####  Metric\n\n|\n\n#####  FY2022\n\n|\n\n#####  FY2023\n\n|\n\n#####  FY2024  8  \n  \nExpected reduced, avoided, or sequestered CO2e emissions by 2030 as reported by suppliers (cumulatively since CY2017)  |  >574 MMT  |  >750 MMT  |  1 billion MT   \nExpected reduced, avoided, or sequestered emissions as reported by suppliers in reporting year  |  >158 MMT  |  >175 MMT  |  >250 MMT   \nNumber of suppliers reporting  |  >2,500  |  >3,000  |  >3,500   \nPercentage of U.S. product net sales dollars represented by reporting suppliers  9  |  72%  |  74%  |  77%   \n  \nBack to Top\n\nRelevance to Our Business and Society\n\nAs an omni-channel retailer with operations in 19 countries, a global supply\nchain, and hundreds of millions of customers worldwide, a strong climate\nstrategy can help us manage risks associated with climate change, strengthen\nthe resilience of our business, and create competitive advantage. Our reach\nand relationships provide an opportunity to lead through reducing our\noperational emissions, supporting decarbonization of value chains, and\nexpanding access to clean energy.\n\nBack to Top\n\nWalmart's Approach\n\nOur approach includes:\n\n  \n\n  * **Governing** our climate strategy through management, executive leadership, and Board committee oversight \n  * **Assessing** physical and transition climate risk \n  * **Mitigating emissions** in our operations and supporting decarbonization of our value chain \n  * **Adapting our business** to enhance resilience to climate-related risk \n  * **Advocating** for 1.5  o  -C-aligned public policy \n  * **Transparently reporting** on our progress and challenges ****\n\nBack to Top\n\nKey Strategies and Progress\n\n###  In this section:  \n\n  * Governance \n  * Climate Risk Assessment \n  * Emissions Mitigation Strategy \n  * Adaptation \n  * Advocacy \n  * Reporting \n\n###  Governance\n\n  \n\n####  Board Committee **** Oversight\n\nBy [ charter\n](https://s201.q4cdn.com/262069030/files/doc_governance/CommitteeCharters/2023/04/legal-10614502-v1-wmt_ngc_charter_4_11_23.pdf)\n, the Nominating and Governance Committee (NGC) of the Walmart Inc. Board of\nDirectors (Board) reviews and advises management regarding the Company\u2019s\nsustainability initiatives, including those related to climate change. For\nadditional information, read our board-approved [ Statement on Climate Policy\n](https://corporate.walmart.com/policies#climate-policy) .\n\n  \n\n####  Management and Executive Leadership Oversight\n\nWalmart\u2019s corporate sustainability team leads the development of our climate\nstrategy, working with a cross-functional team across our business to ensure\nit is embedded in relevant business strategies (e.g., operations,\nmerchandising, real estate, energy transformation, finance, public policy).\n\nBack to Top  |  Back to Key Strategies and Progress \n\n###  Climate Risk Assessment\n\n  \n\nTo help inform our climate strategy, we periodically conduct a scenario-based\nclimate risk assessment (first completed in 2017, updated in 2020).\n\n  \n\nIn 2020, to assess physical risk, we used Representative Concentration Pathway\n(RCP) 8.5 and analyzed the impact of five associated climate effects (flood,\nheat, drought, extreme precipitation, and extreme winds) across five key\ngeographies (Canada, China, India, Mexico, and the United States) for 2030 and\n2050. We quantitatively evaluated the direct impacts of climate change on our\noperations (e.g., heating and cooling costs, damage), product supply chain\n(e.g., production and distribution disruption), and communities (e.g.,\ndisplacement, health, financial wellbeing). We also assessed transition risks\n(e.g., potential regulation/legislation, technology advancement, carbon\npricing, legal risk, market trends, reputation). For additional details, see [\n2020 Climate Risk Assessment\n](/content/dam/corporate/documents/esgreport/environmental/climate-\nchange/Climate-Change-Risk%20Assessment.pdf) .\n\n####  Key Findings\n\nUnder the modeled scenario:\n\n  \n\n**Operational impacts:** Our facilities could be affected by severe weather\nevents (e.g., flooding, extreme storms). Heating/cooling costs could also\npotentially increase in two-thirds of Walmart locations by 2030, and 80% of\nlocations by 2050.\n\n**  \nProduct supply chain impacts:  ** By 2050, climate change\u2019s impact on weather\npatterns is likely to affect production, distribution, and (in some cases) the\nviability of food and other consumer products, with some commodities (e.g.,\ncoffee, cocoa, and cotton) potentially facing significant challenges, while\nothers (e.g., animal feed, milk, and rice) potentially remaining largely\nunaffected. __\n\n  \n\n**Community impacts:** By 2050, ~50% of communities currently served by\nWalmart U.S. facilities could face significant, long-term disruption,\nincluding significant increases in household power costs.\n\n  \n\nPotential transition risks include:\n\n  \n\n  * Increased capital expenditures driven by legislation/regulation (e.g., adjustments to carbon pricing, energy/water efficiency standards), market forces (e.g., refrigerant pricing affected by supply volumes), and compliance (e.g., associated with lack of consistent national standards) \n  * Product mix shifts driven by changing consumer demands (e.g., gasoline/motor oil due to EV adoption) \n  * Asset depreciation driven by technology innovation (e.g., EV chargers underutilized if hydrogen becomes dominant for passenger vehicles). \n\n  \n\n####  Regular Monitoring of Climate-related Risks and Opportunities\n\nManagement is responsible for the annual Enterprise Risk Management (ERM)\nprocess and the day-to-day management of risks, including considering risks in\ncategories which include, but are not limited to: strategic; reputational;\nfinancial; legal, regulatory and compliance; and operational risks, including\nthe long-term impacts of climate change. The outputs of this process are\nshared with Walmart\u2019s Governance and Risk Committee and with the Audit\nCommittee of the Board. Relevant business segments also consider climate-\nrelated issues as part of their annual strategic and operating plan\ndevelopment.\n\n  \n\nWe also monitor for climate-related opportunities. For example, the [\nInflation Reduction Act\n](https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf)\n__ incentivized economy-wide action to prioritize the commercialization of\nclean energy and transportation technologies, the [ Infrastructure Investment\nand Jobs Act ](https://www.whitehouse.gov/briefing-room/statements-\nreleases/2021/08/02/updated-fact-sheet-bipartisan-infrastructure-investment-\nand-jobs-act/) helped enable the expansion of renewables and clean energy\n(including EV charging capacity), and the growth in electric vehicle ownership\nhas built and supported numerous businesses across multiple industries\n(including an opportunity to [ expand our EV charging network\n](https://corporate.walmart.com/news/2023/04/06/leading-the-charge-walmart-\nannounces-plan-to-expand-electric-vehicle-charging-network) to serve existing\ncustomers and draw in new ones).\n\nBack to Top  |  Back to Key Strategies and Progress \n\n###  Emissions Mitigation Strategy\n\nOur emissions mitigation strategy includes working towards zero operational\nemissions (GHG Protocol Scopes 1 & 2) and engaging suppliers and other\nstakeholders to reduce emissions in our product value chain (GHG Protocol\nScope 3).\n\n####  Operational Emissions (GHG Protocol Scopes 1 & 2)\n\nIn retail, operational emissions include emissions from onsite refrigeration,\ntransport fuels, stationary fuels (all considered \"Scope 1\") and from\nelectricity (\"Scope 2\").\n\n  \n\nWalmart\u2019s annual year-over-year operational emissions (Scopes 1 & 2) rose by\n3.91%  4  in 2023, while emissions intensity continued to decline, dropping 2%\nyear-over-year.  3,4  Scope 1 emissions rose by 4.6% and Scope 2 (market-\nbased) emissions rose by 3.1%, primarily due to:\n\n  \n\n  * Usage of aging, high-emitting refrigeration equipment \n  * Transportation-related emissions in the U.S., including shifting certain routes from third parties to Walmart and a growing fleet \n  * Renewable energy expansion slowing relative to business growth \n\n  \n\nAs a result, 2023 Scope 1 & 2 emissions are 19.3% lower than our 2015\nbaseline, while emissions intensity has dropped 45% over the same period\n(meaning dollar for dollar, our business is roughly half as emissions\nintensive as it was in FY2016).\n\n  \n\nWhile we continue to work toward our aspirational target of zero operational\nemissions by 2040, progress will not be linear\u2014both cumulatively and by key\nemissions source\u2014and depends not only on our own initiatives but also on\nfactors beyond our control. These factors include energy policy and\ninfrastructure in Walmart markets around the world, availability of more cost-\neffective low-GWP refrigeration and HVAC solutions, and timely emergence of\ncost-effective technologies for low-carbon heavy tractor transportation (which\ndoes not appear likely until the 2030s).\n\n  \n\nWhile we cannot predict the future, we anticipate challenges related to these\nfactors will delay achievement of our interim emissions reduction targets (35%\nreduction in emissions by 2025; 65% reduction by 2030). We will continue to\nreport progress and in 2025 will consider revising our targets based on the\nbest available information and assumptions at that time.\n\n#####  Walmart\u2019s CY2023 Operational Emissions (MMT CO  2  e)  [ 3 ](endnotes)\n\nMillion metric tons (MMT) CO  2  e\n\nScope 1:\n\n8.11 MMT*\n\nStationary Fuel\n\n19.2%\n\nTransport Fuel\n\n24.9%\n\nOnsite Refrigerants\n\n54.6%\n\nScope 2:\n\n6.95 MMT\n\nElectricity\n\n100%\n\n*Mobile refrigerants make up **1.3%** of Scope 1 emissions \n\n#####  Annual GHG Emissions (unadjusted)  3\n\n#####  Emissions Intensity (MT CO  2  e per $M revenue, unadjusted)  3,8\n\nThe five primary workstreams in our operational emissions reduction strategy\nare:\n\n  \n\n####  Renewable Energy\n\nEmissions from purchased electricity accounts for 100% of our Scope 2\nemissions and 46% of our overall 2023 operational emissions. In support of our\nzero emissions aspiration, we aim to power 50% of our global operations with\nrenewable sources of energy by 2025 and 100% by 2035.\n\n  \n\n  * In 2023, 48% of our global electricity needs were supplied by renewable sources  2,5 \n  * In 2023, Walmart directly procured 30% of our global electricity needs through renewable energy contracts  10 \n\nAchievement of our renewable energy goal is heavily dependent on our ability\nto secure access to sufficient renewable energy capacity. While we have a\nrobust pipeline of projects in the U.S. and capital commitments that position\nus well to achieve reductions in line with our target timeframe in that\nmarket, several of our international businesses are challenged due to the\nlocal market and regulatory conditions. We continue to pursue strategies to\nunlock capacity in those countries but cannot predict with certainty whether\nand when we will be able to do so.\n\n  \n\nStrategies contributing toward Scope 2 emissions reductions include:\n\n  \n\n  * **Onsite & offsite generation: ** At our facilities, we aim to [ add 1 GW ](https://corporate.walmart.com/news/2024/01/09/powering-an-emissions-free-future-for-walmart-and-our-communities) of new clean energy capacity, including solar and storage, by the end of 2030, supplementing the ~600 on- and off-site projects in operation or under development as of the end of 2023. \n  * **Power Purchase Agreements (PPAs):** From FY2020-FY2023, we executed PPAs that enabled construction of over 2 GW of new projects, with plans to further accelerate renewable energy purchases in the United States. We continue to explore ways to accelerate our strategy internationally as well, including how to overcome limits on private investment in some markets. \n\n####  Energy Efficiency\n\nWe are prioritizing energy efficiency as our energy needs increase due to\nbusiness growth, facility automation, and electrification. Strategies include:\n\n  * **Real-time monitoring and optimization of industrial systems** using installed meters at thousands of our facilities globally (including most U.S. stores). \n  * **New and remodeled facilities:** designing and constructing new and remodeled facilities with more efficient lighting, HVAC, and refrigeration, as well as replacing and upgrading older equipment with more efficient technology. \n\n####  Transportation\n\nIn 2023, our fleet (transport fuel, mobile refrigerants) contributed 26% of\nour Scope 1 emissions (14% of overall operational emissions).\n\nWhile we have prioritized achieving zero emissions from our vehicles and\ntransportation network, we have also been transparent that meaningfully\naddressing transportation-related emissions would take many years. Indeed,\nrelevant technologies for the highest-emitting sources\u2014including Class 8\ntractors, refrigerated trailers, and yard trucks\u2014are nascent. Additionally,\nour U.S. truck fleet has grown as our business grows and the number of U.S.\nfleet miles driven have grown as we brought certain third-party routes in\nhouse. These increases contributed to a 10% increase in our transportation\nfuel emissions (2023 vs. 2022).\n\nWhile the nascent state of scalable technology will mean that transportation-\nrelated emissions are unlikely to decline over the next few years, Walmart is\n[ employing several strategies to make headway.\n](https://corporate.walmart.com/news/2022/06/08/zero-sum-how-walmart-\ntransportation-is-working-to-reduce-emissions-now-and-in-the-future)\n\n**Operationalizing new technologies:** We are testing and operationalizing\ninnovative technologies, including heavy-duty battery electric vehicles and\nhydrogen fuel cell vehicles. Examples include [ transitioning to liquid\nhydrogen operated forklifts\n](https://corporate.walmart.com/news/2022/06/08/zero-sum-how-walmart-\ntransportation-is-working-to-reduce-emissions-now-and-in-the-future) and\nopening the [ first industrial-scale renewable hydrogen plant in Latin America\n](https://corporate.walmart.com/news/2023/08/15/walmart-chile-to-create-first-\nindustrial-use-green-hydrogen-production-plant-in-latin-america) which aims to\npower our hydrogen-powered forklifts in Chile.\n\n  \n\n[ ](https://corporate.walmart.com/news/2022/06/08/zero-sum-how-walmart-\ntransportation-is-working-to-reduce-emissions-now-and-in-the-future)\n\n[ ](https://corporate.walmart.com/news/2022/06/08/zero-sum-how-walmart-\ntransportation-is-working-to-reduce-emissions-now-and-in-the-future)\n\n**Class 8 heavy-duty and yard truck innovations:** While [ truck fleet\nefficiency remains a focus\n](https://corporate.walmart.com/newsroom/2015/11/17/walmart-marks-fulfillment-\nof-key-global-responsibility-commitments#:~:text=Doubled%20fleet%20efficiency)\n, new technologies will play a role in decarbonizing long-haul/heavy-duty\nClass 8 tractors and yard trucks, including renewable diesel  11  , battery\nelectric, and hydrogen fuels. We support the development of these technologies\nthrough feasibility testing and working with manufacturers to ensure vehicle\ntechnology meets industry needs. Walmart is actively deploying and piloting\nthese technologies. For example, we currently utilize electric yard trucks at\nsome of our facilities, estimated to provide approximately 50% emissions\nreduction compared to diesel trucks.\n\n[ ](https://corporate.walmart.com/news/2023/04/06/leading-the-charge-walmart-\nannounces-plan-to-expand-electric-vehicle-charging-network)\n\nFor more on our approach to public policy supporting our zero emissions\ntransportation objective, read [ Responsible Engagement in Public Policy\n](/content/corporate/en_us/purpose/esgreport/governance/engagement-in-public-\npolicy) .\n\n####  Stationary Fuels\n\nIn 2023, stationary fuels\u2014including fossil fuels used for heating, cooling,\nand backup power\u2014contributed approximately 19% of our Scope 1 emissions (10%\nof our overall operational emissions). Emissions related to stationary fuel\nuse decreased 5% year-over-year between 2022 and 2023 (10% increase against\nour 2015 baseline , largely due to a drop in natural gas usage as compared to\n2022, when usage peaked as a result of unseasonably cold weather in the U.S.\n\n####  Onsite Refrigerants\n\nDelivering fresh and frozen food safely to millions of people in pleasant\nshopping environments requires refrigeration and air-cooling equipment that\nutilizes refrigerants. In 2023, onsite refrigerant emissions contributed\napproximately 55% of our Scope 1 emissions (29% of our total operational\nemissions). Between 2022 and 2023, global onsite refrigerant emissions\nincreased by 5.3%, primarily due to leaks from aging equipment in the U.S. and\nMexico. We seek to reduce refrigerant emissions in three ways:  \n  \n\n1\\. **Managing refrigerant gas leaks:** Refrigerant gas leaks are one of the\nprimary drivers for our operational emissions increase. We focus on reducing\nthese emissions by:\n\n    * Enhancing preventive maintenance (e.g., in 2024 we transitioned from preventive maintenance every three years, to all Walmart U.S. stores undergoing preventive maintenance review annually) \n    * Improving technician training (e.g., in 2024 we hired and brought in-house more than 600 HVAC/refrigeration technicians) \n    * Using machine learning for early leak detection, and to address leaks \n    * Implementing solutions for reuse (e.g., banking used gas for reuse to reduce virgin gas needs) \n\nWe have committed capital to replace aging equipment in the U.S. (see below)\nand anticipate curbing leaks as newer equipment is brought online.\n\n  \n  \n\n2\\. **Implementing low Global Warming Potential (GWP) systems:** Most of our\nfacilities still use higher-GWP systems prevalent at the time of initial\nconstruction. We have earmarked significant capex towards replacing aging U.S.\nrefrigeration equipment with lower-GWP alternatives (including ultra-low GWP\nsystems) and installing lower-GWP systems in new builds where commercially\navailable. As of May 2024, we operate 290 U.S. facilities that fully or\npartially utilize ultra-low GWP refrigerants including CO2, glycol, and\nammonia. Because we aim to tie our U.S. conversion schedule to equipment end-\nof-life and local commercial availability of new technologies, we expect\nsteady but uneven progress in the U.S. year-over-year.\n\n  \n  \n\n3\\. **Advocacy to support scaled adoption of low-GWP technology:** Walmart\nsupports policies that promote phasing out high-GWP refrigerants, including in\nconnection with the American Innovation and Manufacturing (AIM) Act.\n\nWhile we are focused on mitigating emissions associated with onsite\nrefrigerants\u2015including increasing the number of pilot projects approved and\ncapitalized\u2015these technologies will take time to mature and scale, and\nunforeseen events may occur. Additionally, we anticipate that deployment\nacross our business may fluctuate from year to year as our business grows and\ntransforms.\n\n  \n  \n\nWhile we are focused on mitigating emissions associated with onsite\nrefrigerants\u2015including increasing the number of pilot projects approved and\ncapitalized\u2015these technologies will take time to mature and scale, the\nrelevant market and regulatory environment may change, and unforeseen events\nmay occur. Additionally, we anticipate that deployment across our business may\nfluctuate from year to year as our business grows and transforms.\n\n2024\n\n#1 Retail  #4 National\n\n[ Read more \u00bb\n](https://urldefense.com/v3/__https://www.epa.gov/greenpower/green-power-\npartnership-top-30-retail__;!!IfjTnhH9!X9-oRhdkZQCdiNH-\nIjHEjfMX3vV2UFp8p0kxTXLKQalILke0oM6ayu8mJr0zr6P5f4uvEqA5LpMPvAEFZDzRtAI$)\n\nSolar Means Business 2024\n\n5th Overall  #3 On-site Generation\n\n[ Read more \u00bb\n](https://urldefense.com/v3/__https://www.solarmeansbusiness.com/__;!!IfjTnhH9!X9-oRhdkZQCdiNH-\nIjHEjfMX3vV2UFp8p0kxTXLKQalILke0oM6ayu8mJr0zr6P5f4uvEqA5LpMPvAEFGEJE-eQ$)\n\n2024\n\nHigh Performer  \nCarbon Award  \n\n[ Read more \u00bb\n](https://urldefense.com/v3/__https://www.epa.gov/smartway/smartway-high-\nperformers-truck-carriers-carbon-metrics__;!!IfjTnhH9!X9-oRhdkZQCdiNH-\nIjHEjfMX3vV2UFp8p0kxTXLKQalILke0oM6ayu8mJr0zr6P5f4uvEqA5LpMPvAEFg6QKNnE$)\n\n####  Clean Energy Investments\n\nBetween 2024 and the end of 2030, we aim to enable up to [ 10 GW of new clean\nenergy projects ](https://corporate.walmart.com/news/2024/01/09/powering-an-\nemissions-free-future-for-walmart-and-our-communities) through on- and off-\nsite projects, building on strategies that have helped us meet 30% of our\nelectricity needs through renewable energy contracts (as of 2023).\n\n  \n\nOur approach to new clean energy commitments is aimed at identifying high\nimpact, high quality projects that drive positive outcomes, including\nexpanding access to clean energy, driving new tax revenue for the communities\nwe serve, creating local jobs, and helping our customers, members and local\ncommunities/organizations reduce energy costs.\n\n  \n\nAs of March 2024, we have [ made commitments\n](https://corporate.walmart.com/news/2024/03/26/walmart-accelerates-clean-\nenergy-purchases-and-investments-with-nearly-1-gm-of-new-projects-across-the-\nus) that will enable the construction of nearly 1 GW of new clean energy\nprojects (e.g., community solar, renewable energy purchase agreements) across\nthe country.\n\n  \n\nFor a discussion on our public policy approach supporting renewable energy\nefforts, read [ Responsible Engagement in Public Policy\n](/content/corporate/en_us/purpose/esgreport/governance/engagement-in-public-\npolicy.html) .\n\n###  Indirect Emissions (GHG Protocol Scope 3)\n\nIndirect\u2014or Scope 3\u2014emissions come from activities upstream and downstream of\na retailer's direct operations, not owned or controlled by the retailer but\nindirectly influenced. Upstream emissions come from suppliers and production\nactivities such as raw material processing, energy used in manufacturing\nfacilities, agricultural emissions, and transportation. Downstream emissions\ncome from customer use of products, such as appliances (e.g., emissions from\nhousehold electricity) and food (e.g., off-gassing of disposed, uneaten food).\n\n  \n\nSignificant reduction in indirect emissions requires transformation of energy,\nmaterials, transportation, and food systems through the efforts of many across\nthe public sector, civil society, and the private sector. Such emissions are\nalso difficult to estimate (let alone measure) because of the extensive scope\nand complexity of supply chains across hundreds of thousands of items.\n\n  \n\nAlthough the emissions associated with the production and use of products are\nbeyond our direct control, Walmart has engaged suppliers in efforts to reduce\nemissions and enhance the resilience of product value chains since 2010. Value\nchain initiatives that reduce emissions can also deliver business benefits\nsuch as surety of supply, cost efficiencies, and new growth opportunities.\n\n  \n\n  * **2010:** Walmart set a target to eliminate an estimated 20 million metric tons of GHG emissions from our global supply chain and announced achievement of this target in 2015. \n  * **2016:** Walmart became the first retailer to set a Scope 3 target approved by the SBTi through our Project Gigaton, committing to engage suppliers to reduce, avoid, or sequester one billion metric tons of GHG emissions in their product value chains from 2015 to 2030. We announced achievement of this goal in February 2024. \n\nWalmart reports on Scope 3 emissions and activities in two distinct but\nrelated ways:\n\n  \n\n  * **Project Gigaton:** Walmart engages suppliers to pursue projects\u2014such as enhancing factory efficiency or reducing packaging\u2014that have a measurable reduction on GHG emissions. We report on the cumulative emissions impact of these projects (as reported by our suppliers) using science-based \u201ccalculators\u201d to estimate the emissions impact of each project. \n  * **Scope 3 Footprint:** A broad estimate of indirect emissions produced at every stage of production and consumption of the products we sell globally in a given year, using high-level category sales data and industry average emissions factors. We expect our Scope 3 footprint to be positively impacted as Walmart continues to engage our supply chain to address key sources of Scope 3 emissions, and secures additional, and in some cases more accurate, data from suppliers. \n\n  \n\nWhile many projects that produce a positive result under Project Gigaton can\nalso positively impact Walmart\u2019s Scope 3 footprint, data gaps and immature\nScope 3 footprint estimation methodologies mean that these efforts and results\ncannot be fully reconciled.  \n\n  \n\n####  Project Gigaton\n\nIn 2016, Walmart became the [ first retailer\n](https://sciencebasedtargets.org/blog/walmarts-science-based-target-a-game-\nchanger) to set a SBTi-approved target for emissions reduction, which included\na goal\u2014which we called Project Gigaton\u2014to help reduce, avoid, or sequester 1\nbillion metric tons (a gigaton) of CO2e in global product value chains by\n2030. To catalyze immediate, significant, and sustained effort toward this\ngoal, we worked with [ World Wildlife Fund ](https://www.worldwildlife.org/)\n(WWF), [ Environmental Defense Fund ](https://www.edf.org/) (EDF), and [ CDP\n](https://www.cdp.net/) to develop programs to engage suppliers, NGOs, and\nothers in reducing major concentrations of emissions in global value chains,\nincluding actions with a specific focus on energy, transportation, product\ndesign, waste, packaging, and nature.\n\n  \n\nIn February 2024 we celebrated the successful completion of our initial\nProject Gigaton goal more than **six years ahead of our target date** \u2013 [\nannouncing ](https://corporate.walmart.com/news/2024/02/21/walmart-suppliers-\nlead-the-charge-help-deliver-project-gigaton-goal-more-than-six-years-early)\nthat our suppliers have reported projects that are expected to exceed 1\nbillion metric tons of cumulative emissions reduced, avoided, or sequestered\nby 2030.\n\nAlthough we achieved our 1 billion metric tons goal  12  , we are continuing\nto engage suppliers under the Project Gigaton banner to further accelerate\nemissions reduction across the value chain in ways that are positive for our\ncustomers, suppliers, farmers and other producers, and communities.\n\n#####  Project Gigaton Progress  6,7,13,14  \n(MMT CO2e Emissions Reported Reduced, Avoided, or Sequestered (supplier\nreported))\n\nExpected cumulative emissions reduced, avoided or sequestered by supplier\nactions (MMT CO  2  e) by 2030\n\n#####  Project Gigaton Action Areas (FY2024)\n\nMillion Metric Tons (MMT) CO2e expected to be reduced, avoided or sequestered\nby action area by 2030\n\n#####  Purpose of Project Gigaton\n\nWe designed Project Gigaton to accelerate mitigation of emissions in product\nvalue chains, with a focus on addressable sources of emissions that contribute\nto Scope 3 emissions in retail. Design principles include: ****\n\n  \n\n  * **Immediate, relevant action:** The program encourages suppliers to take immediate, science-based actions focused on the most relevant sources of emissions in product value chains, such as energy sources or agricultural practices. \n  * **Making it easy for all suppliers:** The program is designed to accommodate suppliers who vary in their readiness and capability of undertaking intensive GHG reduction efforts. For example, in 2023, suppliers that participated in Project Gigaton had annual sales to Walmart that ranged from <$1 million to $15 billion in U.S. product net sales  6  . We provide support to build confidence and capability in mitigating emissions, from goal setting to action to reporting. \n  * **Industry-wide innovation** : By engaging and supporting suppliers around the world who span product categories, we aim to facilitate connections and spark the innovation needed to accelerate and expand emissions reduction and avoidance. \n\n#####  Project Gigaton Actions & Retail Scope 3 Emissions Categories  7\n\n*Million Metric Tons (MMT) CO  2  e expected to be reduced, avoided, or sequestered by Project Gigaton Action Area by 2030. \n\n#####  How Project Gigaton Works\n\nThrough Project Gigaton, Walmart encourages and supports suppliers to set\nemissions goals, take action, and report results on emissions reduction,\navoidance, and sequestration efforts in their value chains (which include, but\nmay go beyond, Walmart\u2019s chain). See Project Gigaton Pillars & Action table\nbelow for additional details. ****\n\n  \n\n  * **Setting Goals** : Project Gigaton encourages suppliers to set goals across six action areas (pillars) that are among the most critical for mitigating emissions in product supply chains and relevant to our suppliers\u2019 businesses: energy use, nature, waste, packaging, transportation, and product use and design. We worked with WWF and EDF to develop emissions \" [ calculators ](https://walmartsustainabilityhub.emissionscalculators.walmart.com/main/home/GSF/eng/energy) \" that suggest opportunities for emissions reduction, avoidance, and sequestration as well as help suppliers calculate the estimated emissions impact of their initiatives. \n  * **Taking Action:** We engage our suppliers to understand and design interventions to help mitigate emissions generally and in challenging and GHG-intensive product categories (e.g., beef, dairy, soy supply chains). Actions and interventions include: \n    * [ **Providing calculators** ](https://walmartsustainabilityhub.emissionscalculators.walmart.com/main/home/GSF/eng/energy) to help suppliers identify relevant opportunities to mitigate emissions \n    * [ **Setting product standards and requirements** ](https://corporate.walmart.com/esgreport/environmental/regeneration-of-natural-resources-forests-land-oceans) , including certification requirements \n    * **[ Hosting webinars and summits ](https://www.walmartsustainabilityhub.com/reporting/trainings-and-webinars) ** to provide training and share best practices \n    * **Offering programs to help accelerate impact** _,_ such as the [ Gigaton PPA ](https://corporate.walmart.com/news/2022/10/18/gigaton-ppa-walmart-rsted-and-schneider-electric-announce-first-cohort-for-renewable-energy-supply-chain-program) and [ Circular Connector ](https://walmartsustainabilityhub.emissionscalculators.walmart.com/main/innovations/packaging)\n    * **Providing tools and playbooks** , such as the [ Place Based Projects Map ](https://walmartsustainabilityhub.emissionscalculators.walmart.com/main/innovations/report)\n    * **Helping suppliers secure financial support** by [ working with CDP and HSBC ](https://corporate.walmart.com/newsroom/2021/12/08/walmart-creates-industry-first-by-introducing-science-based-targets-for-supply-chain-finance-program) to provide an early-payment program for qualified suppliers \n  * **Reporting and Recognition:** Walmart encourages suppliers to increase their engagement, [ publicly recognizing ](https://walmartsustainabilityhub.emissionscalculators.walmart.com/main/recognition) them with \"Sparking Change\" or \"Giga Guru\" status based on increasing levels of ambition in goal-setting and reporting. To further facilitate reporting and transparency, Walmart allows suppliers to leverage their CDP disclosures to report to Project Gigaton. \n\n#####  Pillar\n\n|\n\n#####  Relevance for GHG Reduction\n\n|\n\n#####  Supplier Actions Encouraged\n\n|\n\n#####  Examples Support  \n  \n---|---|---|---  \n**[ Energy ](https://www.walmartsustainabilityhub.com/climate/project-gigaton/energy) ** |  Energy generation and procurement is often a key source of a business\u2019s GHG emissions.  |  Avoid energy-related emissions by reducing energy demand through optimization and efficiency and transitioning to renewable energy sources.  | \n\n  * Calculators to understand impacts of specific changes on GHG emissions \n  * Tools/playbooks (e.g., Factory Energy Efficiency tool) \n  * [ Gigaton PPA ](https://corporate.walmart.com/news/2022/10/18/gigaton-ppa-walmart-rsted-and-schneider-electric-announce-first-cohort-for-renewable-energy-supply-chain-program)\n  * Advocacy and engagement in consortia (e.g., [ Better Buildings Alliance ](https://betterbuildingssolutioncenter.energy.gov/alliance) , [ Clean Energy Buyers Association ](https://cebuyers.org/) ) \n\n  \n**[ Nature ](https://www.walmartsustainabilityhub.com/climate/project-gigaton/nature) ** |  Scientists estimate that restoring, renewing and replenishing nature can provide one-third of the solution to climate change.  |  Help protect and restore forests, grasslands and seascapes; adopt sustainable agriculture practices such as cover crops and manure management.  | \n\n  * Calculators to understand impacts of specific changes on GHG emissions \n  * Product specifications and standards (e.g., Forest Policy, Pollinator Health Position) \n  * Best practice forums (e.g., Beef Summit, Row Crop Summit, Seafood Summit) \n  * Philanthropic investments (e.g., forest traceability/monitoring tools) \n\n  \n**[ Waste ](https://www.walmartsustainabilityhub.com/climate/project-gigaton/waste) ** |  Reducing and diverting waste can have a significant impact on GHG emission.  |  Address food, product, and material waste from factories, warehouses, distribution centers, and farms.  | \n\n  * Calculators to understand impacts of specific changes on GHG emissions \n  * Advocacy and engagement in consortia (e.g., \u201c [ 10x20x30 ](https://champions123.org/10-20-30) \u201d initiative, Consumer Goods Forum Food Waste Coalition) \n  * Philanthropic investments (e.g., WRI training and technical assistance on reducing food waste and loss, Closed Loop Infrastructure Fund) \n\n  \n**[ Packaging ](https://www.walmartsustainabilityhub.com/climate/project-gigaton/packaging) ** |  The creation of packaging generates emissions; reducing packaging and using more efficient materials can reduce emissions.  |  Reduce unnecessary packaging, use better packaging materials, and increase packaging reuse and recycling.  | \n\n  * Calculators to understand impacts of specific changes on GHG emissions \n  * Packaging standards and specifications \n  * Best practice forums (e.g., Packaging Innovation Summit) \n  * Tools and playbooks (e.g., [ Walmart Recycling Playbook ](https://www.walmartsustainabilityhub.com/content/dam/walmart-sustainability-hub/documents/project-gigaton/packaging/walmart-recycling-playbook.pdf) , [ Plastic IQ ](https://plasticiq.org/) ) \n  * Programs (e.g., Circular Connector) \n  * Advocacy and engagement in consortia (e.g., Consumer Goods Forum\u2019s Plastics Coalition, Polypropylene Recycling Coalition, Closed Loop Partners\u2019 [ Beyond the Bag ](https://www.closedlooppartners.com/beyond-the-bag/) ) \n\n  \n**[ Transportation ](https://www.walmartsustainabilityhub.com/climate/project-gigaton/transportation) ** |  Fossil-fuel powered vehicles produce GHG emissions during their operation and are typically a major source of value chain emissions.  |  Improve fleet efficiencies, optimize routes, and introduce zero-emission vehicles.  | \n\n  * Calculators to understand impacts of specific changes on GHG emissions \n  * Advocacy (e.g., collaboration with PepsiCo on [ public policy principles ](https://www.linkedin.com/pulse/heres-how-policy-can-design-reliable-resilient-zero-emissions-cortes/?trackingId=YuF%2BG2xNRg2KRiYu8JfmHQ%3D%3D) for zero-emission commercial transportation fleets) \n\n  \n**[ Product Use & Design ](https://www.walmartsustainabilityhub.com/project-gigaton/product-use) ** |  Customer use of energy-consuming products and care and disposal of sold products results in the generation of GHG emissions.  |  Design products to reduce emissions throughout the product lifecycle, from use of raw materials in manufacturing the product (e.g., incorporating recycled content) through consumer use (e.g., LED lightbulbs).  | \n\n  * Calculators to understand impacts of specific changes on GHG emissions \n  * Tools and playbooks (e.g., [ Sustainable Packaging Playbook ](https://www.walmartsustainabilityhub.com/content/dam/walmart-sustainability-hub/documents/project-gigaton/packaging/sustainable-packaging-playbook.pdf) , [ Golden Design Rules ](https://www.theconsumergoodsforum.com/press_releases/cgf-plastic-waste-coalition-launches-full-set-of-golden-design-rules-to-tackle-plastic-waste/) ) \n  * Advocacy and engagement in consortia (e.g., CGF principles on Extended Producer Responsibility) \n  * Philanthropic investments (e.g., Accelerating Circularity - reduce textile waste) \n\n  \n  \n####  Scope 3 Footprint\n\nWalmart has reported broad estimates of our Scope 3 emissions footprint since\n2017. Just as the GHG Protocol methodology continues to evolve, so too has our\nmethodology (and comprehensiveness in terms of market coverage and included\nGHG \u201ccategories\u201d).  15\n\n  \n\nOur 2022 and 2023 Scope 3 emissions footprint estimates are aligned with the\ncurrent [ GHG Protocol Corporate Accounting and Reporting Standard\n](http://www.ghgprotocol.org/corporate-standard) . The metric represents a\nvery broad, order-of-magnitude estimate, based on aggregate product category\nsales and publicly available emissions factors for the production and\nconsumption of our assortment, including (based on the accounting protocol),\nthe lifetime emissions of energy-using products based on the electricity grids\npowering customer households around the world.  21  Our 2022 and 2023 scope\nincludes Walmart markets that individually account for at least 5% of the\nScope 3 emissions footprint and the GHG Protocol categories most relevant for\na multi-category retailer: Category 1 (purchased goods and services), Category\n2 (capital goods), Category 11 (estimated cumulative emissions from use of\nsold products over the lifetime of the product), and Category 12 (end of life\ntreatment of sold products). Cumulatively, these four categories represent\n~95% of Walmart\u2019s global Scope 3 emissions.\n\n#####  Metric\n\n|\n\n#####  CY2022\n\n|\n\n#####  CY2023  \n  \n---|---|---  \nEstimated Scope 3 footprint (MMT CO  2  e)  17,18  |  587.6  |  618.9   \nScope 3 intensity (MMT CO  2  e / $B net sales)  19  |  0.97  |  0.96   \nScope 3 intensity change vs. 2022 baseline  |    \n|  -0.7%  \n  \nBuilding on the success of our Project Gigaton initiatives, we seek to reduce\nthe emissions intensity of our product assortment (Scope 3 CO  2  e per net\nsales dollar) through the following initiatives:\n\n  \n\n  * Engaging suppliers through the continuation of Project Gigaton (see above), through which suppliers pursue efforts to decarbonize their supply chains \n  * Advocating for the adoption of policies intended to reduce emissions, expand availability of clean, renewable energy, and scale innovations (see Operational Emissions (GHG Protocol Scope 1 & 2, and Advocacy) \n  * Defining commodity sourcing expectations to help reduce/eliminate deforestation and land conversion (see [ Regeneration of Natural Resources ](/content/corporate/en_us/purpose/esgreport/environmental/regeneration-of-natural-resources-forests-land-oceans.html) and our [ Forest Policy ](https://corporate.walmart.com/policies#forests-policy) ) \n  * Supporting innovations in product design and packaging (see [ Waste: Circular Economy ](content/corporate/en_us/purpose/esgreport/environmental/waste-circular-economy) ) \n  * Supporting industry supply chain innovation and traceability tools through Walmart and Walmart Foundation grants (see  [ Regeneration of Natural Resources ](/content/corporate/en_us/purpose/esgreport/environmental/regeneration-of-natural-resources-forests-land-oceans.html) ) \n  * Offering our customers an assortment of products and services that enable them to reduce energy usage and save money \n\n  \n\nWe expect that our Scope 3 footprint will vary year-to-year and that\ndemonstrated progress will lag actual changes because of measurement\nchallenges. Recognizing improvements to our Scope 3 profile will depend on:\n\n  \n\n  * Factors beyond our control, including changes in energy grids (e.g., emissions to produce electricity) in regions from where we source and where our customers live, availability of emissions data, agricultural production methods, transportation methods and technologies, waste handling infrastructure, customer purchasing decisions and use patterns, inflation or deflation, government policy, and supplier ability to make meaningful changes \n  * Composition of Walmart\u2019s net sales (e.g., changes in product category mix, growth in net sales from strategic initiatives) \n  * Emissions measurement methodologies, which are subject to change. Changes in the reported Scope 3 emissions footprint may lag changes in Walmart\u2019s actual value chain emissions because of measurement constraints. For example, the Scope 3 estimation relies largely on industry average emissions factors; estimates may improve as more suppliers provide reliable information about their production methods, item attributes, and/or emissions allocations for Walmart. \n  * Accounting measurement methodologies, which are subject to change. Changes to the GHG Protocol or other widely adopted accounting methodologies may also have a material effect on our reported footprint. \n\n  \n\nBack to Top  |  Back to Key Strategies and Progress \n\n###  Adaptation\n\n  \n\nOur climate strategy includes adapting our operations and sourcing to enhance\nresilience in the face of factors related to climate change, including\nwarming, drought, and extreme weather events.\n\n  \n\n####  Disaster Risk Scanning\n\nWalmart\u2019s Global Emergency Management (GEM) team, staffed by Walmart\nassociates with experience in law enforcement, meteorology, emergency\nmanagement, and resilience planning, uses data to identify, assess, and manage\nevents that could affect our operations, supply chain, or associates. For\nexample:\n\n  \n\n  * We gather information from government authorities regarding emergency declarations at the federal, state, county, and city levels and make the information available to our business to evaluate whether action is necessary. \n\n  * Using data from the National Hurricane Center and Weather Prediction Center, we assess risks from developing events\u2014such as hurricanes and ice storms\u2014several days in advance of impact so that we can build and implement plans for the areas we anticipate will be most impacted. \n\n  * We use data from previous events to anticipate customer and community needs, help us determine where we may need to direct necessary supplies and personnel, prepare associates in the field with knowledge about available resources, and help inform plans to maintain or quickly restore operations if similar situations arise in the future. \n\n  \n\nRead more: [ Disaster Preparedness & Response\n](https://corporate.walmart.com/purpose/esgreport/social/disaster-\npreparedness-response) .\n\n  \n\n####  Energy-Efficient Operations ****\n\nTo control energy expenses\u2015one of our top operating expenses\u2015while mitigating\nemissions, we have prioritized incorporating energy efficiency into new store\ndesigns and upgrading older equipment where economically feasible with higher-\nefficiency technology. We also use technology to monitor and optimize energy\nuse in our buildings.\n\n  \n\n####  Sourcing: Surety of Supply ****\n\n**Managing Day-to-Day Disruptions:** Our merchants and sourcing teams use a\nvariety of tools to manage volatility and surety of supply day-to-day. Our\nsourcing teams manage food commodity supply risks by building upstream\ncapacity, diversifying our sourcing regions, and exploring new technology and\ninnovation. For example, our merchants use predictive weather data to adjust\nproduct deployment and replenishment rates in the short term, as well as\nleverage historical data on sales performance and customer buying patterns to\ninform product assortment shifts over time. This helps ensure that as the\nclimate changes, we continue to offer the right products for our customers at\nthe right time.\n\n  \n\n**Country of Origin Strategies:** While most products we sell are sourced\nlocally, we depend on globally-sourced products to complete our assortment.\nWalmart's sourcing team, leveraging our climate risk assessment and other\ntools, works with merchants to build a more resilient supply chain. __\n\n  \n\n**Transforming Product Supply Chains for Long-Term Sustainability:** Because\nagricultural commodities can be especially susceptible to severe weather\nevents and to climate change, Walmart has prioritized strategic initiatives to\nenhance commodity supply chain sustainability and resilience. Walmart\u2019s\nefforts include setting sourcing requirements and product specifications for\nsuppliers, engaging suppliers in measurement and best practice sharing,\nsupporting industry collaboration, engaging our customers, public policy\nadvocacy, and philanthropy (see our [ Regeneration of Natural Resources\n](https://corporate.walmart.com/purpose/esgreport/environmental/regeneration-\nof-natural-resources-forests-land-oceans) brief for more detail).\n\nBack to Top  |  Back to Key Strategies and Progress \n\n###  Advocacy\n\n  \n\nWalmart\u2019s Board-approved [ Statement on Climate Policy\n](https://corporate.walmart.com/policies#climate-policy) frames our advocacy\napproach to climate change. To accelerate emissions reductions while\nsupporting business and economic growth, we advocate for a range of policies\n(e.g., clean-energy transportation innovation, technology-neutral approaches\nfor hard-to-decarbonize sectors and industries).\n\n  \n\nFor further discussion on our approach to advocacy, read [ Responsible\nEngagement in Public Policy\n](/content/corporate/en_us/purpose/esgreport/governance/engagement-in-public-\npolicy.html) and [ Key Trade Associations and Member Organizations\n](https://corporate.walmart.com/content/dam/corporate/documents/esgreport/governance/engagement-\nin-public-policy/2024-Key-Trade-Associations-and-Member-Organizations.pdf) .\n\nBack to Top  |  Back to Key Strategies and Progress \n\n###  Reporting\n\nWe believe transparency in reporting risks, opportunities, priorities,\nstrategies, progress, and challenges is important. We estimate our Scope 1, 2,\nand 3 GHG emissions in accordance with the GHG Protocol Corporate Accounting\nand Reporting Standard, have disclosed emissions and other climate\u2010related\ninformation since 2006, and provide regular updates through our ESG reporting.\nWe report annually to CDP, and make our most recent responses and third-party\nassurance statements  [ public\n](https://corporate.walmart.com/purpose/esgreport/reporting-data/cdp-response-\narchive) .\n\nView the\n\n[ Walmart Response Archive\n](https://corporate.walmart.com/purpose/esgreport/reporting-data/cdp-response-\narchive)\n\nBack to Top  |  Back to Key Strategies and Progress \n\nChallenges\n\n  * While Walmart can play a substantial role in its own business, supply chain and beyond, achieving the Intergovernmental Panel on Climate Change (IPCC) goal of reducing global GHG emissions to net-zero by 2050 requires action from all parts of society. Walmart\u2019s ability to reduce emissions is dependent on the collaboration, cooperation, and performance of third parties (including governments, civil society, and industry, as well as our own suppliers and customers). \n  * Factors beyond Walmart\u2019s control impact our ability to achieve climate-related targets and aspirations, including changes to energy grids in every region where we operate or source; our physical presence in geographic areas without available necessary technology, equipment, or capabilities; and weather patterns. \n  * Achieving our targets and/or aspirations will require innovation and technology that is not available or economically viable, or fully scalable today, including the evolution, accessibility, and/or adoption of renewable energy, lower-GWP refrigeration systems, vehicles powered by renewable sources of energy, and regenerative agricultural technologies. A critical mass of potential consumers of new technologies is a necessary precondition to their development, deployment, and scaling. \n  * The capital and operating costs of implementing projects will remain a challenge for the foreseeable future (e.g., transitioning to low-GWP refrigerants, vehicles powered by renewable sources of energy). Low market prices and volatility of the price of fossil fuels can influence the cost/benefit analyses. \n  * Walmart\u2019s business will continue to evolve and grow. This growth and changes in our strategies and/or model may require additional facilities, an expansion of our footprint, and/or inclusion of new sources of GHG emissions, which creates additional challenges for absolute emissions reduction targets. \n  * Several factors can make it challenging to estimate emissions, present a consistent view of progress over time, and/or achieve our targets, including: standards for target-setting and calculating GHG emissions are not settled and change from time to time (which may cause calculations to shift dramatically although no changes to underlying practices have taken place \u2015e.g., the recent introduction of forests, land, and agriculture and land use/removal standards); regulatory calculation and reporting standards may be introduced and may differ from commonly used voluntary standards; and emissions factors and industry averages used to calculate emissions may change and may lag, leading to updates and restatements. \n  * Public policies may not support actions aligned with Walmart's targets and aspirations, including by not encouraging the development and deployment of low-carbon or low-emissions technologies at scale and/or that negatively impact the supply or cost of renewable energy projects at scale. \n  * Uncertainties around mandatory climate-related disclosures and shifting stakeholder expectations towards greater action and commitment create tensions that are difficult to reconcile and may leave some stakeholders unsatisfied. \n\n1\\. In 2020, we raised our aspiration to reduce emissions in our operations\n(Scopes 1 & 2) by realigning our science-based target to a 1.5o-C-aligned\ntrajectory. Our goal is to achieve zero emissions across Walmart\u2019s global\noperations by 2040, reducing absolute Scope 1 & 2 GHG emissions 35% by 2025\nand 65% by 2030 from our 2015 base year (interim targets approved as science-\nbased and classified as 1.5\u00b0C-aligned by the SBTi. We anticipate achieving our\nnear- and mid-term emissions reduction targets later than our 2025 and 2030\ntarget dates while working to achieve our 2040 zero emissions aspiration, as\nfurther discussed in this brief.\n\n  \n\n2\\. As used herein, \u201crenewable sources of energy\u201d means renewable sources of\n_electricity_ and is not intended to cover other sources of energy.\n\n  \n\n3\\. Annual Scope 1 & 2 GHG emissions and carbon intensity metrics are updated\nfrom time to time in this Climate Change brief to account for changes in\nemission factors or the availability of more accurate activity data. Our\nemissions footprint in CO2e and carbon intensity per revenue are calculated to\ninclude emissions for our operations for the period which we owned the\noperations in the reporting year. This may result in updated emissions\nreported in this Climate Change brief not corresponding to results reported to\nCDP for our annual Climate Change questionnaire. We engage Lucideon CICS to\nindependently verify Walmart\u2019s reported Scope 1 & 2 emissions as reported to\nCDP annually, pursuant to ISO 14064-3 (the international standard for\nverification of Greenhouse Gas inventories). We follow Walmart\u2019s Greenhouse\nGas Inventory Methodology in calculating our greenhouse gas (GHG) emissions,\nwhich is consistent with the principles and guidance of the World Resources\nInstitute and the World Business Council for Sustainable Development\u2019s\nGreenhouse Gas Protocol Initiative (the \u201cGHG Protocol\u201d) for corporate GHG\naccounting and reporting. We also define Scope 1, 2, and 3 emissions as per\nGHG Protocol guidance.\n\n  \n\n4\\. To account for structural changes in our business, we strive to adjust our\nemission reduction progress on Scope 1 & 2 emissions to add or subtract\nemissions for entities acquired or divested in the year the acquisition or\ndivestiture took place, including adjusting for previous years (including the\nbaseline year).\n\n  \n5\\. This includes generation from active renewable and low-carbon projects. It\nconsiders the combined contribution of power generated from on-site and off-\nsite projects as well as renewable energy generation feeding into the grids\nwhere our sites are located. The electricity procured from our renewable\nenergy projects and the most recent grid fuel mix information obtained from\nthe International Energy Agency for the regions where we operate. The CY2021\nestimate does not include energy data for our Flipkart business. We believe\nexcluding CY2021 Flipkart data will have a negligible impact on our estimate.\n\n  \n\n6\\. Calculated in accordance with Walmart\u2019s Project Gigaton Accounting\nMethodology, available on the Walmart Sustainability Hub. This result includes\nemissions that may only be avoided, reduced, or sequestered after FY2024. In\naccordance with Walmart\u2019s Project Gigaton Accounting Methodology, the\nemissions impact of projects and initiatives with an estimated lifespan of\nmore than one year are accounted for in the year they are reported, up to and\nincluding anticipated emissions impacts in 2030.\n\n  \n7\\. Because Walmart does not restrict suppliers to reporting only on emissions\navoidance and reduction efforts that are attributable to the suppliers\u2019\nbusiness with Walmart, actions taken and reported through Project Gigaton\ncannot be used to measure Walmart\u2019s Scope 3 emissions, either absolutely or in\nyear-over-year reductions.\n\n  \n\n8\\. Walmart fiscal years run from February 1 to January 31 and are denoted by\n\u201cFY\u201d in our reporting (e.g., FY2023 is the fiscal year ending January 31,\n2023). Calendar years are noted in four-digit format or by \u201cCY\u201d.\n\n  \n\n9\\. The U.S. product net sales used for the calculation includes Walmart U.S.\nand Sam\u2019s Club product net sales for the four preceding quarters prior to\nsurvey reporting window (Q3 through Q2). The percentage represents U.S.\nproduct net sales of suppliers that reported to Project Gigaton in the\nreporting year versus all U.S. product net sales. The calculation excludes\nWalmart International segment product net sales from the calculation.\nReporting suppliers represents suppliers who have answered one or more of the\nquestions in Project Gigaton in the reporting year.\n\n  \n\n10\\. Calculated in accordance with the [ RE100 technical criteria\n](https://www.there100.org/technical-guidance) . RE100 defines renewable\nelectricity consumption as the ability to make unique claims on the use of\nrenewable electricity generation and its attributes.\n\n  \n\n11\\. For further information, visit the U.S. Department of Energy\u2019s [\nAlternative Fuels Data Center ](https://afdc.energy.gov/fuels/renewable-\ndiesel)\n\n  \n\n12\\. Alongside our Project Gigaton 1 billion metric ton goal, in [ 2018\n](https://corporate.walmart.com/news/2018/03/29/walmart-commits-to-reduce-\nemissions-by-50-million-metric-tons-in-china) , Walmart set a sub-goal to\nreduce emissions by 50 MMT in our China value chain. In February 2024, we [\nannounced ](https://corporate.walmart.com/news/2024/02/21/walmart-suppliers-\nlead-the-charge-help-deliver-project-gigaton-goal-more-than-six-years-early)\nthat our suppliers have reported projects that are expected to exceed 1\nbillion metric tons of cumulative emissions reduced, avoided, or sequestered\nby 2030. We retired our China sub-goal upon achievement of our primary Project\nGigaton goal to enable a refocus of effort and attention on our Scope 3\nfootprint and work plan going forward.