ISSB Index
The International Sustainability Standards Board (ISSB) has issued International Financial Reporting Standard (IFRS) S2, a global baseline for climate-related disclosures designed to provide investors and other capital market participants with consistent, comparable and decision-useful information about climate-related risks and opportunities. IFRS S2 builds on the Task Force on Climate-Related Financial Disclosures (TCFD) framework and incorporates industry-based metrics to enhance transparency and accountability.
The table below provides links to where our climate-related disclosures aligned with IFRS S2 can be found across our website, including our Annual Report, Form 10-K and our most recent Proxy Statement.
| ISSB reference | ISSB Disclosure | Location of Disclosure |
|---|---|---|
| Governance | ||
| S2.5 | The objective of climate-related financial disclosures on governance is to enable users of general purpose financial reports to understand the governance processes, controls and procedures an entity uses to monitor, manage and oversee climate-related risks and opportunities. | |
| S2.6 | To achieve this objective, an entity shall disclose information about: |
|
| S2.6(a) | The governance body(s) (which can include a board, committee or equivalent body charged with governance) or individual(s) responsible for oversight of climate-related risks and opportunities. Specifically, the entity shall identify that body(s) or individual(s) and disclose information about: |
Managing CRR: Governance
|
| S2.6(a)(i) | How responsibilities for climate-related risks and opportunities are reflected in the terms of reference, mandates, role descriptions and other related policies applicable to that body(s) or individual(s) |
Managing CRR Risks: Governance
|
| S2.6(a)(ii) | How the body(s) or individual(s) determines whether appropriate skills and competencies are available or will be developed to oversee strategies designed to respond to climate-related risks and opportunities | Integrating Sustainability: Board Oversight Integrating Sustainability: Director Skills Matrix |
| S2.6(a)(iii) | How and how often the body(s) or individual(s) is informed about climate-related risks and opportunities | Managing CRR: Governance Managing CRR: Governance |
| S2.6(a)(iv) | How the body(s) or individual(s) takes into account climate-related risks and opportunities when overseeing the entity’s strategy, its decisions on major transactions and its risk management processes and related policies, including whether the body(s) or individual(s) has considered trade-offs associated with those risks and opportunities | Managing CRR: Governance |
| S2.6(a)(v) | How the body(s) or individual(s) oversees the setting of targets related to climate-related risks and opportunities, and monitors progress towards those targets (see paragraphs 33–36), including whether and how related performance metrics are included in remuneration policies (see paragraph 29(g)) | Managing CRR: Organizational Management Integrating Sustainability: Organizational Management Managing CRR: Climate-Linked Compensation Proxy |
| S2.6(b) | Management’s role in the governance processes, controls and procedures used to monitor, manage and oversee climate-related risks and opportunities | Managing CRR: Organizational Management |
| S2.6(b)(i) | Whether the role is delegated to a specific management-level position or management-level committee and how oversight is exercised over that position or committee | Managing CRR: Organizational Management |
| S2.6(b)(ii) | Whether management uses controls and procedures to support the oversight of climate-related risks and opportunities and, if so, how these controls and procedures are integrated with other internal functions | Managing CRR: Organizational Management |
| Strategy: Climate-Related Risks and Opportunities | ||
| S2.10 | An entity shall disclose information that enables users of general purpose financial reports to understand the climate-related risks and opportunities that could reasonably be expected to affect the entity’s prospects. | |
| S2.10(a) | Describe climate-related risks and opportunities that could reasonably be expected to affect the entity’s prospects | Managing CRR: Near, Medium, and Long-Term Risks |
| S2.10(b) | Explain, for each climate-related risk the entity has identified, whether the entity considers the risk to be a climate-related physical risk or climate-related transition risk | Managing CRR: Near, Medium, and Long-Term Risks |
| S2.10(c) | Specify, for each climate-related risk and opportunity the entity has identified, over which time horizons—short, medium or long term— the effects of each climate-related risk and opportunity could reasonably be expected to occur | Managing CRR: Near, Medium, and Long-Term Risks |
| S2.10(d) | Explain how the entity defines ‘short term’, ‘medium term’ and ‘long term’ and how these definitions are linked to the planning horizons used by the entity for strategic decision-making | Managing CRR: Near, Medium, and Long-Term Risks |
| Strategy: Business Model and Value Chain | ||
| S2.13 | An entity shall disclose information that enables users of general purpose financial reports to understand the current and anticipated effects of climate related risks and opportunities on the entity’s business model and value chain. | |
| S2.13(a) | A description of the current and anticipated effects of climate-related risks and opportunities on the entity’s business model and value chain | Managing Nature-Related Risks and Opportunities: Strategy |
| S2.13(b) | A description of where in the entity’s business model and value chain climate-related risks and opportunities are concentrated (for example, geographical areas, facilities and types of assets) | Managing Nature-Related Risks and Opportunities: Mitigation Hierarchy |
| Strategy: Strategy and Decision-Making | ||
| S2.14 | An entity shall disclose information that enables users of general purpose financial reports to understand the effects of climate-related risks and opportunities on its strategy and decision-making. | |
| 2.14(a) | Information about how the entity has responded to, and plans to respond to, climate-related risks and opportunities in its strategy and decision-making, including how the entity plans to achieve any climate-related targets it has set and any targets it is required to meet by law or regulation | |
| S2.14(a)(i) | Current and anticipated changes to the entity’s business model, including its resource allocation, to address climate-related risks and opportunities (ex: changes could include plans to manage or decommission carbon-, energy, or water-intensive operations; resource allocations resulting from demand or supply chain changes; resource allocations arising from business development through capital expenditure or additional expenditure on R&A; and acquisitions or divestments) | Managing CRR: Addressing Climate-Risks and Opportunities |
| S2.14(a)(ii) | Current and anticipated direct mitigation and adaptation efforts (ex: changes in production processes or equipment, relocation of facilities, workforce adjustments, changes in product specifications) | Managing CRR: Addressing Climate-Risks and Opportunities |
| S2.14(a)(iii) | Current and anticipated indirect mitigation and adaptation efforts (ex: through working with customers and supply chains) | Managing CRR: Addressing Climate-Risks and Opportunities |
| S2.14(a)(iv) | Any climate-related transition plan the entity has, including information about key assumptions used in developing its transition plan, and dependencies on which the entity’s transition plan relies | Managing CRR: Plan for the Energy Transition |
| S2.14(a)(v) | How the entity plans to achieve any climate-related targets, including any greenhouse gas emissions targets | Managing CRR: Performance Metrics and Targets |
| S2.14(b) | Disclose information about how the entity is resourcing, and plans to resource, the activities disclosed in accordance with paragraph 14(a). | Managing CRR: Addressing Climate-Risks and Opportunities |
| S2.14(c) | Disclose quantitative and qualitative information about the progress of plans disclosed in previous reporting periods in accordance with paragraph 14(a). | n/a |
| Strategy: Climate resilience | ||
| S2.22 | An entity shall disclose information that enables users of general purpose financial reports to understand the resilience of the entity’s strategy and business model to climate-related changes, developments and uncertainties, taking into consideration the entity’s identified climate-related risks and opportunities. The entity shall use climate-related scenario analysis to assess its climate resilience using an approach that is commensurate with the entity’s circumstances (see paragraphs B1–B18). In providing quantitative information, the entity may disclose a single amount or a range. | |
| S2.22(a) | The entity’s assessment of its climate resilience as at the reporting date, which shall enable users of general purpose financial reports to understand | Managing CRR: Scenario Analysis |
| S2.22(a)(i) | The implications, if any, of the entity's assessment for strategy and business model, including how the entity would respond to the effects identified in the climate-related scenario analysis | Managing CRR: Scenario Analysis |
| S2.22(a)(ii) | The significant areas of uncertainty considered in the entity's assessment of its climate resilience | Managing CRR: Scenario Analysis |
| S2.22(a)(iii) | The entity's capacity to adjust or adapt its strategy and business model to climate change over the short, medium, and long term | Managing CRR: Scenario Analysis |
| S2.22(a)(iii)(1) | The availability of, and flexibility in, the entity's existing financial resources to respond to the effects identified in the climate-related scenario analysis, including to address climate-related risks and to take advantage of climate-related opportunities | Managing CRR: Addressing Climate-Related Risks and Opportunities |
| S2.22(a)(iii)(2) | The entity's ability to redeploy, repurpose, upgrade or decommission existing assets | Managing CRR: Scenario Analysis |
| S2.22(a)(iii)(3) | The effect of the entity's current and planned investments in climate-related mitigation, adaption and opportunities for climate resilience | Managing CRR: Scenario Analysis |
| S2.22(b) | Disclose how and when the climate-related scenario analysis was carried out, including: | Managing CRR: Scenario Analysis |