\n\n  \n\n13\\. Sum of single year reported emissions may not add up to cumulative\nreported emissions due to rounding.\n\n  \n\n14\\. WWF and EDF review select suppliers' submissions.\n\n  \n\n15\\. We caution against comparing year-over-year Scope 3 footprints from\n2017-2021, as the scope and methodology used to estimate those footprints has\nevolved. Scope 3 footprints beginning in 2022 allow for greater comparison, as\nthe methodology is consistent and includes the same GHG Protocol categories\n(1, 2, 11, and 12).\n\n  \n\n16\\. For additional information on the complexity of Scope 3 measurement,\naccounting and reporting challenges, please see [ Retailers\u2019 climate road map:\nCharting paths to decarbonized value chains\n](https://www.mckinsey.com/capabilities/sustainability/our-insights/retailers-\nclimate-road-map-charting-paths-to-decarbonized-value-chains)\n\n17\\. Estimated Scope 3 emissions for GHG Protocol Categories 1, 2, 11, and 12\ninclude key markets and represents >90% of Walmart\u2019s comprehensive Scope 3\nfootprint. Key markets include U.S., Mexico, India (Flipkart), Canada and\nChina.\n\n  \n\n18\\. Changes in disclosure regulations, carbon accounting methodologies (e.g.,\nGHG Protocol) and data availability may impact our footprint and progress\ntowards our target. GHG Protocol Category 11 includes the total lifetime\nemissions from products sold in the reporting year, not just the emissions\nfrom their use in that year.\n\n  \n\n19\\. Scope 3 carbon intensity (reported Scope 3 MMT CO2e emissions per $B net\nsales for Walmart Inc.) calculation is based on calendar year emissions\n(January 1-December 31) and normalized by total annual net sales as measured\nby Walmart\u2019s fiscal year (February 1-January 31).\n\nRead More:\n\n  * [ CDP Response Archive ](/content/corporate/en_us/purpose/esgreport/reporting-data/cdp-response-archive.html)\n  * Board-approved [ Climate Policy ](https://corporate.walmart.com/policies#climate-policy)\n  * [ Environmental Sustainability Statement ](https://corporate.walmart.com/policies#environmental-sustainability-statement)\n  * [ Project Gigaton ](https://www.walmartsustainabilityhub.com/project-gigaton) overview \n  * [ 2020 Climate Risk Assessment ](/content/dam/corporate/documents/esgreport/environmental/climate-change/Climate-Change-Risk%20Assessment.pdf)\n  * [ Retailers\u2019 climate road map: Charting paths to decarbonized value chains ](https://www.mckinsey.com/capabilities/sustainability/our-insights/retailers-climate-road-map-charting-paths-to-decarbonized-value-chains) (McKinsey) \n\nBack to Top\n\n#f2f2f2\n\n[ ](/)\n\nStock pricing delayed by 20 minutes.  \n\n\u00a9 2025 Walmart Inc. All Rights Reserved.  \n\n",
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                "page_content": "#  Environment & Climate Change\n\nAt Chubb, we recognize our responsibility to provide solutions that help\nclients manage environmental risks, to reduce our own environmental impact and\nto make meaningful contributions to environmental causes.\n\n##  Corporate citizenship\n\nAt Chubb, good corporate citizenship lies at our core \u2014 how we practice our\ncraft of insurance, how we work together to serve our customers, how we treat\neach other, and how we work to help make a better world for our communities\nand our planet.\n\n  * **Recognizing and responding** to the reality of climate change across our businesses \n  * **Managing environmental risk** for our customers with innovative products and risk engineering solutions \n  * **Supporting environmental resiliency** projects throughout the world \n\n  * **Protecting biodiversity** and saving land through our philanthropy \n  * **Reducing the environmental footprint** of our own operations \n\n##  Chubb and climate change\n\nClimate change is a reality and its effects can be seen by an increased\nfrequency and severity of natural catastrophes. Climate change is contributing\nto higher sea surface temperatures, rising sea levels and increasing trend in\nextreme weather events, including floods, droughts, winter storms, heat waves,\nwildfires and hurricane intensity. Chubb\u2019s business involves providing clients\nwith insurance and reinsurance protection from the impact of natural\ncatastrophes, including weather events that are more frequent or severe. We\nrecognize that a changing climate affects everyone \u2014 customers, employees,\nshareholders, business partners and the communities we serve.\n\nStrategy\n\nChubb is an underwriting company, and the company strives to emphasize quality\nof underwriting rather than volume of business or market share. The company\u2019s\nunderwriting strategy is to manage risk by employing consistent, disciplined\npricing and risk selection. Underwriting discipline is at the heart of our\noperating philosophy. Chubb applies the same risk management rigor to its\nbroadly diversified fixed income portfolio as it does to the company\u2019s\nunderwriting practice. In addition, Chubb accounts for the potential impact of\ncatastrophe and climate risks on the company\u2019s own facilities and operations.\nDirect risk to Chubb\u2019s business operations exists to the extent that\nincreasingly frequent or severe weather events associated with climate change\noccur where Chubb has offices.\n\nGovernance\n\nAt Chubb, assessing and managing risk starts at the top, with senior\nmanagement. Risk management at Chubb is rigorous, with processes and\ngovernance to provide checks and balances. Chubb\u2019s global enterprise risk\nmanagement (ERM) framework \u2014 which encompasses climate risk \u2014 is embraced by\ncolleagues at all levels of the company, from the Chief Executive Officer\n(CEO) and Board of Directors, down to each business unit and function. It is\nbroadly multi\u2013disciplinary and one of its objectives is effective governance.\n\nRisk management\n\nThe potential impacts of climate change on the insurance industry are myriad\nand multivariate. These risks and opportunities fall broadly into three\ncategories: physical risks and opportunities; transition risks and\nopportunities; and liability risks and opportunities\n\n##  Policies and Reports\n\n[ Read the Chubb 2024 Sustainability Report\n](https://investors.chubb.com/Sustainability-Report-2024/ \"Read the Chubb 2024\nSustainability Report - Opens in new window\")\n\n[ Read Chubb\u2019s Corporate Climate Underwriting Criteria Summary\n](/content/dam/chubb-sites/chubb/about-\nchubb/citizenship/environment/pdf/chubb-corporate-climate-underwriting-\ncriteria-for-high-emitting-industries.pdf \"Read Chubb\u2019s Corporate Climate\nUnderwriting Criteria Summary - Opens in new window\")\n\n##  Metrics and Targets\n\nChubb measures and reports on climate risk in a number of different ways. A\nprimary objective of Chubb\u2019s environmental program is to measure, record and\nreduce greenhouse gas (GHG) emissions in the company\u2019s own operations.  \n\nAt the end of 2019, Chubb achieved the first of its two GHG emissions\nreduction goals. We reduced our GHG emissions by 22% off a 2016 baseline,\nexceeding our goal of reducing emissions 20% by 2025. As of year-end 2021,\nChubb also reached the second of its two goals by reducing our Scope 1 and\nScope 2 GHG emissions by 49% off a 2016 baseline. We accomplished this goal\nthrough a combination of real estate portfolio optimization, energy efficiency\nprojects and renewable electricity purchase.\n\n2024 GHG Emissions\n\n##  2024 GHG Emissions\n\nChubb\u2019s annual GHG inventory covers our Scope 1, Scope 2, and certain Scope 3\n(business travel) emissions. Chubb remains committed to identifying ways to\ncreate emissions reductions in the real economy and we continue to assess the\nappropriateness of setting further Scope 1 and 2 targets. Chubb seeks to avoid\nthe\n\npurchase of carbon offsets and to instead prioritize investments in\noperational efficiency and the purchase of renewable energy in every country\nwhere is it available for purchase and reasonably priced. The GHG emissions\ndata reported below covers fiscal year 2024. Chubb uses methodology based on\nthe World Resources Institute and the World Business Council for Sustainable\nDevelopment (WRI/WBCSD) GHG Protocol for data collection and analysis.\n\n##  Chubb 2024 Sustainability Report\n\nThe Chubb Corporate Environmental Program is now in its 19th year. Chubb\nremains committed to communicating important information about the company\u2019s\nenvironmental initiatives to our clients, shareholders, employees, business\npartners, the communities where we operate and others who have an interest in\nour company, our industry and the environment. Our Sustainability Report\noutlines the full scope of the company\u2019s environmental program and\ninitiatives.\n\n[ Download the report  ](https://investors.chubb.com/Sustainability-\nReport-2024/ \"Download the report - Opens in new window\")\n\n##  Environmental solutions\n\nChubb is committed to developing insurance products and risk management\nservices that facilitate market\u2013based solutions to current and pending\nenvironmental and climate-related issues. Today, Chubb is one of the largest\nand most advanced global underwriters of environmental liabilities and\npollution risk, with environmental risk units in North America, Europe, Asia\nand Latin America.\n\nOur advanced environmental insurance solutions include:\n\n  * Coverages for premises-based exposures \n  * Contractors\u2019 and project pollution liability \n  * Renewable energy \n  * Clean tech and environmental cleanup projects \n  * Green building consulting services \n  * Property policies for greener rebuilding after a loss \n\nChubb\u2019s role in mitigating supply chain and global operations risks through\nits risk engineering services helps organizations identify climate-related\nexposures and provides risk management expertise to help manage environmental\nchallenges caused by climate change.\n\n##  LEED projects\n\nChubb has implemented green building practices in many of our buildings. In a\nnumber of locations, we have pursued the U.S. Green Building Council\u2019s LEED\u00ae\n(Leadership in Energy & Environmental Design) certification. Green building\npractices help improve indoor air quality, address resource management and\nreduce building water and energy use.\n\nBoth of our largest office building locations in the U.S., Philadelphia and\nWhitehouse Station, N.J., are LEED\u2013certified Platinum and Gold, respectively.\nOur building in Bermuda is LEED\u2013certified Platinum. Many of our leased\nproperties around the world are also LEED\u2013certified, including among others\nParis (Platinum), Chicago (Gold), Quito (Silver) and New York (Silver). In\ntotal, 25 Chubb offices are in LEED\u2013certified buildings.\n\n##  Corporate Environmental Program goals\n\nThe Corporate Environmental Program has additional operational goals,\nincluding establishing a recycling program in each office and working toward\n100% adoption, globally discontinuing use of disposable plastic water bottles,\nremoving all disposable Styrofoam products, purchasing only sustainable copy\npaper, and reducing paper consumption year over year. A number of Chubb\u2019s\noffices, including some of our largest locations, have met these goals. Others\nare making progress on the journey to achieve them.\n\n##  Environmental philanthropy\n\nThe environment is a priority in Chubb\u2019s corporate philanthropy. Chubb\nsupports communities around the world in which we live and work through\nestablished philanthropic entities and company-sponsored volunteer\ninitiatives.\n\nGrants from Chubb\u2019s charitable foundations have helped preserve sensitive\nlands and habitats across the world, finance \u201cgreen\u201d business entrepreneurs,\nand support educational programs that promote a healthy and sustainable\nenvironment.\n\n[ Learn more about Chubb\u2019s environmental philanthropy\n](https://about.chubb.com/citizenship/philanthropy/environmental-\nphilanthropy.html \"Learn more about Chubb\u2019s environmental philanthropy\")\n\n##  Corporate Climate Underwriting Criteria\n\n[ Chubb\u2019s Corporate Climate Underwriting Criteria Summary\n](/content/dam/chubb-sites/chubb/about-\nchubb/citizenship/environment/pdf/chubb-corporate-climate-underwriting-\ncriteria-for-high-emitting-industries.pdf \"Chubb\u2019s Corporate Climate\nUnderwriting Criteria Summary - Opens in new window\")\n\nThrough Chubb\u2019s underwriting process, we have opportunities to promote good\nrisk management and the adoption of sound engineering practices by our\nclients. Our climate strategy seeks to deploy Chubb\u2019s fundamental areas of\nexpertise to address the high-emitting industries we insure. Our approach to\nthese industries involves conducting our own review of best practices, seeking\nguidance from non-governmental organization (NGO) partners, and engaging with\nour clients to develop perspectives on GHG emissions mitigation measures that\napply best engineering practices and relate to risk quality. As we develop\nunderwriting criteria, we will simultaneously offer our on-the-ground\nengineering expertise, working on-site with our clients to help deploy best\npractices and controls to reduce GHG emissions.\n\nWe applied this approach to the development of our underwriting criteria for\noil and gas, steel, and cement, and we are currently evaluating the potential\nevidence to support the development of criteria in other high-emitting\nindustries. We anticipate announcing criteria for additional high-emitting\nindustries over the course of 2025.\n\n##  Engaging our employees\n\nChubb has long engaged its employees in environmental efforts. Various offices\nhave had employee-led \u201cgreen teams\u201d for decades. However, in the interest of\ncoordinating globally and connecting employees across the company, on Earth\nDay 2019 we founded the Chubb Environmental Network (CEN).\n\nThe CEN is comprised of volunteer employees in offices around the world and\nacts as a resource that globally connects employees passionate about\nenvironmental sustainability. CEN\u2019s goals are to support Chubb\u2019s environmental\ngoals, set office-specific sustainability goals, and be thought leaders in\nChubb\u2019s role in responding to environmental challenges.\n\n##  Latest Stories\n\nEnvironment\n\nThe race to save a vital habitat\n\n[ Read more  ](https://about.chubb.com/stories/the-race-to-save-a-vital-\nhabitat.html \"Read more_self\")\n\nEnvironment\n\nTaking the LEED in green buildings\n\n[ Read more  ](https://about.chubb.com/stories/taking-the-leed-in-green-\nbuildings.html \"Read more_self\")\n\nEnvironment\n\nSeeds of change: Helping forests take root\n\n[ Read more  ](https://about.chubb.com/stories/seeds-of-change-helping-\nforests-take-root.html \"Read more_self\")\n\n[ ](/content/chubb-sites/chubb-com/global-about-us.html)\n\n[ United States  ](javascript:void\\(0\\))\n\n  * [ About Us ](/content/chubb-sites/chubb-com/global-about-us.html)\n    * [ Leadership ](https://about.chubb.com/who-we-are/leadership.html)\n    * [ Locations 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Nederlands ](https://www.chubb.com/benelux-nl/)\n\n  * [ English ](https://www.chubb.com/pk-en/)\n  * [ \u0627\u0631\u062f\u0648 ](https://www.chubb.com/pk-ur/)\n\n  * [ English ](https://www.chubb.com/sa-en/)\n  * [ \u0627\u0644\u0639\u0631\u0628\u064a\u0629 ](https://www.chubb.com/sa-ar/)\n\n  * [ English ](https://www.chubb.com/pr-en/)\n  * [ Espa\u00f1ol ](https://www.chubb.com/pr-es/)\n\n  * [ English ](https://www.chubb.com/ca-en/)\n  * [ Fran\u00e7ais ](https://www.chubb.com/ca-fr/)\n\n  * [ English ](https://www.chubb.com/jp-en/)\n  * [ \u65e5\u672c\u8a9e ](https://www.chubb.com/jp-jp)\n  * [ Chubb\u5c11\u984d\u77ed\u671f\u4fdd\u967a ](https://www.chubb.com/chintai-jp/)\n\n",
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                    "source": "https://www.erm.com/about/news/erm-to-acquire-climate-risk-and-energy-transition-consultancy-energetics/"
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                "page_content": "[ ](/ \"ERM Logo\")\n\n[ View all ](/about/news/)\n\n#  ERM to acquire climate risk and energy transition consultancy Energetics\n\n05 June 2024\n\nShare this page:  [ __\n](https://www.linkedin.com/shareArticle?mini=true&url=https://www.erm.com/about/news/erm-\nto-acquire-climate-risk-and-energy-transition-consultancy-\nenergetics/&title=ERM to acquire climate risk and energy transition\nconsultancy Energetics) [ __ ](mailto:?body=\nhttps://www.erm.com/about/news/erm-to-acquire-climate-risk-and-energy-\ntransition-consultancy-energetics/)\n\nERM, the world\u2019s largest specialist sustainability consultancy, has announced\nthe signing of a deal to acquire* Energetics, Australia\u2019s leading climate risk\nand energy transition consultancy.\n\nThe acquisition will enhance ERM\u2019s ability to support clients with strategic\nadvice and practical on-the-ground implementation across Australia and the\nbroader Asia Pacific region.\n\nEnergetics will join ERM\u2019s climate change and corporate sustainability\npractice and add significant strength and depth to its services in\ndecarbonization strategy and reporting, climate risk assessment and adaptation\nplanning. It also brings specific capabilities in energy markets and services\nto help de-risk businesses and investors engaging in Australia\u2019s energy\ntransition.\n\nAnnouncement of the deal follows the acquisition of Point Advisory in 2022,\nwhich expanded ERM\u2019s capabilities in Australia in sustainability economics,\nenergy, procurement, strategy and human rights.\n\nMatt Klein, Global Co-Head Corporate Sustainability and Climate Change, said,\n\u201cBringing together Energetics and ERM creates Australia's most comprehensive\nsustainability and climate change advisory firm. This acquisition is critical\nto the growth of ERM in the region and is in direct response to Australia\u2019s\nplan to achieve net zero carbon emissions by 2050.\n\n\u201cIn addition to the services already offered by ERM, the acquisition of\nEnergetics enables us to offer a broader suite of services to our clients, and\nmore expertise to address key sustainability challenges. For the people at\nEnergetics, becoming part of ERM means they can access and become part of our\nunparalleled network of sustainability experts worldwide.\u201d\n\nDr Mary Stewart, Energetics\u2019 CEO, said, \u201cEnergetics first opened its doors for\nbusiness 40 years ago. Since then, we\u2019ve worked across every sector of\nAustralia\u2019s economy and developed long-standing relationships advising some of\nthe country\u2019s largest businesses. Energetics\u2019 alumni can be found leading\nsustainability, climate and energy risk management teams here and overseas.\n\n\u201cWe are proud of what we have achieved, and today, we are ready to scale our\nwork.\n\n\u201cThroughout this sale process, we were determined to find a buyer whose\nambitions for sustainability, addressing climate risks and supporting the\nclean energy transition align with our own.\n\n\u201cIn ERM, we have a great match.\u201d\n\n*subject to FIRB approval \n\n* * *\n\n**About ERM**\n\nSustainability is our business.\n\nAs the world\u2019s largest specialist sustainability consultancy, ERM partners\nwith clients to operationalize sustainability at pace and scale, deploying a\nunique combination of strategic transformation and technical delivery\ncapabilities. This approach helps clients to accelerate the integration of\nsustainability at every level of their business.\n\nWith more than 50 years of experience, ERM\u2019s diverse team of 8000+ experts in\n40 countries and territories helps clients create innovative solutions to\ntheir sustainability challenges, unlocking commercial opportunities that meet\nthe needs of today while preserving opportunity for future generations.\n\nLearn more [ here ](/about/news/wbcsd-and-erm-set-out-a-sustainability-\ntransformation-framework-to-help-companies-seize-historic-commercial-\nopportunities/) .\n\n**About Energetics**\n\nEnergetics is a leading climate risk and energy transition consulting firm. We\npartner with Australia's largest businesses, investors, and governments to\nhelp them respond to some of the biggest issues of our time: the impacts of\nour destabilising climate, our economy\u2019s transformation to achieve net zero\nemissions and the realisation of Australia\u2019s huge clean energy potential.\n\nFounded in 1984, Energetics has grown to around 100 people across four states.\nWith decades of experience and an abundance of insight, we\u2019re committed to\npowering the transformation to a climate-resilient, decarbonising world.\n\n###  Media contacts\n\nMeryl Hanlon\n\nPR and Brand Communications, ERM\n\n+44 ( 0)7385 971303\n\n[ meryl.hanlon@erm.com ](mailto:meryl.hanlon@erm.com)\n\nJudith Bence\n\nDirector, Sandpiper\n\n+61 415 903849\n\n* * *\n\nShare this page:  [ __\n](https://www.linkedin.com/shareArticle?mini=true&url=https://www.erm.com/about/news/erm-\nto-acquire-climate-risk-and-energy-transition-consultancy-\nenergetics/&title=ERM to acquire climate risk and energy transition\nconsultancy Energetics) [ __ ](mailto:?body=\nhttps://www.erm.com/about/news/erm-to-acquire-climate-risk-and-energy-\ntransition-consultancy-energetics/)\n\n## [ How can we help?  How can we help you? Contact us to discuss how we can\nhelp your organization.  Contact us now  ](/contact-us/)\n\n[ ](/ \"ERM Logo\")\n\n  * [ Sustainability Report ](/sustainability-report/)\n  * [ Modern Slavery Act Statement ](/about/company/business-conduct-ethics/human-rights-and-modern-slavery-act-statement/)\n  * [ Terms and Conditions ](/terms-and-conditions/)\n  * [ Privacy Notice ](/privacy/)\n  * [ Cookie notice ](/cookies/)\n  * [ Sitemap ](/sitemap/)\n\nCopyright \u00a9 2000 - 2024 The ERM International Group Limited, All rights\nreserved\n\n  * [ ](https://x.com/GlobalERM)\n  * [ ](https://www.facebook.com/ERMGlobal)\n  * [ ](https://www.linkedin.com/company/erm)\n  * [ ](https://www.youtube.com/@ERMGlobal)\n\n",
                "url": "https://www.erm.com/about/news/erm-to-acquire-climate-risk-and-energy-transition-consultancy-energetics/"
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            "reason": "This is a press release from ERM, a sustainability consulting firm, announcing their acquisition of Energetics, a climate risk and energy transition consultancy. It is a reliable source of information about ERM's business activities.",
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            "summary": "Press release from ERM announcing their acquisition of Energetics, a climate risk and energy transition consultancy.",
            "url": "https://www.erm.com/about/news/erm-to-acquire-climate-risk-and-energy-transition-consultancy-energetics/"
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                    "source": "https://www.conocophillips.com/sustainability/sustainability-news/story/conocophillips-adopts-paris-aligned-climate-risk-framework-to-meet-net-zero-operational-emissions-ambition-by-2050/"
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                "page_content": "Sustainability News  | \n\nCategories\n\n  * [ Climate Change ](https://www.conocophillips.com/sustainability/sustainability-news/category/climate-change/)\n\n#  ConocoPhillips Adopts Paris-Aligned Climate Risk Framework to Meet Net-Zero\nOperational Emissions Ambition by 2050\n\nOctober 19, 2020\n\nShare\n\n  *   *   * \n\nPrint Article\n\nConocoPhillips has adopted a comprehensive framework that will guide the\ncompany on how it will manage climate-related risk, meet energy demand and\naddress the expectations of stakeholders through the energy transition.\n\n\u201cAs an exploration and production company, we recognize three significant\nissues facing our sector,\u201d said Ryan Lance, CEO, ConocoPhillips. \u201cFirst, the\nworld is increasingly demanding global action to address climate change.\nSecond, we need to play a part in sustainably helping meet global energy\ndemand. And third, we must do both while delivering competitive returns.\n\n\u201cWe are making clear our intent to address all three issues by laying out a\nclimate risk strategy that aims to reinforce our commitment to environmental,\nsocial and governance (ESG) excellence.\u201d\n\n[ Read more ](https://www.conocophillips.com/sustainability/managing-climate-\nrelated-risks/strategy/) about ConocoPhillips\u2019 Climate Risk Strategy.\n\n###  Addressing Climate Change\n\nThe company is responding to the first challenge by announcing more aggressive\ngreenhouse gas emissions targets and actions consistent with the Paris\nAgreement\u2019s aim to limit the rise of global temperature to well below 2\ndegrees Celsius, including:\n\n  * Setting an ambition to become a net-zero company for operational (scope 1 and 2) emissions by 2050. \n  * Revising its previous operational greenhouse gas emissions intensity reduction target to 35-45% by 2030, from the earlier 5-15% goal. \n  * Endorsing the [ World Bank ](https://www.worldbank.org/en/programs/zero-routine-flaring-by-2030#4) Zero Routine Flaring by 2030 initiative, with an ambition to meet that goal by 2025. \n  * Adding continuous methane monitoring devices to our operations, with a focus on the larger Lower 48 facilities, with the expectation that two-thirds of Lower 48 production will be monitored for emissions by 2021. \n  * Advocating for a U.S. carbon price to address end-use (scope 3) emissions through its membership in the Climate Leadership Council. \n  * Including ESG performance in executive and employee compensation programs. \n\n[ Read more ](https://www.conocophillips.com/sustainability/managing-climate-\nrelated-risks/metrics-targets/ghg-target/) about ConocoPhillips\u2019 GHG emissions\nintensity reduction targets.\n\nConocoPhillips was the first U.S. exploration and production (E&P) company to\nset a long-term emissions intensity reduction target. The company has already\naggressively and voluntarily reduced emissions intensity within its operations\nthrough improving energy efficiency, replacing equipment, electrifying plants\nand equipment, and detecting and repairing methane leaks. Since 2015 we have\nreduced our methane intensity by nearly 65%.\n\nAn annual Marginal Abatement Cost Curve (MACC) analysis proactively identifies\nand prioritizes emissions reduction opportunities from operations based on the\ncost per tonne of carbon dioxide abated. The company currently has over 100\nprojects in the MACC process.\n\n###  Meeting Global Energy Demand\n\nThe second challenge takes into account predicted oil and natural gas demand\nin a carbon-constrained world, such as the [ International Energy Agency\u2019s\n](https://www.iea.org/reports/world-energy-model/sustainable-development-\nscenario) Sustainable Development Scenario (IEA SDS).\n\nThat scenario, developed in 2019, would meet the Paris Agreement\u2019s aim, with\nworld oil demand still at about 65 million barrels per day in 2040. The IEA\nestimates about $13 trillion of investment in oil and natural gas would be\nrequired over the next 20 years to offset declining production and meet the\ngrowing population\u2019s energy demand during the transition.\n\n\u201cOn average that is a $650 billion annual investment, which is greater than\nthe average annual investment of the oil and gas industry over the last\ndecade,\u201d Lance said.\n\nConocoPhillips is committed to sustainably and affordably meeting global\nenergy demand.\n\n\u201cSeveral years ago, the company eliminated an explicit production growth\ntarget from its capital allocation criteria and established cost of supply as\nthe primary basis for capital allocation,\u201d Lance said. \u201cDoing so ensures we\ndevelop resources that are the most likely to be developed in any scenario\nthat meets the Paris Agreement\u2019s aim of a less-than-2 degrees Celsius\ntemperature increase.\n\nConocoPhillips currently has 15 billion BOE of resources below $40 per barrel\nWTI cost of supply, diversified geographically and across four megatrends,\nwith an average cost of supply of less than $30/bbl. The company publishes its\nquantified cost of supply curve annually so investors can develop their own\nview of the potential risk of stranded resources within the portfolio.\n\n\u201cMeeting the world\u2019s energy demand during a transition to a lower-carbon\nfuture requires an approach that recognizes the need to reduce emissions,\noperate responsibly and offer competitive returns,\u201d Lance said. \u201cAnd that\u2019s\nwhat our strategy is intended to do.\u201d\n\n###  Delivering Competitive Returns\n\nFor the third challenge, ConocoPhillips has instituted a planning process that\nprepares the company for the volatile, unpredictable business the E&P sector\nfaces.\n\nThe company uses a scenario-based strategic planning process to ensure its\nplans are sufficiently flexible to navigate through price cycles and the\nenergy transition. The planning process includes use of a proprietary global\nenergy model and simulations of numerous energy transition scenarios. The\nmodel is based on three main variables: technology advancement, government\npolicy actions and consumer preferences. For example, ConocoPhillips has\nmodeled the ranges and impacts on oil demand caused by the increased market\npenetration of electric vehicles, the adoption pace of carbon pricing, and the\nrates at which consumers could adopt ride sharing.\n\nThe strategic choices that ConocoPhillips makes for its business plans are\ninformed by a rigorous review of scenario outcomes and tests of possible paths\nacross market environments. The company provides a full review of its strategy\nand plans, including scenarios, to its board of directors annually. It also\nroutinely engages stakeholders and publishes an [ annual report\n](https://static.conocophillips.com/files/resources/conocophillips-2023-managing-\nclimate-related-risks.pdf) on how it manages climate-related risks.\n\n[ Read more ](https://www.conocophillips.com/sustainability/managing-climate-\nrelated-risks/strategy/scenario-analysis/) about ConocoPhillips\u2019 scenario\nplanning.\n\nConocoPhillips has expanded the scope of its planning process to include the\nevaluation of low-carbon opportunities and technologies that can closely\nintegrate with its global operations, markets and competencies.\n\nThis includes a feasibility assessment across three themes: carbon capture and\nutilization, the hydrogen economy, and alternative energy technologies that\ncan reduce the emissions intensity of current operations. Future decisions on\npotential investments in these options will be based on the disciplined\ncapital allocation criteria governing the company\u2019s strategy today, as well as\nthe impact of meeting the 2050 net-zero operational emissions ambition.\n\n\u201cWe are going to increase the work we are doing to better understand all\nopportunities to deliver effective emissions reduction projects while still\nproviding shareholders competitive returns,\u201d Lance said.\n\nAccording to Lance, the new climate risk strategy marks an important step to\ndemonstrate the commitment by ConocoPhillips to reduce emissions, safely\nprovide affordable energy and deliver competitive performance through cycles.\n\n\u201cAddressed comprehensively, our actions are consistent with our stated\ncorporate purpose: to create benefit for all our stakeholders,\u201d Lance said.\n\n[ Access investor slides\n](https://static.conocophillips.com/files/resources/climate-risk-strategy-\nslides-10-19-20.pdf) .\n\n##  Generating PDF\n\nLoading...\n\nPlease Wait\n\n##  Your PDF is Ready\n\nDownload PDF\n\nShare\n\n  *   *   * \n\n  * Print \n  * [ Sustainability Report Builder  ](https://www.conocophillips.com/sustainability/custom-sustainability-report-builder/)\n\n[ ConocoPhillips  ](https://www.conocophillips.com/)\n\n##  Social Navigation\n\n  * [ Instagram  ](https://www.instagram.com/conocophillips/)\n  * [ LinkedIn  ](https://www.linkedin.com/company/conocophillips)\n  * [ Twitter  ](https://twitter.com/conocophillips)\n  * [ Facebook  ](https://www.facebook.com/conocophillips)\n  * [ YouTube  ](https://www.youtube.com/ConocoPhillips)\n\n[ 925 N. Eldridge Parkway,  Houston,  TX  77079-2703\n](//www.google.com/maps/place/?q=place_id:ChIJbdLqYZbbQIYR7UO2REV6L2U)\n\nP.O. Box 2197,  Houston,  TX  77252-2197\n\n[ Contact Us ](https://www.conocophillips.com/contact-us/)\n\n[ Phone:  281-293-1000 ](tel:2812931000)\n\n\u00a9  2025  ConocoPhillips  .  All Rights Reserved.\n\n##  Site Menu\n\n##  Social Navigation\n\n  * [ Instagram  ](https://www.instagram.com/conocophillips/)\n  * [ LinkedIn  ](https://www.linkedin.com/company/conocophillips)\n  * [ Twitter  ](https://twitter.com/conocophillips)\n  * [ Facebook  ](https://www.facebook.com/conocophillips)\n  * [ YouTube  ](https://www.youtube.com/ConocoPhillips)\n\n",
                "url": "https://www.conocophillips.com/sustainability/sustainability-news/story/conocophillips-adopts-paris-aligned-climate-risk-framework-to-meet-net-zero-operational-emissions-ambition-by-2050/"
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            "summary": "News story from ConocoPhillips detailing their adoption of a Paris-aligned climate risk framework.",
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            "summary": "Official page detailing Eli Lilly and Company's climate initiatives.",
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                "page_content": "#  Access Denied\n\nYou don't have permission to access \"http://www.bcg.com/about/partner-\necosystem/world-economic-forum/ceo-guide-net-zero\" on this server.\n\nReference #18.11891402.1744264344.3754534e\n\nhttps://errors.edgesuite.net/18.11891402.1744264344.3754534e\n\n",
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                    "source": "https://www.elcompanies.com/en/our-impact/sustainability/climate-and-environment"
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                "page_content": "[ Home ](/en) [ Our Impact ](/en/our-impact) [ Sustainability ](/en/our-\nimpact/sustainability) Climate and Environment\n\nClimate and Environment\n\n  * [ Climate and Environment  ](/en/our-impact/sustainability/climate-and-environment)\n  * [ Responsible Sourcing  ](/en/our-impact/sustainability/responsible-sourcing)\n  * [ Product Responsibility  ](/en/our-impact/sustainability/product-responsibility)\n  * [ Working With Our Suppliers  ](/en/our-impact/sustainability/working-with-our-suppliers)\n\n#  Climate and Environment\n\nOur deep commitment to environmental sustainability is one way we demonstrate\nour focus on long-term sustainable growth. Our company aims to minimize\nenvironmental impacts by setting targets to reduce direct and indirect\nemissions, creating more sustainable building practices, sending nearly zero\nwaste to landfill at our facilities and improving water efficiency. Our\nenvironmental targets position us well to succeed in a changing global economy\nwhile advancing the health and beauty of the planet. We will continue to\napproach environmental management with a spirit of agility and collaboration\nand plan to further expand on initiatives in this space.\n\n##  Climate Action\n\nAt The Est\u00e9e Lauder Companies, our climate work focuses on driving impactful\nchange throughout our value chain. We are leveraging our position as a global\ncompany, as well as our strong relationships with industry peers and partners,\nto implement steps that we believe will drive lasting transformations.  \n\nIn fiscal year 2020, we established Science Based Targets (SBTs) to reduce\ngreenhouse gases (GHGs), which were validated by the Science Based Targets\nInitiative (SBTi) in 2020. SBTs are GHG emissions reduction targets adopted by\ncompanies and developed using the latest climate science. SBTs must be in line\nwith the scale of reductions required to limit global warming to well-below\ntwo degrees Celsius above pre-industrial levels. Our SBTs are aligned with the\n1.5 degrees pathway as classified by the SBTi.  1  These new targets reflect\nour commitment to reducing our carbon footprint, holding us accountable to\nexternal standards, corporate peers and government partners. They are to:\n\n  * Reduce absolute Scope 1 and 2 GHG emissions 50% by 2030 from a 2018 base year. \n  * Reduce Scope 3 GHG emissions from purchased goods and services, upstream transportation and distribution and business travel by 60% per unit revenue over the same timeframe. \n\nIn fiscal 2022, we announced a new goal to transition 100% of our global\ncorporate vehicle fleet to electric by the end of calendar year 2030. Setting\nthis goal allowed us to become the first company in prestige beauty to join\nthe Climate Group\u2019s EV100 initiative, which brings together companies who are\ncommitted to accelerating the transition to electric vehicles.\n\n1  Our Scope 1 and 2 targets are aligned with a 1.5\u00b0C pathway, the most\nambitious goal of the Paris Agreement. As of the publication of this report,\nthe SBTi does not classify Scope 3 target ambition. That said, our Scope 3\ntarget, for emissions from our value chain, meets the SBTi\u2019s criteria for\nambitious value chain goals and is in line with current best practice.\n\n###  Strategy\n\nThe leading component of our climate-related strategy is the pursuit of energy\nefficiency and on-site/off-site renewable energy. These initiatives can reduce\nthe risks associated with regulations that increase the cost of energy and can\ndrive strategic advantage by reducing operating costs.\n\nWe have adopted a portfolio approach to reducing GHGs, which includes the use\nof on-site renewables, a Virtual Power Purchase Agreement (VPPA) for wind\nenergy, energy efficiency projects, green utility contracts and renewable\nenergy credits. In support of our 2020 carbon neutrality goal, we established\nan annual dedicated capital fund to support low-carbon sustainability\ninitiatives. We strive to invest in technologies that have the potential to\npositively impact the planet while meeting our business objectives.\n\nTo read more about our climate action strategy, download our [ Climate\nTransition Plan 2024 Progress Update.\n](https://media.elcompanies.com/files/e/estee-lauder-companies/universal/our-\nimpact/si-s24/ctp-2024.pdf)\n\n###  Our Climate Action Portfolio\n\nWe have adopted a portfolio approach for meeting our carbon neutrality goal,\nwhich includes on-site renewables, a virtual power purchase agreement and\nhigh-quality offsets. Pursuant to California\u2019s act on Voluntary Carbon Market\nDisclosures (Cal. Health & Saf. Code \u00a7 44475.1), we have published further\ndetails of our fiscal 2024 offset purchases in our [ Social Impact &\nSustainability Report ](/en/our-impact/social-impact-and-sustainability-\nreport) . Highlights of our climate action portfolio are below.\n\n  \n\n##  Melville, New York\n\nELC constructed a 1.45 MW ground-mounted solar array at its Melville, New\nYork, site. The six-acre site has been seeded with a wildflower pollinator\nmix. The project also includes the installation of 12 electric vehicle\ncharging units, capable of charging 20 electric vehicles.\n\n##  Markham, Ontario\n\nELC constructed a rooftop solar array at its state-of-the-art fill and\nassembly manufacturing facility in Markham, Ontario. The rooftop array is one\nof the many sustainability features incorporated into the site and makes this\nELC\u2019s first Canadian facility to use on-site solar power, bringing the\ncompany\u2019s total solar capacity to 5.7 MW worldwide in fiscal year 2021.\n\n##  Petersfield, United Kingdom\n\nELC installed a 1 MW on-site solar system at its Petersfield manufacturing\nplant, Whitman Laboratories. This system should provide 12-14% of the\nmanufacturing site\u2019s annual electricity and up to a peak of about 95% during\nsunny days in the summer months.\n\n##  Beaver County, Oklahoma\n\nELC became the first prestige beauty company to execute a VPPA with the\nPonderosa wind farm in Oklahoma. Under the VPPA, ELC will purchase the energy\nproduced by 22 MW of the Ponderosa wind farm, representing its largest\nrenewable energy deal to date.\n\n##  Galgenen, Switzerland\n\nELC installed a rooftop photovoltaic solar array on the main structure of a\nnew distribution center the company built in Galgenen, Switzerland. The 1.52\nMW system is expected to generate more than 1600 MWh of solar power.\n\n##  Blaine, Minnesota\n\nAveda installed a 3.6-acre solar photovoltaic array on its campus, which is\nexpected to provide 50% of its manufacturing facility\u2019s annual demand. The\nsolar array is wildlife friendly and accented by several acres of new\nlandscaping to create a natural pollinator habitat underneath the panels.\n\n##  Holyoke, West Springfield and Westfield, Massachussets\n\nELC supports the Massachusetts Tri-City Improved Forest Management Project\nwhich protects 6,500 acres of public forestland from significant commercial\ntimber harvesting and ensures long-term sustainable management of the forest.\n\n##\n\nEnergy Efficiency\n\nWe track environmental performance at our facilities and have processes in\nplace to collect energy metrics. We use this data to measure the effectiveness\nof energy-saving activities, which include energy-reduction projects such as\nlighting retrofits, air flow and temperature management systems, occupancy\nsensors and equipment upgrades to decrease overall energy use and carbon\nemissions.\n\nIn fiscal 2020, we joined the U.S. Department of Energy\u2019s Better Plants\nprogram, a voluntary partnership meant to improve energy efficiency across\nindustrial companies. The Better Plants program provides technical assistance,\nin-plant and online training, and energy-saving resources such as energy\naudits and diagnostic equipment lending programs.\n\nGovernance\n\nOur climate-related initiatives are governed by our Climate Action Steering\nCommittee, which is composed of senior leaders who are members of our\nexecutive team. Established in 2021, the Climate Action Steering Committee\ndrives our emissions-reduction strategy and governs financial decision-making\nrelated to achieving our Science Based Targets, as well as maintaining our Net\nZero and RE100 goals. This governance body is an evolution of our Net Zero\nSteering Committee, which was established in 2017 to achieve Net Zero carbon\nemissions by 2020.\n\nRisk Management\n\nEnterprise Risk Management (ERM) is a structured and dynamic  process to\nunderstand interrelated risks and to drive proactive risk mitigation. Our\ncompany\u2019s ERM process leverages internal and external partnerships to help\nidentify leading practices and validate emerging and other risks, including\nsustainability and social impact-related risks.\n\nCDP Climate Change Response\n\nFor more than 10 years, we have responded to the annual CDP Climate\nQuestionnaire. We achieved a score of A for our 2023 climate change\ndisclosure. To read more about how we are combating climate change, please\ndownload our [ 2024 CDP Response\n](https://media.elcompanies.com/files/e/estee-lauder-companies/universal/our-\nimpact/si-s24/cdp-2024.pdf) .\n\n##  Sustainable Building Operations\n\nWe are optimizing our office buildings and retail stores in order to reduce\ntheir environmental impact. Although many of these facilities are leased, we\nare committed to working with our landlords and internal teams to drive\nsustainability practices in green buildings.\n\nIn fiscal year 2020, we finalized our Green Building Standards for New\nConstruction and Major Renovations. These standards set the baseline for the\nsustainability practices for our spaces, covering impact areas including\nenergy, water, waste and indoor air quality. We have also developed\nsustainability best practices for our existing and retail spaces, which are\nfocused on driving sustainable behaviors and choices in these spaces. Our\nstrategy also involves pursuing LEED and WELL certification at key sites\nacross our portfolio.\n\n##  Waste\n\nWe achieved zero industrial waste-to-landfill for 100% of our global\nmanufacturing, distribution and innovation sites. In fiscal year 2020, we\nfocused on working with our global sites to identify sustainable waste\nsolutions and ensure procedures and documentation for our zero industrial\nwaste-to-landfill commitment are in place. Going forward, we will continue to\nmaintain this commitment status and onboard new facilities.\n\nSince fiscal 2003, we have had a zero-waste-to-landfill commitment for our\nmanufacturing and distribution sites in the United States, Canada, United\nKingdom, Belgium and Switzerland. If waste cannot be reused or recycled, it is\nconverted to energy by licensed power plants or by co-processing at cement\nkilns.\n\nOur facilities follow the waste-minimization hierarchy\u2014reduce, reuse and\nrecycle\u2014and look for opportunities to share best practices. We are also\nworking with a waste management services company in North America to help us\noptimize waste streams and find new opportunities for recycling and waste\nreduction within our supply chain and retail stores. We plan to utilize this\napproach to continuously improve our waste management practices around the\nworld.\n\n##  Water\n\nWe use water as an ingredient to make our products, as well as for cleaning\nand cooling manufacturing equipment. In addition, our Research and Development\nand Quality teams rely on water to perform testing, analysis and to develop\nnew products. Our new green building standards have water requirement\nstandards that all new facilities must meet, such as the installation of low-\nflow fixtures. In addition, for our sites pursuing LEED certification, indoor\nand outdoor water use reduction is required.\n\nWe have water-savings initiatives in place, where possible. We pay close\nattention to facilities in water-stressed areas, implementing additional\nmeasures to ensure we manage our supply and water use responsibly.\n\nWe also look to improve existing systems throughout our organization in order\nto increase water efficiency. For example, in fiscal 2020, we upgraded the\nwater softening system at our Blaine, Minnesota, facility, which is expected\nto result in a reduction of more than 600,000 gallons of water used each year.\n\n###  CDP Water Security Response\n\nWe recognize that the solutions and risks around climate change and water\nsecurity are inextricably linked and interdependent. We are proud to respond\nto the annual CDP Water Security questionnaire and achieved a score of A- for\nour 2023 Water Security disclosure. To read more about how we are taking steps\nto improve our water stewardship practices, please download our [ 2024 CDP\nResponse ](https://media.elcompanies.com/files/e/estee-lauder-\ncompanies/universal/our-impact/si-s24/cdp-2024.pdf) .\n\n###  Partnerships and Recognition\n\n##  CDP Climate A List\n\nThe Est\u00e9e Lauder Companies (ELC) has been recognized for its leadership in\ncorporate transparency and performance on climate security by global\nenvironmental non-profit CDP, securing a place on its annual \u2018A List\u2019. ELC is\none of a small number of companies that achieved an \u2018A\u2019 on its Climate\ndisclosures, out of over 21,000 companies scored.\n\n##  3BL Media's 100 Best Corporate Citizens of 2023\n\nELC was named to 3BL Media's 100 Best Corporate Citizens list for the fourth\nconsecutive year. We achieved a rank of #5 overall, and ranked #1 within our\nindustry, Household & Personal Products. The 100 Best Corporate Citizens is an\nannual ranking of the 1000 largest publicly traded companies in the United\nStates based on environmental, social, and governance (ESG) factors.\n\n##  CDP\u2019s 2022 Supplier Engagement Leaderboard\n\nWe earned a place on CDP\u2019s 2022 Supplier Engagement Leaderboard, in\nrecognition of its efforts to measure and reduce climate risk within its\nsupply chain. The company's commitment to tackling its environmental impact\nthroughout the extended value chain placed ELC among the top 8% of companies\nassessed by CDP for supplier engagement on climate change.\n\n##  EPA Green Power Partnership\n\nThe U.S. Environmental Protection Agency (EPA) recognizes U.S. companies and\ninstitutions that use green power through its Green Power Partnership. We\nranked 15th among the Top 30 Retailers in the 2023 rankings.\n\n##  CDP Supply Chain\n\nIn 2021, we became members of CDP Supply Chain, deepening our collaboration\nwith CDP and enabling us to measure our supply chain impacts. \u201cWith ambitious\nscience-based targets for Scope 3 emissions at the forefront of our climate\nagenda, the CDP Supply Chain program will support the implementation of\nintegrated solutions for emissions reduction across the company\u2019s supply\nchain, and foster joint value creation with supply chain partners and third-\nparty manufacturers.\u201d \u2013 Gregory F. Polcer, Executive Vice President, Global\nSupply Chain, The Est\u00e9e Lauder Companies\n\n##  Supplier Leadership on Climate Transition\n\nIn fiscal 2022, we were the first beauty company to join Supplier Leadership\non Climate Transition (Supplier LoCT), a brand consortium created to\naccelerate action throughout the supply chain towards Net Zero GHG emissions.\nThe consortium provides an online climate training program to suppliers to\nsupport them in their journey of developing a GHG footprint, setting an SBT,\nadopting GHG-abatement measures, and disclosing progress. We invited more than\n40 of our suppliers to this program and others have joined through\nrelationships with other companies. Overall, the Supplier LoCT has seen more\nthan 400 suppliers participate.\n\n##  Science Based Targets Initiative\n\nIn 2020, we announced new science-based emissions targets covering our direct\noperations and value chain. Our new climate targets reinforce a legacy of\nmanaging the company with a lens for the long-term and focusing on the needs\nof future generations. The targets address Scopes 1, 2, and 3 emissions and\nare independently validated and approved by the Science Based Target\ninitiative (SBTi).\n\n##  RE100\n\nIn 2017, we further enhanced our corporate commitment to clean energy by\njoining RE100 and committing to source 100% of our global electricity from\nrenewable energy technologies by 2020. In 2020, we reached the target we set\non joining RE100  1  , sourcing 100% renewable electricity globally for our\ndirect operations. RE100 is the global corporate renewable energy initiative\nbringing together hundreds of large and ambitious businesses committed to 100%\nrenewable electricity. It is led by the Climate Group in partnership with CDP.  \n\n1  ELC joined the RE100 campaign in 2017. Please see www.there100.org for more\ninformation.\n\n##  RE100 Enterprising Leader Award\n\nELC was recognized with the RE100 Enterprising Leader Award in 2021,\nacknowledging the company\u2019s ambition and leadership in the global transition\nto 100% renewable electricity.\n\n##  Climate Week\n\nWe were proud to be a Platinum Partner at Climate Week NYC in 2023.\n\n##  You May Also Like\n\n[ Product Responsibility  ELC embeds responsibility into the full lifecycle of\nour products, from formulation to packaging  Read More  ](/en/our-\nimpact/sustainability/product-responsibility \"Product Responsibility\")\n\n[ Responsible Sourcing  We aim to continuously enhance our responsible and\nethical sourcing practices  Read more  ](/en/our-\nimpact/sustainability/responsible-sourcing \"Responsible Sourcing\")\n\n[ Employee Engagement  Our company\u2019s long-term success is tied to the vitality\nof our communities  Read more  ](/en/our-impact/social/employee-engagement\n\"Employee Engagement\")\n\n[ Cautionary Note Regarding Social Impact and Sustainability Information.\n](https://media.elcompanies.com/files/e/estee-lauder-companies/universal/our-\nimpact/si-s24/elc-cautionary-note-regarding-social-impact-and-\nsustainability.pdf \"Opens in a new window\")\n\n  * [ Who We Are  ](/en/who-we-are)\n  * [ Our Brands  ](/en/our-brands)\n  * [ Our Impact  ](/en/our-impact)\n  * [ Careers  ](/en/careers)\n  * [ News & Media  ](/en/news-and-media)\n  * [ Investors  ](/en/investors)\n\nConnect With Us:\n\n  * [ Facebook ](https://www.facebook.com/esteelaudercompanies \"Facebook \u2013 link to website \\(opens in a new window\\)\")\n  * [ Instagram ](https://www.instagram.com/esteelaudercompanies \"Instagram \u2013 link to website \\(opens in a new window\\)\")\n  * [ LinkedIn ](http://www.linkedin.com/company/the-estee-lauder-companies-inc- \"LinkedIn - link to website \\(opens in a new window\\)\")\n  * [ ](https://www.tiktok.com/@esteelaudercompanies?lang=en \"Tiktok - link to website \\(opens in a new window\\)\")\n\n[ Email Alerts ](/en/news-and-media/contact-us/email-alerts)\n\n[ Contact Us ](/en/news-and-media/contact-us)\n\n  * [ Cookie Management ](javascript:;)\n  * [ Privacy ](/en/privacy)\n  * [ Site Map ](/en/site-map)\n  * [ Terms and Conditions ](/en/terms-and-conditions)\n\nCopyright \u00a9 2025\n\n[ Share  ](javascript:;)\n\nShare this article:\n\nThe Est\u00e9e Lauder Companies' Climate and Environment\n\n[ Email to your friend  ](/cdn-cgi/l/email-\nprotection#724d010710181711064f261a1752370106b1db17523e130716170052311d1f02131c1b1701523b1c115c525f52311e1b1f13061752331c1652371c041b001d1c1f171c0654101d160b4f3b52061a1d07151a0652061a1b015202131517521f1b151a06521b1c061700170106520b1d0748521a06060201485d5d0505055c171e111d1f02131c1b17015c111d1f5d171c5d1d07005f1b1f021311065d01070106131b1c13101b1e1b060b5d111e1b1f1306175f131c165f171c041b001d1c1f171c06\n\"Email\") [ Share on Facebook\n](http://www.facebook.com/sharer.php?u=https://www.elcompanies.com/en/our-\nimpact/sustainability/climate-and-environment \"Share on Facebook - opens in a\nnew window\") [ Share on Linkedin\n](http://www.linkedin.com/shareArticle?mini=true&url=https://www.elcompanies.com/en/our-\nimpact/sustainability/climate-and-environment \"Share on LinkedIn - opens in a\nnew window\") [ Share on Twitter\n](http://twitter.com/home/?status=https://www.elcompanies.com/en/our-\nimpact/sustainability/climate-and-environment \"Share on Twitter - opens in a\nnew window\")\n\nBack to top  Top of the page\n\nblackOut\n\nWe use cookies to ensure our website works properly, and to collect statistics\nto provide you with the best experience. 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                    "source": "https://www.unilever.com/sustainability/climate/our-climate-transition-action-plan/"
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                "page_content": "Skip to content\n\n#  Our Climate Transition Action Plan\n\nOur Climate Transition Action Plan (CTAP), backed by our shareholders in an\nadvisory vote at our 2024 AGM, sets out our actions to lower our emissions by\n2030.\n\nSince we originally published our CTAP in 2021, we have reduced greenhouse gas\n(GHG) emissions in our operations and lowered the emissions intensity of our\nproducts across our value chain.\n\nUltimately, our ambition is to reach net zero across our value chain by 2039.\nTo progress towards this, it is vital we reduce emissions over the next few\nyears and put the building blocks in place to ensure long-term delivery.\n\n  * ** 100  %  ** absolute reduction in Scope 1 and 2 GHG emissions (vs 2015) \n\n  * ** 42  %  ** absolute reduction in Scope 3 energy and industrial emissions (vs 2021) \n\n  * ** 30.3  %  ** absolute reduction in Scope 3 forest, land and agriculture GHG emissions (vs 2021) \n\n##  Our operations (Scope 1 and 2)\n\n  * Reduce in absolute terms our operational emissions (Scope 1 & 2) by 100% by 2030, against a 2015 baseline (approved by the SBTi). \n  * Reduce in absolute terms our operational emissions (Scope 1 & 2) by 70% by 2025, against a 2015 baseline (achieved in 2023). \n\n##  Our value chain (Scope 3)\n\n  * Reduce absolute energy and industrial Scope 3 GHG emissions from purchased goods and services (associated with ingredients, packaging), upstream transport and distribution, energy and fuel-related activities, direct emissions from use of sold products (associated with HFC propellants), end-of-life treatment of sold products, and downstream leased assets (associated with ice cream retail cabinets) by 42% by 2030, from a 2021 base year (approved by the SBTi). \n  * Reduce absolute Scope 3 forest, land and agriculture (FLAG) GHG emissions from purchased goods and services (associated with ingredients) by 30.3% by 2030, from a 2021 base year (approved by the SBTi). \n\nOur two near-term Scope 3 GHG reduction targets are separate, but together\nthey represent a 39% absolute reduction in total targeted Scope 3 emissions.\n\nFor information about our progress against our targets, please visit our [\nSustainability performance data  ](/sustainability/responsible-\nbusiness/sustainability-performance-data/) and our [ Annual Report and\nAccounts  ](/investors/annual-report-and-accounts/) .\n\n##  Action to 2030: what's in our updated Plan\n\nJavaScript must be enabled to view this content\n\n##  Our key action areas\n\nTo drive our GHG emissions reduction to 2030, we are focusing our efforts\nwhere we believe we can have the greatest impact, and where we have access to\nbetter data to track our performance.\n\nSupplier Climate Programme\n\nThis programme is designed to accelerate the transition of key suppliers to a\nposition of climate leadership.\n\nOur Supplier Climate Programme is designed to accelerate the transition of key\nsuppliers to a position of climate leadership. We define this as suppliers\nhaving set their own science-based GHG reduction targets, publicly reporting\nprogress against their targets, and having the capacity and capability to\nprovide us with a Product Carbon Footprint (PCF) for the materials we buy.\n\n**Key actions:**\n\n  * Scale up the Unilever Supplier Climate Programme. \n  * Create innovation partnerships with select suppliers for GHG reduction. \n  * Actively engage with industry-wide initiatives to drive standardisation and scale up approaches to climate action and transparency. \n\n**Dependencies:**\n\n  * Industry alignment around common requirements and methodologies for PCF data. \n\n[ Find out more about our Supplier Climate Programme  ](/suppliers/supplier-\nclimate-programme/)\n\nReformulating products\n\nWe are changing the way our products are made without compromising on\nperformance or consumer experience.\n\nReformulating our products is one of our biggest opportunities to reduce\nemissions. Importantly, we are taking action without compromising on product\nperformance or consumer experience.\n\n**Key actions:**\n\n  * Reformulate our Home Care products to use innovative lower-GHG ingredients. \n  * Use plant-based and lower-GHG food ingredients in Foods. \n  * Increase plant-based ice cream options and alternatives. \n  * Reduce palm oil usage in soap bars. \n\n**Dependencies:**\n\n  * Increased consumer acceptance of plant-based products and technological developments. \n  * Changes to national Standards of Identity (SOI). We are required to align our product content and production methods with SOI in different markets \u2013 for example, the minimum quantity of vegetable oil in our mayonnaise or levels of dairy in our ice creams.   \n\nForest-risk commodities\n\nBy the end of 2023 we had put in place the infrastructure, monitoring and\nverification systems to manage a deforestation-free supply chain.\n\nThe GHG emissions from the production of [ our key forest-risk commodities\n](/sustainability/nature/deforestation-free-supply-chain/) (palm oil, paper\nand board, soy, cocoa, and tea) arise from land use change (e.g.\ndeforestation), agricultural practices and downstream processing.\n\n**Key actions:**\n\n  * Invest in our value chain to meet current and future demand for deforestation-free commodities. \n  * Enrol suppliers and [ smallholder farmers  ](/sustainability/livelihoods#helping-farmers-grow) in our programmes to help them improve practises and ensure they do not contribute to land use change. \n  * Drive improvements in the processing of forest-risk commodities. \n\n**Dependencies:**\n\n  * Availability of deforestation-free and lower-emission commodities. \n  * Adoption of consistent standards for forest-risk commodities and level playing fields globally. \n\nFind out more about our work to manage a [ deforestation-free supply chain\n](/sustainability/nature/deforestation-free-supply-chain/) .  \n\nRegenerative agriculture\n\nWe are working with partners to scale up more sustainable farming practices in\nour value chain.\n\n[ Regenerative agricultural practices  ](/sustainability/nature/) focus on\ndelivering positive outcomes in terms of nourishing the soil, increasing farm\nbiodiversity, improving water quality and climate resilience, capturing\ncarbon, and restoring and regenerating the land. Our Foods and Ice Cream\nBusiness Groups are working with our suppliers to introduce regenerative\nagriculture practices to some of our key ingredients, including rice,\nsoybeans, wheat, rapeseed, corn, tea, and dairy products.\n\n**Key actions:**\n\n  * Scale up adoption of regenerative agriculture. \n  * Expand our Lower Carbon Dairy Programme. \n  * Work together across shared supply chains. \n\n**Dependencies:**\n\n  * Farmer capacity and capability to implement regenerative agricultural practices. \n  * Shared understanding of regenerative agriculture principles and practices. \n  * Supportive regulatory environment to mitigate risks for farmers. \n\nChemical ingredients\n\nWe are working to reduce emissions from two key chemical ingredients.\n\nTwo key chemical ingredients contribute a significant proportion of our Scope\n3 GHG emissions: linear alkylbenzene sulphonate (LAS) and soda ash. LAS is an\norganic chemical used as a surfactant (or cleaning agent) in Home Care\nproducts such as laundry detergents and is historically derived from\npetrochemical feedstocks. Soda ash is an inorganic chemical used as a key\ningredient in laundry powders and when produced synthetically, is energy-\nintensive and often produced in markets that burn coal.\n\n**Key actions:**\n\n  * Reduce the GHG intensity of LAS production. To reduce emissions from production, we encourage our suppliers to use renewable energy. \n  * Reduce the GHG intensity of soda ash production. \n\n**Dependencies:**\n\n  * Industry cooperation and advocacy. \n  * Supplier climate action. We depend on ongoing innovation partnerships with suppliers to develop and procure low-carbon soda ash. \n  * A level playing field for the production of renewable LAS. \n\n[ Find our more about reducing emissions from the chemicals industry\n](/brands/home-care/chemicals-sustainability/)\n\nOur operations\n\nWe are continuing to transition to renewable thermal energy.\n\nOur operational emissions are within our direct control. We have achieved a\n74% emissions reduction vs 2015 (achieving our short-term Scope 1 & 2 GHG\nreduction target two years early), primarily through increasing our use of\nrenewable electricity and energy efficiency programmes.\n\n**Key actions:**\n\nOver the next three years, we plan to invest \u20ac150m in our manufacturing\ndecarbonisation programme, focused on three areas:\n\n  * Decarbonisation of our thermal and electrical energy. \n  * Increasing our use of renewable power. \n  * Reducing emissions from refrigeration. \n\n**Dependencies:**\n\n  * Availability of cost-effective thermal energy solutions. \n  * Local availability of sustainably sourced biofuels. \n  * Continued validity of market-based mechanisms for renewable energy. \n\nPackaging\n\nWe are using post-consumer recycled plastic (PCR) which helps us to reduce our\ndependence on virgin fossil-fuel-derived plastics.\n\nEmissions from packaging are a significant contribution to our total Scope 3\nGHG emissions and predominantly arise during two lifecycle stages: at\nfeedstock creation, for example, where plastics traditionally use fossil\nfuels, and at end-of-life, particularly if disposed of through incineration or\nlandfill. Our progress within this action area is demonstrated through our\ncontinued use of post-consumer recycled plastic (PCR) which helps us to reduce\nour dependence on virgin fossil-fuel-derived plastics.\n\n**Key actions:**\n\n  * Reduce our overall packaging material use. \n  * Transition towards increased use of recycled and renewable feedstocks. \n  * Design our packaging for recycling. \n  * Advocate for better collection, recycling, and reuse infrastructure. \n\n**Dependencies:**\n\n  * Implementation of regulated Extended Producer Responsibility (EPR) schemes. We will continue advocating for well-designed EPR schemes, where companies such as Unilever pay for and manage the collection and processing of packaging. \n  * Agreement of a global plastics treaty. \n  * Public policy that creates the right enabling environment for new packaging models to succeed.   \n\nLogistics\n\nWe are improving our transport network efficiency.\n\nWe use logistics and distribution networks across the world to transport our\nraw materials and products, resulting in GHG emissions from fossil fuel use.\n\n**Key actions:**\n\n  * Improve transport network efficiency. \n  * Scale up electric and alternative fuel vehicles. \n\n**Dependencies:**\n\n  * Accelerated decarbonisation of the transport sector. \n  * Improved availability of alternative fuels, electric vehicles (especially heavy-duty vehicles), and recharging infrastructure.   \n  \n  \n\nIce cream cabinets\n\nWe are working to reduce GHG emissions from our fleet of ice cream cabinets\nthrough cabinet efficiency and \u2018warming up\u2019 the cold chain.\n\nWe have a global cabinet fleet of close to 3 million point-of-sale ice cream\nfreezers, all of which use electricity. This results in GHG emissions where\nthis electricity comes from non-renewable sources.\n\n**Key actions:**\n\n  * Increase cabinet energy efficiency. \n  * \u2018Warm up\u2019 the cold chain. This involves raising the temperature settings of the cabinets from the standard setting of -18\u00b0C to a higher setting of -12\u00b0C, requiring less energy. \n  * Transition to renewable energy. \n\n**Dependencies:**\n\n  * Ongoing transition to renewable electricity. \n  * Market access to power purchase agreements and ongoing acceptability of energy attribute certificates. \n  * Change in freezer temperature regulations. \n\nAerosol propellants in the US and Canada\n\nWe are investigating products with alternative propellants for the US market.\n\nPropellants are ingredients used within products such as hair sprays,\nantiperspirant sprays, deodorants, and body sprays. Outside of North America,\nUnilever uses natural hydrocarbon gases for these spray formats which have\nclose to zero GHG emissions. However, in part due to restrictions in the US\nand Canada regarding Volatile Organic Compound regulations, our spray formulas\nin these markets use hydrofluorocarbon propellants. HFC propellants typically\nhave a Global Warming Potential of around 164, meaning they are 164 times more\npotent than carbon dioxide in contributing to global warming.\n\n**Key actions:**\n\n  * Develop products with alternative propellants for the US market. \n\n**Dependencies:**\n\n  * Consumer acceptance of aerosol propellant innovations in the US and Canada markets. \n  * Removal of potential regulatory roadblocks in Canada.   \n\nIn addition to the actions outlined above, we recognise that more innovations\nwill be needed if we are to meet our near-term targets and deliver our Net\nZero by 2039 ambition. We believe that by being open and transparent about our\nchallenges and dependencies in our CTAP, we can help accelerate the changes\nneeded to get our business and the world on track for net zero.\n\n> \"Climate action is a priority for Unilever, to support business growth and\n> the communities we serve. We\u2019re focusing our efforts where we can have most\n> impact and driving innovation \u2013 but we cannot do it alone. We\u2019re partnering\n> with others to scale solutions and using our voice to spur collective action\n> from governments, regulators and industry, up and down our value chain. We\n> want to focus our business and the world to get on track for net zero.\"\n>\n> Rebecca Marmot, Chief Sustainability Officer\n\n##  Our wider influence on society\n\nTo deliver the actions outlined in our updated CTAP, and to help unlock\nfurther emissions reduction to meet our near-term GHG reduction targets and\nprogress towards net zero, we recognise the need for more targeted engagement\nto help drive systemic change.\n\nOur CTAP includes cross-cutting advocacy asks which underpin and support our\nwork on climate. It also sets out how we seek to address specific barriers to\neach action area, by working with governments, regulators, and industry to\nshift the systems we are part of. Our cross-cutting advocacy asks include:\n\nMore details of how we approach and govern climate policy engagement,\nincluding a review of our industry associations, can be found in our [ Climate\nPolicy Engagement Review  (PDF 3.24 MB)  ](/files/unilever-climate-policy-\nengagement-review-2025.pdf) .\n\n##  Our climate governance\n\nThe Board has overall accountability for the management of all risks and\nopportunities, including those arising from climate change and our CTAP. Our\nCEO and Executive Board member is ultimately responsible for overseeing our\nclimate agenda and implementation of our CTAP. Further information about\nclimate governance is included in our CTAP.\n\nSkip this section\n\n##  Latest climate news\n\nCombating climate change needs business and government collaboration. Our\nformer CEO Hein Schumacher and former UNFCCC Executive Secretary Patricia\nEspinosa, explain how working together will help unlock faster emission cuts.\n\nOur updated Climate Transition Action Plan (CTAP) sets out Unilever\u2019s\nambitious new climate targets. Discover how we\u2019re focusing our efforts so we\ncan deepen our impact by 2030, and why we believe taking urgent climate action\nnow is good for our business in the long term.\n\nIt takes around 4 million hectares of land to grow the raw materials used in\nUnilever products. To ensure they are grown sustainably, we need to support\nthe farmers who supply us as they make the shift to regenerative agriculture.\nBut what does this mean and how will it work?\n\nWorking with partners, our India business is piloting the production of\nsynthetic soda ash \u2013 a key ingredient in laundry powder \u2013 with a near-zero\ngreenhouse gas footprint. If proved at scale, this innovation could help\nunlock faster emissions reductions in our supply chain.\n\nDeforestation is a driver of climate change. Lana Kristanto, sustainable\nsourcing specialist, explains how we\u2019re working towards a deforestation-free\nsupply chain and why protecting and regenerating nature is a key part of our\nclimate strategy.\n\nSkip this section\n\n##  Related information  (6 items)\n\nOur Climate Transition Action Plan sets out our actions to lower our emissions\nby 2030.\n\nWe\u2019re working within our business and with external partners to ensure a\ndeforestation-free supply chain, that we support human rights and tackle\nclimate change.\n\nWe\u2019re pioneering an ambitious approach to restore the health of our planet,\nboth in our supply chain and beyond.\n\nWe\u2019re working to reduce greenhouse gas emissions from chemicals by\ncollaborating with suppliers, reformulating some of our products, and pushing\nfor the chemicals industry to transform.\n\nWe have consolidated our sustainability performance and people data to help\nwith further analysis.\n\nFind out about our strategy and our performance.\n\n##  Archive links\n\n  * [ Climate Policy Engagement Review 2023  (PDF 1.39 MB)  ](/files/unilever-climate-policy-engagement-review.pdf)\n\nBack to top\n\n##  Connect with us\n\nWe're always looking to connect with those who share an interest in a\nsustainable future.\n\n  * [ Connect with us on Facebook  ](https://www.facebook.com/unilever)\n  * [ Connect with us on X  ](http://www.x.com/Unilever)\n  * [ Connect with us on LinkedIn  ](https://www.linkedin.com/company/unilever)\n  * [ Connect with us on Instagram  ](https://www.instagram.com/unilever/?hl=en)\n\n##  Contact us\n\nGet in touch with Unilever PLC and specialist teams in our headquarters, or\nfind contacts around the world.\n\n[ Contact us  ](/contact/)\n\nThis is Unilever's global company website\n\n\u00a9 Unilever 2025\n\n[ AbilityNet  ](https://abilitynet.org.uk/accreditation/unilever-website-\naccreditation-plus-certificate)\n\nHave you got a few minutes to complete a survey? We would love to hear about\nyour experience using Unilever.com.\n\n",
                "url": "https://www.unilever.com/sustainability/climate/our-climate-transition-action-plan/"
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                    "source": "https://usa.streetsblog.org/2017/07/06/urban-myth-busting-congestion-idling-and-carbon-emissions"
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                "page_content": "[ Skip to Content ](/2017/07/06/urban-myth-busting-congestion-idling-and-\ncarbon-emissions#main)\n\n[ Air Quality  ](/category/air-quality)\n\n#  Urban Myth Busting: Congestion, Idling, and Carbon Emissions\n\n[ ](/author/joecortco)\n\nBy  [ Joe Cortright ](/author/joecortco)\n\n4:23 PM EDT on July 6, 2017\n\n  * [ Share on Facebook  ](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n  * [ Share on X (formerly Twitter)  ](https://x.com/intent/tweet?text=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions&url=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n  * [ Share on Email  ](mailto:?body=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions&subject=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions)\n  * [ Share on Reddit  ](http://www.reddit.com/submit/?title=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions&url=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n  * [ Share on LinkedIn  ](https://www.linkedin.com/shareArticle/?summary=Increasing%20road%20capacity%20to%20reduce%20greenhouse%20gas%20emissions%20will%20backfire.%0A&title=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions&url=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n  * [ Share on Bluesky  ](https://bsky.app/intent/compose?text=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions%20-%20https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n\n_Crossposted from[ City Observatory. ](http://cityobservatory.org/urban-myth-\nbusting_idling_carbon/) _\n\nTime for another episode of City Observatory\u2019s Urban Myth Busters, which\nitself is an homage to the long-running Discovery Channel series [\n\u201cMythbusters\u201d ](http://variety.com/2015/tv/news/mythbusters-discovery-\nending-1201623363/) that featured co-hosts Adam Savage and Jamie Hyneman using\nsomething called \u201cscience\u201d to test whether commonly believed tropes were\nreally true. In each episode, they would construct elaborate (often explosive)\nexperiments to test whether something you see on television or in the movies\ncould actually happen in real life. (Sadly, you can\u2019t make a [ bullet curve\n](http://mythresults.com/curving-bullets) no matter how fast you flick your\narm.)\n\nIn our first installment, we took on the oft-repeated claim that somehow\nbuilding more housing for middle and upper income people made housing less\naffordable for lower income households. (It doesn\u2019t).\n\nToday\u2019s claim comes from the world of transportation. As we all know,\ntransportation is now the single largest source of greenhouse gas emissions.\nHere, when confronted with the need to do something to address climate change,\nthe highway lobby likes to point out that cars emit carbon, and when they\u2019re\nidling or driving in stop and go traffic, they may emit more carbon per mile\nthan when they travel at a nice steady speed. And of course, they have a\nsolution for that: spend more money expanding capacity so cars don\u2019t have to\nslow down so much. That\u2019ll be great for the environment, or so the argument\ngoes.\n\nThis claim has been invoked by highway advocates everywhere. Most recently,\nits been raised by officials speaking in favor of spending upwards of a\nbillion dollars on three freeway widening projects in the Portland area. Sate\nSenator Lee Beyer argued that truck idling due to congestion was contributing\nto global warming. Here\u2019s what Beyer told Oregon Public Broadcasting\u2019s [ Think\nOut Loud ](http://www.opb.org/radio/programs/thinkoutloud/segment/represented-\nfixing-and-funding-oregons-roads/) program on April 18, 2017:\n\n> To the extent that we have congestion, in Portland for example, or anywhere\n> else, but there particularly, if you look at the amount of exhaust those\n> trucks are spewing into the air during that 52 hours while they sit in\n> traffic, that may have more of a negative impact on the environment and more\n> carbon release than we would gain solely through the low carbon fuels piece\n> as its currently structured.\n\nHis argument was echoed by City Commissioner [ Amanda Fritz\n](http://www.wweek.com/news/city/2017/06/14/we-ask-city-officials-how-can-\nportland-square-its-climate-goals-with-adding-lanes-to-i-5/) :\n\n> It seems likely the emissions from vehicles crawling in this section are\n> worse than those at normal speed.\n\nSo is there any truth to the idea that reducing traffic congestion will lower\nvehicle emissions?\n\nIn place of the now retired duo of Adam and Jamie, we\u2019ll turn this question\nover to Alex and Miguel\u2013Alex Bigazzi and Miguel Figliozzi, two transportation\nresearchers at Portland State University. Their [ researc\n](http://www.sciencedirect.com/science/article/pii/S1361920912000727) h shows\nthat savings in emissions from idling can be more than offset by increased\ndriving prompted by lower levels of congestion. The underlying problem is our\nold friend, induced demand: when you reduce congestion, people drive more, and\nthe \u201cmore driving\u201d more than cancels out any savings from reduced idling. As\nthey conclude:\n\n> Induced or suppressed travel demand . . . are critical considerations when\n> assessing the emissions effects of capacity-based congestion mitigation\n> strategies. Capacity expansions that reduce marginal emissions rates by\n> increasing travel speeds are likely to increase total emissions in the long\n> run through induced demand.\n\nIn a companion paper, they look at a variety of data, including variations\namong metropolitan areas, changes over time in congestion and emissions, and\ncorridor level estimates of traffic and emissions. In each case, they find\nthat carbon emissions are strongly correlated with the length of travel and\nweakly correlated (or uncorrelated) with levels of congestion.\n\nSpecifically, metropolitan areas with high levels of congestion do not have\nhigher levels of CO2 emissions per capita than ones with low congestion. They\nconclude their is \u201cno relation.\u201d But vehicle miles traveled is a strong\ncorrelate. Here\u2019s a chart showing daily peak period hours of vehicle travel\nper peak period travel (on the horizontal axis) and CO2 emissions per peak\nperiod traveler per day. More driving is correlated with more carbon\nemissions.\n\n[ ](https://lede-admin.usa.streetsblog.org/wp-\ncontent/uploads/sites/46/2017/07/co-emissions-graph.png) Graph: [ Portland\nState University\n](http://web.cecs.pdx.edu/~maf/Conference_Proceedings/2012_Do_Mobility_Based_Performance_Measures_Reflect_Emissions_Trends.pdf)\nGraph: [ Portland State University\n](http://web.cecs.pdx.edu/~maf/Conference_Proceedings/2012_Do_Mobility_Based_Performance_Measures_Reflect_Emissions_Trends.pdf)\n\nSimilarly, metro areas that had an increase in congestion (as measured by the\nTexas Transportation Institute\u2019s Travel Time Index), didn\u2019t see proportionate\nincreases in CO2 emissions. The following panel shows how the change in\nemissions per traveler between 2000 and 2010 for an array of 101 metropolitan\nareas related to changes in congestion (left hand chart), changes in hours\ntraveled per person (center chart) and vehicle miles traveled (right hand\nchart). There\u2019s essentially no relation between increases in congestion and\nper traveler emissions; but more hours of travel and greater distances\ntraveled translate very directly into more carbon emissions.\n\n[ ](https://lede-admin.usa.streetsblog.org/wp-\ncontent/uploads/sites/46/2017/07/Bigazzi_Change.png) Graph: [ Portland State\nUniversity\n](http://web.cecs.pdx.edu/~maf/Conference_Proceedings/2012_Do_Mobility_Based_Performance_Measures_Reflect_Emissions_Trends.pdf)\nGraph: [ Portland State University\n](http://web.cecs.pdx.edu/~maf/Conference_Proceedings/2012_Do_Mobility_Based_Performance_Measures_Reflect_Emissions_Trends.pdf)\n\nThere\u2019s also another kicker to the speed/emissions relationship that you\u2019ll\nnever hear highway advocates mention. While its true that cars emit more\ncarbon per mile while idling and in stop and go traffic than they do when\ncruising at 30 to 45 miles per hour, traveling at higher speeds is actually\nless fuel efficient and produces more CO2 per mile driven. Hence one of the\nstrategies that we ought to employ is imposing stricter speed limits (say 55\nmiles per hour). This also means that the more we build roads that let people\ndrive at higher speeds (60 to 70 miles per hour) the more we\u2019re increasing\nglobal warming.\n\nThis myth is busted: adding more capacity might reduce idling a bit, but it\nwill actually induce more driving, which will lead to higher, not lower carbon\nemissions.\n\nAnd, a technological post-script: Automakers are now increasingly equipping\ntheir vehicles with [ stop-start technology\n](https://www.nytimes.com/2016/04/08/automobiles/wheels/start-stop-technology-\nis-coming-to-cars-like-it-or-not.html?_r=0) , which automatically turns the\nengine off when the car stops moving, and then re-starts the engine when the\ndriver takes her foot of the brake. This virtually eliminates idling\nemissions, not just in traffic, but at red lights too. Some 15 million\nEuropean cars already have stop-start, a majority of cars sold in North\nAmerica are predicted to have in the next few years. In addition, electric\nvehicles don\u2019t idle when they\u2019re stopped. So in the long run, if we want to\nreduce emissions from idling, a technical fix is in the works\u2013no need to widen\nroads to address this source of pollution.\n\n  * [ Share on Facebook  ](https://www.facebook.com/sharer.php?u=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n  * [ Share on X (formerly Twitter)  ](https://x.com/intent/tweet?text=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions&url=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n  * [ Share on Email  ](mailto:?body=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions&subject=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions)\n  * [ Share on Reddit  ](http://www.reddit.com/submit/?title=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions&url=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n  * [ Share on LinkedIn  ](https://www.linkedin.com/shareArticle/?summary=Increasing%20road%20capacity%20to%20reduce%20greenhouse%20gas%20emissions%20will%20backfire.%0A&title=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions&url=https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n  * [ Share on Bluesky  ](https://bsky.app/intent/compose?text=Urban%20Myth%20Busting%3A%20Congestion%2C%20Idling%2C%20and%20Carbon%20Emissions%20-%20https%3A%2F%2Fusa.streetsblog.org%2F2017%2F07%2F06%2Furban-myth-busting-congestion-idling-and-carbon-emissions)\n\n[ ](/author/joecortco)\n\n[ Joe Cortright ](/author/joecortco)\n\n##  Stay in touch\n\nSign up for our free newsletter\n\n##  More from Streetsblog USA\n\n[ Today's Headlines  ](/category/special-features/todays-headlines)\n\n### [ Thursday Is Pickup Day for Headlines  ](/2025/04/10/thursday-is-pickup-\nday-for-headlines)\n\n\"Direct vision\" trucks would save lives of solid waste workers and those in\nother industries.\n\n[ ](/author/baued)\n\n[ Blake Aued ](/author/baued)\n\nApril 10, 2025\n\n[ ](/2025/04/10/thursday-is-pickup-day-for-headlines)\n\n[ Economics  ](/category/economics)\n\n### [ What Trump\u2019s Tariff Chaos Could Mean For Transportation\n](/2025/04/09/what-trumps-tariff-chaos-could-mean-for-transportation)\n\nHint: expensive cars, expensive trains, expensive bikes, expensive everything.\n\n[ ](/author/keawilson)\n\n[ Kea Wilson ](/author/keawilson)\n\nApril 9, 2025\n\n[ ](/2025/04/09/what-trumps-tariff-chaos-could-mean-for-transportation)\n\n[ Free Transit  ](/category/free-transit)\n\n### [ Update: Philadelphia Did NOT Eliminate America\u2019s Best Free Transit\nProgram!  ](/2025/04/09/is-philadelphia-about-to-eliminate-americas-best-free-\ntransit-program)\n\nThe City of Brotherly Love has been giving free rides of tens of thousands of\nlow-income residents \u2014 but the money might be about to dry up.\n\n[ ](/author/keawilson)\n\n[ Kea Wilson ](/author/keawilson)\n\nApril 9, 2025\n\n[ ](/2025/04/09/is-philadelphia-about-to-eliminate-americas-best-free-transit-\nprogram)\n\n[ Today's Headlines  ](/category/special-features/todays-headlines)\n\n### [ Wednesday\u2019s Headlines Are a Good Deal  ](/2025/04/09/wednesdays-\nheadlines-are-a-good-deal)\n\nPlanetizen makes the case that transit subsidies are well worth the expense\nbecause they benefit everyone \u2014 even drivers.\n\n[ ](/author/baued)\n\n[ Blake Aued ](/author/baued)\n\nApril 9, 2025\n\n[ ](/2025/04/09/wednesdays-headlines-are-a-good-deal)\n\n[ Streetsblog San Francisco  ](https://sf.streetsblog.org/tag/promoted) [\nFreeway Widenings  ](/category/freeway-widenings)\n\n### [ City of San Mateo Says \u2018No More Freeway Widening\u2019\n](https://sf.streetsblog.org/2025/04/08/city-of-san-mateo-says-no-more-\nfreeway-widening)\n\nFinally, a city council that gets the utter futility of widening to solve\ntraffic.\n\nApril 8, 2025\n\n[ ](https://sf.streetsblog.org/2025/04/08/city-of-san-mateo-says-no-more-\nfreeway-widening)\n\n[ See all posts ](/all)\n\n[ ](/)\n\n[ ](/)\n\nCovering the movement to end car dependency and improve biking, walking and\ntransit in America.\n\n##  Stay in touch\n\nSign up for our free newsletter\n\n  * [ Streetsblog USA Facebook  ](https://facebook.com/Streetsblog-USA-158901714195305)\n  * [ Streetsblog USA X (formerly Twitter)  ](https://x.com/StreetsblogUSA)\n  * [ Streetsblog USA Instagram  ](https://instagram.com/Streetsblog)\n  * [ Streetsblog USA LinkedIn  ](https://www.linkedin.com/company/streetsblogusa)\n  * [ Streetsblog USA Bluesky  ](https://bsky.app/profile/streetsblogusa.bsky.social)\n\n\u00a9 Copyright 2025\n\nMade in partnership with [ Lede ](https://joinlede.com)\n\n",
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                    "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
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                "page_content": "[ Climate Risk ](/web/en/us/insights/climate-risk.html)\n\n##  Quantifying the impact of climate on corporate credit risk\n\nApril 01, 2023\n\n[ __ Copy link  Link Copied!\n](https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-\nimpact-of-climate-on-corporate-credit-risk.html) [ __ Share on Twitter\n](https://twitter.com/share?url=https://www.moodys.com/web/en/us/insights/climate-\nrisk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html) [ __\nShare on LinkedIn\n](https://www.linkedin.com/shareArticle?url=https://www.moodys.com/web/en/us/insights/climate-\nrisk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html) [ __\nEmail ](/cdn-cgi/l/email-\nprotection#9da2eee8fff7f8fee9a0f5e9e9edeea7b2b2eaeaeab3f0f2f2f9e4eeb3fef2f0b2eaf8ffb2f8f3b2e8eeb2f4f3eef4faf5e9eeb2fef1f4f0fce9f8b0eff4eef6b2ece8fcf3e9f4fbe4f4f3fab0e9f5f8b0f4f0edfcfee9b0f2fbb0fef1f4f0fce9f8b0f2f3b0fef2efedf2effce9f8b0feeff8f9f4e9b0eff4eef6b3f5e9f0f1bbfff2f9e4a0a1dfd2d9c4a3)\n\n#####  Abstract\n\n**Moody\u2019s Climate-Adjusted EDF\u2122 (Expected Default Frequency)** framework\nprovides a consistent, transparent, and customizable means for analyzing\nphysical and transition risks\u2019 impact on public companies\u2019 credit risk. This\npaper explains the functionality, methodology, and underlying data driving the\nClimate-Adjusted EDF framework for our physical and transition risk models.\nResulting Climate-Adjusted EDF credit measures can be used for stress-testing,\nloan origination, credit monitoring, asset allocation, and disclosure.\n\n**The Physical Risk-Adjusted EDF model** forecasts both direct and indirect\neffects of weather and climate events on businesses\u2019 infrastructure,\noperations, and markets. Resulting credit measures account for acute physical\nevents (e.g., hurricanes, wildfires, and floods) and chronic physical effects\n(e.g., sea level rise, heat stress, and water stress). For a range of possible\nwarming paths, the methodology analyzes differential climate exposures based\non the time horizon, location of a firm\u2019s physical assets and operations, and\nfirm financial characteristics.\n\n**The Transition Risk-Adjusted EDF model** forecasts the risks associated with\nthe transition to a lower carbon economy. The effects of carbon transition on\na firm\u2019s financial and credit health may be driven by policies such as carbon\ntaxation, variable technological growth, and/or socioeconomic trends. To\ncapture the complicated economic drivers affecting firms, we employ an\nIntegrated Assessment Model (IAM) to understand how a given transition future\naffects sector-level prices, quantities sold, and costs. We augment the IAM\nwith a model of firm-level competition to understand the effects of transition\nover time on firm earnings, firm valuations, and, ultimately, firm credit\nrisk.\n\n**The Climate PD Converter** allows users to adjust their own baseline PDs via\nthe Climate-Adjusted EDF methodology. Based on a firm\u2019s non-climate adjusted\nprobability of default (PD) inputs and other characteristics, the Converter\noutputs a full set of credit metrics conditional on a range of climate\nscenarios. This can be useful for analyzing unlisted names, measuring generic\nsectoral or regional risk, and adjusting internal ratings. The converter\nallows the user to input asset value, sales revenue, carbon footprint, and\nscope 1 and 2 emissions. If this information is not available, it imputes\nthese variables.\n\n#####  1\\. Introduction\n\nMoody\u2019s investment in climate risk analysis is motivated by scientific\nconsensus that global warming poses a major risk to the stability of the\ninternational financial system and the world economy. Already, we see that a\n1\u00b0C global warming above pre-industrial levels affects nearly every facet of\nthe global economy\u2014from infrastructure, agriculture, and real estate to human\nhealth and labor productivity.  1  Although fossil-free energy use is on the\nrise, and many governments have introduced carbon taxes and pledged to achieve\nnet zero greenhouse gas emissions by 2050, the past decade was the warmest on\nrecord.  2\n\nThe increasing pace of climate change and the increasing likelihood of major\ntransition-related policy action have important implications for the financial\nhealth of firms across the globe. Firms may suffer direct damages to their\nphysical assets or disruption to their business models due to weather and\nclimate events. Carbon taxation, changing energy prices, and new green\ntechnologies confront corporations with risks as well as rewards. Financial\ninstitutions with exposure to these firms must understand and carefully\nmeasure climate-related risks during loan origination, monitoring, asset\nallocation, stress-testing, and disclosure.\n\nTo quantify the corporate credit risks associated with climate change, Moody\u2019s\nhas developed a climate-adjusted version of its Public Firm EDF (Expected\nDefault Frequency) model. The Public Firm EDF model is a structural model of\ncredit risk that has been used by global banks, insurers, corporates, and\nasset managers for more than 30 years. During that time, continuous updates\nand validations have shown the model\u2019s ability to accurately predict default\nevents in diverse economic environments. The Public Firm EDF model provides a\nrobust framework for understanding the effects of structural climate shocks on\ncorporate credit risk.\n\nTo augment the Public EDF framework to account for climate risk, Moody\u2019s has\ndeveloped a methodology to account for the effect of climate on the underlying\ndrivers of EDF metrics. The climate-adjusted model integrates climate\nscenarios devised by the Network for Greening the Financial System (NGFS)  3\nand state-of-the-art data and assessment tools from the Moody\u2019s ESG team to\nproject the physical and transition risk metrics related to global warming and\ntheir impact on credit risk.\n\nAdjusted EDF models allow the user to vary which damage functions are selected\nto calculate global physical damages in each scenario or to provide customized\nphysical damage paths. Our Climate-Adjusted EDF models provide users with the\nfollowing functionality:\n\n  * **30-year EDF term structures conditional on a climate scenario** : For the 40,000 distinct names in the CreditEdge universe, the Climate-Adjusted EDF model produces a probability of default (PD) term structure that forecasts credit risk over time for each climate scenario. We currently offer output based on the NGFS I & II scenarios, a consensus set of possible climate futures employed by many central banks and financial supervisors. We also produce scenarios by the Monetary Authority of Singapore (MAS). \n  * **Conditional valuation metrics** : For each bond issuer in the CreditEdge universe, we leverage on the Moody\u2019s EDF model and on the conditional PD term structures and adjust these to the physical and transition climate risks to produce the climate-adjusted EDF term structure as well as a host of intermediate outputs, such as earnings, assets, and implied ratings. The relevant output metrics are listed in Table 1. \n\n  * **Climate adjustment of user-supplied PDs via the Climate PD Converter:** The Climate-Adjusted EDF (CEDF) model is an attractive framework for understanding climate scenario-conditioned credit risk, even when baseline (unconditional) PDs are derived from a model other than the Public EDF model. The Climate PD Converter module allows users to input a baseline PD and key characteristics of a custom entity, such as asset value, sales, carbon footprint, and scope 1 and 2 emissions. The Converter in turn returns climate-adjusted term structures and associated credit metrics for the name. The tool is useful for running unlisted and private names through the model, understanding generic sectoral and regional risks, and adjusting internal or reduced form PD models to account for climate risk. \n\nIn the following sections, we first summarize the key elements of the CEDF\nframework. Second, we describe the Global Change Analysis Model (GCAM) which\nis used to generate climate scenarios. We then provide details regarding our\nphysical risk methodology where we leverage on firm-specific Moody's ESG\nphysical scores to derive firm-level damages from a global damage function.\nTransition risk employs the sectoral output from GCAM combined with firm-level\nscope 1 and 2 emissions. These are used to adjust firm-level costs. Using\nthese costs and a model of oligopolistic competition, we disaggregate sectoral\noutput to the firm level. The impact of the two risks is combined via the path\nof asset values. We generate a joint output and also illustrate aggregated\nrisks in a portfolio of corporate bonds. Finally, we show how customized\ninputs, such as emissions plus assets and sales from financials can be used to\nproduce climate-adjusted EDFs for both private and public companies.\n\n#####  2\\. Climate-adjusted expected default frequency framework\n\nMoody\u2019s CEDF models follow the established taxonomy of climate risk, which\nfalls into two broad categories: physical risk and transition risk\u2014see Figure\n1. The CEDF model final output is a term structure, the corporate probability\nof default, one of the credit risk metrics.\n\n  * Physical risk encompasses the costs and risks arising from the physical effects of climate change on businesses\u2019 operations, workforce, markets, infrastructure, raw materials, and assets. Physical risks are further delineated as acute (e.g., extreme weather-driven events such as cyclones, hurricanes, or floods) or chronic (e.g., longer term climatic shifts that may cause changes in temperature, precipitation, water stress, or sea level rise). \n  * Transition risk encompasses the costs and risks associated with the transition to a lower carbon economy, and can include policy changes, such as carbon taxes or cap and trade, new regulations on goods and services, reputational impacts, and shifts in market preferences, norms, and technologies. \n\nLevels of physical and transition risk can vary dramatically between firms.\nFirms with facilities in South East Asia, the Middle East, and the\nCaribbean\u2014areas with high exposures to warming-related climate and weather\nevents\u2014will have relatively high physical risk. Firms in industrial sectors\nsuch as Coal, Oil & Gas, and Electricity Generation\u2014which are highly exposed\nto carbon transition\u2014will have relatively high transition risk.\n\nCurrent best practice, influenced by both stress-testing conventions and\nclimate science methods, is to discretize the continuous distribution of\npossible economic and climate futures into several representative climate\nscenarios. Each scenario represents a joint path of economic growth,\nemissions, and warming over a long period of time (typically, to the year\n2100). By analyzing the effects of climate under these scenarios,\npractitioners can gain an understanding of the plausible physical and\ntransitional impacts that global warming may have on the risk profiles of\ntheir exposures.\n\nOnce a specific climate scenario is selected for analysis, we carry out\nseveral modeling steps to better understand the financial and credit effects\nof the future climate path in question. First, we model the relationship\nbetween raw climate risk drivers and the economic environment at any point of\ntime within a given climate scenario path. Next, we analyze how modeled\neconomic environments affect each firm\u2019s financial health within these\nenvironments. Finally, we translate each firm\u2019s financial position into credit\nrisk forecasts at any point within the scenario. The impact is then aggregated\nat portfolio level.\n\nWe forecast the effects of physical and transition risk on the financial\ndrivers of the Moody\u2019s Public EDF model. The Public EDF model is employed to\ntranslate the firm\u2019s financial position into its credit risk\u2014see Figure 2. It\nis a Merton-type structural model of credit risk. Structural credit risk\nmodels are defined by explicitly modeling the total firm asset value\n(enterprise value) process over time and by estimation of the likelihood of a\nfirm\u2019s asset value falling below a lower bound (the default point) within a\ncertain time horizon. If the firm asset value does in fact fall below this\ndefault point, the firm is considered insolvent, and it goes into default.\nTherefore, the likelihood of the firm\u2019s asset value falling below the default\npoint is also the probability of default denoted as the Public EDF (Expected\nDefault Frequency) value. The Climate-Adjusted EDF methodology provides credit\nrisk and valuation metrics for all firms in the CreditEdge universe (i.e.,\nnearly all global publicly traded firms, over 40,000 listed companies).\n\n#####  3\\. Climate scenarios\n\n#####  3.1 Attributes of climate scenarios\n\nRaw scenario assumptions are converted to a path of future emissions via a\nclimate-focused economic model called an integrated assessment model (IAM).\nIAMs explore the development of technological, socioeconomic and policy\npathways based on anthropogenic emissions defined by the Representative\nConcentration Pathways (RCPs).  4  The RCP scenarios refer to radiative\nforcing and include future trajectories of concentrations of greenhouse gasses\nand other air-pollutants in the atmosphere as well as changes in the global\nland use/land cover. They are expressed at watts per square meter. The\nscenarios incorporate multiple levels of anthropogenic emissions, including\nlow (RCP1.9 and 2.6), intermediate (RCP4.5 and 6.0) and high pathways (RCP7.0\nand 8.5). They are further associated with temperature projections up to 2100.\nBased on the severity of each scenario, a likely range of temperatures is\nrelated to each RCP relative to the pre-industrial period. Global surface\ntemperature change for the end of the 21st century (2081\u20132100) is projected to\nexceed 1.5\u00b0C for RCP2.6 and is likely to reach temperatures above 2\u00b0C for\nRCP4.5 and higher emission scenarios.  5\n\nEmissions are mapped into global temperatures by use of the Model for the\nAssessment of Greenhouse-gas Induced Climate Change (MAGICC). Since the\nmapping of emissions to temperatures is associated with uncertainty, NGFS\nprovides us with a distribution of future temperature paths. We use the median\n(50th percentile) expected temperature path for two Orderly (Net Zero 2050 and\nBelow 2\u00b0C), two Disorderly (Divergent Net Zero and Delayed Transition), and\ntwo Hot House World (Nationally Determined Contributions and Current Policies)\nscenarios. Future temperature paths are then mapped into future damage in\npercentage of global GDP paths via aggregated damage functions. There is a\nvariety of research studies informing this mapping. In our model, we make sure\nthat the damage path we use for the analysis matches a consensus view of the\nresearch community.\n\nThe scenarios dependent on the carbon prices as defined by NGFS II narratives\n(NGFS II, 2021)  6  can be described as follows:\n\n  * Net Zero 2050: Assumes that ambitious climate policies are introduced immediately. Global warming is limited to 1.5\u00b0C through stringent climate policies and innovation, reaching global net zero CO2 emissions around 2050. Some jurisdictions such as the US, EU, and Japan reach net zero for all GHGs. \n  * Below 2\u00b0C: Assumes that climate policies are introduced immediately and become gradually more stringent though not as high as in Net Zero 2050. A 67% chance of limiting global warming to below 2\u00b0C is given. \n  * Divergent Net Zero: Assumes that climate policies are more stringent in the transportation and buildings sectors. Net zero is achieved around 2050 but with higher costs due to divergent policies introduced across sectors leading to a quicker phase out of oil use. \n  * Delayed transition: Assumes new climate policies are not introduced until 2030 and annual emissions do not decrease until then. Strong policies are needed to limit warming to below 2\u00b0C. CO2 removal is limited. \n  * Nationally Determined Contributions (NDCs): Assumes that the moderate and heterogeneous climate ambition reflected in the conditional NDCs at the beginning of 2021 continues over the 21st century (low transition risks). Includes all pledged policies even if not yet implemented. \n  * Current Policies: Assumes that only currently implemented policies are preserved, leading to high physical risks. \n\nFigure 3 shows the scenario-specific mapping from the carbon price to\nemissions by scenario. Emissions imply the corresponding temperature pathway,\nwhich in turn determines the global damages, according to Kalkuhl & Wenz\n(2020).  7\n\n#####  3.2 Shared Socioeconomic Pathways\n\nShared Socio-economic Pathways (SSPs) were developed to complement the RCPs\nwith varying socioeconomic challenges to adaptation and mitigation. Based on\nfive narratives, the SSPs describe alternative socio-economic futures in the\nabsence of climate policy intervention, comprising sustainable development\n(SSP1), middle-of-the-road development (SSP2), regional rivalry (SSP3),\ninequality (SSP4), and fossil-fueled development (SSP5)\u2014see Figure 5. The\ncombination of SSP-based socioeconomic scenarios and Representative\nConcentration Pathway (RCP)-based climate projections provides an integrative\nframework for climate impact and policy analysis.\n\nAll economic assumptions are taken from the shared socioeconomic pathway 2\n(SSP2), designed to represent a \u201cmiddle-of-the-road\u201d future development:\n\n  * Social, economic, and technological trends do not shift markedly from historical patterns. \n  * Development and income growth proceeds unevenly, with some countries making relatively good progress while others fall short of expectations. \n  * Global population growth is moderate and levels off in the second half of the century. \n  * Income inequality persists or improves only slowly. \n\n#####  3.3 Global Change Analysis Model (GCAM)\n\nIn assessing climate risk impact, we rely on GCAM that provides us with\ndetailed sectoral and regional analysis. GCAM (see Technical documentation\nNGFS Phase II)  8  is a global model that captures interactions among the\nenergy system, water system, agriculture and land use, the economy, and the\nclimate (Figure 6).  9  GCAM has the following features:\n\n  * It consists of a data input framework and the GCAM core. \n  * The GCAM data system reconciles a wide range of different data sets and systematically incorporates a range of assumptions. \n  * GCAM generates a dataset with historical and base-year data for calibrating the model along with assumptions about future trajectories such as GDP, population, and technology. \n  * The GCAM core models capture economic decisions (e.g., land use and technology choices) and their joint dynamics with various human and Earth systems. \n  * GCAM processes assumptions from the data system to create a complete scenario including future projections of prices; energy and other transformations; and commodity and other flows across regions and into the future. \n  * GCAM provides the greatest disaggregation spatial dimension, temporal dimension, as well as demand sectors and subsector detail when compared with the other Integrated Assessment Models used by NGFS. \n  * GCAM allows for the estimation of global and regional mitigation cost, for the analysis of emissions pathways, for the associated land use and energy system transition characteristics, and for quantification of investment. \n\nFigure 7 presents the total amount of energy consumed in transportation\nindustry for the 32 regions defined in GCAM under the delayed transition\nscenario. International shipping and aviation, passenger and freight are\nincluded in this sector. All energy-related outputs in GCAM are reported in\nEJ/yr (exajoule/year). An EJ is equal to 10  18  (one quintillion) joules. For\nexample, the 2011 T\u014dhoku earthquake and tsunami in Japan had 1.41 EJ of energy\naccording to its rating of 9.0 on the moment magnitude scale. Furthermore, the\nannual U.S. total energy consumption amounts to roughly 94 EJ. In Figure 7,\nChina is presented to have the largest energy consumption with a peak around\n2050. Other large regional energy consumers, the US and selected European\ncountries,  10  continuously reduce their energy needs, especially after 2030\nwhen climate policies are adopted in the specified scenario.\n\nFigure 8 presents the fuel cost projections for global transportation. Costs\nin GCAM are shown in $1975/GJ, where one gigajoule (GJ) equals 10  9  (one\nbillion) joules. A GJ of natural gas is about 25.5 cubic metres at standard\nconditions, which is approximately equivalent to 27 litres of fuel oil, 39\nlitres of propane, 26 litres of gasoline or 277 kilowatt hours of electricity.\nThe graph presents increased prices of electricity and hydrogen-generated\nenergy, median prices for oil and petroleum products (refined liquids) and\nstable low costs for gas and coal.\n\n#####  4\\. Physical risk\n\nIn 2005, Hurricane Katrina destroyed the equivalent of roughly 9% of the GDP\nof Louisiana, Florida, Georgia, and Alabama in the United States. Under\nvarious climate scenarios, additional global annual physical damage is\nprojected to be close to 3% of GDP by 2050. This is equivalent to a Hurricane\nof the size of Katrina every three years, everywhere in the world. The\nexposure to physical risk varies dramatically between regions. Analyzing the\nexposure of business facilities of a firm to physical risk is therefore\nparamount for assessing the impact of physical climate risk on a firm\u2019s\nfinancial health and its probability of default. In this section, we present a\nfive step methodology to capture physical risk within the Moody\u2019s Public EDF\nmodel leveraging Moody\u2019s ESG (MESG) climate scores. We find that accounting\nfor physical climate risk can significantly drive up EDFs.\n\nOur five-step methodology concentrates on the impact of physical climate risk\non a firm\u2019s financial position and its probability of default. Physical\nclimate risk enters the framework of Moody\u2019s Public Firm EDF (Expected Default\nFrequency) model. Physical climate-adjustment is carried out by adjusting the\nstatistical moments describing the earnings, and thus, asset value process. We\nquantify the effect of physical risk on these firms\u2019 moments within scenario\nanalyses as follows:\n\n  1. Global physical damages. In Section 3, we employ the outcomes of an Integrated Assessment Model (IAM), a Global Circulation Model (MAGICC), and Aggregated Damage Functions (ADF) to obtain the expected global damages paths in percentage of GDP under various climate scenarios. \n  2. Firm location-specific physical damages. Firms with facilities in areas with high exposures to warming-related climate and weather events will have relatively high physical risk-related damage. We leverage Moody\u2019s ESG (MESG) country and firm-level scores to determine how global damages are distributed across firm locations. We also leverage on the UN Sustainability Index Data and EM-DAT Database for data on natural disasters by country and the World Bank Data for GDP. \n  3. Firm-specific hazard frequency. We translate firm location damage (in % of GDP) in a hazard frequency. To do so, we calculate the average damage \u2018dose\u2019 of significant climate events. We then compute the number of average dosed climate events, which is equivalent to the associated damage of the firm location. More firm-level damage is represented by a higher frequency of average dosed climate hazard events. \n  4. Firm impact per event in financial terms. We translate economic damages (% of GDP) into financial damages (change in asset value). For this, we leverage the results of a case study on historical public asset return of climate events (Ozkanoglu, 2020)  11  to assess the impact on firms\u2019 earnings and asset value upon realization of adverse climate hazard events. As a result, we obtain the total expected impact on the statistical moments describing a firm\u2019s asset value process. \n  5. Effect on firm EDF drivers. We translate physical climate risk-related earnings shocks into climate-adjusted asset value processes, and therefore the associated EDFs. \n\nNext, we describe each of the five steps of our methodology in more detail.\n\n#####  4.1 Firm location-specific physical damages\n\nWe determine how a specific firm\u2019s damage compares to the global average\ndamage. Global average damage is measured in percent of global GDP. We\nconstruct measure of a firm\u2019s damage (in percent of a firm\u2019s GDP) and then use\nour MESG climate risk scores to estimate the relationship between global\naverage damage and a firm\u2019s (facilities) damage. These scores reflect an\nassessment on the locations of a firm\u2019s production facilities and physical\nassets. The application matches facility location data against climate model\nforecasts of relative geospatial exposure to different climate hazards in a\nwarming world. The output is a relative physical risk exposure score from 0\n(low risk) to 100 (high risk). MESG physical risk climate scores comprise\nweighted information of three key sub-components: 1) Operations risk (70%), 2)\nSupply chain risk (15%), and 3) Market risk (15%), see Figure 9. The MESG\nscore can be considered an ordinal score, ranking relative risk across\ndifferent firms but not relating proportional risk between two firms based on\nthe ratio of their scores.\n\nOperations risk aggregates the overall risk exposure of a firm\u2019s facilities\nwith regard to specific hazards. Exposure is assessed at the facility-level,\nwhich includes screening thousands of facilities. In total, the exposure is\nassessed to six different climate hazards: Floods, Sea Level Rise, Water\nStress, Hurricanes & Typhoons, Heat Stress, and Wildfires. The scores account\nfor the fact that different facilities at the same location may be affected\nvery differently by specific hazard events. The six hazards are complemented\nby a measure reflecting socioeconomic risk score, reflecting the commitment to\nESG-related goals of the countries in which the firm\u2019s facilities are located.\nFigure 10 showcases the distribution of the Floods sub-score across the\nfacilities for Petroleo Brasileiro SA where the facilities\u2019 exposure to Floods\nis ranked on a scale between 0 (low risk) and 100 (high risk).\n\nMarket Risk depends on climate risk exposure of sales, and Weather Sensitivity\nmeasures the sensitivity of economic output to climate variability for a given\nindustry. Supply Chain Risk consists of two indicators. Countries of Origin\nmeasures the climate risk in the countries that export the commodities a firm\nis dependent on for production and delivery of products and services. Demand\nfor resources measures the industry-level dependence on climate-sensitive\nresources, such as water, land, and energy across the supply chain.\n\nAs the data on damage in terms of a firm\u2019s location GDP is not available, we\nestablish the relationship between damages of country k (in % of country GDP)\nrelative to global damage (in % of global GDP) leveraging on MESG country\nclimate scores:\n\nWe employ data derived from the United Nations Sustainable Development Goal\nIndicator Database, the EM-DAT international disaster database, and the World\nBank to calculate economic damages associated with weather and climate on a\nyearly basis by country from 2000 to the present. _GlobalDamage t  _ is the\nobserved average global level of yearly damages as a percentage of world GDP.\n\nFuture _FirmDamage i,t  _ (as a % of the firm\u2019s GDP) is a stochastic function\nof expected global damage and the MESG firm scores. Figure 11 illustrates the\nprojected distribution of damages for Petroleo Brasileiro SA (MESG firm score\nof 79). We display the expected global damage path under the Below 2\u00b0C\nscenario (grey line). The expected firm damage of Petroleo Brasileiro SA is\nthen calculated as\n\nNote that due to the specification in Equation (1), _FirmDamage i,t  _ follows\na lognormal distribution. We plot the realization of 50 randomly drawn events\nusing Equation (2) for each year between 2021 and 2100. Comparing the\nindividual event distribution with the expected damage of Petroleo Brasileiro\nSA for a given year, one sees that the distribution of damage size of events\nis heavily skewed towards small damages sizes, i.e. with a high likelihood the\ndamage associated with an event realization is small, and with a small\nlikelihood the damage associated with an event realization is very large. In\nseveral realizations, the event damage size will exceed the expected damage by\nfar. For instance, the largest event realization of the 50 simulations for the\nyear 2040 is 9.44% (of firm GDP) \u2013 exceeding by far the expected global damage\nof 1.67%.\n\n#####  4.2 Firm-specific hazard frequency\n\n#####  4.3 Financial impact of hazard events\n\nFrom the previous steps, we have a distribution of hazard-specific frequencies\nof climate events in any given year. The final step to calibrating asset\nshocks is forecasting the financial impact upon realization of a climate\nhazard event. To achieve this, we again turn to the event study estimates\nreported in Ozkanoglu, et al. (2020). An advantage of using the EDF model to\nunderstand climate shocks is that because it has been in use for 30 years, we\nhave estimated EDF asset returns for public firms over that entire time\nperiod. The event study looks at the asset returns for firms affected by large\nclimate events over this period, and compares those returns to asset returns\nof similar firms in the same time period not affected by climate events. The\nresult is a measure of the negative excess asset returns associated with\nclimate events, which we treat as the financial magnitude of asset shocks\nassociated with the climate events.\n\nAsset shocks associated with climate events are assumed to follow a hazard-\nspecific normal distribution, _N(\u03bch, \u03c3 2  h  ) _ , where _\u03bch_ describes the\nmean and _\u03c3 2  h  _ describes the variance of the normal distribution. In our\nmethodology, we exploit the fact that moment parameters characterizing\nrespective normal distribution depend on a firm\u2019s baseline asset volatility\n_\u03c3B_ \u2014not yet adjusted for physical climate risk. We leverage the Moody\u2019s\nevent study research to identify the empirical relationships of _\u03bch := \u03bch(\u03c3B)_\nand _\u03c3h := \u03c3h(\u03c3B)_ , and hence _N(\u03bch(\u03c3B), \u03c3h(\u03c3B))_ .\n\nFirst, we find that the higher the baseline asset volatility _\u03c3B,_ the larger\nthe expected negative return _\u03bch_ after a hazard event. A theoretical\nunderpinning for this observation is that a low baseline asset volatility\nreflects a firm\u2019s general resilience with regard to shocks. Arguably, firms\nthat display a higher resilience in general may also be expected to be more\nresilient with respect to climate shocks. Second, we find that the higher the\nbaseline asset volatility _\u03c3B_ , the more uncertain the actual size of the\nimpact of the hazard event on the asset value. For instance, if the baseline\nasset volatility is very low, the measured hazard induced asset shock size may\nbe very accurate. For a larger baseline asset volatility the dispersion of\nmeasured hazard-induced asset shock may increase since several other factors\nmay contribute to the variability in the asset value.\n\n#####  4.4 Effect on firm EDF drivers\n\nWe proceed in several steps to introduce physical climate risk in the Moody\u2019s\nExpected Default Frequencies (EDF) model. First, we briefly outline the\nbaseline CreditEdge Public EDF model, which abstracts from physical climate\nrisk. Second, we show how the EDF term structure is modeled, and illustrate\nthat taking into account physical climate risk amounts to adjusting the firm\u2019s\nasset value process. Finally, we show how the adjustment of the asset value\nprocess is implemented.\n\n#####  4.4.1 Public EDF model (current EDF)\n\nThe CreditEdge Public EDF model  12  is a Merton-type structural model of\ncredit risk. Structural credit risk models are defined by explicit modelling\nof the total firm asset value (enterprise value) process over time and by\nestimation of the likelihood of a firm\u2019s asset value falling below a lower\nbound (the default point) within a certain time horizon. If the firm asset\nvalue does in fact fall below this default point, the firm is considered\ninsolvent, and goes into default. Figure 12 illustrates the asset value\nprocess of a firm over a one-year period represented by 50 possible paths of\nthe firm asset value. Using the structural model, we can calculate the\npercentage of possible asset value paths that fall below the default point\nwithin a year. This percentage is the probability of default, labeled in\nCreditEdge as EDF.\n\n#####  4.4.2 Physical risk adjustment EDF term structure\n\nThe structural approach builds upon a one-year probability of default EDF\nB,t=1  . Our baseline EDF term-structure over T years is denoted _EDF B,t  _ \u2200\n_t_ \u2208 {1, ..., _T_ }. Our climate-free approach is taking into the stage of\nthe credit cycle, region, industry, and firm-specific shocks. The main drivers\nare the asymptotic default tendency (ADT) that reflects the long-term default\nrisk for a specific firm, the aggregate factor (AF) that captures the systemic\nrisk in the credit cycle (conditioned on region), and the firm-specific factor\n(FF) that captures the firm\u2019s credit risk when compared to the current credit\ncycle within the corresponding region. We illustrate the interaction between\nthe AF and FF in Figure 13. In panel (a), the aggregate factor (AF) pushes the\nEDF below the ADT. At the same time the firm-specific factor (FF) pushes the\nEDF above the ADT, see panel (b). As the impacts of both factors fade away at\ndifferent speeds, a hump-shaped baseline term structure arises, panel (c).\n\n#####  4.4.3 Climate adjusted cash flow and market asset value processes\n\nAs a next step, we determine how _V B,t  _ and _\u03c3 B,t  _ change due to\nphysical climate risk to get _V C,t  _ and _\u03c3 C,t  _ . The market asset value\nof a firm can be thought of as a firm\u2019s ability to generate future cash flow.\n\nThe physical climate-adjustment is carried out by adjusting the statistical\nmoments describing the cash flow, and subsequently the asset value process. In\npanel (a) of Figure 14, we highlight the impact of physical climate change on\none realization of the cash flow path. The green line reflects cash flows\nwithout climate change, the orange line depicts cash flows after taking into\naccount physical climate risk. In panel (b), we show the impact of physical\nclimate risk for the full sample of realizations of the cash flow process.\nNote that the climate-induced uncertain shocks affect both the expected value\nas well as the dispersion of cash flow paths. In panel (c), we plot the\ntransmitted effect on the asset value process, reflecting the discount factor\nand investors\u2019 expectations. Both the expected asset return as well as the\ndispersion of the asset value change. Compared to a situation in which\ninvestors do not take into account physical climate risk, investors taking\ninto account physical climate risk expect that physical hazard events have an\neffect on the company\u2019s future abilities to generate cash flows. Since the\nasset value is the sum of discounted expected future cash flows (see Equation\n(5)), this causes a drop in the asset value today.\n\n#####  4.5 Case study: Petroleo Brasileiro SA\n\nPetroleo Brasileiro SA is relatively exposed to physical climate risk as\nexpressed in the value of the MESG composite climate score of 79 (see Table\n2). The shape of the baseline EDF term structure in Figure 15 is a result of\nthe baseline model abstracting from climate physical risk.\n\nFigure 16 illustrates the impact of the physical risk on the EDF drivers and\non the EDF. In the top-left panel, earnings are affected differently across\nclimate scenarios. Generally, the larger the damages associated with a\nscenario, the lower the earnings. Since earnings (cash flows) are directly\nmapped into asset values, larger damages associated with a scenario imply\nlower asset values. Note that in addition to earnings, asset values are driven\nby the discount factor and the investors\u2019 expectations. The change in asset\nvalues has a direct impact on the distance-to-default, and thus, EDF, as in\nthe bottom-left panel. Introducing physical climate risk generally leads the\nEDFs to increase. Finally, on the bottom right graph is displayed the\ndifference between baseline forward EDF and climate-adjusted forward EDF (in\npercentage).\n\n#####  5\\. Transition risk\n\nAs with the physical risk methodology, our approach to measuring transition\nrisk is to calculate its effects on the drivers of the Public Firm EDF model.\nWe explicitly model the fundamentals driving the asset value process of the\nfirm over time. The fundamentals that give a firm value are the discounted\ncash flows expected to be accrued. By modeling transition-adjusted cash flows,\nwe can use properly discounted future earnings expectations to model\ntransition-adjusted asset value processes. These asset value processes, in\nturn, dictate the expected paths of the Public Firm EDF drivers\u2014see Figure 17\nfor an illustration of the process.  13\n\nIn contrast to the Moody\u2019s physical risk-adjusted EDF methodology, the\nexplicit forecasting of earnings requires an additional level of modeling. The\nnecessity of the extra step of modeling earnings is twofold. First, in case of\nphysical risk, we have access to the historical analog of the direct effect of\npast climate events on firm asset values, which can be used to calibrate the\neffect of future physical damage on the asset process. No such clear\nhistorical analog exists to analyze future transition scenarios, so a more\ntheoretically driven calibration method is necessary. Second, the economic\neffects of climate-driven transition are complex due not only to their\nheterogeneous and often opposing effects on firms and sectors, but also due to\nthe long-time dimension over which the effects take place. To understand the\nconsequences of transition on firm valuation requires careful modeling of the\nearnings paths underlying firm asset values.\n\nTo understand how earnings are affected by transition, it is necessary to\nmodel a scenario\u2019s effect on competitive equilibria both between the\nproduction of different good types and on firms producing the same good within\neach market. Figure 18 shows a more detailed look at how we move in three\nsteps from a transition scenario to earnings paths, the asset value process,\nand finally transition risk-adjusted EDF metrics.\n\n#####  Step 1: earnings projections on sectoral/regional level\n\nTo understand the effect of the scenario on earnings in each sector/region\ncombination, we leverage on the Global Change Analysis Model (GCAM) discussed\npreviously. GCAM is distinctive among Integrated Assessment Models used by the\nNGFS to generate scenario pathways for its highly detailed modeling of regions\nand industrial sectors, providing prices, production quantities, and itemized\ncosts for over a thousand interlinked production technologies. This data\nenables us to calculate sector-level earnings that account for scenario-\nconditioned supply and demand shocks arising from each transition future.\nTable 3 lists our aggregated GCAM Transition Sectors for reference.\n\n#####  Step 2: earnings projections on a firm level converted into Asset Value\nProjections\n\nTo forecast earnings on a firm level, we augment the GCAM framework with a\nmodel of competition within each market. Firms with potential differences in\naverage as well as marginal costs set profit-maximizing output prices,\nconverging to equilibrium market shares and earnings. Other than the\ncalibration based on current market shares, the main driver of heterogeneity\nbetween firms are the emissions-intensity and energy-intensity of production.\nThese different intensities, derived through firms\u2019 scope 1 and scope 2\nemissions from the MESG dataset, cause relative costs to change over time as\nemissions and energy costs (typically) rise within a transition scenario. The\nresult is a forecast on how each firm\u2019s market share and earnings will change\nover time as a result of its new level of economic competitiveness. These are\nconverted into projections of asset values. We employ standard discounted cash\nflow(DCF) techniques, while giving users full ability to vary discount factors\nto their own calibrations.\n\n#####  Step 3: measuring the effect of the scenario-conditional asset value\nprocess on EDF metrics\n\nThe new asset value process links directly to the drivers of EDF, in turn\ngiving a full term structure of scenario-conditional EDF metrics.\n\n#####  5.1 Sectoral analysis: integrated assessment model\n\nGCAM is at its heart a complex demand framework, where both downstream\nproducers and end consumers choose between different goods based on both the\nrelative costs of the goods and non-price relative preferences between them.\nAs the transition scenario affects costs of production through emissions\ntaxes, energy prices, capital investment, and technological growth, downstream\nbuyers adjust their consumption share of each good accordingly. Figure 19\nshows a simplified diagram of the GCAM product demand structure. On the left-\nhand side, resource producers extract raw energy materials from each region\u2019s\nenergy reserves. Downstream, energy transformation industries convert these\nraw energy products into final energy types. Final energy is transmitted\nthrough energy carriers to end-product sectors that consume the final energy.\nDemand of final products are a function of population, income growth, and the\nprice of final goods. Note the locations on the graph where multiple arrows\npoint to one industry. This represents multiple production technologies that\nare competing within a broad industry, each taking different inputs upstream.\nDownstream producers and end consumers choose among technologies, creating\nmarket shares for each technology. Because of the multi-level demand\nstructure, consumer choice between two products several levels downstream can\naffect demand for each product\u2019s inputs at the beginning of the production\nchain.\n\nTo see how upstream and downstream product choice fits together to create\nequilibrium sectoral prices and shares, observe the GCAM example market\nstructure laid out in Figure 20. In this heuristic example, assume electricity\ncan be generated only by burning coal or using solar power. Coal-powered and\nsolar-powered electricity generation technologies each take two generic\ninputs, with these inputs\u2019 costs determined by the cost of their production in\nupstream markets. Via the cost equations, the cost of producing each type of\nelectricity is a function of the price of these inputs, as well as the\nintensity (input-output ratio) of their use in production of electricity\noutput. Note that the price of each technology is equivalent to its cost of\nproduction.\n\nBy solving for the general equilibrium of the GCAM, we recover several objects\nfor each sector: the price, the quantity, as well as the costs of different\nkinds of inputs (they are the prices of upstream goods). Furthermore, each\nGCAM object is dynamic\u2014we observe its current realization as well as the\nfuture ones. Nevertheless, granular as the markets in the GCAM can get, they\nremain sector-level outputs. While sectors\u2014such as solar and coal\nenergy\u2014compete against each other, there is no strategic interaction within\nsectors. Therefore, to utilize GCAM sector-level output for making firm-level\npredictions, another model is needed. For this purpose, we develop an\noligopoly model and leverage on the concept of Nash equilibrium. The model is\ndescribed in the next sub-section.\n\n#####  5.2 Firm-level analysis: Moody\u2019s oligopoly model\n\nThe perfect/monopolistic competition assumption implicit to the GCAM framework\nimplies free entry and exit. This means that any excess profits earned by\nfirms in the industry are quickly whittled away by entry, ultimately resulting\nin zero economic profits in equilibrium (price equals average cost for each\nfirm). Contrary to this result, observed empirical profit margins are not only\nvery different across firms and sectors, but also these differences remain\npersistent over long periods of time. A more realistic representation of these\nmarkets is therefore oligopolistic competition. This market structure, assumes\nentry barriers and firm heterogeneity, and results in a finite number of firms\nwith the ability to set profit-maximizing prices. The Moody\u2019s oligopoly model\nthus involves differentiated products, costs, and prices across firms. The\ncosts depend on the scope 1 and 2 emissions, which determine the\ndifferentiation among firms. We first describe the key output metrics.\n\n#####  5.2.1 Revenues and earnings\n\nThe model has two core outputs\u2014climate-adjusted revenues and earnings, defined\nas follows:\n\n#####  5.2.2 Quantities\n\nThere are two parameters for the market demand function. _\u03b1 \u0192  _ is firm-\nspecific and _\u03b2 m  _ is market-specific. Assuming we know the two demand\nparameters and the firm price, we can obtain _Q \u0192  _ as follows:\n\n  * Use prices _P i  , i \u2208 F _ to compute the market share _S \u0192  _ . \n  * Weighting the price for each firm by its market share, get the market price _P m  _ . \n  * Assuming we know demand elasticity (to be discussed later), we obtain the output quantity for each market _Q m  _ given the price _P m  _ . \n  * Finally, use the market shares again to get firm quantities from the market quantities _Q m  _ . \n\n#####  5.2.3 Costs\n\nFor each technology sector and period, GCAM generates multiple costs\nvariables. They can be aggregated into objects that correspond to average\n(i.e., per unit) costs associated with direct scope 1 emissions _c 1  (t) _ ,\nindirect scope 2 emissions _c 2  (t) _ , and costs not associated with\nemissions _c other  (t) _ . We can construct firm-level average costs as\nfollows:\n\nIntensities are either provided directly by MESG whenever available or can be\ncalculated using scope 1 and 2 emissions as input. If scope 1 and 2 emissions\nare not available, we use industry averages, i.e. a  1  = a  2  = 1. We\nsuppress the t subscript for the sake of brevity in the subsequent derivation.\n\nFor example, for Chevron in the early policy scenario for oil and natural gas\nextraction in 2045 we have a  1  = .9603, a  2  = .9720 and (normalized) cost\nis C  f  = 100.389.\n\n#####  5.2.4 Prices\n\nIt follows from the firm profit maximization problem and the Nash equilibrium\nfor the oligopoly model that prices are determined by solving the following\nsystem of equations for _{P i  }  i\u2208F  _ such that:\n\nNote that both _P m  _ and _S i  _ are functions of _{P i  }  i\u2208F  _ and _\u03c0 m\n_ is a parameter associated with the market price _P m  _ . The detailed\nderivation of (15) is provided in Appendix A.3. The elasticity will be defined\nand discussed explicitly in the subsequent sections.\n\n#####  5.2.5 Parameters\n\nAssume that the base period has been realized which implies that we know the\nmarket prices _P m  _ and shares _S i\u2208F  _ in the equation (15). We find _\u03b2 m\n_ using a standard shooting algorithm. For some initial guess _\u03b2 m  _ , we\nsolve the above system for prices _P i\u2208F  _ and check if they are consistent\nwith the observed market shares and prices. If yes, the algorithm concludes,\nif not, we update our guess to another value _\u03b2 m  \u2032 _ and iterate until\nconvergence. For each firm \u0192,\n\nas market shares _S \u0192  _ are given in the base period.\n\n#####  5.2.6 Market elasticities calculation\n\nThe last key missing parameter to be defined and estimated is the market\nelasticity \u03c0  m  . We have previously remarked that GCAM produces a set of\nvariables for narrowly defined sectors for each one of the NGFS climate\nscenarios. Let us now elaborate. The output incorporates multilevel results on\ndifferent regions, sectors, subsectors and technologies. A _market_ represents\nthe combination of regional and sector information. The term for a specific\ngoods market in GCAM is a _technology_ . Each technology is bundled in a set\nof similar technologies called a _subsector_ , and each subsector with a set\nof similar subsectors called a _sector_ . For each of these levels, GCAM\nprovides a series of estimated future projections from which prices (costs),\nsupply, demand, CO2 emissions, CO2 sequestration, and emissions costs are\nused. Consumers or downstream producers can choose not only between different\nsectors, but also between different subsectors within a sector, and different\ntechnologies within a subsector. Grouping technologies in this way allows for\nrich substitution patterns between technologies as customers choose between\noptions.\n\nWe need the substitution elasticities and equilibrium market shares at each of\nthese levels to calculate the full market demand elasticity for each\ntechnology. As shown previously, they determine the output for each market.\n\nTo estimate market demand elasticity, the entire path of demand for each good\nneeds to be known. This passes out of a firm\u2019s sector, downstream to the next\nsector/subsector/technology, and then potentially onto several other the next\nsector/subsector/technology combinations, until it reaches a the final good\nmarket (i.e. the market for a good that is not an input). The first step of\nachieving this is to line up the full stream of output-input relationships\ndownstream from goods produced within each technology. This is possible\nbecause we have the input good and the output good for every technology\nprovided in the GCAM output. Since we have that:\n\nan increase in price of a technology ( _P tech  _ ) will not only decrease the\nmarket share of the technology within the subsector, but also put upward\npressure on subsector and sector prices respectively. This means that the\nsector quantity sold will decrease, as technologies downstream that use this\ngood will see their prices increase, and thus lower their market share in the\nsame way:\n\nand iterating across all chains until each has reached the end node. \u03c3 can be\ninterpreted as the non-monetary component of the demand function - the higher\nit is, the greater the quantity sold at each price. One could think about it\nas of an intercept\u2014if we assume _Q = \u03b1P \u03b2  _ then log _Q_ = log _\u03b1_ \\+ _\u03b2_ log\n_P_ . In the system of equations determining prices, the parameter cancels out\nand therefore does not affect the end result.\n\nAssuming constant demand elasticity makes computing the effect of changing\nprice of the final good on its demand straightforward. However, suppose that\nthe price of an intermediate good needed to produce the final good changes.\nThen, we have to figure out how the price of the final good is affected in\norder to determine the final quantity impact. To do so, we first compute the\nextent to which the producer of the final good will substitute away from the\nmore expensive input\u2014that is, the change in the market share of the producer\nof the intermediate good. Knowing the cost of the new combination of inputs\nused to produce the final good, we compute its new price and quantity. With\nthis in hand, we can determine the final demand for the intermediate\ngood\u2014given its altered share in the market for inputs. If the price of a\nsecond-tier intermediate good changes (i.e., a good necessary to produce the\nintermediate good), we proceed the same way, except that the chain has now two\nlinks. Some supply chains in GCAM can have as many as 28 links.\n\n#####  5.2.7 Scenario adjustment\n\nInformation necessary to run GCAM (including the model itself), NGFS\nassumptions, as well as the NGFS database of the IAM output that corresponds\nto each climate scenario, are publicly available. However, when regulators\nconduct exercises intended to measure resilience of various institutions to\nclimate shocks, the exact data used as GCAM (or an alternative IAM) inputs are\nnot widely distributed. Due to the relatively long run times, it is not\nfeasible to reverse engineer these inputs by repeatedly running the model.\nTherefore, to ensure consistency between the GCAM output for each climate\nscenario run locally and the public NGFS dataset, a we designed a scenario\nadjustment procedure.\n\nThe granular information of GCAM output at the market, sectoral, subsectoral\nand technology levels is initially aggregated into the respective broader\ncategories that match the regulator\u2019s grouping. A comparison between the two\ndatasets allows for calculation of adjustment factors for carbon prices,\nemissions, prices, and quantities in the GCAM output to match the NGFS output\nat the broader categories level. Some of the changes that are applied to\nincorporate the NGFS directives, which vary between different releases of the\nclimate scenarios and their corresponding IAM outputs, are future projections\nof exogenous technological growth assumptions, and socioeconomic growth. As we\nrun GCAM scenarios locally, we get more output variables, i.e. detailed\nsectoral and subsectoral information, than are typically provided by the NGFS\nor other regulatory bodies. For all default scenarios to date, we attempt to\nmatch the assumptions of a predefined scenario, such as that of the NGFS. We\ncalculate adjustment factors such that GCAM aggregate sectoral, subsectoral\nand technological groups follow the same growth path over time as the\nregulator\u2019s aggregate groups. These newly calculated adjustment factors are\nthen applied to the original GCAM output, representing the more granular\ngrouping that is used by our model.\n\n#####  5.3 From climate scenarios to EDF\n\nThe effect of each transition scenario on EDF metrics is modeled by\nforecasting the firm\u2019s expected earnings path conditional on a given scenario,\nand then converting that earnings path to a firm asset value process. These\nsteps are detailed in Figure 21. We first forecast future earnings that equal\nto a product of a profit margin in each period and quantity sold. As discussed\npreviously, this is achieved by GCAM at the sectoral level and the Moody\u2019s\noligopoly model at the firm level. This process allows us to calculate firm\nlevel costs over time, the optimal prices each firm sets in equilibrium, the\nmarket share of each firm as a function of these prices, and ultimately, each\nfirm\u2019s earnings path. Next, we take the expected earnings paths for the firm\nand use corresponding discounting factors to estimate the expected firm asset\nvalue path today and at any point in the future. The discount factors take\ninto account both the time value of money and the risk aversion to the\nvolatility of earnings around its expected value. Finally, we convert the\nasset value path to its effect on EDF drivers and calculate the term structure\nof EDFs from these conditional driver paths.\n\n#####  5.4 Case study: Chevron Corp\n\nFigure 22 shows the paths for earnings, assets, and climate adjusted EDF\n(including changes with respect to the baseline) for Chevron Corp. The figures\nreveal that disorderly scenarios are particularly stressful. For instance, one\ncan see that in the divergent net zero scenario, lower earnings (a) translate\nthrough discounted cash flow methods into lower asset values (b). Lower asset\nvalues, being a main EDF driver increase the EDF across the tenor, (c) and\n(d).\n\n#####  6\\. Portfolio analysis\n\nWe have so far analyzed firms in isolation. Next, we are going to analyze\ngroups of firms (i.e., portfolios). This allows us to identify patterns and\nfirm characteristics that drive the exposure to physical and transition risk.\n\n#####  6.1 Physical risk\n\nFigure 23 depicts the average relative increase in 30-year EDFs driven by\nphysical risk for our sample of companies. These firms face different level of\nexposure to physical risk, which is captured by the climate risk scores.\n\n#####  6.2 Transition risk\n\nTable 4 presents the distribution of the relative increase in 1-year and\n10-year EDFs due to transition risk. The results are presented at the sector\nlevel considering a large sample of strongly energy-related companies.\n\n#####  6.3 Combined risk\n\nFigure 24 presents the combined risk, taking into account both the transition\nrisk and the physical risk. Figure 25 shows the distribution of rating changes\nat the portfolio level.\n\n#####  7\\. Climate PD converter\n\nTo further increase the coverage and usability of the framework, Moody\u2019s has\nbuilt the Climate PD Converter. Figure 26 shows the converter\u2019s general\napproach. Users provide a baseline unconditional 1-year PD for each name, as\nwell as some important characteristics of the firm associated with its climate\nexposure and long-term baseline risk. Location and industry are mandatory\ninputs while the company\u2019s size and emissions are optional. Based on this\ndata, the converter constructs a custom entity, calculating expected values of\nany missing characteristics given the information provided. The custom name is\nthen run through the physical and/or transition risk models to create full\nclimate-adjusted PDs (and associated credit metrics) for the entity. The\noutput of the tool includes the CEDF term structure and implied ratings. While\nnot a part of the tool output, various bond metrics can be generated as well.\n\n#####  7.1 Use cases\n\nThe adopted approach is useful for the following use cases:\n\n  * Climate-adjusted risk for unlisted private names and small and medium enterprises (SMEs): For private names, the structural Public EDF framework provides a more advantageous methodology for understanding the effects of climate change than many of the reduced form credit models standardly employed for the asset class. To take advantage of the Climate-Adjusted EDF methodology, Moody\u2019s provides climate-adjusted RiskCalc\u2122 EDF credit measures for private names using the Climate PD Converter. \n  * Custom entities and \u201cgeneric firms\u201d for an industry/region: Users may be interested in understanding the relative climate-induced credit risk for hypothetical names based on certain characteristics. This can be especially useful for modeling on the sectoral and regional level, allowing measurement of average risk increase for a pool of similar exposures. \n  * Employing user-provided unconditional PDs in the framework: Users may have their own internal or reduced form credit model and may wish for the output of climate-stressed conditional PDs to be consistent with this input. The Climate PD Converter allows them to input their own baseline/unconditional PD and stress these risk values based on the values provided. \n\nTable 5 shows inputs for a company located in Singapore in the sector of\nNuclear Fuel Generation. The EDF for Transition Risk illustrates how the\ncompany actually benefits from transition as the EDF actually declines in the\nDelayed Transition scenarios\u2014see Figure 27.\n\n#####  7.2 Custom entity construction\n\nThe Custom Entity construction is at the core of the Climate PD Converter as\nit allows to extend the domain of the previously described methodology\ndesigned originally for public companies. As we have seen, the value and\nvolatility of a firm\u2019s assets are sufficient to infer its EDF in this case,\nassuming constant values of liabilities (the default point). Volatility tells\nus how much asset value could change in the future, rendering the probability\nthat it will be insufficient to cover the firm\u2019s liabilities, in which case a\ndefault occurs. For the publicly traded firms, we know the quoted market price\nfor its equity at any point in time. As the market value of assets and equity\nare interlinked via elementary accounting rules, we can infer how asset value\nof a public firm has evolved historically. That is indicative of its future\nevolution. This idea underlies the use of Black-Scholes-Merton type models for\ncredit risk. The primary limitation of this approach is that there are\nrelatively few public firms compared to the ones held privately. For private\nfirms, equity prices are not quoted on a regular basis, so we know very little\nabout how the market value of their assets evolve. However, the methodology\nfor public companies is to extract the path for the value of assets. With that\naccomplished, we can make the same kind of adjustments for physical and\ntransition climate risk as we do for public firms. Thus, we obtain the\nclimate-adjusted EDF term structure.\n\nAs discussed above, the PD converter relies on the following firm-level data:\n\n  1. The markets in which the firm operates (countries and industries), \n  2. Firm size (measured by assets and sales), \n  3. Exposure to climate change (physical score and reliance upon carbon emissions), \n  4. Other financial figures related to the firms\u2019 credit risk (initial PD, asset volatility, etc.). \n\nNot all inputs are required. Many items can be imputed based on information we\nhave on the typical values for firms operating in the same region and/or\nindustry, as discussed below. The first step is to approximate the missing\nvalues. If sales or asset value are missing, we infer them based on industry\naverages. If the PD is missing, we leverage ratings provided by the user to\napproximate it. With the PD and asset value available, we can evaluate the\ncurrent asset volatility, as the structural model renders a connection between\nthe three values (EDF, asset value and volatility). Then, with region,\nindustry, sales and asset value in place, we can estimate the firm\u2019s Central\nDefault Tendency, i.e., its EDF in the very long run. This is critical, as it\nallows us to utilize a proprietary model that exploits the relationship\nbetween long-term default probability and asset volatility to estimate the\nlatter. That gives us a long-term asset volatility. By interpolating between\nthe current asset volatility from the Black-Scholes-Merton model and the long-\nrun asset volatility implied by the Central Default Tendency, we get a\nvolatility term structure. With asset value, sales (an excellent proxy for\nearnings) and volatility (over time) we are in position to approximate the EDF\nterm structure of the firm (not yet climate adjusted) using the Black-Scholes-\nMerton framework\u2014see Denghan, Nazeran, and Dwyer (2017)  14  and Nazeran, P.,\nand Dwyer, D. (2015).  15\n\n#####  7.3 Climate risk adjustment\n\n#####  7.3.1 Physical risk\n\nA firm\u2019s exposure to physical risk is captured by MESG physical scores, which\nis a way of incorporating expected global damages into the firm\u2019s financials.\nIn the PD converter, firms are assigned the MESG sovereign score from their\nrespective country. When a firm operates in multiple countries, the score\nbecomes an average of the relevant sovereign scores, weighted by the share of\nrevenue the firm gets from each country. From this point onwards the model\nproceeds just like for public firms. Note that industry has no impact on\nphysical risk as the sovereign score does not take it into account. In\npractice, one would want exposures to differ across industries, even for the\nsame country. For example, some facilities may be located closer to water than\nothers on average. Nevertheless, the physical risk model partially compensates\nfor this by assuming that firms with more volatile assets tend to be hit more\nheavily by acute weather events.\n\n#####  7.3.2 Transition risk\n\nThe integrated assessment model that underlies our transition risk\nframework\u2014GCAM\u2014provides us with output at very granular market levels (regions\nand technologies). The PD Converter maps the clients\u2019 firms to the markets in\nwhich they operate through the user-provided countries and industries. Carbon\nemissions are the key drivers of transition risk. They are used to construct\nintensities (emissions over revenue) at the sector-region level for each firm.\nLeveraging on the user-provided information on the company\u2019s industry and\ncountry, the PD Converter separates the company\u2019s revenue and emissions in all\nrelevant region-market combination (country -> NERJ region and industry ->\ntransition industries). If scope 1 and scope 2 emissions are not provided, the\nPD converter has two ways of imputing them:\n\n  * If the user provides only the total amount of carbon emissions, scope 1 and scope 2 emissions are calculated using the industry-level average share of each scope in the total. \n  * If no information on emissions is provided, we assume that the company has the same intensity as the industry average. Hence,its emissions-related costs increase at the same rate as they do for the entire industry. \n\n#####  A. Appendix\n\n#####  A.1 Abbreviations\n\n#####  A.2 Firm-specific hazard frequencies example\n\n#####  A.3 Derivation of the system of equations that determines prices\n\nA standard maximization problem of an arbitrary firm is:\n\nNote that the numerator and the denominator of this term have the same\nfunctional form as the constant elasticity of the demand function. Note the\nimportant difference, though: \u03c0  m  is an inter-market parameter, measuring\nthe extent to which consumers will substitute towards alternative goods should\nthe market price increase. \u03b2  m  is the intra-market elasticity that measures\nthe extent to which consumers will substitute away from an individual firm\u2019s\nproducts in case of a price hike. Part of this substitution is towards firms\nin the same market, but as each firm\u2019s price affects the market price, both\neffects act simultaneously.\n\nThe derivative of the market share of each firm with respect to its price is:\n\n* * *\n\n**Footnotes**\n\n1  World Meteorological Organization (2020). Provisional report on the state\nof the Global Climate 2020.\n\n2  World Meteorological Organization (2015). 2020 was one of the three warmest\nyears on record.\n\n3  Network for Greening the Financial System (NGFS) is a group of 121 central\nbanks and supervisors and 19 observers committed to sharing best practices,\ncontributing to the development of climate risk management in the financial\nsector, and mobilizing mainstream finance to support the transition towards a\nsustainable economy\n\n4  Van Vuuren, D.P., Edmonds, J., Kainuma, M .et al. (2011) The representative\nconcentration pathways: an overview. _ClimaticChange_ 109, 5\n\n5  IPCC, 2014: Climate Change 2014: Synthesis Report. Contribution of Working\nGroups I, II and III to the Fifth Assessment Report of the Intergovernmental\nPanel on Climate Change [Core Writing Team, R.K. Pachauri and L.A. Meyer\n(eds.)]. IPCC, Geneva, Switzerland, 151 pp.\n\n6  NGFS II, (2021) NGFS Climate Scenarios for central banks and supervisors,\nNetwork for Greening the Financial System, Paris, France.\n\n7  Kalkuhl M. & Wenz L., (2020) The impact of climate conditions on economic\nproduction. Evidence from a global panel of regions, _Journal of Environmental\nEconomics and Management_ , Volume 103, pp. 102360, [\nhttps://doi.org/10.1016/j.jeem.2020.102360\n](https://doi.org/10.1016/j.jeem.2020.102360)\n\n8  Bertram C., Hilaire J, Kriegler E, Beck T, Bresch D, Clarke L, Cui R,\nEdmonds J, Charles M, Zhao A, Kropf C, Sauer I, Lejeune Q, Pfleiderer P, Min\nJ, Piontek F, Rogelj J, Schleussner CF, Sferra, F, van Ruijven B, Yu S,\nHolland D, Liadze I, Hurst I (2021): NGFS climate scenario database: Technical\ndocumentation V2.2\n\n9  The current version of the model is documented at [\nhttp://jgcri.github.io/gcam-doc/v5.4/overview.html\n](http://jgcri.github.io/gcam-doc/v5.4/overview.html) and in Calvin et al.\n(2019).\n\n10  EU-15 comprises the following countries: Andorra, Austria, Belgium,\nDenmark, Finland, France, Germany, Greece, Greenland, Ireland, Italy,\nLuxembourg, Monaco, Netherlands, Portugal, Sweden, Spain, United Kingdom.\n\n11  Ozkanoglu, O., K. Milonas, S. Zhao, and D. Brizhatyuk (2020). An Empirical\nAssessment of the Financial Impacts of Climate-related Hazard Events. Moody\u2019s\nAnalytics White Paper.\n\n12  The Public EDF Model is a commercialized version of the KMV credit risk\nmodel. A description of the CreditEdge Public EDF model can be found in Chen,\nNan, Houman Dehghan, Min Ding, Jian Du, James Edwards, Danielle Ferry, Pooya\nNazeran, Sue Zhang, Douglas Dwyer, and Jing Zhang (2015). EDF9: Introduction\nOverview. Moody\u2019s Analytics White Paper.\n\n13  Please note that the CEDF model produces the term structure of EDF and the\nImplied Rating. The Distance to Default DD is used only implicitly. It is also\npausible to derive Fair Value Spread but this is currently not an output of\nthe CEDF model.\n\n14  Denghan, H., Nazeran, P., and Dwyer, D. (2017). EDF Term Strucure. Moody\u2019s\nAnalytics White Paper.\n\n15  Nazeran, P., and Dwyer, D. (2015). Credit Risk Modeling of Public Firms:\nEDF9. 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                "url": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
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            "reason": "This is an insights page from Moody's, a credit rating agency, discussing quantifying the impact of climate on corporate credit risk. Moody's is a reputable source of information on financial risk.",
            "reliability_score": 0.9,
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            "summary": "Insights page from Moody's discussing quantifying the impact of climate on corporate credit risk.",
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                    "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
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                "page_content": "Skip to main content\n\n  *   *   * [ Subscribe  ](https://news.whitecase.com/5/38/forms/subscribe.asp \"Subscribe\")\n\nSEC%20Adopts%20Climate%20Change%20Disclosure%20Rules%3B%20%20Court%20Imposes%20Temporary%20Stay  \nhttps://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-\nrules-court-imposes-temporary-stay  \n  \nhttps://news.whitecase.com/5/38/forms/subscribe.asp\n\nmailto:?subject=SEC%20Adopts%20Climate%20Change%20Disclosure%20Rules%3B%20%20Court%20Imposes%20Temporary%20Stay&body=https://www.whitecase.com/insight-\nalert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay\n\nhttps://www.linkedin.com/shareArticle?mini=true&url=https://www.whitecase.com/insight-\nalert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-\nstay&title=SEC%20Adopts%20Climate%20Change%20Disclosure%20Rules%3B%20%20Court%20Imposes%20Temporary%20Stay&source=www.whitecase.com\n\nhttps://twitter.com/intent/tweet?text=SEC%20Adopts%20Climate%20Change%20Disclosure%20Rules%3B%20%20Court%20Imposes%20Temporary%20Stay&url=https://www.whitecase.com/insight-\nalert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-\nstay&via=WhiteCase\n\nhttps://www.facebook.com/share.php?u=https://www.whitecase.com/insight-\nalert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-\nstay&t=SEC%20Adopts%20Climate%20Change%20Disclosure%20Rules%3B%20%20Court%20Imposes%20Temporary%20Stay\n\nhttps://news.whitecase.com/5/38/forms/subscribe.asp\n\n#  SEC Adopts Climate Change Disclosure Rules; Court Imposes Temporary Stay\n\nAlert\n\n21 March 2024\n\n|\n\n* * *\n\n38 min read\n\n* * *\n\n**On March 6, 2024, in a 3 to 2 vote of the Commissioners, the US Securities\nand Exchange Commission (the \"SEC\") adopted rules that will require public\ncompanies to disclose extensive climate change-related information in their\nSEC filings. 1  On March 15, 2024, a federal appellate court imposed a\ntemporary stay pending judicial review of the new rules. **\n\n[ **Download the PDF**  \nSEC Adopts Climate Change Disclosure Rules; Court Imposes Temporary Stay\n](/sites/default/files/2024-03/sec-adopts-climate-change-disclosure-rules.pdf)  \n\nThe final rules have been pared down from what the SEC originally proposed two\nyears ago following its receipt of more than 24,000 comments.  2  As further\ndescribed below, key changes from the proposed rules include the elimination\nof proposed requirements to disclose Scope 3 greenhouse gas (\"GHG\") emissions,\nlimiting Scope 1 and 2 GHG emissions disclosure for larger public companies\n(and only if such emissions are material), and eliminating proposed\nrequirements to disclose climate-related board of directors expertise.\nHowever, the final rules, if implemented, still require significant new\ndisclosures for both domestic and foreign private issuers that file annual\nreports and registration statements with the SEC. The new rules apply to\ncompanies on a phased-in basis, with the first compliance deadline for large\naccelerated filers  3  required for fiscal year 2025 annual reports filed in\n2026.\n\nSpecifically, the final rules add new Subpart 1500 (Items 1500 to 1508) of\nRegulation S-K and new Article 14 to Regulation S-X to require disclosure of,\namong other things, climate-related risks that have had or are reasonably\nlikely to have a material impact on business strategy, results of operations\nor financial condition; assessment, management, board oversight and mitigation\nof these risks; Scope 1 and 2 GHG emissions for large accelerated filers and\naccelerated filers if those emissions are material, including an independent\nattestation report; and financial statement disclosures, such as costs and\nlosses, related to the effects of severe weather events and other natural\nconditions as well as those associated with carbon offsets and renewable\nenergy credits if material to a company's plans to achieve climate-related\ntargets or goals. See  **Appendix A** for definitions of the terms used in the\nrule.\n\nThe SEC eliminated some of the more burdensome requirements in the proposed\nrules. In response to public comments to the proposed rules, the SEC\nemphasized that its focus is on investor protection and providing investors\nwith access to comparable and consistent climate-related disclosure, rather\nthan on influencing registrants' decisions as to how to manage climate risks.\nThe two dissenting Commissioners, Hester M. Peirce and Mark T. Uyeda, noted\nthat the rules are overly prescriptive and may result in immaterial and overly\nbroad disclosures, and will likely require companies to incur excessive,\nunnecessary costs.  4\n\n**Legal Challenges and Current Status of the Rules**\n\nOn March 15, the U.S. Fifth Circuit Court of Appeals granted a temporary stay\nof the rules pending judicial review, in response to a petition arguing, among\nother things, that the rules would cause irreparable harm and exceed the SEC's\nauthority.  5  To date, litigation challenging the rules has been filed in\nseveral federal courts, including the U.S. Courts of Appeals for the D.C.  6\n, Second  7  , Fifth, Sixth  8  , Eighth  9  and Eleventh  10  Circuits, and\nadditional lawsuits are expected. On March 19, the SEC requested that the\nlitigation challenging the rules be consolidated in a single court of appeals,\nwhich will determine whether the stay will remain in place.  11  In addition,\nRepublican members of Congress have been preparing a resolution to repeal the\nrules under the Congressional Review Act.  12\n\n##  Highlights of the New Rules\n\nThe new rules require disclosure in annual reports and registration statements\nof:\n\n  * **Climate-related goals and targets and material climate-related risks** that have had or are reasonably likely to have a material impact on the company's business strategy, results of operations or financial condition, and the actual and potential material impacts of any identified climate-related risks on the company's strategy, business model and outlook; \n  * **Activities to mitigate or adapt to a material climate-related risk** , including quantitative and qualitative descriptions of material expenditures incurred and material impacts on financial estimates directly resulting from such activities, as well as the use of any transition plans, scenario analysis or internal carbon prices; \n  * **Board oversight of climate-related risks** and any role management plays in assessing and managing material climate-related risks; any processes for identifying, assessing and managing material climate-related risks and whether and how any such processes are integrated into the company's overall risk management system; \n  * **Material Scope 1 and 2 GHG emissions disclosure** for large accelerated filers and accelerated filers (that are not otherwise exempted), including an independent assurance report at the limited assurance level which, for large accelerated filers only, will increase to a reasonable assurance level following a transition period; and \n  * **Financial statement disclosure** regarding the effects of severe weather events and other natural conditions, including, for example, the following: costs and losses; similar disclosure as to costs and losses related to carbon offsets and renewable energy credits if material to plans to achieve climate-related targets or goals; and a description of how estimates and assumptions used in the financial statements were materially impacted by severe weather events and other material conditions. \n\nFor a detailed description of these requirements, see \"  **Content of the New\nDisclosures** \" below.\n\n##  Most Significant Differences from the Proposed Rules\n\nThe adopted rules differ from the proposed rules in some important respects.\nKey differences include:\n\n**Addition of materiality qualifiers:** In the final rules, the SEC added a\nmateriality qualifier to most of the disclosure requirements, including those\nregarding Scope 1 and 2 greenhouse gas emissions, impacts of climate-related\nrisks, use of scenario analysis, and a maintained internal carbon price.\n\n**Reduced requirements for GHG emissions disclosure and attestation reports:**\n(i) Smaller reporting companies (\"SRCs\"), emerging growth companies (\"EGCs\")\nand non-accelerated filers are exempt from the GHG disclosure and associated\nattestation requirements; (ii) Scope 1 and Scope 2 GHG emissions are required\nonly if material and only for large accelerated filers and accelerated filers;\n(iii) Scope 3 GHG emissions disclosure requirements were eliminated for all\nissuers; (iv) attestation report requirements only apply to accelerated filers\nand large accelerated filers; and (v) the form and content of the attestation\nreports were reduced and do not need to follow prescriptive content\nrequirements.\n\n**Delayed requirements for disclosure of Scope 1 and 2 emissions after fiscal\nyear end:** The final rules also include an accommodation that allows Scope 1\nand/or Scope 2 emissions disclosure, if required, to be filed on a delayed\nbasis following the fiscal year end, as further described below in \"  **Phase-\nIn Periods and Accommodations** .\"\n\n**Governance:** The proposed requirement to disclose board of director\nexpertise on climate was eliminated, but disclosure on board and management\noversight of climate related risks remained.\n\n**Financial statement disclosures:** The scope of financial statement\ndisclosure in the final rules is significantly narrower than the proposal and\nfocused on requiring the disclosure of a discrete set of actual expenses that\nregistrants incur and can attribute to severe weather events and other natural\nconditions. Instead of requiring individual financial statement line item\ndisclosure of impacts from severe weather events and other natural conditions,\nthere will be new financial footnote disclosure requirements for such\nfinancial impacts, as well as for disclosure of certain costs, expenditures\nand losses related to carbon offsets and renewable energy credits or\ncertificates.\n\n**Expanded private liability safe harbor:** The safe harbor for forward-\nlooking climate-related disclosures was expanded in order to also extend the\nprotections to disclosures (other than historical facts) regarding transition\nplans, scenario analysis, internal carbon pricing, and targets and goals,\nwhich can include a complex mixture of both forward-looking and factual\ninformation.\n\n**Lengthened timeline for required disclosures:** The final rules provide for\nextended phase-in periods compared to the proposed rules, with large\naccelerated filers being first required to comply for fiscal year 2025 in\nfilings made in 2026, as further described below under \"  **Phase-In Periods\nand Accommodations** .\"\n\n##  Content of the New Disclosures\n\nThe rules are modeled in part on the framework and recommendations from the\nTask Force for Climate-Related Financial Disclosures and draw upon the\nGreenhouse Gas Protocol.  13  The rules apply to both domestic registrants and\nforeign private issuers (\"FPIs\") and to all types of registrants (large\naccelerated filers, accelerated filers, SRCs and EGCs, except as noted below)\nand, if implemented, will require the registrant to disclose, in either a\nseparately captioned section of its registration statement or annual report\n(or in another appropriate section) information about:\n\n  * **Material climate-related risks:** climate-related risks that have had or are reasonably likely to have a material impact on a registrant, including on its strategy, results of operations or financial condition in the short-term (i.e., the next 12 months) or long term (i.e., beyond the next 12 months);  14 \n    * \"Climate-related risks\" are defined as the actual or potential negative impacts of climate-related conditions and events on the registrant's business, results of operations or financial condition, and includes both physical and transition risks: \n      * Acute physical risk and chronic physical risk should be disclosed, along with information regarding properties, processes or operations subject to the risk. \"Acute risks\" are defined as event-driven risks related to shorter-term extreme weather events and \"chronic risks\" are defined as those that a company may face as a result of longer-term weather patterns and related effects. \n      * The nature of transition risk (e.g., regulatory, technological, market or other factors) should be disclosed, along with related impacts to the registrant. \n  * **Impacts of climate-related risks on strategy, business model and outlook:** The actual and potential material impacts of any identified climate-related risks on the registrant's strategy, business model and outlook  15  and whether the impacts of these climate-related risks have been integrated into their business model or strategy, including whether and how resources are being used to mitigate climate-related risks.  16 \n    * **Mitigation Activities:** If, as part of its strategy, a registrant has undertaken activities to mitigate or adapt to a material climate-related risk, it must provide a quantitative and qualitative description of material expenditures incurred and material impacts on financial estimates and assumptions that directly result from such activities;  17 \n    * **Transition Plans:** If a registrant has adopted a transition plan to manage a material transition risk, the rules call for a description of that plan and quantitative and qualitative disclosure of material expenditures and material impacts on financial estimates and assumptions as a direct result of the disclosed actions:  18 \n      * The description must be updated in subsequent years to describe actions taken under the plan and their impacts on the registrant's business, results of operations, or financial condition. \n      * Transition plan disclosure will be subject to the expanded PLSRA safe harbor, as further described under \"  **Accommodations and Safe Harbor** \" below. \n\nThe final rules do not mandate that registrants adopt a transition plan; if a\nregistrant does not have a plan, no disclosure is required.\n\n    * **Scenario Analysis:** If a registrant uses scenario analysis and, in doing so, determines that a climate-related risk is reasonably likely to have a material impact on its business, results of operations or financial condition, it must make certain disclosures regarding such use of scenario analysis, including assumptions, parameters and expected material financial and other impacts:  19 \n      * If a registrant conducts scenario analysis and determines that it is not likely to be materially impacted by a climate-related risk, no disclosure about the scenario analysis is required. \n      * Any scenario analysis disclosure will be subject to the expanded PSLRA safe harbor. \n\nThe final rules do not mandate that any registrant conduct a scenario\nanalysis; if a registrant does not conduct such an analysis, no such\ndisclosure is required.\n\n    * **Internal Carbon Price:** If a registrant's use of an internal carbon price is material to how it evaluates and manages a material climate-related risk, the rules require registrants to provide specified disclosures about that price, including: (i) the price per metric ton of CO2e; and (ii) the total price, including how the total price is estimated to change over the time periods referenced in Item 1502(a), as applicable.  20 \n  * **GHG Emissions Metrics and Attestations:** 21 \n    * **Scopes 1 and 2 GHG emissions metrics:** Only larger SEC registrants\u2014meaning large accelerated filers and accelerated filers that are not smaller reporting companies or emerging growth companies\u2014will be required to disclose their Scope 1 and 2 GHG emissions,  22  expressed in the aggregate in terms of CO2e,  23  if such emissions are material. GHG emissions data in gross terms, excluding any use of purchased or generated offsets, must be disclosed. \n      * The adopting release emphasizes that \"traditional notions of materiality under the Federal securities laws\" apply when making this determination and that the materiality analysis should be made using the \"reasonable investor\" standard. The release specifically notes that materiality is not determined just by the amount of emissions and provides examples of when emissions might be considered material, such as where foreign laws might subject the company to additional regulatory burdens or penalties based on its emissions, or where the emissions calculations and disclosure are necessary to enable investors to understand whether the company has made progress toward achieving a target, goal or a transition plan.  24 \n      * The disclosure is required to include a description of the methodology, significant inputs and significant assumptions used to calculate the GHG emissions metrics, including the organization boundaries used, how emissions and emissions sources are categorized, and which protocol or standard is used (as well as the type and source of any emissions factors used). \n    * **Attestation for Scope 1 and Scope 2 Emissions Disclosure:** 25  A registrant, including an FPI, that is required to provide Scope 1 and/or Scope 2 emissions disclosure, must include an attestation report from a \"GHG emissions attestation provider\"  26  covering the disclosure of its Scope 1 and/or Scope 2 emissions in the relevant filing.  27 \n      * Both accelerated filers and large accelerated filers are required to obtain limited assurance beginning with the fourth fiscal year of disclosure; however, only large accelerated filers are required to obtain an attestation report at a \"reasonable assurance level\" starting with the eighth fiscal year of disclosure. As the release explains, the primary difference between the two assurance levels relates to \"the nature, timing, and extent of procedures required to obtain sufficient, appropriate evidence to support the limited assurance conclusion or reasonable assurance opinion.\"  28 \n      * The attestation report must be provided pursuant to standards that are established by a body or group that has followed due process procedures, including the broad distribution of the framework for public comment.  29  The standards must be either (i) publicly available at no cost or (ii) widely used for GHG emissions assurance.  30  In addition, the form and content of the GHG emissions attestation report must follow the requirements set forth by the attestation standard or standards used; however, the final rules do not prescribe minimum report requirements. \n      * The new rules provide that GHG emissions attestation providers that perform limited assurance engagements are exempt from Section 11 liability and the consent requirements associated with expertized reports.  31 32  However, providers whose reports are at the reasonable assurance level are not exempt from this liability, as the \"heightened level of review associated with reasonable assurance makes it appropriate for the report to be expertized.\"  33 \n      * The rules do not require a registrant to obtain an attestation report specifically covering the effectiveness of internal control over GHG emissions disclosure. \n  * **Governance Disclosure:** The oversight and governance of climate-related risks by the board and management, including:  34 \n    * Board oversight disclosure  35  : (i) board committees or subcommittees responsible for the oversight of climate-related risks; (ii) the processes by which the board or committee is informed about climate-related risks; and (iii) if applicable, whether and how the board oversees progress against climate-related targets or goals or transition plans;  36 \n    * Management oversight disclosure: (i) whether and which management positions or committees are responsible for assessing and managing climate-related risks and, if so, the relevant expertise of the position holders or members (relevant expertise of management may include, for example: prior work experience in climate-related matters; any relevant degrees or certifications; any knowledge, skills or other background in climate-related matters); (ii) the processes by which the responsible managers or committees assess and manage climate-related risks; and (iii) whether such positions or committees report information about such risks to the board of directors (or a committee or subcommittee thereof). \n  * **Risk Management Disclosure:** The registrant's processes for identifying, assessing and managing material climate-related risks and whether and how any such processes are integrated into the registrant's overall risk management system or processes.  37 \n    * Disclosure should address, as applicable, how the registrant: (i) identifies whether it has incurred or is reasonably likely to incur a material physical or transition risk; (ii) decides whether to mitigate, accept or adapt to the particular risk; and (iii) prioritizes whether to address the climate-related risk. \n  * **Targets and Goals Disclosure:** 38  Any climate-related target or goal if such target or goal has materially affected or is reasonably likely to materially affect the registrant's business, results of operations or financial condition, including: \n    * Any additional information or explanation necessary to an understanding of the material impact or reasonably likely material impact of the target or goal;  39 40 \n    * How it intends to meet its climate-related targets or goals, and any progress toward meeting the target or goal and how such progress has been achieved;  41  and \n    * A discussion of any material impacts to the registrant's business, results of operations or financial condition as a direct result of the target or goal or the actions taken to make progress toward meeting the target or goal. This discussion must include quantitative and qualitative disclosure of any material expenditures and material impacts on financial estimates and assumptions as a direct result of the target or goal or the actions taken to make progress toward meeting the target or goal.  42 \n\nIf carbon offsets or renewable energy credits or certificates have been used\nas a material component of a registrant's plan to achieve climate-related\ntargets or goals, then the registrant must disclose: (i) the amount of carbon\navoidance, reduction or removal represented by the offsets or the amount of\ngenerated renewable energy represented by the renewable energy credits or\ncertificates; (ii) the nature and source of the offsets or renewable energy\ncredits or certificates; (iii) a description and location of the underlying\nprojects; (iv) any registries or other authentication of the offsets or\nrenewable energy credits or certificates; and (v) the cost of the offsets or\nrenewable energy credits or certificates.  43\n\n##  Financial Statement Footnote Disclosures\n\nFor all reporting companies, including smaller reporting companies and\nemerging growth companies, the final rules also added required disclosure in\nthe Notes to the audited financial statements included in a registrant's\nannual report or registration statement filed with the SEC, as follows:\n\n  * **Capitalized costs and expenditures:** Registrants must disclose the capitalized costs, expenditures expensed, charges and losses incurred as a result of severe weather events and other natural conditions:  44 \n    * A cost, expenditure, charge, loss or recovery is considered attributable to a severe weather event or other natural condition when the event or condition is a \"significant contributing factor\" in incurring the cost, expenditure, charge, loss or recovery.  45 \n    * Quantitative disclosure thresholds  46  : Disclosure is **not** required if: \n      * Expenditures expensed as incurred and losses (net of recoveries) are **less than one percent of the absolute value of pre-tax income or loss** , or if they do not exceed a $100,000 de minimis threshold; or \n      * Capitalized costs and charges (net of recoveries) are **less than one percent of the absolute value of shareholders' equity or deficit** at the end of the relevant fiscal year, or if they do not exceed a $500,000 **de minimis** threshold. \n  * **Recoveries:** Registrants must separately disclose the aggregate amount of any recoveries recognized during the fiscal year as a result of the severe weather events and other natural conditions for which capitalized costs, expenditures expensed, charges or losses have been disclosed.  47 \n  * **Carbon offsets and renewable energy credits:** Registrants must disclose capitalized costs, expenditures expensed, and losses related to the purchase and use of carbon offsets and renewable energy credits or certificates in the financial statements, if they are used as a material component of a company's plans to achieve its climate-related targets or goals:  48 \n    * This disclosure requirement is not subject to the one percent disclosure threshold that applies to the disclosure of costs resulting from severe weather events and other natural conditions. \n    * Companies must separately identify where the capitalized costs, expenditures expensed and losses are presented in the income statement and the balance sheet. \n  * **Estimates and assumptions:** If the estimates and assumptions used in preparing the financial statements were materially impacted by exposure to risks and uncertainties associated with severe weather events and other natural conditions or any disclosed climate-related targets or transition plans, registrants must describe in qualitative terms, how such estimates and assumptions were impacted by such risks and uncertainties.  49 \n  * **Contextual Information:** Registrants must provide contextual information, describing how each specified financial statement effect was derived, including a description of the significant inputs and assumptions used, significant judgments made, other information that is important to understand the financial statement effect and, if applicable, policy decisions made by the registrant to calculate the specified disclosure.  50 \n\n##  Presentation of the New Disclosures\n\nIf implemented, the new rules will be applicable for registrants' Form S-1,\nForm S-4, Form F-1, Form F-4, Form S-11, Form 10, Form 10-K and Form 20-F as\nfollows  51  :\n\n  * **Registration Statements and Annual Reports:** Registrants must provide the Regulation S-K mandated climate-related disclosures, including the attestation, if required, either (i) in a separately-captioned section of its registration statement or annual report, or (ii) in another appropriate section of the filing, such as Risk Factors, Description of Business or Management's Discussion and Analysis of Financial Condition and Results of Operations. The Regulation S-X mandated disclosure must be provided in the registration statement or annual report financial statements. The Regulation S-K disclosure can also be incorporated by reference from another SEC filing as long as the disclosure meets the electronic tagging requirements of the final rules. \n  * **iXBRL:** Both narrative and quantitative climate-related disclosures must be electronically tagged in Inline XBRL. \n\nThe SEC did not adopt any prescriptive requirement for material changes to\nclimate-related disclosures to be disclosed on Form 10-Q or Form 6-K during\nthe fiscal year.\n\nPrivate Companies: Notably, private companies that are parties to business\ncombinations will not have to comply with these requirements in Forms S-4 or\nF-4 (i.e. if the target being acquired is not a public reporting company,\nclimate-related disclosures with respect to the target will not be required).\nHowever, private companies going public in an initial public offering on a\nForm S-1 or Form F-1 must comply on the tiered timelines set forth below,\nwithout any exemption or additional phase-in.\n\n##  Phase-In Periods and Accommodations\n\n###  Phase-Ins\n\nSubject to the stay, the rules may become effective 60 days after publication\nin the Federal Register. The final rules include a phase-in period for all\nregistrants, with the compliance date dependent on the registrant's filer\nstatus, and an additional phase-in period for Scope 1 and 2 emissions\ndisclosure as well as for the assurance requirement and the level of assurance\nrequired.\n\n**Registrant Type** |  **Disclosure and financial statement effects audit** |  **GHG emissions/assurance** |  **Electronic Tagging**  \n---|---|---|---  \n|  **All Reg. S-K and S-X disclosures, other than as noted in this table** |  **Item 1502(d)(2), Item 1502(e)(2), and Item 1504(c)(2)** |  **Item 1505 (Scopes 1 and 2 GHG emissions) 1500** |  **Item 1506 \u2013 Limited Assurance** |  **Item 1506 \u2013 Reasonable Assurance** |  **Item 1508 \u2013 Inline XBRL tagging for subpart 15001**  \n**Large accelerated filers** |  Fiscal year beginning in calendar year 2025 for filings in 2026  |  Fiscal year beginning in calendar year 2026 for filings in 2027  |  Fiscal year beginning in calendar year 2026 for filings in 2027  |  Fiscal year beginning in calendar year 2029 for filings in 2030  |  Fiscal year beginning in calendar year 2033 for filings in 2034  |  Fiscal year beginning in calendar year 2026 for filings in 2027   \n**Accelerated filers (other than SRCs and EGCs)** |  Fiscal year beginning in calendar year 2026 for filings in 2027  |  Fiscal year beginning in calendar year 2027 for filings in 2028  |  Fiscal year beginning in calendar year 2028 for filings in 2029  |  Fiscal year beginning in calendar year 2031 for filings in 2032  |  N/A  |  Fiscal year beginning in calendar year 2026 for filings in 2027   \n**SRCs, EGCs and Non-accelerated filers** |  Fiscal year beginning in calendar year 2027 for filings in 2028  |  Fiscal year beginning in calendar year 2028 for filings in 2029  |  N/A  |  N/A  |  N/A  |  Fiscal year beginning in calendar year 2027 for filings in 2028   \n1  Financial statement disclosures under Article 14 will be required to be\ntagged in accordance with existing rules pertaining to the tagging of\nfinancial statements. See Rule 405(b)(1)(i) of Regulation S-T.  \n  \n###  Accommodations and Safe Harbor\n\n(1) **Accommodations for Smaller Reporting Companies and Emerging Growth\nCompanies:** The rules include the following accommodations and exemptions for\nsmaller reporting companies and emerging growth companies:\n\n  * Extended compliance deadlines and phase-in periods for the required disclosures and associated electronic tagging requirements; and \n  * No requirements to disclose any Scope 1 or Scope 2 GHG emissions, or to provide any attestation report related thereto. \n\n(2) **Delayed emissions disclosure:** The rules include an accommodation that\nallows Scope 1 and/or Scope 2 emissions disclosure, if required, to be filed\non a delayed basis as follows:\n\n  * If a domestic registrant, in its Form 10-Q for the second fiscal quarter in the fiscal year immediately following the year to which the GHG emissions disclosure relates; \n  * If an FPI, in an amendment to its annual report on Form 20 F, which shall be due no later than when such disclosure would be due for a domestic registrant; and \n  * If filing a Securities Act or Exchange Act registration statement, as of the most recently completed fiscal year that is at least 225 days prior to the date of effectiveness of the registration statement. \n\n(3) **Safe harbor:** The final rules extend the Private Securities Litigation\nReform Act (\"PSLRA\") safe harbors to transition plans, scenario analysis,\ninternal carbon price and targets and goals and provide that these statements\nconstitute \"forward-looking statements\" for purposes of the PSLRA safe\nharbors. The safe harbor explicitly extends to issuers who would not otherwise\nenjoy the benefit of the PSLRA safe harbor for forward-looking statements,\nincluding IPO registrants and SPACs. The SEC declined, however, to extend the\nPSLRA safe harbor to Scope 1 and 2 GHG emissions disclosures, given what it\nconsidered to be the \"well-established methodology\" of calculating these\nmetrics.\n\n##  Practical Considerations and Next Steps\n\nIn light of the newly adopted rules, companies should consider their next\nsteps and the following items:\n\n  1. **Begin Preparations Early.** In light of the complexity and extensiveness of the new disclosure requirements, companies should begin their preparations early and develop a working group and plan, including to assess which requirements in the new rules will apply and the steps required to comply. Although the rules are temporarily stayed, the outcome of the judicial proceedings is uncertain and the complexity of the new rules will require significant time for public companies to prepare. \n  2. **Tailor disclosures to fit risk profile and structures.** The SEC stepped back from across-the-board \"prescriptive\" disclosure requirements and instead made the required disclosure more principles-based, in line with other disclosure requirements, such as Management's Disclosure and Analysis of Financial Condition and Results of Operations. The SEC has also removed some of the burdensome requirements relating to third parties (e.g., Scope 3 GHG emissions disclosure requirements, the requirement to assess climate risk based on impact to the registrant's value chain). This change provides companies with both an opportunity to assess the materiality of climate risk and some flexibility to tailor the disclosures based on their particular risk profile, risk management and oversight structures. Given this shift in focus, companies should first spend time thinking about how they assess, manage and mitigate climate-related risk (looking at each area covered by the rules) and only after that is complete should they begin work on the actual disclosure. Both the evaluation and drafting will require working with multidisciplinary teams, and companies should determine an approach that works best for their climate risk profiles and management structures. \n  3. **Assessing materiality in light of each company\u2019s circumstances.** While the addition of a materiality qualifier to many of the disclosure requirements was a welcome change from the proposed rules, it also raises many questions for issuers as they begin their assessment process. Companies may already be disclosing climate-related information, either voluntarily or in order to comply with other mandatory climate risk disclosure regimes, which may impose different requirements and serve different purposes than those in the new rules.  52  The adopting release makes clear that a traditional materiality analysis applies to the new disclosures, rather than an analysis that relies on the requirements of such other regimes. Each company must consider whether a disclosure is material based on whether a reasonable investor would consider it important in making an investment decision or would view omission of such disclosure as significantly altering the total mix of information made available. This assessment will be specific to a company's facts and circumstances, and companies will need to evaluate the particular facts and considerations (both quantitative and qualitative) for their own businesses and document the steps taken to reach their conclusions. \n  4. **Board Committees.** In light of the disclosure on board oversight of climate risk, companies should assess their board committees' responsibilities and charters. For example, a company should consider if it should delegate oversight of climate related risks to a particular board committee, and if it has already done so, it should consider whether to enhance the committee's charter to specify review of climate related disclosure in SEC filings. \n  5. **Internal Control over Financial Reporting (\"ICFR\").** The new rules impact financial statement disclosures, and will therefore be subject to SEC requirements for internal control over financial reporting. Companies will therefore need to start evaluating their controls to assess whether any changes will be needed to comply with the new requirements. \n  6. **Risk of Liability under the US Federal Securities Laws.** The new disclosures in annual reports and registration statements will result in expanded liability risks for companies. For example, companies may face litigation over claims that the new disclosures contain materially misleading statements or omissions under the US federal securities laws. Therefore, it will be crucial to establish fulsome controls to vet and verify the new disclosure. Any forward-looking statements should be clearly identified and appropriate cautionary language added, and risk factor disclosure relating to climate should be assessed and reconsidered in light of the new disclosure, including to protect the company in the event of litigation. \n\n**The following White & Case attorneys authored this alert: ** [ **Maia Gez**\n](https://www.whitecase.com/people/maia-gez) **,** [ **Seth Kerschner**\n](https://www.whitecase.com/people/seth-kerschner) **,** [ **Scott Levi**\n](https://www.whitecase.com/people/scott-levi) **,** [ **Taylor Pullins**\n](https://www.whitecase.com/people/taylor-pullins) **,** [ **Michelle Rutta**\n](https://www.whitecase.com/people/michelle-rutta) **,** [ **Melinda\nAnderson** ](https://www.whitecase.com/people/melinda-anderson) **,** [\n**Danielle Herrick** ](https://www.whitecase.com/people/danielle-herrick)\n\n##  Appendix A\n\n**Definitions Used in the New Rules**\n\n  * \"Climate-related risks\": the actual or potential negative impacts of climate-related conditions and events on a registrant's business, results of operations, or financial condition. \n  * \"Physical Risks\": includes both acute and chronic risks to a registrant's business operations. \n  * \"Acute risks\" are defined as event-driven risks and may relate to shorter-term extreme weather events, such as hurricanes, flood, tornadoes, and wildfires, among other events. \n  * \"Chronic risks\" are defined as those risks that relate to longer term weather patterns, such as sustained higher temperatures, sea level rise and drought, as well as related effects such as decreased arability of farmland, decreased habitability of land, and decreased availability of fresh water. \n  * \"Transition Risks\": the actual or potential negative impacts on a registrant's business, results of operations, or financial condition attributable to regulatory, technological, and market changes to address the mitigation of, or adaptation to, climate-related risks, including, but not limited to, increased costs attributable to changes in law or policy, reduced market demand for carbon-intensive products leading to decreased prices or profits for such products, the devaluation or abandonment of assets, risk of legal liability and litigation defense costs, competitive pressures associated with the adoption of new technologies, and reputational impacts (including those stemming from a registrant's customers or business counterparties) that might trigger changes to market behavior, consumer preferences or behavior, and registrant behavior. \n  * \"Carbon dioxide equivalent or CO2e\": means the common unit of measurement to indicate the global warming potential (\"GWP\") of each greenhouse gas, expressed in terms of the GWP of one unit of carbon dioxide. \n  * \"Greenhouse Gases\": carbon dioxide (\"CO2\"), methane, nitrous oxide, nitrogen trifluoride, hydrofluorocarbons, perfluorocarbons and sulfur hexafluoride. \n  * \"GHG emissions\": direct and indirect emissions of greenhouse gases, expressed in metric tons of carbon dioxide equivalent (CO2e): \n    * Direct emissions: GHG emissions from sources that are owned or controlled by a registrant. \n    * Indirect emissions: GHG emissions that result from the activities of the registrant, but occur at sources not owned or controlled by the registrant. \n  * \"GHG emissions attestation provider\": a person or a firm that has all of the following characteristics: \n    * Is an expert in GHG emissions by virtue of having significant experience in measuring, analyzing, reporting, or attesting to GHG emissions. Significant experience means having sufficient competence and capabilities necessary to: \n      * Perform engagements in accordance with professional standards and applicable legal and regulatory requirements; and \n      * Enable the service provider to issue reports that are appropriate under the circumstances. \n    * Is independent with respect to the registrant, and any of its affiliates, for whom it is providing the attestation report, during the attestation and professional engagement period. \n  * \"Internal carbon price\": means an estimated cost of carbon emissions used internally within an organization. \n  * \"Scenario analysis\": means a process for identifying and assessing a potential range of outcomes of various possible future climate scenarios, and how climate-related risks may impact a registrant's business strategy, results of operations, or financial condition over time. \n  * \"Scope 1 emissions\": direct GHG emissions from operations that are owned or controlled by a registrant. \n  * \"Scope 2 emissions\": indirect GHG emissions from the generation of purchased or acquired electricity, steam, heat, or cooling that is consumed by operations owned or controlled by a registrant. \n  * \"Transition plan\": means a registrant's strategy and implementation plan to reduce climate-related risks, which may include a plan to reduce its GHG emissions in line with its own commitments or commitments of jurisdictions within which it has significant operations. \n\n1 The final rules are available  [ here\n](https://www.sec.gov/files/rules/final/2024/33-11275.pdf) , and the fact\nsheet is available  [ here  ](https://www.sec.gov/files/33-11275-fact-\nsheet.pdf) . See also, SEC Chair Gary Gensler's  [ statement\n](https://www.sec.gov/news/statement/gensler-statement-mandatory-climate-risk-\ndisclosures-030624) .  \n2 The proposed rules are available  [ here\n](https://www.sec.gov/rules/proposed/2022/33-11042.pdf) , and the fact sheet\non the proposed rules is available  [ here\n](https://www.sec.gov/files/33-11042-fact-sheet.pdf) . Our alert on the\nproposed rules is available  [ here  ](/insight-alert/sec-proposes-long-\nawaited-climate-change-disclosure-rules) .  \n3 A large accelerated filer is a company that has (a) filed at least one\nannual report, and (b) had more than $700 million unaffiliated market\ncapitalization as of the last day of the most recently completed second fiscal\nquarter.  \n4 Commissioner Peirce emphasized her belief that the existing materiality-\nbased disclosure regime was sufficient to elicit any relevant climate-related\ndisclosure and that these rules put climate on a pedestal as the SEC's \"pet\ntopic of the day.\"  [ Her dissent is available here\n](https://www.sec.gov/news/statement/peirce-statement-mandatory-climate-risk-\ndisclosures-030624) . Commissioner Uyeda argued that the SEC is a \"securities\nregulator without statutory authority or expertise to address political and\nsocial issues\u2026[which has] ventured outside of its lane and set a precedent for\nusing its disclosure regime as a means for driving social change.\"\nCommissioner Uyeda's  [ dissenting statement is available here\n](https://www.sec.gov/news/statement/uyeda-statement-mandatory-climate-risk-\ndisclosures-030624) .  \n5 The order is available at  [ Liberty Energy, Inc., et al. v. U.S Securities\nand Exchange Commission\n](https://www.ca5.uscourts.gov/opinions/unpub/24/24-60109 Order.pdf) , No.\n24-60109 (5th Cir. 2024). The petitioners indicated that they would be\n\"irreparably harmed\" by the failure to grant a stay because the disclosures\nthat will be first required in 2026 must include data collected in 2025 and\ncompanies are implementing systems to prepare the required disclosure.  \n6 See  [ Sierra Club v. U.S. Securities and Exchange Commission\n](https://www.sierraclub.org/sites/default/files/2024-03/Sierra-Club-SCF-SEC-\nPetition-For-Review.pdf) , No. 24-1064 (D.C. Cir. filed Mar. 13, 2024).  \n7 See  [ Natural Resources Defense Council, Inc. v. U.S Securities and\nExchange Commission\n](https://ecf.ca8.uscourts.gov/n/beam/servlet/TransportRoom?servlet=CaseSummary.jsp&caseNum=24-1522&incOrigDkt=Y&incDktEntries=Y)\n, No. 24-707 (2nd Cir. filed Mar. 15, 2024).  \n8 See  [ Ohio Bureau of Workers' Compensation, et al v. SEC\n](https://www.ohioattorneygeneral.gov/Files/Briefing-Room/News-\nReleases/3-13-24-Petition-for-Review.aspx) , No. 24-03220 (6th Cir. filed Mar.\n13, 2024).  \n9 See  [ State of Iowa, et al v. U.S Securities and Exchange Commission\n](https://ca2-showdoc.azurewebsites.us/24-707) , No. 24-01522 (8th Cir. filed\nMar.13, 2024).  \n10 See  [ State of West Virginia v. U.S Securities and Exchange Commission\n](https://ago.wv.gov/Documents/SEC Climate Disclosure Petition for Review.pdf)\n, No. 24- (11th Cir. filed Mar. 6, 2024).  \n11 The SEC submitted this request to the US Judicial Panel on Multidistrict\nLitigation. The courts that have received at least one petition related to the\nSEC rules will each get one entry in a \"drum,\" from which a clerk based in\nWashington will draw the name of the venue to hear the consolidated case. This\nsystem previously has been employed in the context of federal regulations that\nattracted a number of challenges.  \n12 See  [ Congressional Republicans Maneuver to Block SEC's Climate Rules\n(bloomberglaw.com)\n](https://www.bloomberglaw.com/bloomberglawnews/esg/X6UQFQIK000000?bna_news_filter=esg#jcite)\n.  \n13 A GHG accounting standard created through a partnership between the World\nResources Institute and the World Business Council for Sustainable\nDevelopment.  \n14 Item 1502(a) of Regulation S-K.  \n15 Item 1502(b) of Regulation S-K. Specifically, registrants will have to\ndisclose, if applicable, impacts on its: (i) business operations, including\nthe types and locations of its operations; (ii) products or services; (iii)\nsuppliers, purchasers or counterparties to material contracts, to the extent\nknown or reasonably available; (iv) activities to mitigate or adapt to\nclimate-related risks, including adoption of new technologies or processes;\nand (v) expenditures for research and development. The release notes that this\nis a non-exclusive list.  \n16 Item 1502(c) of Regulation S-K. Also asks registrants to disclose how any\nof the targets referenced in Item 1504(b) or in a described transition plan\nrelate to the registrant's business model or strategy.  \n17 Item 1502(d) of Regulation S-K.  \n18 Item 1502(e). This includes, but is not limited to, a registrant's: (i)\nbusiness operations, including the types and locations of its operations; (ii)\nproducts and services; (iii) suppliers, purchasers or counterparties to\nmaterial contracts, to the extent known or reasonably available; (iv)\nactivities to mitigate or adapt to climate-related risks, including adoption\nof new technologies or processes; and (v) expenditures for research and\ndevelopment.  \n19 Item 1502(f) of Regulation S-K.  \n20 Item 1502(g) of Regulation S-K. If a registrant uses more than one internal\ncarbon price to evaluate and manage a material climate-related risk, it must\nprovide the required disclosures for each internal carbon price and disclose\nits reasons for using different prices. If the scope of entities and\noperations involved in the use of a described internal carbon price is\nmaterially different than the organizational boundaries included in the\nregistrant's financial statements, the registrant must briefly describe this\ndifference.  \n21 Item 1505 of Regulation S-K.  \n22 Scope 1 emissions typically include a company's direct emissions associated\nwith its onsite fossil fuel combustion to produce energy. Scope 2 emissions\ntypically include a company's indirect emissions associated with energy\nproduced offsite and consumed by the company.  \n23 If a registrant is required to disclose its Scope 1 and/or Scope 2\nemissions, and any constituent gas of the disclosed emissions is individually\nmaterial, it must also disclose such constituent gas disaggregated from the\nother gases. A registrant may use reasonable estimates when disclosing its GHG\nemissions as long as it also describes the assumptions underlying, and its\nreasons for using, the estimates.  \n24 See pages 246 \u2013 247 of the adopting release.  \n25 This is a noteworthy departure from standard SEC procedure, as SEC rules\ntypically do not require registrants to obtain assurance over disclosure\nprovided outside of the financial statements, including quantitative\ndisclosure. While acknowledging this discrepancy, the release notes that \"GHG\nemissions disclosures are unique in that many companies currently voluntarily\nseek third-party assurance over their climate-related disclosures, and\ncommenters, including investors, have expressed a particular need for\nassurance over GHG emissions disclosures. Current voluntary assurance\npractices have been varied and this fragmentation has diminished the\ncomparability of assurance provided. Prescribing a minimum level of assurance\nrequired for accelerated filers and large accelerated filers over their Scope\n1 and/or Scope 2 emissions in the final rules, along with minimum requirements\nfor the GHG emissions attestation provider and the engagement, will enhance\ncomparability and consistency with respect to assurance over GHG emissions\ndisclosures.\" See page 288 of the adopting release. The release further notes\nthat \"[t]he benefits that assurance will provide in terms of investor\nprotection and increased confidence in GHG emissions disclosure warrants\nrequiring attestation.\" See page 287 of the adopting release.  \n26 Item 1506(d) requires registrants to disclose whether the GHG emission\nattestation engagement is subject to any oversight inspection program.\nRegistrants must also disclose certain information when there is a change in,\nand disagreement with, the registrant's GHG emissions attestation provider.  \n27 The release clarifies that the final rules apply on a prospective basis\nonly with disclosure for historical periods phasing in over time.\nSpecifically, in the first year that an accelerated filer or large accelerated\nfiler is required to provide an attestation report, such report is only\nrequired to cover the Scope 1 and/or Scope 2 emissions for its most recently\ncompleted fiscal year. To the extent the accelerated filer or large\naccelerated filer disclosed Scope 1 and/or Scope 2 emissions for a historical\nperiod, it would not be required to obtain an assurance report covering such\nhistorical period in the first year of the attestation rule's applicability.\nHowever, for each subsequent fiscal year's annual report, the registrant will\nbe required to provide an attestation report for an additional fiscal year\nuntil an attestation report is provided for the entire period covered by the\nregistrant's GHG emissions disclosures.  \n28 For example, in a limited assurance engagement, the attestation provider's\nprocedures are generally limited to analytical procedures and inquiries, but\nin a reasonable assurance engagement, they are also required to perform risk\nassessment and detailed testing procedures to respond to the assessed risk. As\na result, the outcome of a reasonable assurance engagement results in\n\"positive assurance\" (e.g., \"the provider forms an opinion about whether the\nregistrant's GHG emissions disclosures are in accordance with Item 1505 in all\nmaterial respects\") while the outcome of a limited assurance engagement\nresults in negative assurance (e.g., \"the provider forms a conclusion about\nwhether it is aware of any material modifications that should be made to the\ndisclosures for it to be in accordance with Item 1505\").  \n29 Item 1506(a)(2) of Regulation S-K.  \n30 The release notes that \"PCAOB, AICPA, and IAASB standards meet the due\nprocess requirements and are publicly available at no cost to investors. In\naddition\u2026we also believe that the ISO standards related to the attestation of\nGHG emissions disclosures would meet these requirements.\"  \n31 The SEC did amend Item 601 of Regulation S-K to require registrants to file\nas an exhibit to certain registration statements under the Securities Act or\nreports on Form 10-K or 10-Q that are incorporated into these registration\nstatements a letter from the attestation provider that acknowledges its\nawareness of the use in certain registration statements of any of its reports\nwhich are not subject to the consent requirement of section 7.  \n32 The SEC included this amendment, in part, due to concern that the potential\nfor section 11 liability could deter or reduce the number of attestation\nproviders willing to accept these engagements, or alternatively, if GHG\nemissions attestation providers perform significantly expanded procedures,\nmuch closer to reasonable assurance, in order to meet potential liability\nconcerns under section 11, substantial increased costs to issuers could\nresult. The release notes that the same considerations do not apply to\nreasonable assurance engagements.  \n33 The release notes that this \"bifurcated approach to reasonable versus\nlimited assurance engagements is consistent with the current treatment of\naudited financial statements and unaudited (reviewed) interim financial\nstatements.\" See page 335 of the adopting release.  \n34 Item 1501 of Regulation S-K.  \n35 In the case of an FPI with a two-tier board of directors, for purposes of\nparagraph (a) of this section, the term \"board of directors\" means the\nsupervisory or non-management board. In the case of an FPI meeting the\nrequirements of 17 CFR \u00a7 240.10A\u20133(c)(3), the term \"board of directors\" means\nthe issuer's board of auditors (or similar body) or statutory auditors, as\napplicable.  \n36 These disclosures are not required for registrants that do not exercise\nboard oversight of climate-related risk.  \n37 Item 1503 of Regulation S-K.  \n38 Item 1504 of Regulation S-K.  \n39 This includes, as applicable, a description of: (i) the scope of activities\nincluded in the target; (ii) the unit of measurement; (iii) the defined time\nhorizon by which the target is intended to be achieved, and whether the time\nhorizon is based on one or more goals established by a climate-related treaty,\nlaw, regulation, policy or organization; (iv) if the registrant has\nestablished a baseline for the target or goal, the defined baseline time\nperiod and the means by which progress will be tracked; and (v) a qualitative\ndescription of how the registrant intends to meet its climate-related targets\nor goals.  \n40 Item 1504(b) of Regulation S-K.  \n41 Item 1504(c) of Regulation S-K. Registrants must update this disclosure\neach fiscal year by describing the actions taken during the year to achieve\nits targets or goals. The release notes this will \"better enable investors to\nmonitor impacts on the registrant as it attempts to meet its targets or\ngoals.\"  \n42 This disclosure can be provided as part of a discussion regarding another\ndisclosure item in order to eliminate redundancies.  \n43 Item 1504(d) of Regulation S-K. Note that a registrant is not required to\nmake a determination that a severe weather event or other natural condition\nwas, in fact, caused by climate change in order to trigger the disclosure\nrequirement.  \n44 Rules 14-02(c) and (d) of Regulation S-X  \n45 Rule 14-02(g) of Regulation S-X. The rules do not require a determination\nthat the severe weather event or other natural condition is climate-related,\nbut they do require companies to determine what constitutes a severe weather\nevent or other natural condition. According to the adopting release, a company\nwill have flexibility based on the particular risks faced by the company,\nconsidering its geographic location, historical experience and the financial\nimpact of the event on the company. Examples given include hurricanes,\ntornadoes, flooding, drought, wildfires, extreme temperatures and sea level\nrise, but the release makes clear this is a non-exclusive and non-exhaustive\nlist and that the final rules \"give registrants the flexibility to adopt\nreasonable approaches to identifying severe weather events and other natural\nconditions and adapt to changing circumstances.\" See pages 483-487 of the\nadopting release.  \n46 Rule 14-02(b) of Regulation S-X.  \n47 Rule 14-02(f) of Regulation S-X.  \n48 Rule 14-02(e) of Regulation S-X.  \n49 Rule 14-02(h) of Regulation S-X.  \n50 Rule 14-02(a) of Regulation S-X.  \n51 Canadian issuers filing on Form 40-F are exempt from the rules.  \n52 These include rules promulgated by the EPA, including their GHG reporting\nrules, the EU, which adopted the Corporate Sustainability Reporting Directive\n(\"CSRD\") in 2023, and individual states, such as California and its Senate\nBills 261 and 531, all of which may have different disclosure standards and\ndefinitions than those in the new SEC rules. See our alerts, \"  [ Corporate\nSustainability Reporting: New EU rules for large companies and listed SMEs\n](/insight-alert/corporate-sustainability-reporting-new-eu-rules-large-\ncompanies-and-listed-smes) \" and \"  [ California Bills to Require Greenhouse\nGas Emissions Reporting From Companies Doing Business in the State\n](/insight-alert/california-bills-require-greenhouse-gas-emissions-reporting-\ncompanies-doing-business) .\"\n\nWhite & Case means the international legal practice comprising White & Case\nLLP, a New York State registered limited liability partnership, White & Case\nLLP, a limited liability partnership incorporated under English law and all\nother affiliated partnerships, companies and entities.\n\nThis article is prepared for the general information of interested persons. It\nis not, and does not attempt to be, comprehensive in nature. Due to the\ngeneral nature of its content, it should not be regarded as legal advice.\n\n\u00a9 2024 White & Case LLP\n\n###  Contacts\n\n[ ](/people/maia-gez \"Maia Gez\")\n\n[ Maia Gez ](/people/maia-gez \"Maia Gez\")\n\nPartner  |  New York \n\nServices\n\n[ Capital Markets ](/law/practices/capital-markets) ,  [ US Public Company\nAdvisory ](/law/practices/public-company-advisory-pca) ,  [ Technology\n](/law/industries/technology) ,  [ Sustainability & Responsible Business\n](/law/practices/sustainability-responsible-business)\n\n[ ](/people/scott-levi \"Scott Levi\")\n\n[ Scott Levi ](/people/scott-levi \"Scott Levi\")\n\nPartner  |  New York \n\nServices\n\n[ Capital Markets ](/law/practices/capital-markets) ,  [ US Public Company\nAdvisory ](/law/practices/public-company-advisory-pca) ,  [ Life Sciences and\nHealthcare ](/law/industries/life-sciences-healthcare) ,  [ Technology\n](/law/industries/technology) ,  [ Sustainability & Responsible Business\n](/law/practices/sustainability-responsible-business)\n\n[ ](/people/taylor-pullins \"Taylor Pullins\")\n\n[ Taylor Pullins ](/people/taylor-pullins \"Taylor Pullins\")\n\nPartner  |  Houston \n\nServices\n\n[ Mergers & Acquisitions ](/law/practices/mergers-acquisitions) ,  [\nEnvironment & Climate Change ](/law/practices/environment-climate-change) ,  [\nSustainability & Responsible Business ](/law/practices/sustainability-\nresponsible-business) ,  [ Energy Transition ](/law/practices/energy/energy-\ntransition)\n\n[ ](/people/michelle-rutta \"Michelle Rutta\")\n\n[ Michelle Rutta ](/people/michelle-rutta \"Michelle Rutta\")\n\nPartner  |  New York \n\nServices\n\n[ Mergers & Acquisitions ](/law/practices/mergers-acquisitions) ,  [ Capital\nMarkets ](/law/practices/capital-markets) ,  [ US Public Company Advisory\n](/law/practices/public-company-advisory-pca) ,  [ Shareholder Activism\n](/law/practices/mergers-acquisitions/shareholder-activism) ,  [ Financial\nInstitutions ](/law/industries/financial-institutions) ,  [ Life Sciences and\nHealthcare ](/law/industries/life-sciences-healthcare)\n\n[ ](/people/melinda-anderson \"Melinda Anderson\")\n\n[ Melinda Anderson ](/people/melinda-anderson \"Melinda Anderson\")\n\nCounsel  |  New York \n\nServices\n\n[ Capital Markets ](/law/practices/capital-markets) ,  [ US Public Company\nAdvisory ](/law/practices/public-company-advisory-pca) ,  [ Technology\n](/law/industries/technology) ,  [ Sustainability & Responsible Business\n](/law/practices/sustainability-responsible-business)\n\n[ ](/people/danielle-herrick \"Danielle Herrick\")\n\n[ Danielle Herrick ](/people/danielle-herrick \"Danielle Herrick\")\n\nProfessional Support Counsel  |  New York \n\nServices\n\n[ Capital Markets ](/law/practices/capital-markets) ,  [ US Public Company\nAdvisory ](/law/practices/public-company-advisory-pca)\n\n[ ](/people/aj-ericksen \"A.J. Ericksen\")\n\n[ A.J. Ericksen ](/people/aj-ericksen \"A.J. 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            "content": {
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                    "resource_location": "web",
                    "resource_type": "webpage",
                    "source": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
                },
                "page_content": "  * [ HOME  ](/en)\n  * [ Sustainability  ](/en/csr/index.html)\n  * [ Environment  ](/en/csr/environment/index.html)\n  * Mitigating Climate Change \n\nMenu\n\n  * Our Approach \n  * Management System \n  * Risks and Opportunities Identified \n  * Strategy \n  * Risk Management \n  * Medium- to Long-term Goals (Long-term Vision and Milestones) \n  * Initiatives \n  * Life-cycle Assessment \n  * Product Initiatives \n  * Site Initiatives \n  * Sales Initiatives \n  * Logistics Initiatives \n  * Procurement Initiatives \n  * Other Climate Change Initiatives \n  * \uff08Carbon Pricing\uff09 \n  * \uff08External Partnerships\uff09 \n\n##  Our Approach\n\nSUBARU recognizes that climate change is one of the most pressing global\nissues. Toward its target of achieving carbon neutrality by 2050, SUBARU will\nreduce CO  2  emissions from its products, factories, and offices to help\ndecarbonize society. Accordingly, it has set long-term goals, and is working\nto achieve them with medium-term goals as intermediate milestones.\n\nIn addition, we believe that battery electric vehicles (BEVs) will eventually\nbecome a mainstay driver of carbon neutrality from a medium- to long-term\nperspective. As the environment surrounding electrification continues to\nchange drastically, and with difficulties foreseeing the future, SUBARU will\ncontinue to focus on the development of BEVs from 2025 to 2026, which is\npositioned as the early stage of the transition to BEVs, while keeping a close\neye on the trends in regulations and the market. We are taking various actions\nbased on the recognition that it is extremely important to ensure flexibility\nand expandability, using this concept to adapt to such changes flexibly and to\nscale at once when the direction of the shift becomes clear.\n\n##  Management System\n\nRecently, the business environment has been experiencing disruptive and non-\nlinear changes at an unprecedented pace. In response to these major changes in\nthe external environment, under our new organizational and officer system, we\naim to accelerate \"Monozukuri Innovation\" and \"Value Creation\" as stated in\nthe New Management Policies. Furthermore, by strengthening Company-wide cross-\norganizational functions, clarifying executive responsibility, and\nestablishing a system to bring our policies to fruition, we aim to accelerate\nour efforts to address the core priority themes and achieve overall\noptimization.\n\n####  Established Five New CXO (Chief X Officer) Positions in the Automotive\nBusiness Unit\n\nSUBARU has newly established five Chief Officers (CXOs) who will be\nresponsible for its five core priority themes: \"Monozukuri Innovation,\"\n\"battery business,\" \"digital car,\" \"connected business,\" and \"cost\ninnovation.\" These officers are engaged in cross-departmental action to break\ndown departmental barriers, restructure the organization, and accelerate our\n\"Monozukuri Innovation\" and \"Value Creation.\"\n\nCXO (Chief X Officer)  |  Mission   \n---|---  \nCMzO: Chief Monozukuri Officer  |  Lead efforts to halve the development process and lead time, halve the configuration and number of parts, and halve the production process and lead time.   \nDrive initiatives to achieve world-leading \"Monozukuri Innovation\"  \nCBBO: Chief Battery Business Officer  |  Lead the overall advancement of the battery business, including ensuring stable procurement, competitiveness, and business viability   \nCDCO: Chief Digital Car Officer  |  Drive initiatives to achieve world-leading \"Value Creation\" through the digitalization of automobiles   \nCCBO: Chief Connected Business Officer  |  Drive initiatives to achieve world-leading \"Value Creation,\" primarily in the \"out-car\" domain   \nCCIO: Chief Cost Innovation Officer  |  Lead and oversee Company-wide efforts to achieve cost competitiveness   \n  \n####  Reorganizing and strengthening the organization and functions related to\n\"Monozukuri Innovation\" and \"Value Creation\"\n\nIn order to reorganize and strengthen the organization and functions related\nto \"Monozukuri Innovation\" and \"Value Creation,\" SUBARU has established the\nValue Strategy Office within the Corporate Planning Division to enhance the\nproduct portfolio strategy function. Furthermore, we have renamed the Product\n& Portfolio Planning Division to the Product Business Division to engage in\nICE  *  -specialized (including hybrids) planning and development to maintain\nand improve product competitiveness, as well as to improve after-sales product\ncompetitiveness and promote planning for \"Retaining Value\" initiatives, etc.\n\n* \n     Internal combustion (e.g., gasoline) engines \n\n####  Climate Change-related Governance Harnessing our Environmental\nManagement System\n\nSUBARU has established the Environment Committee for the purpose of promoting\nthe sustainable growth of both society and the Company, and thereby\ncontributing to global environment conservation. The committee discusses\ntargets and measures from broad as well as medium- to long-term perspectives\nthat accommodate environmental standards required by future societies, and\nevaluates the progress of related implementations and achievements.  \nThe Environment Committee is chaired by the Executive Officer in charge of the\nSustainability Division appointed by the Board of Directors. Details of\ndiscussions by the Environment Committee are reported to the Sustainability\nCommittee. We also have a system for escalation and reporting to the Executive\nManagement Board Meeting and Board of Directors to be used as necessary.\nManagement of climate change-related activities is included in the\nresponsibilities of the environmental management structure. Environmental\nrisks and opportunities associated with climate change are assessed and\nmonitored, and undergo management review. Then, particularly critical\nproposals are deliberated and decided at the Board of Directors. Each of the\nfive bodies within the structure\u2014Production & Environment Subcommittee, Global\nWarming Prevention Working Group, Domestic Affiliated Companies\u2019 Environment\nSubcommittee, Sales and Service Environment Subcommittee, and Logistics\nEnvironment Subcommittee\u2014meet twice a year for the purpose of monitoring.\n\n#####  Governance Structure for Climate Change\n\n####  Climate Change Governance in the Entire Life Cycle\n\nIn order to contribute to the realization of a decarbonized society through\nthe reduction of CO  2  emissions throughout the life cycle of our business\nactivities, SUBARU holds monthly CN Promotion Meetings, bringing together\ndepartments representing the five areas of \u201cproduct use,\u201d \u201cmaterials and\ncomponents,\u201d \u201ctransportation,\u201d \u201cdisposal,\u201d and \u201cmanufacturing.\u201d In these CN\nPromotion Meetings, members from each area worked together and shared\ninformation, formulated a master plan from a medium- to long-term perspective,\nand took actions to visualize and mitigate emissions in each area in the\ninterest of achieving carbon neutrality by 2050. SUBARU operates cross-company\nforums whose aim is CO  2  reduction over the entire life cycle and whose\nactivities are subject to the overall supervision of the Environment Committee\nas part of carbon neutrality initiatives.\n\n##  Risks and Opportunities Identified\n\nSUBARU defines and identifies risks and opportunities associated with climate\nchange to achieve sustainable business activities.  \nWe have identified a number of risks associated with climate change.\nInitiatives to address climate change may be inadequate or abnormal weather\nmay cause delays in procurement, production, and distribution. In addition,\ntransition risks and physical risks may have impacts and outcomes that are\ncurrently extremely difficult to predict. Increased R&D expenses, lost sales\nopportunities due to reduced customer satisfaction and brand image, and delays\nin procurement, production, and distribution due to abnormal weather are among\nthe potential impacts of these risks. These risks could have a material impact\non the operating results and financial position of the SUBARU Group.  \nOn the other hand, effective initiatives to address climate change could lead\nto opportunities to create new markets and employment and also use capital and\nenergy more efficiently.\n\n###  Main Risks Identified\n\n####  Business Management in General\n\nReputational risk\n\n(1) If SUBARU fails to implement adequate initiatives to achieve low-\ncarbon/zero-carbon outcomes, its brand value could be harmed, which could\naffect the Company\u2019s sales and recruiting ability. Capital costs could also\nrise, due to increased difficulty in obtaining financing from medium- and\nlong-term investors.\n\nRegulatory risk\n\n(2) There is an argument that nationally determined contributions (NDCs) need\nto be expanded to be able to achieve the Paris Agreement\u2019s \u201cwell below 2\u00b0C\u201d\ntarget, and thus countries may revise their NDCs to set more stringent\ntargets. Such revisions could have a significant impact on SUBARU\u2019s business\nactivities.\n\nAcute physical risk\n\n(3) As an impact of climate change, extreme torrential rain will frequently\ncause floods in various locations, which could pose risks of SUBARU\u2019s\noperations being affected by disrupted supply of raw materials and submerged\nfactories.\n\n####  Products\n\nRegulatory risk\n\n(1) If SUBARU fails to meet fuel economy regulations imposed in Japan, the\nU.S., Europe, and China, the Company could incur additional costs or losses\nrelated to negative incentives, such as fines or non-penal fines for legal\nviolation, and credit purchase for unmet standards. Also, some of our products\ncould fail to satisfy certain fuel economy standards, resulting in restrained\nsales opportunities.\n\nMarket risk\n\n(2) At present, it is difficult to predict technological progress and price\noptimization for electrification, which will likely cause a substantial gap\nwith the real state of market needs. In such a situation, SUBARU could incur\nunnecessary and excessive R&D costs while facing a decline in customer\nsatisfaction, resulting in unexpected losses and reduced sales opportunities\nas well as hampered advancement of the Company\u2019s electrification efforts.\n\n(3) SUBARU views electrification as a steady medium- to long-term trend, and\nalso anticipates the possibility of its swift and sweeping penetration of the\nmarket at some stage. SUBARU could be unprepared for such prospect in terms of\ntechnology and timely product lineups, and thus suffer from a resultant loss\nof product sales opportunities.\n\nTechnology risk\n\n(4) To promote electrification, it is crucial to ensure profitability for the\nentire product cycle ranging from procurement and use to disposal. Thus, it is\nessential to involve SUBARU\u2019s upstream and downstream partners in exerting\nefforts toward this end. Failure to do this could render the Company unable to\nmeet the profitability goal for the entire product life cycle.\n\nChronic physical risk\n\n(5) There is a possibility that SUBARU might suffer from shortages of natural\nresources used for tires and metal resources, such as materials for automotive\nbatteries, for electrification technologies.\n\n####  Production Phase\n\nRegulatory risk\n\n(1) If SUBARU continues to use energy derived from fossil fuels, it could\nincur rising costs, due not only to geopolitical factors associated with\npetroleum and the like, but also to carbon taxes, emission quotas, and other\ngovernment policies and regulations.\n\nTechnology risk\n\n(2) If use of renewable energy does not grow as expected, SUBARU could face\nslower progress in achieving its Scope 1 and 2 emissions reduction goals.\n\n###  Main Opportunities Identified\n\nMarket opportunity\n\n(1) If SUBARU advances its efforts to make products more environmentally\nfriendly as planned and global climate change mitigation/adaptation efforts\nprogress adequately, the Company will be able to maintain its key markets\nwhile at the same time potentially expanding in markets receptive to its offer\nof \u201cEnjoyment and Peace of Mind.\u201d\n\n(2) Through contributing to addressing climate change issues, SUBARU could\nincrease its brand value, thereby enhancing its sales and recruiting ability.\nThis could make it easier for the Company to obtain financing from investors,\nthereby lowering capital costs.\n\nEnergy-related opportunity\n\n(3) Regarding energy use during the production phase, by transitioning to\nrenewable energy while at the same time giving due consideration to cost-\neffectiveness, SUBARU could overcome the risk of being exposed to price\nfluctuations involved in energy derived from fossil fuels, thereby preventing\nfuture cost increases.\n\nNote:\n\n     The risks and opportunities described above are based on past facts and currently available information, and may change significantly due to such factors as future economic trends and the business environment facing SUBARU. The opportunities described represent those for SUBARU\u2019s products to contribute to climate change adaptation and do not anticipate climate change-related deterioration. \n\n####  Examples of scenarios and their risks/measures\n\nAs an example measure, SUBARU has developed an electrification strategy that\nconsiders multiple scenarios, including one in which the percentage of EVs\nsold in the market increases significantly, as well as one in which the market\npenetration of EVs increases modestly. We are also advancing BCP* measures\nagainst water-related disaster risk for our business partners and against\nflooding during torrential rainfall. This action is in consideration of the\nrisk of increasingly severe natural disasters due to a lack of progress in\naddressing climate change.\n\n* \n     BCP: Business continuity plan \n\nScenario  |  Example scenario risks of particular importance  |  Measures   \n---|---|---  \nPenetration of BEVs  |  Products  |  Risk of limited product sales opportunities due to failure to meet certain fuel economy standards  | \n\n  * Building a production system that can dynamically adapt the production ratio between BEVs, hybrids, and ICE vehicles, keeping a close eye on environmental regulations and market trends \n  * Establishing an eight-model BEV lineup by the end of 2028 with 400,000 BEVs sold in the U.S. \n\n  \nRisk of market need diverging from electrification technology  \nIncreasing severity of natural disasters  |  Business management  |  Risk of operations being affected by disrupted supply of raw materials and submerged factories as a result of frequent flooding in various locations from extreme torrential rain  |  Taking measures against flooding by installing rainwater collection tanks and strengthening drainage capacity   \nOrganizing a system for restoration support activities in the event of a\ncontingency at business partners and assessing the risk of water-related\ndisasters  \n  \n  * [ Risk Management: BCP ](/en/csr/governance/risk/crisis.html)\n  * [ Water Resources ](/en/csr/environment/waterresources.html)\n\n##  Strategy\n\nAt this stage, it is difficult to foresee the future direction of\nelectrification. Therefore, while keeping a close eye on the trends in\nregulations and the market, SUBARU is taking various actions based on the\nrecognition that it is extremely important to ensure flexibility and\nexpandability, using this concept to adapt to such changes flexibly and to\nexpand at once when the direction of the shift becomes clear.  \nFrom a medium- to long-term perspective, we believe that BEVs will eventually\nbecome a core driver toward achieving carbon neutrality, but from 2025 to\n2026, when the transition to BEVs is in its early stages, we will ensure\nflexibility in adapting to environmental changes through initiatives in each\nof the areas of development, products, and production.  \nFurthermore, for the upcoming diffusion (or expansion) phase for BEVs, we will\nneed to harness the fruits of our work in \"Monozukuri Innovation\" and \"Value\nCreation\". At the Innovation Hub, which launched in January 2024, employees\nand business partners can gather and engage with each other without\ntraditional boundaries to talk about various aspects of development and\nproduction (Obeya activities), and through collaboration with other companies,\nwe are promoting activities to realize the aforementioned \"Monozukuri\nInnovation\" and \"Value Creation.\"  \nThrough these efforts, we will promote the \"One SUBARU\" approach, in which we\ndevelop highly dense connections between development, manufacturing, and the\nsupply chain, as we aim for in-house development of BEVs that we expect to\nlaunch by the end of 2028 through leveraging the insights of our alliance. In\naddition, various knowledge gained in the process of promoting \"Monozukuri\nInnovation\" and \"Value Creation\" will be utilized to strengthen ICE products.\n\n####  Battery EV Development\n\nAfter consideration various options for the development of BEVs, including\nsolely SUBARU-made BEVs and those developed through our alliance, we decided\nto jointly develop the four BEV models to be added to our lineup by the end of\n2026 with Toyota Motor Corporation (hereinafter, \u201cToyota\u201d) bringing together\nthe knowledge and expertise of both companies.\n\n####  Battery EV Production\n\nOur jointly-developed BEVs produced at the Yajima Plant will also be supplied\nto Toyota. Meanwhile, BEVs produced at Toyota's U.S. plant will be supplied to\nSUBARU, giving SUBARU a lineup of BEVs produced in the U.S. Through joint\ndevelopment, mutual production, and mutual supply alongside Toyota, we will\nmitigate risks and ensure flexibility in development and production areas in\nthese times when it is difficult to foresee the future.\n\n####  HEV Products and Production\n\nIn addition to the Forester, we will expand the rollout of the Next-generation\ne-BOXER, SUBARU's unique hybrid electric vehicle (HEV) with a horizontally-\nopposed engine based on the TOYOTA Hybrid System, to the Crosstrek as well. In\nthe early stage of the shift to BEVs, HEVs will be extremely important, and\nstrengthening HEV products will ensure product flexibility and expand customer\nchoices. For the next Forester models, both the gasoline model and the next-\ngeneration e-BOXER model will not only be produced at our plants in Japan, but\nwill also be produced at Subaru of Indiana Automotive, Inc., so that we can\nensure flexibility within production in both Japan and the U.S.\n\n####  Model Production Plan per Plant from 2025 to 2026\n\nProduction of transaxles, which will be a core unit of the next-generation\ne-BOXER, will begin at SUBARU\u2019s upgraded Kitamoto Plant in the fall of 2024.  \nThe next-generation e-BOXER will initially be installed in vehicles\nmanufactured at our plants in Japan, with plans to eventually install it in\nvehicles manufactured in the U.S. as well. In addition, the BEVs produced at\nthe Yajima Plant will be supplied to Toyota Motor Corporation, ensuring\nproduction flexibility adapted to demand.\n\n####  Aim to Halve Development Days, Production Processes, and Number of Parts\nwhile Implementing Planned CO  2  Emission Reduction Measures in Plants and\nOffices\n\nSUBARU will strive to achieve world-leading monozukuri by cutting the\ndevelopment lead time in half, the configuration and number of parts in half,\nand the production process in half. In our current operations, each segmented\nfunction, such as product planning, design, and production, waits for the\nprevious process to complete its work, and then passes the work on to the next\nprocess like a relay. Through our \"Monozukuri Innovation\" initiatives, we will\nmake the process agile, which will lead to a 50% reduction in monozukuri time.  \nAt the same time, by continuously advancing these initiatives, we will reduce\nthe process and lead time for product development and production in existing\ndomains and strengthen our ability to respond to domains experiencing non-\nlinear transformation in this age of uncertainty.  \nSUBARU aims to halve development lead times, the production process, and the\nconfiguration and number of parts, while also aiming to reduce CO  2\nemissions from plants and offices (Scope 1 and 2 emissions) by 60% in 2035\nversus FYE March 2017 levels on a total volume basis. SUBARU will take actions\ntoward energy self-sufficiency and efficiency and therefore accelerate the\nreduction of CO  2  emissions through streamlining in a dual approach for both\nthe manufacturing process and product structure.  \nThe SUBARU Group will systematically implement measures to reduce Scope 1 and\nScope 2 emissions by 2035, including energy-saving measures, the introduction\nof carbon-neutral fuel such as hydrogen and ammonia, and the use of in-house\nand purchased carbon-neutral power generation, with the aim of achieving its\ntargets.\n\n#####  Illustration of Scope 1 and 2 Emission Reduction Measures and Impact up\nto 2035\n\n*1 \n     Assuming the electricity emission coefficient in Japan decreases to 0.25 t-CO  2  per thousand kWh \n\n#####  FYE March 2024 Reduction Measures and Impact\n\nMeasure  |  CO  2  reduction impact (t-CO  2  )   \n---|---  \nGeneration of renewable energy (solar power generation)  |  4,445   \nPurchase of carbon-neutral electricity  |  51,388   \nIntroduction of high-efficiency air-conditioning systems  |  2,000   \nReplacement of Cogeneration Facilities  |  3,712   \nEnergy conservation through information and communications technology (ICT)/IoT  |  500   \nUse of Green Power and Green Heat Certificates  |  4,064   \nTotal  |  66,109   \n  \n##  Risk Management\n\nThe automotive industry is ushering in a major transformation, which only\noccurs once in a hundred years. The SUBARU Group, which operates businesses\nglobally, is aiming to enhance the resilience of its management infrastructure\nby ensuring the sustainability of its businesses by quickly tackling changes\nin world affairs. At the same time, the Group must boost its measures to\nminimize its human, social, and economic losses. Amid this environment, it is\nessential to strategically conduct risk management throughout the Group to\nconduct business activities. We therefore believe it is important to create a\nSUBARU Group that has an infrastructure that is resilient to risk to enhance\nour corporate value. As the environment surrounding the SUBARU Group continues\nto experience disruptive and non-linear changes at an unprecedented pace, we\nare working to further strengthen our risk management, including the use of a\nnew Risk Map formulated through management-level discussions that take into\naccount external changes and the current environment, in addition to the\nimportant risks of each division, in order to more reliably achieve the New\nManagement Policies.  \nTo address climate change-related transition risks in policy and regulation,\ntechnology, markets, and other items, dedicated departments at SUBARU gather\ninformation from a wide range of sources and work to identify uncertain\nclimate change-related risks from future projections. These transition risks\nare proposed and discussed during the Executive Meeting, and particularly\nsignificant matters are subject to deliberation within the Board of Directors\nbefore decisions are made.  \nThe physical risks associated with climate change include flooding and other\nnatural disasters. The Risk Management and Compliance Office plays a pivotal\nrole in establishing regulations in response to these operational risks as\npart of the BCP system. During emergencies, the office centrally grasps Group-\nwide information, establishing a system to manage company-wide response.\n\n[ Risk Management ](/en/csr/governance/risk/)\n\n##  Medium- to Long-term Goals (Long-term Vision and Milestones)\n\nIn order to contribute to a decarbonized society, SUBARU has set long-term\ngoals (long-term vision) for 2050 and medium-term goals (milestones) regarding\nproducts (Scope 3) and plants and offices (Scope 1 and 2). These medium-term\ngoals are reviewed as necessary according to the business environment, which\nis experiencing rapid, disruptive changes. In 2023, the medium-term goal for\nplants and offices (Scope 1 and 2) has been set as reducing CO  2  emissions\nby 60% in FYE March 2036 versus FYE March 2017. The medium-term goal for\nproducts (Scope 3) has been re-established as aiming to make BEVs 50% of all\nautomobiles sold in 2030.  \nSUBARU is investigating compliance with relevant policies including the fuel\nefficiency regulations of the countries it serves. We formulate our own\nscenarios and plans for achieving our medium- to long-term goals based on\npolicy trends and scenario-specific information published by the International\nEnergy Agency and others.\n\nCategory  |  Target Year  |  Goal   \n---|---|---  \nProducts  \n(Scope 3)  |  2050  |  Reduce average well-to-wheel CO  2  emissions from new vehicles (in operation) by 90% or more compared to 2010 levels   \nEarly 2030s  |  Apply electrification technologies to all SUBARU vehicles produced and sold worldwide   \n2030  |  Aim for 50% of global sales to be BEVs   \nPlants and offices  \n(Scope 1 and 2)  |  FYE March 2051  |  Achieve carbon neutrality   \nFYE March 2026  |  Reduce CO  2  emissions by 60% compared with FYE March 2017 (total volume basis)   \n  \n##  Initiatives\n\nFor FYE March 2024, SUBARU has reported a total of 39,914 thousand t-CO  2  of\nsupply chain greenhouse gas emissions (Scope 1, 2, and 3). Out of the total\namount, 98% is related to Scope 3, the majority of which stems from the use of\nsold products. Although the Group's direct CO  2  emissions (Scope 1 and 2)\nconstitute only a marginal portion of the total (including Scope 3), we are\nmaking proactive efforts to diminish direct emissions, which we believe will\nencourage the entire SUBARU value chain to work as a team and in greater\nearnest.\n\n  * Scope 1: Direct emissions of greenhouse gases from a company\u2019s own facilities. \n  * Scope 2: Indirect emissions of greenhouse gases from the use of purchased or acquired electricity, heat, and/or steam supplied by another company. \n  * Scope 3: All indirect emissions other than Scope 1 and 2 emissions, including those arising from the procurement of raw materials, transport, product use, and the disposal process, as well as arising from employee commuting, business travel, etc. \n\n####  CO  2  Emissions (Scope 3)\n\nCategory  |  Greenhouse Gas Emissions\uff08t-CO  2  \uff09   \n---|---  \nFYE March 2020  |  FYE March 2021  |  FYE March 2022  |  FYE March 2023  |  FYE March 2024   \n1  |  Purchased goods and services  |  6,181,341  |  5,136,697  |  4,339,656  |  5,018,874  |  5,861,321   \n2  |  Capital goods  |  413,287  |  282,713  |  260,566  |  402,915  |  549,384   \n3  |  Fuel- and energy-related activities not included in Scope 1 or Scope 2  |  103,772  |  91,851  |  89,627  |  95,352  |  54,958   \n4  |  Transport and delivery (upstream)  |  737,817  |  601,167  |  506,604  |  426,929  |  500,914   \n5  |  Waste generated in operations  |  32,095  |  26,446  |  24,888  |  28,733  |  8,608   \n6  |  Business travel  |  4,554  |  4,689  |  4,798  |  4,878  |  4,900   \n7  |  Employee commuting  |  13,835  |  14,245  |  14,576  |  14,818  |  14,885   \n8  |  Leased assets (upstream)  |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \n9  |  Transportation, distribution, and sales (downstream)  |  6,049  |  3,893  |  4,750  |  4,043  |  3,521   \n10  |  Processing of sold products  |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \n11  |  Use of sold products  |  34,029,045  |  27,455,302  |  23,102,609  |  27,453,385  |  31,864,033   \n12  |  End-of-life treatment of sold products  |  582,263  |  484,440  |  413,368  |  485,555  |  577,694   \n13  |  Leased assets (downstream)  |  2,463  |  1,998  |  2,065  |  1,984  |  1,562   \n14  |  Franchises  |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \n15  |  Investments  |  N/A  |  N/A  |  N/A  |  N/A  |  N/A   \n  \nSource:\n\n     The calculation method for SUBARU Scope 3 emissions has been revised in reference to the Basic Guidelines on Accounting for Greenhouse Gas Emissions throughout the Supply Chain Ver. 2.3 (December 2017) by the Ministry of the Environment and the Ministry of Economy, Trade and Industry; the Emissions Unit Value Database Ver. 3.0 by the Ministry of the Environment Database of emissions unit values; and SUBARU\u2019s life-cycle assessment (LCA) calculation standards.   \nRetroactive correction has been made to data from previous years due to\nrevisions to the calculation method for \u201c1 Purchased goods and services\u201d and\n\u201c12 End-of-life treatment of sold products.\u201d\n\n##  Life-cycle Assessment\n\nIn order to contribute to the realization of a decarbonized society through\nthe reduction of CO  2  emissions throughout the life cycle of our business\nactivities, SUBARU has designated departments in charge of the five areas of\n\u201cproduct use,\u201d \u201cmaterials and components,\u201d \u201ctransportation,\u201d \u201cdisposal,\u201d and\n\u201cmanufacturing.\u201d We now also hold monthly CN Promotion Meetings, bringing\ntogether representatives from the relevant departments in each area. In these\nCN Promotion Meetings, members share information from each area, formulate a\nmaster plan from a medium- to long-term perspective, and visualize the\ntransition of emissions in each area in the interest of achieving carbon\nneutrality by 2050.\n\n####  Approach to CO  2  emissions reduction from an LCA perspective\n\nSUBARU conducts LCA  *  to evaluate CO  2  emissions during the entire life\ncycle of automobiles. We will quantify the environmental impact of automobiles\nand proactively develop automobiles taking into account the need for\ndecarbonization from the design stage. When compared to the previous models,\nthe current Impreza achieved a 2.4% reduction in CO  2  emissions, and the\ncurrent Forester achieved an 8.7% reduction.\n\n* \n     Life-cycle assessment (LCA) is an environmental impact assessment method that comprehensively evaluates environmental load at every stage of the life cycle of products and services from raw material procurement to production, use, disposal, and recycling. For SUBARU, assessments are for cars built for the Japanese market. \n\n##  Product Initiatives\n\nThe percentage of SUBARU\u2019s EVs as a share of global sales (retail sales basis)\nin FYE March 2024 was 7.8%, and the percentage of BEVs was 1.5%. We will grow\nour earnings base in the BEV era by strengthening our supply capacity for EVs,\nincluding the start of in-house BEV production in the mid-2020s in conjunction\nwith the reorganization of our domestic production system, the launch of the\nnext-generation e-BOXER, and the addition of dedicated BEV production lines in\nthe late 2020s. As we do this, we will work to ensure a high level of\nfinancial soundness, taking actions in a sustainable structure toward our\nstated goal of aiming for 50% of SUBARU global sales to be BEVs in 2030.  \nAs an aircraft manufacturer, SUBARU has been developing technologies for\ndecarbonization to realize a sustainable society, and in March 2024, SUBARU\nsuccessfully conducted test flights using sustainable aviation fuel (SAF  *1\n) in a helicopter.\n\n*1 \n     Sustainable aviation fuel is produced from resources such as plants and waste oil. Plants, which are the main raw material, absorb carbon dioxide from the atmosphere during photosynthesis, thus achieving a balance between absorption and emission, offering reduction in greenhouse gas emissions compared to conventional fossil fuel-based aviation fuels. \n\n####  Results and future plan of percentage of EVs sold (retail sales basis)\n\n####  Efforts to Reduce CO  2  Emissions for New Models\n\nSUBARU is naturally working to improve the fuel efficiency of gasoline-powered\nvehicles while turning its attention to expanding its lineup of EV models,\nespecially the development and supply of BEVs. We believe it will be\nespecially important to steadily promote the expansion of the above\ninitiatives in order to reduce the amount of CO  2  emitted from automobiles.\n\n####  Battery Electric Vehicles (BEVs)\n\nIn May 2022, SUBARU launched the Solterra as another step toward the era of\nthe electric car. Its first global BEV, the Solterra is designed to achieve\ncoexistence with nature. It utilizes the e-SUBARU Global Platform, a dedicated\nEV platform we jointly developed with Toyota Motor Corporation (\u201cToyota\u201d), as\nwell as the AWD technology we have developed for many years and Toyota\u2019s\noutstanding electrification technology, thus bringing together the strengths\nof both companies and efficiently leveraging our development investments. In\naddition to the Solterra, we plan to launch three new BEVs to the SUV category\nby the end of 2026. Of these, one model will be produced at SUBARU's Yajima\nPlant and supplied to Toyota Motor Corporation as well. Like with our existing\nvehicles, we will bring SUVs featuring the unique appeal of SUBARU\u2019s BEVs to\nJapan, the U.S. and Canada, Europe, China, and other markets, aiming to\nfurther strengthen the value we offer with the goal of being a brand that is\n\u201cdifferent\u201d from others. We are also planning to add four more models to our\nBEV lineup by the end of 2028.  \nAt SUBARU, we will continue to help protect the environment as we consider\npractical functions and customer preferences in enhancing our lineup in the\nmarkets we serve with environmentally friendly vehicles that are unique to\nSUBARU.\n\n####  Hybrid Electric Vehicles (HEVs)\n\nSUBARU has been increasing the number of vehicles equipped with its mild\nhybrid e-BOXER engine that combines a horizontally-opposed engine and\nelectrification technology, and to reduce CO  2  emissions has implemented\ninitiatives such as creating its own PHEV using HEV expertise from Toyota. In\naddition, looking ahead to 2025, we will begin next-generation e-BOXER\nproduction that incorporates THS  *2  technology to deliver vehicles that\nfeature the SUBARU Difference while offering high-level environmental\nperformance. For the next-generation e-BOXER, we have evolved the model from a\nparallel system for transmitting engine and motor power in parallel to a more\nefficient series-parallel system. In addition, the power control unit is\nmounted on top of the engine to ensure a large fuel tank capacity and a\ncompetitive cruising range. This next-generation e-BOXER will be installed in\nthe Crosstrek and Forester. By steadily expanding our product lineup of EVs,\nwe will help reduce CO  2  emissions for new models.\n\n*2 \n     THS: TOYOTA Hybrid System \n\n####  Gasoline-Powered Vehicles\n\nWe will continue to meet demand for conventional gasoline-powered vehicles\nfrom customers. HEVs, which we are expanding to include more models, are made\nby combining gasoline engines with electrification technology, and engines\nneed further technological improvements to boost fuel efficiency. The\n1.8-liter BOXER DIT  *3  combines the unique driving pleasure of a SUBARU with\noutstanding environmental performance. Installed in the Levorg, Forester,\nOutback, and Layback models, it is a next-generation BOXER engine with a turbo\nsystem that generates high torque at low RPM. Its lean combustion technology\nproduces more energy with less fuel. Combined with the expanded Lineartronic\nshift range, this engine offers even more powerful acceleration off the line\nand superb fuel efficiency when cruising at high speed. In addition, SUBARU is\ncontinuing to pursue the potential offered by engines in the era of carbon\nneutrality by participating in races with vehicles that use carbon-neutral\nfuel, as well as participating in the Research Association of Biomass\nInnovation for Next Generation Automobile Fuels.\n\n*3 \n     Direct injection turbo \n\n###  **TOPICS**  \nResearch Association of Biomass Innovation for Next Generation Automobile\nFuels\n\nSUBARU, together with ENEOS Corporation, Suzuki Motor Corporation, Daihatsu\nMotor Co., Ltd., Toyota Motor Corporation, and Toyota Tsusho Corporation,\nestablished the Research Association of Biomass Innovation for Next Generation\nAutomobile Fuels to research efficiency improvements in processes to produce\nfuel. Currently, seven companies, including Mazda Motor Corporation, are\nparticipating in this association to advance technological research on the use\nof biomass and efficient production of bioethanol fuel for automobiles in\norder to realize a carbon-neutral society.\n\n###  **TOPICS**  \nConducted a Helicopter Test Flight Using Sustainable Aviation Fuel (SAF)\n\nIn March 2024, SUBARU successfully conducted a test flight using SAF in a\nGroup-owned helicopter. As an aircraft manufacturer, Subaru will continue to\ndevelop decarbonization technologies to contribute to the realization of a\nsustainable society.\n\nTest flight\n\n##  Site Initiatives\n\nSUBARU is reducing its CO  2  emissions by using renewable energy and\nupgrading to highly efficient machinery and equipment with the aim of\nachieving carbon neutrality by 2050. Scope 1 and 2 emissions in FYE March 2024\namounted to 471,854 tons (market-based), representing a decrease of 18,000\ntons from the previous year and a 20.9% reduction compared to FYE March 2017\n(The location-based Scope 1 and 2 emissions for FYE March 2024 were 545,917\ntons.).  \nRenewable energy in FYE March 2024 accounted for 7.2% of the energy\nconsumption of the entire SUBARU Group and 22.5% of its total electricity\nconsumption. All of the electricity purchased at the Gunma Main Plant,\nUtsunomiya South Plant and 2nd South Plant, the Ebisu Subaru Building, and the\nSUBARU Academy is carbon-neutral electric power. In addition, unit CO  2\nemissions improved by 24% year on year due to greater energy efficiency.\nToward the medium-term goals for FYE March 2036, the SUBARU Group will\ncontinue implementing energy-saving measures along with other initiatives,\nsuch as in-house generation or purchase of carbon-neutral electric power and\nintroduction of hydrogen, ammonia, and other carbon-neutral fuels, as part of\nsystematic Scope 1 and 2 emissions reduction. In addition, Subaru Kohsan Co.,\nLtd. sells solar generated from solar power generation facilities in Gunma and\nShiga prefectures.\n\n####  CO  2  Emissions by Organization\n\n####  CO  2  Emissions by Scope\n\nScope:\n\nSUBARU\uff1a\n\n     SUBARU CORPORATION \n\nDomestic Group companies:\n\n     52 domestic consolidated subsidiaries (including 33 SUBARU domestic dealerships that are consolidated subsidiaries) \n\nOverseas Group companies:\n\n     Subaru of Indiana Automotive, Inc., Subaru of America, Inc., Subaru Canada, Inc., Subaru Research & Development, Inc. \n\nSUBARU calculates CO  2  emissions based on the Act on Promotion of Global\nWarming Countermeasures. However, for emissions coefficients for electricity\nused at Group companies outside Japan, we use the most recent country-specific\nCO  2  emission intensities for all power sources published annually by the\nInternational Energy Agency (IEA).  \nThe scope of data for domestic Group companies is that for consolidated\nsubsidiaries, and the confirmation for Scope 1 and 2 emissions is 99% (based\non proportion of workforce). In addition, errors were found in the aggregated\ndata for FYE March 2023, and corrections were made.\n\n####  Energy use\n\nScope:\n\nSUBARU:\n\n     SUBARU CORPORATION \n\nDomestic Group companies:\n\n     52 domestic consolidated subsidiaries (including 33 SUBARU domestic dealerships that are consolidated subsidiaries) \n\nOverseas Group companies:\n\n     Subaru of Indiana Automotive, Inc., Subaru of America, Inc., Subaru Canada, Inc., Subaru Research & Development, Inc. \n\nSUBARU calculates energy consumption (GJ) based on the Act on the Rational Use\nof Energy.  \nIn addition, errors were found in the aggregated data for FYE March 2023, and\ncorrections were made.\n\n###  Gunma Plant\n\n####  Purchase of Carbon-Neutral Electricity (Gunma Main Plant, Oizumi Plant)\n\nThe Gunma Main Plant had been purchasing a portion of its electricity through\nthe Aqua Premium rate plan specifically for sales of hydropower, but switched\nto the Power Gunma Hydropower plan in November 2020. All of its electricity is\nnow derived from hydropower, which reduced CO  2  emissions by approximately\n24,500 tons in FYE March 2024.  \nWe also reduced CO  2  emissions by 8,394 tons by using non-fossil fuel\ncertificates for 21,524 MWh of electricity at the Oizumi Plant of Gunma\nManufacturing Co., Ltd. purchased in FYE March 2024, comprising 16% of\npurchased electricity.\n\n####  Introduction of High-efficiency Air-conditioning Systems (Gunma Yajima\nPlant)\n\nWe replaced the aging cooling water supply system of the 3rd Paint Plant. In\nApril 2022, the plant, which had previously used an absorption chiller with\ncity gas and hot water from the cogeneration facility as the heat source,\nintroduced a centrifugal chiller with an electrically operated heat pump. This\nhas essentially eliminated the use of city gas by updating the heat source of\nthe absorption refrigerator to only hot water from the cogeneration facility.  \nIn 2018, the 5th Paint Plant also introduced a high-efficiency heat source\nsystem, centered on heat pumps for cold and hot water supply to reduce CO  2\nemissions. SUBARU plans to roll out this system to the new Oizumi Plant, which\nis scheduled for future construction.\n\n####  Replacement of Cogeneration Facilities\n\nAt the Gunma Plant, we operate cogeneration facilities at the Main Plant,\nOizumi Plant, and Yajima Plant to promote efficient energy use. In FYE March\n2024, the Oizumi Plant continues operation after an update in the previous\nfiscal year of its aging facilities, which were updated after 16 years of\noperation. For the replacement, we selected equipment with specifications that\nmake a greater contribution to energy savings in light of the most recent\nenergy consumption profile. Compared to the previous facilities, the new\nfacilities offer annual emissions reduction of 3,712 t-CO  2  , according to\ntheir specifications.\n\n####  Introduction of solar power generation\n\nWe have introduced solar power generation facilities at the Gunma Main Plant\nand Oizumi Plant. These facilities achieved a CO  2  emissions reduction of\napproximately 2,732 t-CO  2  in FYE March 2024. Solar power generation\nequipment will be incorporated into new building rooftops from the\nspecification stage, and we are considering expanding this to existing\nbuildings and parking lots over time.  \nAt the Yajima Plant, we also installed solar power generation equipment with\nan output of 850 kW in the No. 3 final vehicle inspection wing in September\n2023, in addition to the installation of similar facilities in 2022, the\nmultistory parking garage and No. 5 final vehicle inspection wing, resulting\nin an overall reduction of 591 t-CO  2  of emissions at the plant overall.\n\n###  Aerospace Company (Utsunomiya Plant and Handa Plant)\n\n####  Purchase of carbon-neutral electricity  \n(Tochigi Furusato Denki Program for regional production and consumption)\n\nIn FYE March 2019, SUBARU\u2019s Aerospace Company adopted the Tochigi Furusato\nDenki program  *1  to provide electricity to its Utsunomiya South and 2nd\nSouth Plants. The program offers electricity from hydropower generation\nprojects owned by Tochigi Prefecture, and represents Japan\u2019s first-ever power\nsupply program themed on the \u201clocal production for local consumption\u201d concept.  \nThe above program enables the two plants to reduce emissions by an average of\n4,000-plus t-CO  2  per year. This program also includes a scheme to spend\npart of the funds from bill payment, including from SUBARU, on environmental\nconservation projects promoted in Tochigi Prefecture.\n\n*1 \n     Electricity service program co-hosted by the Tochigi Public Enterprise Bureau and TEPCO Energy Partner, Inc. Supplies electricity generated by eight hydroelectric power stations run by the Tochigi prefectural government. Hydropower users can claim to be emitting no CO  2  from using the electricity, on the grounds of its CO  2  -free generation process. \n\n####  Acquisition of Nearly ZEB Certification at the Main Administration\nBuilding\n\nThe Aerospace Company's Main Administration Building, built at the Utsunomiya\nPlant and with operations started in September 2023, is the first building in\nthe SUBARU Group to receive Nearly ZEB  *2  certification under the Building-\nHousing Energy-efficiency Labeling System (BELS) in Japan. In addition, the\nsolar power generation facilities installed on the roof of the Main\nAdministration Building reduces CO  2  emissions by approximately 130 tons per\nyear.\n\n*2 \n     Nearly ZEB is a building that achieves at least a 75% reduction in primary energy consumption compared to a reference building and is very close to achieving Net Zero Energy Building certification. \n\nThe Main Administration Building\n\n####  Replacement of Cogeneration Facilities\n\nIn addition to reducing CO  2  emissions, since March 2021 the cogeneration\nsystem has enhanced community and employee safety with its blackout start\nfunction that can initiate power generation if the power grid goes down for an\nextended period.\n\n####  IoT Enables Stable Supply of Factory Air and Improved Energy Efficiency\n\nSUBARU is moving forward with Digital Transformation (DX) driven by ICT and\nthe IoT beginning the systemization of air factory analysis, data analysis,\nand the introduction of countermeasures in November 2019. We have implemented\nthree measures: investigating and repairing air leaks, restricting air supply,\nand improving operating efficiency. We expect energy savings to reduce CO  2\nemissions by 500 tons per year.\n\nAir leak investigation\n\n####  Improve Compressor Operating Efficiency\n\n###  Tokyo Office\n\nThe Tokyo Office is in Mitaka City, Tokyo. It is subject to the Tokyo Cap-and-\nTrade Program for large facilities as per the Tokyo Metropolitan Environmental\nSecurity Ordinance. The Tokyo Office is therefore reducing CO  2  emissions\nwith two priority initiatives: promoting energy conservation by improving\nfacilities and by proactively adopting energy-saving equipment.  \nWe are also working to utilize renewable energy, and have installed rooftop\nsolar power generation equipment (total rated output of 140 kW) at our\nfacilities. In FYE March 2024, the facilities generated 199 MWh of electricity\nfor use in-house, achieving a CO  2  emissions reduction of 37 t-CO  2  . In\naddition, we began to utilize Japan's Green Power Certification System in\n2019, and in FYE March 2024 we purchased certificates equivalent to 8,535 MWh\nof electric power, equivalent to 3,329 t-CO  2  of emissions, during the\nfiscal year. The Main Building in Tokyo Office, completed in September 2022,\nis designed to be environmentally friendly, employing energy-saving\ntechnologies such as solar power generation, LED lighting throughout the\nbuilding, shielded and insulated glass, and building materials with heat\nshielding and high thermal insulation. In addition, creating cold mix asphalt\nduring construction has contributed to a 38.5 t-CO  2  reduction in emissions.\nWe are also progressively converting fixtures in existing buildings to LED\nlighting.\n\nTokyo Office\n\n###  Offices\n\n####  Head Office (Ebisu Subaru Building) and SUBARU Training Center\n\nSince FYE March 2022, we have switched to contract options with zero\nelectricity emission coefficients, and we make use of the Green Heat\nCertificate system. In FYE March 2024, we achieved net-zero emissions for the\noffice, carbon-neutralizing emissions equivalent to 881 t-CO  2  . In\naddition, from April 2023, all electricity used in the entire Ebisu Subaru\nBuilding has been switched to sources with zero CO  2  emissions.\n\n####  SUBARU Accessory Center\n\nIn FYE March 2024, the use of 1,153 MWh of electric power generated by solar\npower facilities installed in March 2020 resulted in a yearly CO  2  emissions\nreduction of 450 t-CO  2  .\n\n####  SUBARU Research and Experiment Center\n\nThe SUBARU Research and Experiment Center installed solar power generation\nequipment in FYE March 2018, and generated 82 MWh in FYE March 2024, resulting\nin a yearly CO  2  emissions reduction of 32 t-CO  2  .\n\nSUBARU Research and Experiment Center\n\n###  Group Companies in Japan\n\n####  Fuji Machinery Co., Ltd.\n\nIn FYE March 2024, we reduced annual CO  2  emissions by approximately 1,016\nt-CO  2  by using non-fossil certificates for a total of 2,605 MWh, comprising\n20% of purchased electricity at the head office/plant and 100% at the Isesaki\nPlant.  \nThe Oizumi Plant of Fuji Machinery Co., Ltd. also installed solar power\ngeneration equipment in FYE March 2018. In FYE March 2024, this equipment\ngenerated 38.5 MWh of electricity, resulting in an annual CO  2  emissions\nreduction of 15 t-CO  2  .\n\nFuji Machinery Co., Ltd. Oizumi Plant\n\n####  Ichitan Co., Ltd.\n\nIchitan Co., Ltd. has been achieving annual emissions reductions of 3,400 t-CO\n2  by purchasing CO  2  -free electricity. In addition, we introduced solar\npower generation in September 2023 and began generating our own power.\nInformation on power generation and other data is displayed on a monitor in\nthe lobby of the company entrance, offering utilization status at a glance. In\norder to promote the transition from gasoline-powered to electric vehicles for\ncompany cars, the Kyushu Plant has introduced the Solterra BEV and is working\nto reduce CO  2  emissions.\n\nAfter introduction of solar power generation facilities\n\n####  Subaru Kohsan Co., Ltd.\n\nSubaru Kohsan Co., Ltd. entered the business of marketing electricity from\nsolar power generation operations. It sells electricity generated from solar\npower equipment with a rated output of 420 kW (equivalent to 100 detached\nhouses) installed in Kiryu, Gunma Prefecture and equipment with a rated output\nof 1,470 kW (equivalent to 350 detached houses) installed in Konan, Shiga\nPrefecture. The company has also promoted the use of renewable energy by\ninstalling solar power generation facilities at its Ota S Building and the new\nwing of its Higashi-Nagaoka company dormitory.  \nSubaru Kohsan Co., Ltd. has been certified as an excellent operator with\nrespect to energy conservation (Class S) for five consecutive years since FYE\nMarch 2020 in accordance with the Act on the Rational Use of Energy. This\nevaluation is given to excellent operators that have met the five-year average\nper-unit emission reduction target of 1% or more in electricity and gas\nconsumption.\n\n###  Overseas Group Companies\n\n####  Subaru of Indiana Automotive, Inc.\n\nSubaru of Indiana Automotive, Inc. is implementing CO  2  reduction\ninitiatives in its production processes and Technical Training Center.  \nIn the production process, we are implementing various measures aimed at\nreducing energy consumption, which include upgrading to LED lights, and\ninstalling control valves in the air conditioning systems of air handling\nunits (AHUs) and makeup air units (MAUs).  \nIn addition, at the Technical Training Center, we took measures such as\ninstalling solar power generation equipment while upgrading to LED lighting\nfor all indoor lighting and introducing motion sensors.\n\n##  Sales Initiatives\n\n####  Dealerships\n\nDealerships in Japan, like the SUBARU Group, have set the goal of reducing CO\n2  emissions by 60% from the FYE March 2017 level by FYE March 2036, and are\nprogressively purchasing carbon-neutral electricity. By FYE March 2024, this\nconversion has progressed to approximately 50% of electric power consumption,\nand we intend to further increase the ratio in the future.\n\n####  Subaru of America, Inc.\n\nSubaru of America, Inc.\u2019s headquarters and National Service Training Center\nhave acquired silver LEED certification,  *  which is higher than standard\ncertification. In 2021, the company enhanced energy efficiency by installing\nautomated equipment and comprehensive air conditioning systems at its\nheadquarters building and National Service Training Center.  \nIn addition, at the headquarters building, the company utilizes 100% renewable\nenergy and has upgraded to LED lighting. In 2021, the headquarters lobby was\ndesigned to efficiently incorporate natural light, thereby reducing the\nelectricity consumption for lighting.\n\n* \n     Leadership in Energy and Environmental Design (LEED) certification is a green building certification system developed and operated by the U.S. Green Building Council (USGBC). It provides objective environmental performance data on buildings through evaluation of energy conservation and environmental impact reduction abilities for a range of project stages from overall planning and design to construction, management, and maintenance. Acquisition of the certification is becoming popular in the U.S. and in other countries. \n\nSubaru of America, Inc.\u2019s headquarters and training center  \nSubaru of America, Inc.\u2019s headquarters foyer, which harnesses sunlight with\nnew daylight harvesting technology\n\n####  Subaru Canada, Inc.\n\nThe building that houses Scott Subaru, a retailer in Canada, is designed for\nhigh energy efficiency, which includes eliminating the need for heating and\ncooling facilities. It has received certification as a \u201cpassive house,\u201d or\nenergy-efficient building.\n\n##  Logistics Initiatives\n\nSUBARU is collaborating across the entire Group, including with logistics\ncompanies, dealerships, as well as with other automotive industry players to\nreduce CO  2  emissions in logistics operations by an annual 1% through\nincreased transport efficiency for finished vehicles and export parts.  \nIn FYE March 2024, all logistics-related departments within SUBARU gathered\ntogether to introduce their reduction activities, creating a forum for\nhorizontally sharing and encouraging best practices. In addition, SUBARU\nbelieves that strengthening its supply chain will lead to achieving carbon\nneutrality by 2050, and we will continue efforts to increase the accuracy of\nCO  2  emissions calculations and expanding their calculation scope, in\naddition to our reduction activities.\n\n####  SUBARU\u2019s logistics system\n\n####  Transport of Finished Vehicles\n\nSUBARU is establishing optimal standard routes for finished vehicles, flexibly\naccommodating shipping of a wide range of vehicle types and sizes\n(particularly large cars), improving loading efficiency, and promoting modal\nshift.  *1  We also request that our logistics partners minimize the\nenvironmental impact of their transport operations, taking actions such as\npracticing eco-conscious driving by installing digital tachographs  *2  and\ndash cams, as well as improving fuel efficiency by fitting aerodynamic panels\nand other devices.  \nAs a result of expanded efforts for consolidated and standardized\ntransportation routes, per unit CO  2  emissions from transportation of SUBARU\nvehicles in FYE March 2024 declined 25.7% from the FYE March 2007 level,\nagainst the target of a 17% reduction from the base year. We will continue\nwith our efforts to pursue further reductions.\n\n*1 \n     For cargo transportation, switching transportation modes from trucks to those imposing less environmental burden, such as railway and seaborne systems. \n\n*2 \n     Fitted to a vehicle to automatically record its journey information, including driving time and speed, and store the information in the installed recording medium, such as a memory card. The device is employed broadly by industries involving the commercial operation of vehicles as a tool for driving management. As the system can present clear data of recorded events, including sudden acceleration and deceleration, fuel-wasting engine idling, and dangerous driving, it is expected to help drivers increase their awareness of safe driving and fuel economy. \n\n####  Export Parts\n\nIn the transport of parts for overseas SUBARU vehicle production, we are\nmaking efforts to improve the container fill rate through measures such as\nutilizing unused upper space in high cube containers, improving packing modes,\nand employing lighter-weight packaging materials. As a result, we achieved a\nfill rate of 98% in FYE March 2024. We will continue to actively work toward\nreducing CO  2  emissions through other initiatives such as round use  *5  to\nstreamline container transportation, utilization of inland container depots\n*6  , and the reuse of import containers used by other companies in the Gunma\narea.\n\n*3 \n     Using import containers for export instead of returning them empty to port, thereby reducing the transport of empty containers from ports. \n\n*4 \n     Depot located inland for consolidation of container cargo. \n\n####  Parts and Accessories\n\n  * Joint distribution initiative with Toyota Mobility Parts Co., Ltd.   \nTo resolve complexities and inefficiencies in parts of our transport system,\nwe began joint distribution of maintenance parts with Toyota Mobility Parts\nCo., Ltd. in FYE March 2021. As of the end of FYE March 2024, we had started\njoint distribution to 12 dealerships (26 locations and sales partners in\nvarious regions). We aim to work toward joint distribution in other regions\ngoing forward.  \nBy switching to joint distribution, we have in the case of some dealerships\nachieved a reduction of lead time by one day and a cut in transport costs of\napproximately 25\uff05.\n\n  * Switch to forklift trucks with electric drive option   \nThe Accessory Center in Gunma is making a phased switch from liquefied\npetroleum gas (LPG)-operated forklift trucks to models that can be operated\nelectrically. We will also equip the electric forklift trucks to make them\navailable for use as storage batteries in the event of a disaster or power\noutage so that they can be used in times of emergency for instance to maintain\ntelecommunications functions.\n\n####  Subaru of America, Inc.\n\nThe company is promoting the use of rail to reduce CO  2  emissions in the\ndistribution process. We are also working to reduce emissions from marine\ntransportation to dealerships in Alaska through the use of LNG. These efforts\nhave resulted in a 25% reduction in CO  2  , a 95% reduction in NOx, and a 99%\nreduction in SOx. In 2023, we reduced transportation-related emissions by\nabout 50% to 80% depending on the product. In addition, we are working to\nachieve sustainability in our supply chain by reducing greenhouse gas (GHG)\nemissions by up to 21% through LNG vessels operated by our shipping partners,\nand by preparing a system that exceeds the 2030 emissions standards of the\nInternational Maritime Organization.\n\n##  Procurement Initiatives\n\nWe have set out a code of conduct that requires supplier selection and\nmanagement mechanisms relating to climate change issues, and share the code\nwith our suppliers, asking them to take appropriate actions when providing\norientation sessions.  \nBy encouraging business partners to obtain ISO 14001 certification, we are\nworking to prevent environmental accidents and mismanagement events in the\nsupply chain and reduce the risk of infringement of environmental laws and\nregulations.  \nIn addition, we request that business partners cooperate in decarbonization\nduring our procurement policy briefings. We will share our reduction targets\nfor FYE March 2025 with our suppliers and spread awareness of working in\nunison to achieve these.\n\n##  Other Climate Change Initiatives\n\n###  Carbon Pricing\n\n####  Emissions Trading Systems\n\nAs businesses operating in the jurisdictions of the Tokyo metropolitan and\nSaitama prefectural governments, our Tokyo Office, Kitamoto Plant, and Stellar\nTown Omiya are covered by the Tokyo Metropolitan Environmental Security\nOrdinance, which promotes greenhouse gas reduction and emissions trading for\nlarge businesses, and the Saitama Prefecture regulation on target-based\nemissions trading. Our business sites are responding through compliance with\nthe relevant emissions trading systems.  \nIn addition, SUBARU has endorsed the GX League Basic Concept announced by\nJapan\u2019s Ministry of Economy, Trade and Industry. In line with this\nendorsement, we will participate in the GX League Emissions Trading Scheme\n(GX-ETS) from 2024.\n\n####  Internal Carbon Pricing\n\nSUBARU introduced internal carbon pricing in FYE March 2023. In the internal\nconsultative plan on capital expenditures at business sites, the monetary\nvalue of the CO  2  reduction accompanying the introduction of the relevant\nfacilities is set at 6,000 yen/ton. By accounting for CO  2  reduction impact\nin terms of its cost reduction impact, we ensure its inclusion as a factor in\nassessing capital expenditures. The introduction of internal carbon pricing,\nwhich comes under the category of shadow pricing, is intended not only to\nraise awareness of CO  2  reduction among facility managers but also to\npromote investment in facilities with a high CO  2  reduction impact.\n\n###  External Partnerships\n\nSUBARU is tackling the climate change challenge through partnerships with\nsuppliers, customers, and industry groups.\n\n####  Alliance with Toyota\n\nSUBARU and Toyota have agreed to jointly develop EV platforms and vehicles\napplying SUBARU\u2019s AWD technologies and Toyota\u2019s electrification technologies.\nThis agreement is designed to enable the two automakers to multiply their\ntechnical strengths with the goal of creating attractive EV products. As a\ndedicated BEV platform, they have jointly developed the e-SUBARU Global\nPlatform.\n\n####  Industry Groups\n\nSUBARU is a member of the climate change committee of Japan Automobile\nManufacturers Association, Inc. (JAMA). Also, the President and Executive Vice\nPresidents are JAMA directors responsible for the body\u2019s executive decision\nmaking, and decisions made by JAMA are reflected in SUBARU\u2019s management.\n\n####  Declaration of Support for the TCFD Recommendations\n\nSUBARU recognizes that climate change is one of the most pressing global\nissues, and has been working to disclose information on climate change.\nAccordingly, we have declared support for the recommendations of the Task\nForce on Climate-related Financial Disclosures (TCFD). For more information on\nSUBARU\u2019s disclosure of the TCFD\u2019s recommended items, please see our TCFD\nContent Index ( [ https://www.subaru.co.jp/en/csr/tcfd/\n](https://www.subaru.co.jp/en/csr/tcfd/) ).\n\n###  **TOPICS**  \nA Three-Company Commitment to Develop New Engines for the Electrification Era\n\nSUBARU, along with Toyota Motor Corporation and Mazda Motor Corporation, have\neach committed to developing new engines tailored to electrification and the\npursuit of carbon neutrality. With these engines, each of the three companies\nwill aim to optimize integration with motors, batteries, and other electric\ndrive units. While transforming vehicle packaging with more compact engines,\nthese efforts will also decarbonize internal combustion engines by making them\ncompatible with various carbon-neutral fuels  *  .\n\n* \n     Fuels with net zero CO  2  emissions into the atmosphere across their lifecycle, from manufacture to use. These include e-fuel, made from hydrogen and carbon dioxide, and biofuels derived from biomass (plants, etc.). \n\n###  Sustainability > Environment\n\n[ Environmental Management ](/en/csr/environment/management.html)\n\n[ Mitigating Climate Change ](/en/csr/environment/climaticvariation.html)\n\n[ Achieving a Circular Economy ](/en/csr/environment/recyclingsociety.html)\n\n[ Coexistence with Nature ](/en/csr/environment/biodiversity.html)\n\n[ Water Resources ](/en/csr/environment/waterresources.html)\n\n[ Prevention of Pollution ](/en/csr/environment/prevention.html)\n\n[ FYE March 2024 Environmental Performance Data for Plants and Offices\n](/en/csr/environment/data.html)\n\n  * [ Privacy Policy ](/en/privacy.html)\n  * [ Cookie Policy ](/en/assistance.html)\n  * [ Media ](/en/media/)\n\nPAGE TOP\n\nPAGE TOP\n\n[ \u00a9SUBARU CORPORATION  ](/en/copyright/)\n\n",
                "url": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
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            "summary": "Official page detailing Subaru's climatic variation initiatives.",
            "url": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
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                    "source": "https://datacenters.google/operating-sustainably"
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                "page_content": "#  Innovating sustainable ideas.  Growing renewable solutions.\n\nWe\u00e2\u0080\u0099re building the world\u00e2\u0080\u0099s most energy-efficient computing infrastructure,\nwhile advancing water stewardship, and strengthening energy grids in\ncommunities \u00e2\u0080\u0094 all driving toward our global goal of net-zero emissions by\n2030.\n\n##  Zeroing in on  net-zero emissions\n\nA wind farm in Minco, Oklahoma, provides energy to our data center in Mayes\nCounty, Oklahoma.\n\n####  Reducing emissions across our operations and value chain\n\nData centers are a key part of Google\u00e2\u0080\u0099s journey toward net-zero carbon.\n\nWe are actively working on ways to reduce the amount of greenhouse gas\nemissions from our data center construction by reducing the quantity of\nmaterials required to build our data centers as well as using more sustainable\nmaterials such as green concrete and renewable diesel in construction\nactivity.\n\nBy being ambitious in our goals, we\u00e2\u0080\u0099re  leading the charge by pursuing net\nzero across our own operations.\n\n  * [ \u00e2\u0080\u009cWe have a bold goal to reach net-zero emissions across all of our operations and value chain by 2030, supported by a goal to run on 24/7 CFE on every grid where we operate.\u00e2\u0080\u009d  Google Sustainability Leadership  View \u00e2\u0080\u009cOur 2024 Environmental Report\u00e2\u0080\u009d  ](https://blog.google/outreach-initiatives/sustainability/2024-environmental-report/)\n\n##  Optimizing water use  and innovation at our data centers\n\n####  Taking a climate-conscious approach to cooling our facilities\n\nSimilar to personal computers, the servers in data centers generate heat and\nneed to be cooled in order to operate safely and efficiently. Water cooling is\nan energy-efficient way to remove heat, and is often a more sustainable option\ncompared to other energy-intensive cooling methods such as chillers or air\nconditioning. At each data center campus, our cooling decisions look at the\nlocal environment \u00e2\u0080\u0094 balancing the availability of carbon-free energy and\nresponsibly-sourced water, including alternatives to freshwater \u00e2\u0080\u0094 to\nminimize the net climate impact both today and in the future.\n\n  * [ Freshwater From Low or Medium risk watersheds  83%  For our entire fleet of data centers, 83% of our freshwater withdrawal is from watersheds with low or medium risk.  Learn more about our commitment  ](https://www.gstatic.com/gumdrop/sustainability/google-2024-environmental-report.pdf )\n\nA sunset over St. Ghislain, Belgium, illuminates our water storage tanks and\ncooling towers.\n\n####  Water stewardship at our data centers\n\n  * [ Climate-conscious cooling strategy  Climate-conscious cooling is our approach to balancing the trade-offs when making cooling decisions based on local hydrology and emissions factors. We use a multi-dimensional, data-driven methodology, in consultation with local experts, to find the best cooling solution for every new and existing data center location.  Read more  ](https://blog.google/outreach-initiatives/sustainability/our-commitment-to-climate-conscious-data-center-cooling/ )\n\n  * [ Responsible water use at our data centers  Responsible water use means that if a water source is assessed as high risk, we look for alternative solutions. For example, in Mesa, Arizona, we found the local water source was at high risk of depletion and scarcity. Therefore, we opted to air-cool the data center, minimizing our impact on the local watershed.  Read more  ](https://cloud.google.com/blog/topics/sustainability/assessing-watershed-health-in-data-center-host-communities )\n\n  * [ Investing in local watershed health  We aim to replenish more freshwater than we consume, on average, across our data centers and offices by 2030. Our local water stewardship initiatives are rooted in collaboration and industry best practice, addressing shared water challenges and tracking measurable improvements in the replenishment and health of the watersheds in our data center communities.  Read more  ](https://blog.google/outreach-initiatives/sustainability/how-were-supporting-our-commitment-to-water-stewardship/)\n\nClear waters reflect our Eemshaven, Netherlands, data center.\n\n####  Alternative cooling  \n33%  \n\nIn 2023, roughly one-third of our data center campuses used non-potable water\nsources or air-cooling methods.\n\n##  Building a  more reliable, affordable, and sustainable  energy system for\nall\n\nWind turbines spin near our Eemshaven, Netherlands, data center.\n\n####  We are driving sustainable load growth as a leader, innovator, and\ncollaborator\n\nAs electrification, industrial growth, and digitalization create benefits for\neconomies and communities around the world \u00e2\u0080\u0094 including Google products and\nservices \u00e2\u0080\u0094 they\u00e2\u0080\u0099re also creating new electricity demand. Meeting this\ndemand with reliable, affordable, and clean power is one of our greatest\nchallenges \u00e2\u0080\u0094 and opportunities.\n\nWe're committed to responsibly managing our data center energy consumption and\nleveraging our capital, expertise, and technology to enhance the energy\necosystem. We see Google's growing infrastructure as both catalytic to the\n21st century economy and the transformation of the electricity system,\nproviding benefits across communities and electrical grids where we operate.\nNow is the moment to build a better energy system for the future and for\neveryone.\n\n  * [ Energy efficiency  4x  We have four times more computing power today than we had five years ago, using the same amount of electrical power.  ](https://datacenters.google/efficiency)\n\n##  Our latest energy updates\n\n  * [ \u00e2\u0080\u009cNew ways we're advancing our clean energy commitments in the U.S.\u00e2\u0080\u009d  Read more  ](https://blog.google/outreach-initiatives/sustainability/new-ways-were-advancing-our-clean-energy-commitments-in-the-us/ )\n\n  * [ \u00e2\u0080\u009cOur investment to accelerate clean energy in Asia Pacific\u00e2\u0080\u009d  Read more  ](https://blog.google/outreach-initiatives/sustainability/google-clean-energy-asia-pacific/ )\n\n  * [ \u00e2\u0080\u009cHow we're working with utilities to create a new model for clean energy\u00e2\u0080\u009d  Read more  ](https://blog.google/outreach-initiatives/sustainability/google-clean-energy-partnership/ )\n\n  * [ \u00e2\u0080\u009cOur clean energy progress in Japan\u00e2\u0080\u009d  Read more  ](https://cloud.google.com/blog/topics/sustainability/new-agreements-bring-solar-energy-to-japans-electricity-grid )\n\n[ View all energy news ](/discover-more/latest-news/?topic=energy)\n\n####  Leading the industry in energy-efficient data centers\n\nWe strive to build the world\u00e2\u0080\u0099s most energy-efficient computing\ninfrastructure so we can power more searches and products with less energy.\nGoogle data centers are among the most efficient in the world because of AI,\ninstalling smart temperature and lighting controls, redesigning how power is\ndistributed to reduce energy loss, and other site-specific innovations and\ncollaborations.\n\nWindmills at the Norther Offshore Wind Farm in Belgium, our first offshore\nwind power purchase agreement (PPA).\n\n####  Continuous improvement  \n1.8x  \n\nOur data centers are approximately 1.8 times as energy efficient as the\ntypical enterprise data center.\n\n###  Average Power Usage Effectiveness (PUE) for all Google data centers\n\n[ Learn more about our data center PUE\n](https://datacenters.google/efficiency)\n\nOur data centers are among the most efficient in the world with our fleet-wide\nPUE dropping significantly since we first started reporting our numbers in\n2008.\n\n####  Frequently asked questions\n\n[ View the full FAQ ](https://datacenters.google/discover-more/faq)\n\n##  I see a lot of references to net-zero emissions and carbon-free energy.\nWhat's the difference?\n\nIn 2021, we set a goal to reach net-zero emissions across all of our\noperations and value chain by 2030. Our approach will continue to evolve and\nwill require us to navigate significant uncertainty \u00e2\u0080\u0094 including the\nuncertainty around the future environmental impact of AI, which is complex and\ndifficult to predict. In addition, solutions for some key global challenges\ndon\u00e2\u0080\u0099t currently exist, and will depend heavily on the broader clean energy\ntransition.\n\nAs our business and industry continue to evolve, we expect our total\ngreenhouse gas (GHG) emissions to rise before dropping toward our absolute\nemissions reduction target.\n\nFor our Net Zero goal, we aim to achieve net-zero GHG emissions across all of\nour operations and value chain by 2030 by reducing 50% of our combined Scope\n1, Scope 2 (market-based), and Scope 3 absolute emissions (compared to our\n2019 base year) by 2030, and investing in nature-based and technology-based\ncarbon removal solutions to neutralize our remaining emissions. We\u00e2\u0080\u0099ve\nformally committed to the Science Based Targets initiative (SBTi) to validate\nour absolute emissions reduction target. We\u00e2\u0080\u0099ll proactively monitor the\nevolution of global standards to ensure our definition maintains general\nalignment while maximizing our positive impact on the planet.\n\nCarbon-free energy (CFE) is any type of electricity generation that doesn\u00e2\u0080\u0099t\ndirectly emit carbon dioxide, including (but not limited to) solar, wind,\ngeothermal, hydropower, and nuclear. Sustainable biomass and carbon capture\nand storage (CCS) are special cases considered on a case-by-case basis, but\nare often also considered carbon-free energy sources.\n\n##  How does Google incorporate climate action into your energy usage?\n\nGoogle is one of the world\u00e2\u0080\u0099s largest corporate buyers of clean energy and\nleaders in advancing clean energy technologies. In 2017, Google became the\nfirst major company to match 100% of our annual electricity consumption on a\nglobal basis with renewable energy, which we\u00e2\u0080\u0099ve achieved every year since.\nAnd in 2024, we signed contracts to purchase approximately 4 gigawatts (GW) of\nclean energy generation capacity\u00e2\u0080\u0089\u00e2\u0080\u0094 more than in any prior year in our\nhistory.\n\nBuilding on our [ _first two decades_ ](https://blog.google/outreach-\ninitiatives/sustainability/our-third-decade-climate-action-realizing-carbon-\nfree-future/) of progress, in 2020 we launched our third decade of climate\naction \u00e2\u0080\u0094 our most ambitious yet. We have a bold goal to reach net-zero\nemissions across all of our operations and value chain by 2030, supported by a\ngoal to run on 24/7 carbon-free energy (CFE) on every grid where we operate.\n\nWe also strive to build the world\u00e2\u0080\u0099s most energy-efficient computing\ninfrastructure, supported by responsible water use practices and a commitment\nto minimizing waste. Our data centers remain some of the most efficient in the\nworld, and we continue working to optimize their use of electricity, water,\nand materials. In 2023, the average annual power usage effectiveness (PUE) for\nour global fleet of data centers was 1.10, compared with the industry average\nof 1.58 \u00e2\u0080\u0094 meaning that Google data centers used about 5.8 times less\noverhead energy for every unit of IT equipment energy.\n\nFor more details, check out our latest [ _Environmental Report_\n](https://www.gstatic.com/gumdrop/sustainability/google-2024-environmental-\nreport.pdf) .\n\n##  How do you buy clean energy?\n\nWe buy electricity directly from new clean energy projects through various\nmethods depending on the market, including: contracting directly via long-term\npower purchase agreements (PPAs); working with utilities or developers to buy\nand deliver carbon-free energy (CFE); structuring energy supply contracts with\nenergy providers; and making targeted investments in renewable energy to\nenable additional projects on the grid. See the [ _2024 Google Environmental\nReport_\n](https://www.gstatic.com/gumdrop/sustainability/google-2024-environmental-\nreport.pdf) (p. 36) for more information.\n\n##  Who do you collaborate with?\n\nGoogle is committed to being an active member in the communities we call home.\nClose collaboration with community leaders, local utilities, and local\norganizations is a priority for us to identify opportunities for meaningful\ncommunity and global support.\n\n##  How do your data center energy needs impact your carbon footprint?\n\nScaling AI and using it to accelerate climate action are just as crucial as\naddressing the environmental impact associated with it. To help minimize our\nenvironmental footprint, we\u00e2\u0080\u0099ve built world-leading efficient infrastructure\nfor the AI era and use tested [ _practices_\n](https://ai.googleblog.com/2022/02/good-news-about-carbon-footprint-of.html)\nto reduce the carbon footprint of workloads. AI has the potential to [ help\nmitigate  ](https://www.bcg.com/publications/2021/ai-to-reduce-carbon-\nemissions) 5\u00e2\u0080\u009310% global greenhouse gas emissions by 2030.\n\n##  Why do data centers use water?\n\nWater plays an important role in our data centers \u00e2\u0080\u0094 cooling our servers,\nregulating indoor temperatures, and keeping our products up and running. In\nfact, water cooling has been shown to help reduce energy consumption and\nrelated carbon emissions when compared to air-based cooling. While it will\ntake more time for electricity grids to decarbonize, we\u00e2\u0080\u0099ll continue using\nwater cooling to improve our energy efficiency in certain geographies.\nRecognizing that this tradeoff will increase our data center water footprint,\nwe\u00e2\u0080\u0099re prioritizing responsible water use and water replenishment at new\nsites from the start.\n\n##  How does Google define responsible water use?\n\nIn consultation with a team of water experts, Google developed a peer-\nreviewed, context-based [ _Water Risk Framework_\n](https://www.gstatic.com/gumdrop/sustainability/2023-data-center-water-risk-\nframework-whitepaper.pdf) to evaluate local watershed risk at new sites to\nguide decision-making on whether to use a freshwater source for evaporative\ncooling.\n\n##  What is water replenishment?\n\nGoogle aims to \u00e2\u0080\u009creturn\u00e2\u0080\u009d or improve the water quality and ecosystem health\nin the watersheds and communities where we operate through investments in\nwater stewardship projects.\n\n* * *\n\n##  Discover more about our data centers\n\n  * [ Advancing security  ](https://datacenters.google/advancing-security)\n\n  * [ _Where the Internet Lives_ podcast  ](https://datacenters.google/discover-more/podcast)\n\n  * [ _Discovering Data Centers_ animated series  ](https://datacenters.google/discovering-data-centers)\n\n  * [ Photo gallery  ](https://datacenters.google/photo-gallery)\n\n##  Footer links\n\n[ ](https://www.google.com/ \"Google\")\n\n  * [ About Google ](https://about.google)\n  * [ Google products ](https://about.google/products)\n  * [ Privacy ](https://policies.google.com/privacy)\n  * [ Terms ](https://policies.google.com/terms)\n  * \n\n  * [ Help ](https://support.google.com/)\n  * \n\n",
                "url": "https://datacenters.google/operating-sustainably"
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                    "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
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                "page_content": "#  Climate risks and opportunities\n\nUnited recognizes the importance of identifying and understanding risks to\ninform a comprehensive climate strategy that enhances our resilience.\n\nOur enterprise-wide risk (ERM) process supports us in identifying, assessing\nand managing a wide spectrum of risks, including those related to climate\nchange to ensure that we are equipped to address and mitigate challenges\neffectively. To foster risk awareness among the ERM Committee and Risk Teams,\nregular ERM Committee meetings are convened where Risk Teams present\nassessment of enterprise risks as well as risk response capabilities and\nplanning. ERM also manages a quarterly process with all Risk Leads to review,\nmonitor and update all enterprise risk information. Additionally, our Board of\nDirectors and its Committees take an active role in reviewing and managing\nclimate-related risks through a robust governance process that incorporates\nregular risk reviews and clear accountability. This ensures direct involvement\nin decisions related to our risk management processes, with updates provided\nin regular meetings.\n\nTo further United\u2019s understanding of climate-related risks and opportunities,\nwe have completed several exercises, including a risk and opportunities\nassessment as well as a scenario analysis. The outcomes of these activities\nguide our strategy, including our approach to emit less, adopt more\nsustainable alternatives, improve our operations beyond flights and\ncollaborate with partners.\n\n##  Climate assessment methodology\n\nIn 2023, United conducted a qualitative assessment to identify physical, both\nacute and chronic, and transition risks, as well as climate-related\nopportunities, consistent with leading industry practices and in conjunction\nwith United\u2019s existing ERM program and procedures. The assessment was informed\nby the Task Force on Climate-related Financial Disclosures (TCFD)\nrecommendations.\n\n##  Emissions scenarios and time horizons\n\nScenario analysis is a process for identifying and assessing a potential range\nof outcomes of future events under conditions of uncertainty. United selected\npublicly available and widely accepted climate scenarios developed by the\nIntergovernmental Panel on Climate Change (IPCC) and International Energy\nAgency (IEA). The time horizons selected align with TCFD recommendations.\n\n###  Evaluation of physical risks  \n  \n**Risk type** **** |  **Low-emissions scenario** **** |  **High-emissions scenario** ****  \n**Physical risks** **** |  IPCC SSP1-2.6 (2\u2070C)  |  IPCC SSP5-8.5 (4.3\u2070C)   \n**Transition risks** **** |  IEA Net Zero Emissions by 2050 (NZE)  |  IEA Stated Policies (STEPS)   \n  \n###  Time horizon  \n  \n**Horizon** **\u200b** |  **Definition** **\u200b**  \n**Short** **\u200b** |  0 - 2 years\u200b   \n**Medium** **\u200b** |  2 - 10 years   \n**Long** **\u200b** |  10 - 30 years   \n  \n###  United risk areas\n\nTo further characterize the potential impact of physical and transitional\nrisks and opportunities, the following business (or risk) areas are\nreferenced. These areas are defined in United\u2019s existing ERM program.  \n  \n**Risk area\u200b** |  **Definition\u200b**  \n**Strategic\u200b** |  Risks that disrupt the company\u2019s business strategy and/or are created as a result of adopting/executing a particular business strategy   \n**Financial\u200b** |  Risks that affect financial resilience and profitability of the organization\u200b   \n**Operational\u200b** |  Risks associated with the company's internal activities arising from the people, systems and processes through which the company operates   \n**Compliance\u200b** |  Risks related to meeting the regulatory obligations of the organization\u200b   \n**Digital\u200b** |  Risks around digital technology including system reliability, cybersecurity risks and data management\u200b   \n**Human Capital\u200b** |  Risks that result from misalignment between organizational values and leader actions, employee behaviors, organizational systems, talent retention and acquisition and labor relations\u200b   \n**Brand\u200b** |  Risks that threaten the quality  /value  /reputation of the United brand\u200b   \n**Safety\u200b** |  Risks associated with the protection of employees/customers from harm and injury, as well as protection of assets from damage\u200b   \n**Extended Enterprise\u200b** |  Risk of potential disruption caused by a failure to identify, measure and mitigate risks at key third-party organizations\u200b   \n  \n##  Physical and transitional risks assessment\n\nPhysical risks are categorized as acute, those that are event-driven, and\nchronic, which refer to longer-term shifts in climate patterns. To understand\npotential physical risks, we evaluated 119 of our operating locations using a\nthird-party modeling platform  Footnote  1  that employs historical data to\nforecast potential climate-related risks associated with various physical\nperils, or hazards, in different geographical areas. After selecting the\nperils,  Footnote  2  we then modeled these risks against a low-emissions\nscenario (IPCC SSP1-2.6) and a high-emissions scenario (IPCC SSP5-8.5) in\nfive-year increments through 2050.\n\nUnited evaluated transition risks in alignment with TCFD-recommended risk\ncategories (Policy & Legal, Technology, Market and Reputational), as\nreferenced in the tables below, and United\u2019s existing ERM process. Risks were\nanalyzed against IEA\u2019s Stated Policies Scenario (STEPS), a scenario indicative\nof the potential achievements and limitations of recent developments in energy\nand climate policy and thus a high-emissions scenario, and IEA Net Zero\nEmissions by 2050 Scenario (NZE), which sets out a pathway for the global\nenergy sector to achieve net zero  CO  2  emissions by 2050 and is indicative\nof a low-emissions scenario. The scenario analysis yielded Potential Impact\nScores based on the potential likelihood and frequency of occurrence.\n\nAs United continues to build resilience, integrating climate change mitigation\nplans into our financial and strategic planning is a key element of our\napproach.\n\n##  Physical risks\n\n###  Risk type: Acute  \n  \n**Climate-related risk** |  **United risk area(s)** |  **Potential impact of risk to United** |  **Timeframe/impact** |  **United\u2019s risk response and management**  \nPotential increased frequency and severity of extreme storms, tropical cyclones and associated storm surge  |  Operational, Financial  |  Extreme weather events can cause damage to facilities and infrastructure, and result in corresponding delays, cancellations or extended airport closures. Historical trends in the U.S. indicate more heavy, single-day precipitation events compounded by extended periods of drought. This increases the likelihood of river and urban flooding following heavy rains. Coastal flooding from storm surge also becomes more likely as sea levels rise and acute weather events become more extreme. EWR sits within the 500-year FEMA flood plain and has experienced both coastal flooding during Hurricane Sandy in 2012 and urban flooding from heavy rain from Hurricane Ida in 2021. And while EWR experienced severe weather leading to hundreds of flight cancellations, tropical cyclone frequency and severity is more concentrated on the Gulf Coast. IAH experienced urban flooding in 2017 during Hurricane Harvey and in 2019 during Hurricane Imelda. In 2024, flights were grounded at IAH due to several severe weather events including Hurricane Beryl, major flooding and winter storms. Additionally, some airports where United operates have elevated risks for extreme storm damage, such as tornado risk at DEN, windstorm risk at IAD and risk to IAH from both hail and tornados.  United largely leases its airport facilities, but these risks could potentially yield financial impact on United should airport authorities require repair to existing infrastructure and pass costs through to United. In addition, cancellations or airport closures could lead to decreased revenues. We are not able to reasonably predict the extent of such financial impacts.  |  **Low-emissions scenario:**   \nMedium timeframe  Low potential impact  **High-emissions scenario:**  \nMedium timeframe  Medium potential impact  |  United recognizes that some of our facilities are more prone to extreme weather events.  As part of the normal course of business, United continually evaluates and responds to weather-related events, staying in communication with local airport authorities regarding airport runway accessibility and operating capabilities.  United\u2019s network operations center works closely with cross-functional teams across the business to manage our operations during weather events. In addition to weather monitoring capabilities, United maintains schedule and network flexibility through processes like out-and-back flying to isolate the impact of weather and Air Traffic Control-related events while mitigating the ripple effect on other stations.   \nPotential increased frequency and severity of extreme temperatures, storms, wildfires and flooding that may interrupt fuel supply  |  Operational, Financial  |  United currently procures over 4 billion gallons of fuel annually to operate. Weather events such as instances of extreme temperatures and storms, can result in fuel supply chain disruptions. Extreme cold temperatures can impact refining and distribution infrastructure in locations where equipment is not typically winterized or engineered to operate in such conditions. Instances of high heat can result in equipment failures and power shortages. Increased storm severity and frequency, particularly tropical cyclones, in several locations but especially in the oil producing and refining regions of the South and Mexico drive increased vulnerability across the fuel supply chain, resulting in potential challenges in the ability to purchase and deliver fuel needed for operations. Increased duration and intensity of wildfires can disrupt usual fuel supply routes and create resource (fuel, trucks) diversion to firefighting. Weather-related fuel supply chain disruptions that impact our ability to fuel our aircraft could lead to flight cancellations and decreased revenue. We are not able to reasonably predict the extent of such financial impacts.  |  **Low-emissions scenario:**   \nMedium timeframe  Low potential impact  **High-emissions scenario:**  \nMedium timeframe  Medium potential impact  |  Given the amount of fuel purchased by United each year for our operations, we hold relationships with a robust network of reliable fuel suppliers. Wherever possible, we responsibly source to minimize potential disruptions with a given supplier or route. We assess these risks and adjust our sourcing strategy to include more secondary and tertiary supply alternatives as well as hold adequate level of inventory to mitigate these evolving risks. During weather events we work with cross-functional United teams and industry collaboration to lower demand and increase alternative supply to mitigate operational impact to an airport.  United recognizes that responsible sourcing is critical to our fueling operations. As such, in addition to managing a strong network of current suppliers, we continue to invest in various SAF technologies to establish a diverse portfolio of SAF producers with whom we can work.   \nIncreased potential for winter storms, extreme low temperature and icing conditions to impact flight scheduling and deicing costs  |  Operational, Financial  |  Lower winter temperatures may result in increased costs and operational issues such as delays and/or cancelations in instances of freezing rain, sleet, and snowstorms like those that impacted Texas in 2024. This risk may be further exacerbated in locations at which we operate older, regional aircraft that may not be certified to fly in extreme low temperature conditions. These operational disruptions could lead to decreased revenues.  Extreme winter temperatures and conditions may also result in longer run times of the aircraft auxiliary power unit (APU), which burns fuel, resulting in increased costs, and in operational challenges with the ground equipment. It also has impact on employee safety, specifically ground crews, as there are cold stress hazards such as frostbite and hypothermia. Continental airports at northern latitudes such as O\u2019Hare (ORD) may be most exposed to this risk. We are not able to reasonably predict the extent of such financial impacts.  |  **Low-emissions scenario:**   \nMedium timeframe  Low potential impact  **High-emissions scenario:**  \nMedium timeframe  Low potential impact  |  United recognizes the increased frequency of severe weather events across our network and has invested in expanding and modernizing our weather decision support function to stay apprised of changing patterns and developing events. These capabilities, coupled with strong planning processes in place that allow for sufficient schedule, network and fleet flexibility, allow United to adjust aircraft type or gauge for a particular route, or ferrying aircraft to another station not impacted by such extreme weather. Additionally, through the United Next plan, we will replace older regional aircraft with new planes that are certified to operate in a wider range of temperatures.  Appraisal of cold weather also provides indication for ground teams to plan ahead and ramp up communication to employees. Efforts are increased to prevent cold weather illnesses and injuries such as hypothermia and frostbite by promoting use of protective clothing rated for cold temperatures and encouraging frequent breaks inside warm areas.   \nPotential increase of extreme heat on infrastructure and operations  |  Operational, Financial  |  Extreme temperatures can negatively affect airport infrastructure, such as buckling or softening of asphalt runways and taxiways; the latter of which prevents the aircraft from single-engine taxiing. Such temperatures may also affect takeoff and landing of aircraft and/or increase maintenance expenses. Extreme heat limits the ability for an aircraft to take off due to lower air density during the hottest hours of the day. In 2017, Phoenix\u2019s Sky Harbor Airport cancelled dozens of flights due to extreme heat (over 118 degrees F). Rising temperatures may increase delays or cancellations or change flight patterns to avoid flying during the hottest parts of the day in summer months. These operational disruptions could lead to decreased revenues. We are not able to reasonably predict the extent of such financial impacts.  |  **Low-emissions scenario:**   \nLong timeframe  Low potential impact  **High-emissions scenario:**  \nLong timeframe  Medium potential impact  |  United recognizes the increased frequency of severe weather events across our network and has invested in expanding and modernizing our weather decision support function continuously maintains weather monitoring capabilities to stay apprised of changing patterns and developing events. These capabilities, coupled with strong planning processes in place that allow for sufficient schedule, network and fleet flexibility, afford United the ability to exercise such options as adjustments to aircraft type or gauge for a particular route, or ferrying aircraft to another station not impacted by such extreme temperatures rather than remaining overnight and risking maintenance issues.  Additionally, through the United Next plan, we will replace older regional aircraft with new planes that are certified to operate in a wider range of temperatures.   \n  \n###  Risk type: Chronic  \n  \n**Climate-related risk** |  **United risk area(s)** |  **Potential impact of risk to United** |  **Timeframe/impact** |  **United\u2019s risk response**  \nPotential increase of enroute turbulence, which may require more frequent changes to altitude and or flight routes  |  Operational  |  As climate change drives shifts and changes in weather patterns, there is the potential for increased instances of turbulence over certain geographies, particularly the Mid-Atlantic. This may result in impacts to service to/from airports that are critical to transatlantic travel, such as EWR. It could also pose risk in higher turbulence-related injuries for flight attendants.  |  **Low-emissions scenario:**   \nLong timeframe  Low potential impact  **High-emissions scenario:**  \nLong timeframe  Medium potential impact  |  As normal course of business, United monitors flight conditions that include potential turbulence to plan accordingly for operational adjustments. We have employed state-of-the-art technology that supports knowledge sharing of environmental conditions in real time, providing improved capabilities for route planning that can aid in a smoother, safer flight experience.  United has collected industry leading flight observation data of pilots and flight attendants focused on turbulence and is implementing a mitigation strategy to prevent turbulence related injuries.   \nPotential rising of mean temperatures, which may reduce aircraft and jet engine performance  |  Operational, Financial  |  Higher average temperatures at the airports United serves may cause lower air density, directly impacting lift and jet engine performance. Additional impacts many include need for greater runway length for takeoff, greater fuel usage at each stage of flight and increased landing speeds, impacting brake and fuel performance. These impacts could lead to increased costs. We are not able to reasonably predict the extent of such financial impacts.  |  **Low-emissions scenario:**   \nMedium timeframe  Low potential impact  **High-emissions scenario:**  \nMedium timeframe  Medium potential impact  |  United Next plan will enable implementation of aircraft that are not only more efficient, thus minimizing the impacts of potential additional fuel usage, but are also certified to operate in a wider range of temperatures.  Additionally, through United Airlines Ventures  SM  , we are also continuing to invest in alternative propulsion technology that will reduce our reliance on conventional jet fuel.   \nPotential increase of heat stress risk to United employees  |  Human Capital, Financial  |  Increasing temperatures may put additional heat stress on airline employees, specifically operational teams at airports. Need for additional break periods and access to shade and water on high temperature days could cause greater downtime, which may result in delays or the need for more staff. These impacts could lead to increased costs. We are not able to reasonably predict the extent of such financial impacts.  |  **Low-emissions scenario:**   \nShort timeframe  Low potential impact  **High-emissions scenario:**  \nShort timeframe  Medium potential impact  |  Safety is a core operating principle at United. It\u2019s the foundation of everything we do to protect our people and our customers. United maintains a robust safety program and regularly communicates with employees and operational teams, including during instances of extreme temperatures, providing additional support and resources such as increased access to water and breaks, and education to promote safe work practices.  Additionally, as part of United Next, we are expanding our network of hangar facilities in various locations such that maintenance can be completed indoors and not exposed to the elements.   \nMean and extreme temperatures at key tourist destinations could make travel to these destinations less appealing  |  Strategic, Financial  |  Higher temperatures may lead to changes in consumer preferences that may impact demand for United\u2019s services for certain leisure destinations, which could lead to decreased revenues. We are not able to reasonably predict the extent of such financial impacts.  |  **Low-emissions scenario:**   \nLong timeframe  Medium potential impact  **High-emissions scenario:**  \nShort timeframe  Medium potential impact  |  United evaluates changes in market demand on an ongoing basis. Many of the company\u2019s markets have grown at different rates over time, and United may shift capacity by allocating different numbers of flights and adjusting aircraft gauge, as appropriate, to meet market demand. United will continue adjusting to meet network demand inclusive of impact to markets from climate change.   \nRising sea levels may necessitate adaptation expenditures  |  Strategic, Financial  |  Higher sea levels, which could cause runways and taxiways to become inaccessible at key locations such as SFO, EWR and LGA, may require hardening of airport infrastructure by airport authorities, which could pass those costs down to United through lease agreements or rates and charges. We are not able to reasonably predict the extent of such financial impacts.  |  **Low-emissions scenario:**   \nLong timeframe  Low potential impact  **High-emissions scenario:**  \nMedium timeframe  Low potential impact  |  Coordination with airport authority partners on efforts such as long-term planning and maintenance of key station infrastructure is normal course of business for United. Relative to operations, United is engaged with local airport authorities on an ongoing basis to ensure airport runway capacity and operating capabilities.   \n  \n##  Transitional risks\n\n###  Risk type: Policy and legal  \n  \n**Climate-related risk** |  **United risk area(s)** |  **Potential impact of risk to United** |  **Timeframe/impact** |  **United\u2019s risk response**  \nPotential increase of GHG emissions pricing associated with implementation or amendment of regulations  |  Operational, Financial  |  United may be subject to complying with existing and emerging regulation that prices GHG emissions such as a full-scope application of the EU ETS cap-and-trade scheme and the EU\u2019s proposed \u2018Fit for 55\u2019 legislation.  As a U.S. carrier, United has participated in the CORSIA scheme for international flights since 2021 given U.S. participation in the first two phases of the scheme. Although the specific regulatory mechanism for U.S.-based airline participation in the offsetting requirements of CORSIA has not yet been established, it may initiate carbon offsetting requirements for the first phase of CORSIA from 2024-2026. These requirements would be due by January 2028 and may continue throughout the duration of the regulation to 2035. In addition, the availability of CORSIA-eligible offsets is currently constrained. CORSIA does allow airlines to reduce their offsetting requirements using CORSIA-eligible fuels, such as SAF.  Implementation of carbon taxes or other pricing schemes would present a substantial expense to United.  |  **Low-emissions scenario:**   \nMedium timeframe  Medium potential impact  **High-emissions scenario:**  \nMedium timeframe  Medium potential impact  |  Given United\u2019s robust operating network, it is normal course of business for us to monitor and engage in legislative efforts across the global community. Mitigation or adaptation strategies are uniquely applied, dependent on the regulation.  Our goal to achieve net zero GHG emissions by 2050 does not rely on the use of voluntary, traditional carbon offsets and will therefore focus efforts on reducing compliance burdens through maximizing fuel efficiency and working with strategic partners to scale, employ and commercialize the use of SAF. United has established a portfolio of investments and certain SAF purchase agreements, tied to technologies that could support sustainable aviation and emissions mitigation efforts, most recently broadening our investment potential through the establishment of the Sustainable Flight Fund.   \nPotential increase of GHG emissions pricing associated with implementation or amendment of regulations  |  Financial  |  Implementation of carbon taxes or other pricing schemes would present a substantial expense to United.  |  **Low-emissions scenario:**   \nMedium timeframe  High potential impact  **High-emissions scenario:**  \nLong timeframe  Low potential impact  |  Given United\u2019s robust operating network, it is normal course of business for us to monitor and engage in legislative efforts across the global community. Mitigation or adaptation strategies are uniquely applied, dependent on the regulation.  Our goal to achieve net zero GHG emissions by 2050 does not rely on the use of voluntary, traditional carbon offsets and will therefore focus efforts on reducing compliance burdens through maximizing fuel efficiency and working with strategic partners to scale, employ and commercialize the use of SAF. United has established a portfolio of investments and certain SAF purchase agreements, tied to technologies that could support sustainable aviation and emissions mitigation efforts, most recently broadening our investment potential through the establishment of the Sustainable Flight Fund.   \nAnticipated increase of climate disclosure requirements, and therefore compliance risk, associated with GHG emissions and climate change  |  Compliance  |  CSRD and CSDDD in the EU cover a range of Environmental, Social, and Governance (ESG) topics, which United may be subject to in the future. In addition, California has adopted SB 253 and SB 261, which require the disclosure of Scopes 1-3 greenhouse gas emissions and climate risks by companies that do business in the state. Other states are considering similar disclosure laws.  |  **Low-emissions scenario:**   \nShort timeframe  Medium potential impact  **High-emissions scenario:**  \nShort timeframe  Medium potential impact  |  United has a long-standing history of engaging in voluntary disclosures of the company\u2019s GHG footprint, inclusive of Scope 1, 2 and 3, as well as other sustainability initiatives. In addition, we have reported on a voluntary basis, Scope 1, 2 and 3 emissions in the [ 2024 10-K report ](https://ir.united.com/node/32091/html) . United continues to prepare for mandatory climate disclosures and reporting frameworks.   \nPotential limitations of government to facilitate scale of SAF supply  |  Strategic, Financial  |  The expiration or reduction of federal incentives, if not renewed, could increase the cost of acquiring SAF. It may also dampen the interest of prospective investors and producers in funding and developing SAF technology and production facilities, potentially resulting in a decrease in the available supply of SAF.  |  **Low-emissions scenario:**   \nMedium timeframe  Medium potential impact  **High-emissions scenario:**  \nMedium timeframe  Medium potential impact  |  United actively engages with state, federal and international government leaders to advocate for policies that incentivize the commercialization of SAF. For example, United helped negotiate the current federal tax credits for SAF. Additionally, we were engaged in development of the Illinois state SAF tax credit which was passed in early 2023 and not only lowers the cost of SAF but incentivizes increased production near a key United hub.  United continues to lead the industry and establish innovative ways to finance the transition to sustainable flight through the production and use of SAF, in collaboration with others. The development of a collaborative platform like the Eco-Skies Alliance drives the demand signal and purchase of SAF today, while UAV, and the Sustainable Flight Fund, which includes investments by global corporations in addition to United, are creating an ecosystem for further investments in the technologies necessary to scale SAF production for the future. We also helped establish The SAF Coalition to advocate for SAF policy.   \nAdditional regulation regarding non-  CO  2  emissions  |  Operational  |  CO  2  emissions impact of aviation may result in law or regulations requiring changes to air travel operations such as flight altitude or aircraft upgrades to mitigate these emissions.  |  **Low-emissions scenario:**   \nMedium timeframe  Medium potential impact  **High-emissions scenario:**  \nLong timeframe  Medium potential impact  |  United is proactively collaborating with stakeholders across government, NGOs and industry to advance the understanding of non-CO  2  emissions impacts from aviation and the potential opportunities to mitigate such impacts. Additionally, United\u2019s efforts to scale the SAF it uses incidentally mitigates some of these impacts based on current understanding of causes, and we continue to invest in advanced propulsion technologies that provide alternate travel modalities.   \nPotential litigation associated with \u2018greenwashing\u2019 claims  |  Brand  |  Climate risk analysis and expectations about transition commitments by investors and regulators are still formative. Litigation related to ''greenwashing'' may arise, given the future-looking nature of current decarbonization strategy, despite United\u2019s good faith efforts to implement and communicate its climate strategy in an effective and transparent manner.  |  **Low-emissions scenario:**   \nShort timeframe  Medium potential impact  **High-emissions scenario:**  \nMedium timeframe  Low potential impact  |  United recognizes the importance of communicating our sustainability strategy and associated initiatives and goals with clarity and integrity. Sustainability communications are reviewed to ensure transparency and that appropriate context and information regarding United\u2019s climate strategy and initiatives have been provided on United\u2019s website and other climate disclosures. United also seeks to align with the latest climate science and proper accounting methodology such that metrics and supporting calculations are underpinned by science-backed protocols. United\u2019s ESG Council and Board provide oversight of climate disclosures.   \n  \n###  Risk type: Technology  \n  \n**Climate-related risk** |  **United risk area(s)** |  **Potential impact of risk to United** |  **Timeframe/impact** |  **United\u2019s risk response**  \nLimitations of SAF technology and availability  |  Financial  |  SAF currently costs significantly more to produce and purchase than conventional jet fuel. It is also currently unavailable at scale. Advances in underlying technologies, as well as development of infrastructure, logistical networks and related supply chains are all required to achieve the scale necessary for airlines to fully adopt SAF.  |  **Low-emissions scenario:**   \nMedium timeframe  Medium potential impact  **High-emissions scenario:**  \nMedium timeframe  Low potential impact  |  United has defined action plans to achieve its climate targets. The Eco-Skies Alliance is the present-day SAF demand solution that not only creates a collaborative platform for the purchase of SAF but also serves as a demand signal that global corporations beyond the aviation industry are advocating for sustainable flight.  SAF is a long-term solution and UAV is United\u2019s investment mechanism to advance the commercialization of SAF. Given the nascent nature of SAF technologies, UAV\u2019s portfolio of SAF investments is intentionally diverse focusing on many different types of SAF technologies and feedstocks and enabling technology that can scale this market.  Further, United has been using voluntarily purchased SAF blends on a regular basis at select locations. For example, at LAX, United began using a SAF blend in 2016 and, at various points in time since then, has introduced voluntary SAF blends into AMS, ORD, SFO and LHR, providing insights and learnings about technical, operational and financial challenges and opportunities.   \nPotential costs associated with improving fleet fuel efficiency  |  Operational, Financial  |  Investments in United\u2019s fleet and fuel efficiency efforts represent cost and operational impacts to our business from fleet purchases and new operational requirements; however, these same investments drive bottom-line value by reducing fuel costs through reduced fuel consumption.  |  **Low-emissions scenario:**   \nMedium timeframe  Medium potential impact  **High-emissions scenario:**  \nMedium timeframe  Low potential impact  |  United is addressing emissions through fleet modernization and other operational efficiencies. United\u2019s Fuel Council brings internal and external stakeholders together to look at areas of opportunity to reduce fuel usage. The Fuel Council focuses on aircraft weight reduction, optimizing extra planned fuel, utilizing single engine taxi, and reducing auxiliary power unit (APU) burn. Further efficiencies may be gleaned through expected Air Traffic Control (ATC) routing optimization upgrades.  As part of United Next, United has introduced new narrowbody and widebody aircraft into its fleet mix, which are expected to lower carbon emissions nearly 20% per seat, compared to the older aircraft it replaces. In addition, United has now electrified 38% of the ground fleet vehicles across its network.   \n  \n###  Risk type: Market  \n  \n**Climate-related risk** |  **United risk area(s)** |  **Potential impact of risk to United** |  **Timeframe/impact** |  **United\u2019s risk response**  \nPotential for decreased revenues due to reduced demand for products and services  |  Strategic, Financial  |  Extreme weather may result in operational impacts (delays, cancellations, turbulence, etc.) and potential damage to key tourism assets (both financial and natural capital assets). This could decrease passenger perceptions of comfort and convenience to travel to those destinations resulting in lower revenue for select markets  |  **Low-emissions scenario:**   \nLong timeframe  Medium potential impact  **High-emissions scenario:**  \nLong timeframe  Low potential impact  |  United evaluates changes in market demand on an ongoing basis. Many of the company\u2019s markets have grown at varying rates, and United may shift capacity by allocating different numbers of flights and adjusting aircraft gauge as appropriate to meet market demand. United will continue adjusting to meet network demand inclusive of impact to markets from climate change.   \nIncreased prices and taxes on conventional fuel  |  Financial  |  Taxes on fossil fuels may increase to incentivize use of alternative cleaner fuel sources. At the same time, regulation mandating SAF use can cause an increase in overall fuel costs.  |  **Low-emissions scenario:**   \nMedium timeframe  Medium potential impact  **High-emissions scenario:**  \nLong timeframe  Low potential impact  |  United is pursuing investments through the UAV Sustainable Flight Fund  SM  that could help scale the SAF market. United has also developed market-facing programs for consumers and corporations such as the Eco-Skies Alliance program. United seeks to comply with regulations requiring SAF use and/or reporting on airline mandated SAF purchases.   \n  \n###  Risk type: Reputational  \n  \n**Climate-related risk** |  **United risk area(s)** |  **Potential impact of risk to United** |  **Timeframe/impact** |  **United\u2019s risk response**  \nPotential shifts in stakeholder preferences  |  Strategic, Brand, Financial  |  An increased environmental awareness across stakeholders may have broad implications on the business. Public perceptions of aviation\u2019s impact on climate change could result in reduced demand for United\u2019s service in favor of lower emissions travel alternatives, leading to decreased revenues, and/or lead to increased shortage of prospective talent in the future.  |  **Low-emissions scenario:**   \nShort timeframe  Medium potential impact  **High-emissions scenario:**  \nMedium timeframe  Low potential impact  |  United has been transparent in recognizing its contribution to climate change and the responsibility to address it. United supports transparency on metrics and targets as well as progress against goals. Its climate goals are intended to align with the well below 2.0\u00b0 temperature limit goals of the Paris agreement. In addition, United supports employee-led groups focused on sustainability action.   \n  \n##  Opportunities assessment\n\nThis section characterizes the opportunities that United is uniquely\npositioned to seize given the action we\u2019ve taken thus far to help drive the\nmarket-level progress we need to realize our net zero goals.\n\nAs with the transition risks, opportunities were categorized by type,\naccording to the TCFD recommendations: Resource Efficiency, Energy Source,\nProducts and Services, Markets and Resilience. Using the same ERM processes,\nthe potential for an opportunity was determined based on the potential\nlikelihood and frequency within the respective timeframe and assigned an\napplicable score. Notably, the opportunities do not include characterization\nby low- and high-emission scenarios. The characterizations provided are\nreflective of a low-emissions scenario, which accounts for market-level\neconomic, political, economic, energy and societal factors.\n\n###  Opportunity type: Resource efficiency  \n  \n**Climate-related opportunity** |  **Opportunity area(s)** |  **United Airlines opportunity response** |  **Timeframe** |  **Potential opportunity score**  \nIncreasing operational efficiency through the purchase and use of more energy-efficient aircraft  |  Operational  |  The United Next strategy serves as a market leading action to recognize the importance of fleet modernization in the transition to a low carbon economy by replacing older aircraft with new, more fuel-efficient models. As part of this initiative, United has placed orders for more than 800 narrowbody and widebody aircraft, with options to increase that number to nearly 1,000 narrowbody and widebody aircraft, with an expected 20% improved fuel efficiency per seat, compared to older planes. United took delivery of 61 new planes in 2024 and plan to take delivery of 73 new planes in 2025. These new, more efficient aircraft, combined with fuel efficiency measures on seat density, result in 20% of our forecasted emissions reductions by 2050.  |  Medium  |  Medium   \nOperational efficiencies associated with updates to Air Traffic Control (ATC) and corresponding Air Traffic Management (ATM)  |  Operational  |  United works closely with its industry trade organizations such as Airlines for America, International Air Transport Association, and Air Transport Action Group, to advocate for the development and implementation of new technologies; to increase fuel and operational efficiencies; for improvement of ATC systems and infrastructure; and for supportive government policies and investment. This work includes support of fully implementing the NextGen ATC, which would transform the U.S. air traffic control system from a radar-based system with radio communication to a satellite-based system supporting safer and more efficient flight operations. United and its trade organizations also continue to advocate for modernization of the ATC system in the EU and other international regions, due to the environmental benefits and associated cost savings.  |  Medium  |  Medium   \nOperational efficiencies under United\u2019s direct control  |  Operational  |  United has established its Fuel Council to implement operational measures that enable more efficient and direct flight and also reduce our GHG emissions. These are measures within our operational control, like reducing the use of the auxiliary power unit (APU) in favor of lower-emission solutions like electric power at the gate. Additional opportunities include optimizing extra planned fuel, optimizing payload weight of our aircraft, single-engine taxiing and improving the drag efficiency of our aircraft.  |  Short  |  Medium   \n  \n###  Opportunity type: Energy source  \n  \n**Climate-related opportunity** |  **Opportunity area(s)** |  **United Airlines opportunity response** |  **Timeframe** |  **Potential opportunity score**  \nAccelerating the transition to sustainable flight through SAF development and other low-emissions energy sources  |  Strategic  |  United has long championed the development, deployment and commercialization of SAF. We have correspondingly led the industry in both direct SAF purchases and related capital investments. United has extended its industry leadership in decarbonization by broadening its investment scope from SAF to include additional decarbonization technologies, such as advanced propulsion like electric and hydrogen, and carbon capture and utilization. To create structure around this portfolio of climate-related investments, United launched UAV in 2021, a corporate venture capital arm. One of UAV\u2019s three focus areas is decarbonization technology ventures. In February 2023, the Sustainable Flight Fund was launched by UAV; a first-of-its-kind investment vehicle designed to support startups focused on decarbonizing air travel by accelerating the research, production and technologies associated with SAF. In February 2024, the Sustainable Flight Fund announced an additional fund raise that increased the number of corporate partners to 22.  |  Medium  |  Medium   \nPolicy incentives associated with SAF blending and carbon capture & sequestration  |  Financial  |  Current federal incentives create tax credits for SAF production and clean hydrogen production while expanding the existing credit for carbon sequestration and utilization. In addition, in February 2023 the Invest in Illinois Act was signed into law. This law includes a SAF purchase tax credit for SAF sold to or used by an air carrier in Illinois. Such incentives send important price signals in the market but specifically allow United to invest in a more cost-effective manner and drive value appreciation associated with venture equity investments in respective supply chains. In 2024, United was the first airline to take advantage of the Illinois tax incentive, and brought the first deliveries of blended SAF to its operations at Chicago O\u2019Hare International Airport.  |  Medium  |  Medium   \n  \n###  Opportunity type: Products and services  \n  \n**Climate-related opportunity** |  **Opportunity area(s)** |  **United Airlines opportunity response** |  **Timeframe** |  **Potential opportunity score**  \nPrime mover advantage associated with SAF purchases and UAV investments  |  Operational  |  United has been a leader not only in SAF investments, but also in other aviation technologies such as electric aircraft and carbon capture investment. Such investments are intended not only to enable accomplishing United\u2019s net zero goal by 2050, but also to drive long-term competitive advantages and returns commensurate with the risks associated with such investments.  As we look forward to 2050, United anticipates most of its fleet will require jet fuel for propulsion; however, for shorter-haul distances, there are opportunities to adopt aircraft technologies like battery electric or hydrogen propulsion. United has invested in such technologies through agreements with Heart Aerospace and ZeroAvia.  |  Short  |  Medium   \nAttraction and retention of eco-conscious consumers through industry-leading decarbonization initiatives  |  Strategic  |  United\u2019s sustainability leadership may help attract and retain both business travel and leisure customers with a preference for low-carbon travel, a potential competitive advantage over peers with less ambitious sustainability commitments. This could correspondingly result in reduced customer acquisition costs or enhanced pricing power.  United has demonstrated various opportunities for strategic collaboration to drive engagement with those customers that are eco-conscious. We launched the Eco-Skies Alliance program in 2021 to provide corporate customers the opportunity to reduce their travel-related emissions on United by funding the 'green premium' associated with SAF. Using a book and claim model, this financing mechanism creates a demand signal for SAF. United was also the first of any U.S. airline to provide individual consumers the ability to contribute funds towards United\u2019s investment in SAF production technologies.  |  Short  |  Medium   \n  \n###  Opportunity type: Markets  \n  \n**Climate-related opportunity** |  **Opportunity area(s)** |  **United Airlines opportunity response** |  **Timeframe** |  **Potential opportunity score**  \nReaching new stakeholders  |  Brand  |  As reflected in our Good Leads the Way campaign, United has emerged as a force for good by taking actions that inspire pride among our employees and customers. We aim to achieve our net zero target by 2050 without relying on the use of voluntary, traditional carbon offsets, thus recognizing the critical importance of in-sector solutions that result in meaningful, long-term change. In addition to UAV\u2019s investment activity focused on scaling low-carbon solutions, United recognizes the importance of engaging our customers and providing transparent information about the impact of air travel. In February 2023, United became the first U.S. airline to provide consumers with an estimate of their flight\u2019s carbon footprint on a per economy seat passenger basis. Additionally, in coordination with the launch of the Sustainable Flight Fund, United created the opportunity for customers to take action and contribute to supplement United\u2019s investment in the Sustainable Flight Fund before checkout. To date, the Fund has received over $800,000 in customer contributions.  |  Short  |  Medium   \nInvestment opportunities in emissions reduction and removal technologies  |  Strategic  |  Through UAV, United is an investor in alternative fuels, advanced propulsion technologies, and carbon capture and utilization technologies, among other areas. Significant net return on investment associated with these investments is plausible in the future if success of these companies is realized. United plans to grow such investments, as indicated through the 2023 launch of the Sustainable Flight Fund, which, at the time of its funding close in February 2024, raised over $200 million in capital commitments from 22 corporate partners.  |  Long  |  Medium   \n  \n###  Opportunity type: Resilience  \n  \n**Climate-related opportunity** |  **Opportunity area(s)** |  **United Airlines opportunity response** |  **Timeframe** |  **Potential opportunity score**  \nDiversifying and stabilizing United's energy supply chain with alternative fuels (SAF) and propulsion  |  Strategic  |  Given the vulnerability of traditional energy markets to international supply shocks, as SAF becomes commercially scaled, there is potential to benefit from diversification of energy sources other than traditional kerosene-based propulsion. UAV has invested in a variety of technologies and companies that not only represent low-carbon solutions across the value chain but correspondingly temper exposure to increases in traditional kerosene prices and reliance.  |  Long  |  Medium   \n  \n##  Footnotes\n\n  1. United notes that the modelling output referenced and used in our climate analysis is not a prediction of future events or conditions, but a methodology that employs the most complete and latest publicly available climate-related observational datasets. We have relied on models and data from a variety of third-party sources to assist with estimating the current risk scores, including, but not limited to, government-provided data, scientific measurements, observational data, and non-profit sources. With any models, their future data estimates and predictions, conditions can change, models can be incompletely specified, and input data can be inaccurate, incomplete, or imprecise. As a result, the models may exclude or may only approximate these data. As technological capabilities evolve, so too will the reliability of forecasting capabilities for such model platforms. \n  2. United selected ten perils to evaluate and assess the risk at each location. These perils were tropical cyclone, drought, hail, flood, wind gust, wildfire, heat stress, tornado, wind storm and storm surge. \n\nStay Connected\n\n[ ](https://www.instagram.com/united) [ ](https://www.tiktok.com/@united) [\n](https://www.linkedin.com/company/united-airlines/) [\n](https://www.youtube.com/user/united) [ ](https://www.facebook.com/United/) [\n](https://x.com/united)\n\n\u00a9 2025 United Airlines, Inc. All rights reserved. [ Forward-looking\ninformation ](/forward-looking-information) .\n\nIndicates an external site that may or may not meet accessibility guidelines.\n\n  *[\n        CO\n        \n         2\n        \n       ]: Carbon Dioxide\n  *[\n             CO\n             \n              2\n             \n            ]: Carbon Dioxide\n\n",
                "url": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
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            "summary": "Official report detailing United Airlines' climate risks and opportunities.",
            "url": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
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                "page_content": "Oops, something went wrong\n\nUnlock stock picks and a broker-level newsfeed that powers Wall Street.\n\n[ ](https://www.globenewswire.com/ \"GlobeNewswire\")\n\nGreener Networks: Telcos Power up Traffic Efficiency - Telco Network Energy\nEfficiency Rising 14% Per Year\n\nResearch and Markets\n\nMon, Mar 31, 2025, 8:20 AM  4 min read\n\nCompany Logo\n\nDublin, March 31, 2025 (GLOBE NEWSWIRE) -- The [ \"Greener Networks: Telcos\nPower up Traffic Efficiency\"\n](https://www.researchandmarkets.com/reports/6059223/greener-networks-telcos-\npower-up-\ntraffic?utm_source=GNE&utm_medium=PressRelease&utm_code=9rlmkf&utm_campaign=2050868+-+Greener+Networks%3a+Telcos+Power+up+Traffic+Efficiency+-+Telco+Network+Energy+Efficiency+Rising+14%25+Per+Year&utm_exec=carimspi)\nreport has been added to **ResearchAndMarkets.com's** offering.\n\nIn late 2023, an initial review of the relationship between traffic growth and\nenergy consumption in telco networks was conducted. That review included data\nfor 16 telcos, and focused on 2020-22 data. This updated analysis extends\ncoverage to 30 telcos, and adds two years (2019 and 2023) of data. This\nanalysis now addresses the 2019-23 timeframe.\n\nThe group of 30 telcos included in this analysis represent about 55% of the\nglobal market, based on revenues. The data verifies the well-known revenue-\ntraffic conundrum, where traffic rises faster than revenues: in 2023, the\naverage telco carried 2.06 Petabytes of traffic per US$1M in revenue, over\ndouble the 1.00 Petabytes per $M carried in 2019. This is possible because\ntelcos make constant improvements aimed at carrying traffic more cheaply.\n\nEnergy is a big part of the cost story. So, are networks getting more\nefficient in their carriage of traffic per unit of energy consumed?\n\nIn the 2019-23 timeframe, a group of 30 telcos increased network traffic at an\naverage annual rate (CAGR) of 19.7%, while their total energy consumption grew\nat a CAGR of 2.8%. As a result, in 2023 the average telco consumed 90 MWh of\nenergy per Petabyte of traffic, down from 165.5 MWh/PB in 2019. That works out\nto an annual average (CAGR) improvement in MWh per Petabyte of 14.1%. Meaning,\non average, telcos need 14.1% less energy per year to carry the same traffic\nload as the prior year. This improvement is in line with the stated goal of\nboth telcos and their vendors: to improve the network's energy efficiency over\ntime.\n\nThe biggest improvements in the MWh/Petabyte metric since 2019 are BT, Entel,\nRogers, Tele2, and Veon. The worst result came from Saudi Telecom (STC), which\nused 104 MWh/PB in 2023, from 90 in 2019. The poorest result in 2023 alone was\nreported by Vodafone, which improved (lowered) its MWh/PB ratio by just 3.8%\nYoY.\n\nFor climate change watchers, an important metric is greenhouse gas emissions\n(GHG), as measured in CO2 equivalent metric tons. A previous December 2024\nreport found that telco emissions in 2023 were about the same level (per unit\nof revenue) as in 2019, and that renewables accounted for only about 20% of\nenergy used in 2023. Both findings were disappointing. So, this current\nreport's conclusion is a welcome bit of good news.\n\nTelco sustainability reports emphasize the importance of adopting energy\nefficient technologies and network designs. Vendors consider the energy\nefficiency of their solutions a crucial differentiator. As telcos attempt to\nlower energy costs and reduce their carbon footprints, vendors have an\nopportunity to support further improvements.\n\n**Key Topics Covered:**\n\n  * Summary \n\n  * Telco network energy efficiency rising 14% per year \n\n  * Overview of the dataset \n\n  * The revenue-traffic conundrum persists \n\n  * Traffic carried per unit of energy consumed \n\n  * Vendors have a central role in sustaining improvements \n\n  * Conclusion \n\n**List of Tables and Figures**\n\n  * Summary metrics for the \"Group of 30\" telcos \n\n  * Petabytes of traffic on the network per US$M in revenue, 2019-23 \n\n  * Growth rates of traffic, energy, and traffic per unit of energy consumed, 2020-23 \n\n  * Terabytes of traffic per MWh of energy consumed \n\n**Companies Featured**\n\n  * A1 Telekom Austria \n\n  * Advanced Info Service (AIS) \n\n  * Airtel \n\n  * Amdocs \n\n  * America Movil \n\n  * AT&T \n\n  * Axiata \n\n  * BT \n\n  * Charter Communications \n\n  * China Mobile \n\n  * Cisco \n\n  * Comcast \n\n  * CommScope \n\n  * Deutsche Telekom \n\n  * Entel \n\n  * Ericsson \n\n  * Globe Telecom \n\n  * KT \n\n  * LG Uplus \n\n  * Mobile Telesystems \n\n  * Nokia \n\n  * PLDT \n\n  * Ribbon \n\n  * Rogers \n\n  * Singtel \n\n  * SK Telecom \n\n  * StarHub \n\n  * STC (Saudi Telecom) \n\n  * Sustainability Accounting Standards Board \n\n  * Taiwan Mobile \n\n  * Tele2 AB \n\n  * Telefonica \n\n  * Telenor \n\n  * Veon \n\n  * Verizon \n\n  * Vodafone \n\n  * Zain \n\nFor more information about this report visit [\nhttps://www.researchandmarkets.com/r/dkjp0u\n](https://www.researchandmarkets.com/reports/6059223/greener-networks-telcos-\npower-up-\ntraffic?utm_source=GNE&utm_medium=PressRelease&utm_code=9rlmkf&utm_campaign=2050868+-+Greener+Networks%3a+Telcos+Power+up+Traffic+Efficiency+-+Telco+Network+Energy+Efficiency+Rising+14%25+Per+Year&utm_exec=carimspi)\n\n**About ResearchAndMarkets.com**  \nResearchAndMarkets.com is the world's leading source for international market\nresearch reports and market data. We provide you with the latest data on\ninternational and regional markets, key industries, the top companies, new\nproducts and the latest trends.\n\nCONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager\npress@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For\nU.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call\n+353-1-416-8900\n\n  \n\n[ Terms ](https://guce.yahoo.com/terms?locale=en-US) and [ Privacy Policy\n](https://guce.yahoo.com/privacy-policy?locale=en-US)\n\n[ Privacy Dashboard ](https://guce.yahoo.com/privacy-dashboard?locale=en-US)\n\n[ More Info ](/more-info)\n\n[ ](/)\n\nCopyright \u00a9 2025 Yahoo. 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                "url": "https://finance.yahoo.com/news/greener-networks-telcos-power-traffic-152000656.html"
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            "reason": "This article from Yahoo Finance discusses how telecom companies are improving energy efficiency to handle increasing network traffic. It's a reputable source providing financial news and business insights, making it mostly reliable.",
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            "summary": "The article discusses how telecom companies are improving energy efficiency to handle increasing network traffic.",
            "url": "https://finance.yahoo.com/news/greener-networks-telcos-power-traffic-152000656.html"
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                    "source": "https://erm.com/solutions/social-impact-human-rights/"
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                "page_content": "[ ](/ \"ERM Logo\")\n\n##  Social Impact & Human Rights\n\nERM  helps  organizations  achieve social acceptance  and  better outcomes\nfor  communities and stakeholders  .  We  advise  and practically support\nclients  with  social  and  human rights  strateg  ies  and  act  ion  s  t\nhat  increase the  resilience and  performance of  their  operations and value\nchains  .\n\n##  Business and societal resilience are closely intertwined in an era of deep\ntransitions\n\nThe energy transition requires new capital projects to be executed at\nunprecedented pace. Gaining social acceptance and managing the social and\nhuman rights impacts of these new assets requires going beyond compliance to\nsafeguard revenue and resilience.\n\nRegulations, standards and best practices for social impact, human rights and\nresponsible policy engagement are increasingly integrated with climate and\nnature. Organizations need to drive greater transparency and governance across\ntheir operations and wider value chains.\n\nSupporting a just transition is a clear imperative for climate action and\ndecarbonization. Integrating environmental, social and human rights can\namplify the positive outcomes for people, the planet and an organization\u2019s\nperformance.\n\nRapid climate, technological and geopolitical change is leading to greater\ndisruption and lower social cohesion. Organizations are increasingly\nrecognizing the value of fostering equitable societies.\n\n##  Advance social impact and human rights practices and enable people, the\nplanet and organizations to thrive.\n\nAmplify social performance and impact\n\nFrom defining strategies to deploying digital tools, ERM assists clients with\nadvancing social impact and performance across their operations. This helps to\nstrengthen shareholder value, reputation and maintain social license to\noperate.\n\nRespect human rights\n\nOur services enable organizations to identify human rights risks, prevent and\naddress negative impacts and demonstrate due diligence as required by evolving\nregulations. We also advise on diversity, equity and inclusion programs that\ncreate more supportive and productive workplaces.\n\n[ Read more  ](/solutions/social-impact-human-rights/human-rights/ \"Read\nmore\")\n\nAchieve meaningful engagement and effective communication\n\nERM helps clients develop engagement processes that can prevent costly project\ndelays and create shared value outcomes. From collaborative consultation to\ndialogue with public officials and local communities, we simplify stakeholder\nengagement with trusted communications.\n\n[ Read more  ](/solutions/social-impact-human-rights/strategic-communications-\nstakeholder-engagement/ \"Read more\")\n\nManage political and policy risk and opportunity\n\nERM enables organizations to keep track of and respond to evolving\ngeopolitical and societal risks. We monitor and analyze the impacts of\ninternational and domestic political events and trends and help clients\nnavigate the landscape of lobbying and advocacy with our Responsible Policy\nEngagement services.\n\nOur approach\n\n##  Achieve better outcomes with ERM\u2019s Social Impact & Human Rights services\n\nSocial baseline studies, impact assessments and monitoring\n\nSocial impact strategy, investment and measurement\n\nHuman rights risk and impact assessments, value chain due diligence and audits\n\nDEI programs, targets, reports and employee consultations\n\nStakeholder engagement and strategic communications\n\nResettlement and livelihood restoration\n\nJust transition planning and implementation\n\nReconciliation and meaningful Indigenous Peoples engagement and collaboration\n\nGeopolitical and societal trends analysis, and benchmarking with\nLicenseSecure\u2122\n\nResponsible policy engagement\n\n##  Outcomes\n\nStrengthen engagement and collaboration\n\nBuild resilient businesses and supply chains\n\nSecure social license to operate\n\nReduce reputational and operational risk\n\nERM in numbers\n\n##  Our experience and insights are cross-industry and on a global scale\n\n23,000\n\nprojects worked on in FY23\n\n8,000+\n\nemployees in 40+ countries globally\n\n152\n\ncountries where we worked on projects in 2023\n\n3,000+\n\nclients across all industries\n\nInsights\n\n##  Explore the ideas that are shaping the future of business\n\n[ View all insights  ](/insights/)\n\n[ ](/insights/five-ways-to-leverage-sustainability-in-an-age-of-insecurity/) [\n](/insights/partnering-with-communities-in-data-center-development/)\n\n[ Report  Embedding Just Transition into Corporate Climate Action Strategies\nBy Alexandra Guaqueta, Sabrina Genter  20 September 2024\n](/insights/embedding-just-transition-into-corporate-climate-action-\nstrategies/) [ Policy alert  Corporate Sustainability Due Diligence Directive\n(CSDDD)  25 April 2024  ](/insights/corporate-sustainability-due-diligence-\ndirective-csddd/) [ Report  Sustainability Trends Quarterly Outlook - October\n2024  By Lauren Kwok, Dia Rizakos, Andrew Angle, Jacco Kroon  29 October 2024\n](/insights/sustainability-trends-quarterly-outlook-october-2024/)\n\nProjects\n\n##  How we've helped global businesses from vision to implementation\n\n[ View all projects  ](/projects/)\n\n[ Case study  Asia Pacific  Seagate: Helping eliminate conflict minerals\nsourced from non-conforming smelters in its supply chain\n](/projects/seagate/)\n\n[ Case study  Latin America & Caribbean  Major Capital Project promoted by the\nMexican-Brazilian joint-venture of Braskem-Idesa.  ](/projects/braskem-idesa/)\n\n##  Related solutions and capabilities\n\n### [ Capital Projects & Infrastructure  ](/solutions/capital-projects-\ninfrastructure/) ### [ Climate & Net Zero  ](/solutions/climate-net-zero/) ###\n[ Cultural Heritage & Archaeology  ](/solutions/capabilities/cultural-\nheritage-archaeology/) ### [ Energy Transition  ](/solutions/energy-\ntransition/) ### [ Mergers, Acquisitions & Transactions  ](/solutions/mergers-\nacquisitions-transactions/) ### [ Supply Chain  ](/solutions/supply-chain/)\n### [ Sustainable Finance  ](/solutions/sustainable-finance/) ### [ Visual\nCommunication & Design  ](/solutions/communications-design/)\n\nContacts\n\n##  Our experts\n\n  * Global \n\n[ Email us  ](mailto:Alexandra.Guaqueta@erm.com?subject=ERM website enquiry\nfrom Social Impact & Human Rights page)\n\n  * Liz Valsamidis \n\n####  Partner\n\nNorth America\n\n[ Email us  ](mailto:Liz.Valsamidis@erm.com?subject=ERM website enquiry from\nSocial Impact & Human Rights page)\n\n  * Rutuja Tendolkar \n\n####  Partner\n\nAsia\n\n[ Email us  ](mailto:Rutuja.Tendolkar@erm.com?subject=ERM website enquiry from\nSocial Impact & Human Rights page)\n\n  * Sabrina Genter \n\n####  Partner\n\nANZ\n\n[ Email us  ](mailto:sabina.genter@erm.com?subject=ERM website enquiry from\nSocial Impact & Human Rights page)\n\n  * Anna Jakobsen \n\n####  Partner\n\nEMEA\n\n[ Email us  ](mailto:anna.jokobsen@erm.com?subject=ERM website enquiry from\nSocial Impact & Human Rights page)\n\n###  Contact us\n\nGet in touch with our experts to discover how our experienced teams across the\nworld can meet your sustainability and environmental needs.\n\n[ ](/ \"ERM Logo\")\n\n  * [ Sustainability Report ](/sustainability-report/)\n  * [ Modern Slavery Act Statement ](/about/company/business-conduct-ethics/human-rights-and-modern-slavery-act-statement/)\n  * [ Terms and Conditions ](/terms-and-conditions/)\n  * [ Privacy Notice ](/privacy/)\n  * [ Cookie notice ](/cookies/)\n  * [ Sitemap ](/sitemap/)\n\nCopyright \u00a9 2000 - 2024 The ERM International Group Limited, All rights\nreserved\n\n  * [ ](https://x.com/GlobalERM)\n  * [ ](https://www.facebook.com/ERMGlobal)\n  * [ ](https://www.linkedin.com/company/erm)\n  * [ ](https://www.youtube.com/@ERMGlobal)\n\n",
                "url": "https://erm.com/solutions/social-impact-human-rights/"
            },
            "reason": "This page discusses social impact and human rights, but does not mention the target company, Trafic.",
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            "search_query": "company 'Trafic' social impact human rights",
            "summary": "This page discusses social impact and human rights, but does not mention the target company, Trafic.",
            "url": "https://erm.com/solutions/social-impact-human-rights/"
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                    "source": "https://www.globenewswire.com/news-release/2025/03/31/3052500/28124/en/Greener-Networks-Telcos-Power-up-Traffic-Efficiency-Telco-Network-Energy-Efficiency-Rising-14-Per-Year.html"
                },
                "page_content": "Accessibility: Skip TopNav\n\n#  Greener Networks: Telcos Power up Traffic Efficiency - Telco Network Energy\nEfficiency Rising 14% Per Year\n\nMarch 31, 2025 11:20 ET  | Source:  [ Research and Markets ](/en/search/organization/Research%2520and%2520Markets) Research and Markets \n\n* * *\n\nDublin, March 31, 2025 (GLOBE NEWSWIRE) -- The [ \"Greener Networks: Telcos\nPower up Traffic Efficiency\"\n](https://www.researchandmarkets.com/reports/6059223/greener-networks-telcos-\npower-up-\ntraffic?utm_source=GNE&utm_medium=PressRelease&utm_code=9rlmkf&utm_campaign=2050868+-+Greener+Networks%3a+Telcos+Power+up+Traffic+Efficiency+-+Telco+Network+Energy+Efficiency+Rising+14%25+Per+Year&utm_exec=carimspi\n\"Greener Networks: Telcos Power up Traffic Efficiency\") report has been added\nto **ResearchAndMarkets.com's** offering.\n\nIn late 2023, an initial review of the relationship between traffic growth and\nenergy consumption in telco networks was conducted. That review included data\nfor 16 telcos, and focused on 2020-22 data. This updated analysis extends\ncoverage to 30 telcos, and adds two years (2019 and 2023) of data. This\nanalysis now addresses the 2019-23 timeframe.\n\nThe group of 30 telcos included in this analysis represent about 55% of the\nglobal market, based on revenues. The data verifies the well-known revenue-\ntraffic conundrum, where traffic rises faster than revenues: in 2023, the\naverage telco carried 2.06 Petabytes of traffic per US$1M in revenue, over\ndouble the 1.00 Petabytes per $M carried in 2019. This is possible because\ntelcos make constant improvements aimed at carrying traffic more cheaply.\n\nEnergy is a big part of the cost story. So, are networks getting more\nefficient in their carriage of traffic per unit of energy consumed?\n\nIn the 2019-23 timeframe, a group of 30 telcos increased network traffic at an\naverage annual rate (CAGR) of 19.7%, while their total energy consumption grew\nat a CAGR of 2.8%. As a result, in 2023 the average telco consumed 90 MWh of\nenergy per Petabyte of traffic, down from 165.5 MWh/PB in 2019. That works out\nto an annual average (CAGR) improvement in MWh per Petabyte of 14.1%. Meaning,\non average, telcos need 14.1% less energy per year to carry the same traffic\nload as the prior year. This improvement is in line with the stated goal of\nboth telcos and their vendors: to improve the network's energy efficiency over\ntime.\n\nThe biggest improvements in the MWh/Petabyte metric since 2019 are BT, Entel,\nRogers, Tele2, and Veon. The worst result came from Saudi Telecom (STC), which\nused 104 MWh/PB in 2023, from 90 in 2019. The poorest result in 2023 alone was\nreported by Vodafone, which improved (lowered) its MWh/PB ratio by just 3.8%\nYoY.\n\nFor climate change watchers, an important metric is greenhouse gas emissions\n(GHG), as measured in CO2 equivalent metric tons. A previous December 2024\nreport found that telco emissions in 2023 were about the same level (per unit\nof revenue) as in 2019, and that renewables accounted for only about 20% of\nenergy used in 2023. Both findings were disappointing. So, this current\nreport's conclusion is a welcome bit of good news.\n\nTelco sustainability reports emphasize the importance of adopting energy\nefficient technologies and network designs. Vendors consider the energy\nefficiency of their solutions a crucial differentiator. As telcos attempt to\nlower energy costs and reduce their carbon footprints, vendors have an\nopportunity to support further improvements.\n\n**Key Topics Covered:**\n\n  * Summary \n  * Telco network energy efficiency rising 14% per year \n  * Overview of the dataset \n  * The revenue-traffic conundrum persists \n  * Traffic carried per unit of energy consumed \n  * Vendors have a central role in sustaining improvements \n  * Conclusion \n\n**List of Tables and Figures**\n\n  * Summary metrics for the \"Group of 30\" telcos \n  * Petabytes of traffic on the network per US$M in revenue, 2019-23 \n  * Growth rates of traffic, energy, and traffic per unit of energy consumed, 2020-23 \n  * Terabytes of traffic per MWh of energy consumed \n\n**Companies Featured**\n\n  * A1 Telekom Austria \n  * Advanced Info Service (AIS) \n  * Airtel \n  * Amdocs \n  * America Movil \n  * AT&T \n  * Axiata \n  * BT \n  * Charter Communications \n  * China Mobile \n  * Cisco \n  * Comcast \n  * CommScope \n  * Deutsche Telekom \n  * Entel \n  * Ericsson \n  * Globe Telecom \n  * KT \n  * LG Uplus \n  * Mobile Telesystems \n  * Nokia \n  * PLDT \n  * Ribbon \n  * Rogers \n  * Singtel \n  * SK Telecom \n  * StarHub \n  * STC (Saudi Telecom) \n  * Sustainability Accounting Standards Board \n  * Taiwan Mobile \n  * Tele2 AB \n  * Telefonica \n  * Telenor \n  * Veon \n  * Verizon \n  * Vodafone \n  * Zain \n\nFor more information about this report visit [\nhttps://www.researchandmarkets.com/r/dkjp0u\n](https://www.researchandmarkets.com/reports/6059223/greener-networks-telcos-\npower-up-\ntraffic?utm_source=GNE&utm_medium=PressRelease&utm_code=9rlmkf&utm_campaign=2050868+-+Greener+Networks%3a+Telcos+Power+up+Traffic+Efficiency+-+Telco+Network+Energy+Efficiency+Rising+14%25+Per+Year&utm_exec=carimspi)\n\n**About ResearchAndMarkets.com**  \nResearchAndMarkets.com is the world's leading source for international market\nresearch reports and market data. We provide you with the latest data on\ninternational and regional markets, key industries, the top companies, new\nproducts and the latest trends.\n\n  \n\n* * *\n\n##  Tags\n\n[ Network Design ](/en/search/tag/network%2520design \"Network Design\") [\nNetwork Traffic ](/en/search/tag/network%2520traffic \"Network Traffic\") [\nNetworks ](/en/search/tag/networks \"Networks\") [ Telecoms\n](/en/search/tag/telecoms \"Telecoms\")\n\n###  Related Links\n\n  * [ Telco network energy efficiency rising 12% per year ](https://www.researchandmarkets.com/reports/5849033/telco-network-energy-efficiency-rising-12pct-per?utm_source=GNE&utm_medium=PressRelease&utm_code=rl_9rlmkf&utm_campaign=2050868+-+Greener+Ne&utm_exec=carimspi)\n  * [ Energy Consumption in the Global Network Operator Industry, 2023 Report - Operators Fail to Break Energy Addiction in 2022 ](https://www.researchandmarkets.com/reports/5866818/energy-consumption-in-the-global-network?utm_source=GNE&utm_medium=PressRelease&utm_code=rl_9rlmkf&utm_campaign=2050868+-+Greener+Ne&utm_exec=carimspi)\n  * [ Telecommunications Network Operators: 4Q23 Market Review ](https://www.researchandmarkets.com/reports/5952039/telecommunications-network-operators-4q23?utm_source=GNE&utm_medium=PressRelease&utm_code=rl_9rlmkf&utm_campaign=2050868+-+Greener+Ne&utm_exec=carimspi)\n\n* * *\n\n###  Contact Data\n\nContact\n\nclose\n\n###  Contact\n\nWith a Reader Account, it's easy to send email directly to the contact for\nthis release. [ Sign up today for your free Reader Account!\n](/Security/Register)  \n  \n  \n\n##  Recommended Reading\n\n  * April 09, 2025 11:22 ET  |  Source: [ Research and Markets ](/en/search/organization/Research%2520and%2520Markets)\n\n[ Bovine Mastitis Research Report 2025: $3.7 Bn Market Opportunities, Growth\nDrivers, Industry Trend Analysis, and Forecasts to 2034\n](https://www.globenewswire.com/news-release/2025/04/09/3058664/0/en/Bovine-\nMastitis-Research-Report-2025-3-7-Bn-Market-Opportunities-Growth-Drivers-\nIndustry-Trend-Analysis-and-Forecasts-to-2034.html)\n\nDublin, April 09, 2025 (GLOBE NEWSWIRE) -- The \"Bovine Mastitis Market\nOpportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025-2034\"\nreport has been added to ...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/04/09/3058664/0/en/Bovine-Mastitis-Research-Report-2025-3-7-Bn-\nMarket-Opportunities-Growth-Drivers-Industry-Trend-Analysis-and-Forecasts-\nto-2034.html)\n\n  * April 09, 2025 11:21 ET  |  Source: [ Research and Markets ](/en/search/organization/Research%2520and%2520Markets)\n\n[ Guillain-Barre Syndrome Diagnostics Market Trends Analysis and Forecast\nReport 2025-2034: Advancements in Neurological Testing and Early Diagnosis\nAwareness Drive Growth ](https://www.globenewswire.com/news-\nrelease/2025/04/09/3058661/0/en/Guillain-Barre-Syndrome-Diagnostics-Market-\nTrends-Analysis-and-Forecast-Report-2025-2034-Advancements-in-Neurological-\nTesting-and-Early-Diagnosis-Awareness-Drive-Growth.html)\n\nDublin, April 09, 2025 (GLOBE NEWSWIRE) -- The \"Guillain-Barre Syndrome\nDiagnostics Market Opportunity, Growth Drivers, Industry Trend Analysis, and\nForecast 2025-2034\" report has been added to ...\n\n[ Read More ](https://www.globenewswire.com/news-\nrelease/2025/04/09/3058661/0/en/Guillain-Barre-Syndrome-Diagnostics-Market-\nTrends-Analysis-and-Forecast-Report-2025-2034-Advancements-in-Neurological-\nTesting-and-Early-Diagnosis-Awareness-Drive-Growth.html)\n\n",
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            },
            "reason": "This is a press release from GlobeNewswire discussing energy efficiency in telecom networks. While press releases can be promotional, GlobeNewswire is a widely used platform for distributing company news, making it moderately reliable.",
            "reliability_score": 0.7,
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    "value_chain_items": [
        {
            "description": "Trafic's core business involves retail sales across various product categories, impacting ESG through sustainable product sourcing, waste generation, and customer engagement.",
            "name": "Retail Sales",
            "sources": [
                {
                    "document": "Downstream producers and end consumers choose among technologies, creating market shares for each technology. Because of the multi-level demand structure, consumer choice between two products several levels downstream can affect demand for each product\u2019s inputs at the beginning of the production chain.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "through energy carriers to end-product sectors that consume the final energy. Demand of final products are a function of population, income growth, and the price of final goods. Note the locations on the graph where multiple arrows point to one industry. This represents multiple production technologies that are competing within a broad industry, each taking different inputs upstream.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "as market shares _S \u0192  _ are given in the base period.  #####  5.2.6 Market elasticities calculation",
                    "metadata": {
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "supply, demand, CO2 emissions, CO2 sequestration, and emissions costs are used. Consumers or downstream producers can choose not only between different sectors, but also between different subsectors within a sector, and different technologies within a subsector. Grouping technologies in this way allows for rich substitution patterns between technologies as customers choose between options.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "extent to which the producer of the final good will substitute away from the more expensive input\u2014that is, the change in the market share of the producer of the intermediate good. Knowing the cost of the new combination of inputs used to produce the final good, we compute its new price and quantity. With this in hand, we can determine the final demand for the intermediate",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "good\u2014given its altered share in the market for inputs. If the price of a second-tier intermediate good changes (i.e., a good necessary to produce the intermediate good), we proceed the same way, except that the chain has now two links. Some supply chains in GCAM can have as many as 28 links.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "an increase in price of a technology ( _P tech  _ ) will not only decrease the market share of the technology within the subsector, but also put upward pressure on subsector and sector prices respectively. This means that the sector quantity sold will decrease, as technologies downstream that use this good will see their prices increase, and thus lower their market share in the same way:",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "type": "Marketing & Sales"
        },
        {
            "description": "Trafic's home delivery service contributes to its customer value proposition but also impacts ESG through transportation emissions and packaging waste.",
            "name": "Home Delivery",
            "sources": [
                {
                    "document": "######  Categories 4 & 9: Upstream and Downstream Transportation and Distribution",
                    "metadata": {
                        "ext_id": "4a2374ad-9e96-462c-91f3-2cd398fb5bbd",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://sustainability.att.com/priority-topics/efficiency-emissions"
                    }
                },
                {
                    "document": "through energy carriers to end-product sectors that consume the final energy. Demand of final products are a function of population, income growth, and the price of final goods. Note the locations on the graph where multiple arrows point to one industry. This represents multiple production technologies that are competing within a broad industry, each taking different inputs upstream.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "Downstream producers and end consumers choose among technologies, creating market shares for each technology. Because of the multi-level demand structure, consumer choice between two products several levels downstream can affect demand for each product\u2019s inputs at the beginning of the production chain.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "supply, demand, CO2 emissions, CO2 sequestration, and emissions costs are used. Consumers or downstream producers can choose not only between different sectors, but also between different subsectors within a sector, and different technologies within a subsector. Grouping technologies in this way allows for rich substitution patterns between technologies as customers choose between options.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* [ Retailers\u2019 climate road map: Charting paths to decarbonized value chains ](https://www.mckinsey.com/capabilities/sustainability/our-insights/retailers-climate-road-map-charting-paths-to-decarbonized-value-chains) (McKinsey)",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Although the emissions associated with the production and use of products are beyond our direct control, Walmart has engaged suppliers in efforts to reduce emissions and enhance the resilience of product value chains since 2010. Value chain initiatives that reduce emissions can also deliver business benefits such as surety of supply, cost efficiencies, and new growth opportunities.",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "chain, and foster joint value creation with supply chain partners and third- party manufacturers.\u201d \u2013 Gregory F. Polcer, Executive Vice President, Global Supply Chain, The Est\u00e9e Lauder Companies",
                    "metadata": {
                        "ext_id": "e4ce95af-7478-4ae4-8d8f-f42f634eefaa",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.elcompanies.com/en/our-impact/sustainability/climate-and-environment"
                    }
                }
            ],
            "type": "Outbound Logistics"
        },
        {
            "description": "Offering in-store pickup reduces transportation emissions compared to home delivery, contributing positively to Trafic's ESG performance.",
            "name": "In-Store Pickup",
            "sources": [
                {
                    "document": "through energy carriers to end-product sectors that consume the final energy. Demand of final products are a function of population, income growth, and the price of final goods. Note the locations on the graph where multiple arrows point to one industry. This represents multiple production technologies that are competing within a broad industry, each taking different inputs upstream.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "Downstream producers and end consumers choose among technologies, creating market shares for each technology. Because of the multi-level demand structure, consumer choice between two products several levels downstream can affect demand for each product\u2019s inputs at the beginning of the production chain.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "supply, demand, CO2 emissions, CO2 sequestration, and emissions costs are used. Consumers or downstream producers can choose not only between different sectors, but also between different subsectors within a sector, and different technologies within a subsector. Grouping technologies in this way allows for rich substitution patterns between technologies as customers choose between options.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "* [ Retailers\u2019 climate road map: Charting paths to decarbonized value chains ](https://www.mckinsey.com/capabilities/sustainability/our-insights/retailers-climate-road-map-charting-paths-to-decarbonized-value-chains) (McKinsey)",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "Although the emissions associated with the production and use of products are beyond our direct control, Walmart has engaged suppliers in efforts to reduce emissions and enhance the resilience of product value chains since 2010. Value chain initiatives that reduce emissions can also deliver business benefits such as surety of supply, cost efficiencies, and new growth opportunities.",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "chain, and foster joint value creation with supply chain partners and third- party manufacturers.\u201d \u2013 Gregory F. Polcer, Executive Vice President, Global Supply Chain, The Est\u00e9e Lauder Companies",
                    "metadata": {
                        "ext_id": "e4ce95af-7478-4ae4-8d8f-f42f634eefaa",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.elcompanies.com/en/our-impact/sustainability/climate-and-environment"
                    }
                },
                {
                    "document": "######  Categories 4 & 9: Upstream and Downstream Transportation and Distribution",
                    "metadata": {
                        "ext_id": "4a2374ad-9e96-462c-91f3-2cd398fb5bbd",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://sustainability.att.com/priority-topics/efficiency-emissions"
                    }
                }
            ],
            "type": "Outbound Logistics"
        },
        {
            "description": "Photo printing services contribute to resource consumption and waste generation, requiring Trafic to implement sustainable practices to minimize its environmental footprint.",
            "name": "Photo Printing",
            "sources": [
                {
                    "document": "######  Category 5: Waste Generated in Operations",
                    "metadata": {
                        "ext_id": "4a2374ad-9e96-462c-91f3-2cd398fb5bbd",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://sustainability.att.com/priority-topics/efficiency-emissions"
                    }
                },
                {
                    "document": "Retroactive correction has been made to data from previous years due to revisions to the calculation method for \u201c1 Purchased goods and services\u201d and \u201c12 End-of-life treatment of sold products.\u201d",
                    "metadata": {
                        "ext_id": "aa797346-bc3a-4e5f-b16e-4182480d0ddb",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
                    }
                },
                {
                    "document": "##  Life-cycle Assessment",
                    "metadata": {
                        "ext_id": "aa797346-bc3a-4e5f-b16e-4182480d0ddb",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
                    }
                },
                {
                    "document": "* Product Sustainability    * Packaging & Paper    * Refurbishment & Recycling   ](/priority-topics/product-life-cycle) [ Responsible Supply Chain    * Supply Chain Resilience    * Supplier Sustainability    * Supplier Inclusion   ](/priority-topics/responsible-supply-chain) [ Waste Management    * Solid Waste    * Hazardous Waste    * Asset Recovery & E-Waste",
                    "metadata": {
                        "ext_id": "4a2374ad-9e96-462c-91f3-2cd398fb5bbd",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://sustainability.att.com/priority-topics/efficiency-emissions"
                    }
                },
                {
                    "document": "supply, demand, CO2 emissions, CO2 sequestration, and emissions costs are used. Consumers or downstream producers can choose not only between different sectors, but also between different subsectors within a sector, and different technologies within a subsector. Grouping technologies in this way allows for rich substitution patterns between technologies as customers choose between options.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "through energy carriers to end-product sectors that consume the final energy. Demand of final products are a function of population, income growth, and the price of final goods. Note the locations on the graph where multiple arrows point to one industry. This represents multiple production technologies that are competing within a broad industry, each taking different inputs upstream.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "Downstream producers and end consumers choose among technologies, creating market shares for each technology. Because of the multi-level demand structure, consumer choice between two products several levels downstream can affect demand for each product\u2019s inputs at the beginning of the production chain.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "type": "Operations"
        },
        {
            "description": "The Club Malin program fosters customer engagement and potentially influences purchasing behavior, impacting ESG through promoting sustainable consumption patterns.",
            "name": "Customer Loyalty Program (Club Malin)",
            "sources": [
                {
                    "document": "Downstream producers and end consumers choose among technologies, creating market shares for each technology. Because of the multi-level demand structure, consumer choice between two products several levels downstream can affect demand for each product\u2019s inputs at the beginning of the production chain.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "through energy carriers to end-product sectors that consume the final energy. Demand of final products are a function of population, income growth, and the price of final goods. Note the locations on the graph where multiple arrows point to one industry. This represents multiple production technologies that are competing within a broad industry, each taking different inputs upstream.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "as market shares _S \u0192  _ are given in the base period.  #####  5.2.6 Market elasticities calculation",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "supply, demand, CO2 emissions, CO2 sequestration, and emissions costs are used. Consumers or downstream producers can choose not only between different sectors, but also between different subsectors within a sector, and different technologies within a subsector. Grouping technologies in this way allows for rich substitution patterns between technologies as customers choose between options.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "extent to which the producer of the final good will substitute away from the more expensive input\u2014that is, the change in the market share of the producer of the intermediate good. Knowing the cost of the new combination of inputs used to produce the final good, we compute its new price and quantity. With this in hand, we can determine the final demand for the intermediate",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "good\u2014given its altered share in the market for inputs. If the price of a second-tier intermediate good changes (i.e., a good necessary to produce the intermediate good), we proceed the same way, except that the chain has now two links. Some supply chains in GCAM can have as many as 28 links.",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                },
                {
                    "document": "an increase in price of a technology ( _P tech  _ ) will not only decrease the market share of the technology within the subsector, but also put upward pressure on subsector and sector prices respectively. This means that the sector quantity sold will decrease, as technologies downstream that use this good will see their prices increase, and thus lower their market share in the same way:",
                    "metadata": {
                        "ext_id": "f5923577-0691-41f5-8303-509fb5df1368",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.moodys.com/web/en/us/insights/climate-risk/quantifying-the-impact-of-climate-on-corporate-credit-risk.html"
                    }
                }
            ],
            "type": "Marketing & Sales"
        },
        {
            "description": "Trafic's procurement processes have significant ESG implications, influencing supplier sustainability, ethical sourcing, and supply chain resilience.",
            "name": "Procurement",
            "sources": [
                {
                    "document": "chain, and foster joint value creation with supply chain partners and third- party manufacturers.\u201d \u2013 Gregory F. Polcer, Executive Vice President, Global Supply Chain, The Est\u00e9e Lauder Companies",
                    "metadata": {
                        "ext_id": "e4ce95af-7478-4ae4-8d8f-f42f634eefaa",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.elcompanies.com/en/our-impact/sustainability/climate-and-environment"
                    }
                },
                {
                    "document": "Although the emissions associated with the production and use of products are beyond our direct control, Walmart has engaged suppliers in efforts to reduce emissions and enhance the resilience of product value chains since 2010. Value chain initiatives that reduce emissions can also deliver business benefits such as surety of supply, cost efficiencies, and new growth opportunities.",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "* [ Retailers\u2019 climate road map: Charting paths to decarbonized value chains ](https://www.mckinsey.com/capabilities/sustainability/our-insights/retailers-climate-road-map-charting-paths-to-decarbonized-value-chains) (McKinsey)",
                    "metadata": {
                        "ext_id": "a8342a54-bfe6-4c12-9e31-2839f82ca379",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                },
                {
                    "document": "##  Procurement Initiatives",
                    "metadata": {
                        "ext_id": "aa797346-bc3a-4e5f-b16e-4182480d0ddb",
                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
                    }
                },
                {
                    "document": "* Product Sustainability    * Packaging & Paper    * Refurbishment & Recycling   ](/priority-topics/product-life-cycle) [ Responsible Supply Chain    * Supply Chain Resilience    * Supplier Sustainability    * Supplier Inclusion   ](/priority-topics/responsible-supply-chain) [ Waste Management    * Solid Waste    * Hazardous Waste    * Asset Recovery & E-Waste",
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                {
                    "document": "#####  Pillar  |  #####  Relevance for GHG Reduction  |  #####  Supplier Actions Encouraged  |",
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                        "source": "https://corporate.walmart.com/purpose/esgreport/environmental/climate-change"
                    }
                }
            ],
            "type": "Procurement"
        },
        {
            "description": "Trafic's TakeCare program demonstrates its commitment to sustainability, encompassing various initiatives across the value chain to minimize environmental and social impact.",
            "name": "TakeCare Program",
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                {
                    "document": "##  Risks and Opportunities Identified",
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                        "source": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
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                },
                {
                    "document": "##  Life-cycle Assessment",
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                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
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                },
                {
                    "document": "###  Stakeholder Engagement",
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                },
                {
                    "document": "(both quantitative and qualitative) for their own businesses and document the steps taken to reach their conclusions.",
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                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://www.whitecase.com/insight-alert/sec-adopts-climate-change-disclosure-rules-court-imposes-temporary-stay"
                    }
                },
                {
                    "document": "\"Monozukuri Innovation\" and \"Value Creation.\"",
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                        "source": "https://www.subaru.co.jp/en/csr/environment/climaticvariation.html"
                    }
                },
                {
                    "document": "##  Opportunities assessment",
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                        "origin": "public",
                        "resource_location": "web",
                        "resource_type": "webpage",
                        "source": "https://crreport.united.com/environmental-sustainability/climate-risks-and-opportunities/"
                    }
                }
            ],
            "type": "Firm Infrastructure"
        }
    ]
}