| S2.22(b)(i) | Information about the inputs the entity used | Managing CRR: Scenario Analysis |
| S2.22(b)(i)(1) | Which climate-related scenarios the entity used for the analysis and the sources of those scenarios | Managing CRR: Scenario Analysis |
| S2.22(b)(i)(2) | Whether the analysis included a diverse range of climate-related scenarios | Managing CRR: Scenario Analysis |
| S2.22(b)(i)(3) | Whether the climate-related scenarios used for the analysis are associated with climate-related transition risks or climate-related physical risks | Managing CRR: Scenario Analysis |
| S2.22(b)(i)(4) | Whether the entity used, among its scenarios, a climate-related scenario aligned with the latest international agreement on climate change | Managing CRR: Scenario Analysis |
| S2.22(b)(i)(5) | Why the entity decided that its chosen climate-related scenarios are relevant to assessing its resilience to climate-related changes, developments or uncertainties | Managing CRR: Scenario Analysis |
| S2.22(b)(i)(6) | The time horizons the entity used in the analysis | Managing CRR: Scenario Analysis |
| S2.22(b)(i)(7) | What scope of operations the entity used in the analysis (for example, the operating locations and business units used in the analysis) | n/a |
| S2.22(b)(ii) | The key assumptions the entity made in the analysis, including assumptions | |
| S2.22(b)(ii)(1) | Climate-related policies in the jurisdictions in which the entity operates | Managing CRR: Scenario Analysis |
| S2.22(b)(ii)(2) | Macroeconomic trends | Managing CRR: Scenario Analysis |
| S2.22(b)(ii)(3) | National- or regional-level variables (for example, local weather patterns, demographics, land use, infrastructure and availability of natural resources) | Managing CRR: Scenario Analysis |
| S2.22(b)(ii)(4) | Energy usage and mix | n/a |
| S2.22(b)(ii)(5) | Developments in technology | Managing CRR: Scenario Analysis |
| S2.22(b)(iii) | The reporting period in which the climate-related scenario analysis was carried out | Managing CRR: Scenario Analysis |
| Risk Management | ||
| S2.24 | The objective of climate-related financial disclosures on risk management is to enable users of general purpose financial reports to understand an entity’s processes to identify, assess, priorities and monitor climate-related risks and opportunities, including whether and how those processes are integrated into and inform the entity’s overall risk management process. | |
| S2.25 | To achieve this objective, an entity shall disclose information about: | |
| S2.25(a) | Describe the processes and related policies the entity uses to identify, assess, prioritize and monitor climate-related risks | Managing CRR: Risk Management |
| S2.25(a)(i) | Describe the inputs and parameters the entity uses (for example, information about data sources and the scope of operations covered in the processes) | Managing CRR: Governance - Key Processes |
| S2.25(a)(ii) | Describe how the entity uses climate-related scenario analysis to inform its identification of climate-related risks | Managing CRR: Risk Management |
| S2.25(a)(iii) | Describe whether and how the entity assesses the nature, likelihood and magnitude of the effects of those risks (for example, whether the entity considers qualitative factors, quantitative thresholds or other criteria) | Managing CRR: Risk Management |
| S2.25(a)(iv) | Describe how the entity prioritizes climate-related risks relative to other types of risk | Managing CRR: Risk Management |
| S2.25(a)(v) | Describe how the entity monitors climate-related risks | Managing CRR: Risk Management |
| S2.25(a)(vi) | Describe weather and how the entity has changed the processes it uses compared with the previous reporting period | n/a |
| S2.25(b) | Disclose the processes the entity uses to identify, assess, prioritize and monitor climate-related opportunities, including information about whether and how the entity uses climate-related scenario analysis to inform its identification of climate-related opportunities | Managing CRR: Risk Management |
| S2.25(c) | Disclose the extent to which, and how, the processes for identifying, assessing, prioritizing and monitoring climate-related risks and opportunities are integrated into and inform the entity’s overall risk management process | Managing CRR: Risk Management |
| Metrics & Targets: Climate-related metrics | ||
| S2.29 | An entity shall disclose information relevant to cross-industry metric categories | |
| S2.29(a) | Greenhouse gases | |
| S2.29(a)(i) | Disclose its absolute gross greenhouse gas emissions generated during the reporting period, expressed as metric tonnes of CO2 equivalent (see paragraphs B19–B22), classified as:(1) Scope 1 greenhouse gas emissions;(2) Scope 2 greenhouse gas emissions; and(3) Scope 3 greenhouse gas emissions | Managing CRR: Performance Metrics and Targets |
| API Template for GHG Reporting | ||
| S2.29(a)(ii) | Measure its greenhouse gas emissions in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) unless required by a jurisdictional authority or an exchange on which the entity is listed to use a different method for measuring its greenhouse gas emissions (see paragraphs B23–B25) | Managing CRR: Measurement, Reporting, and Verification |
| S2.29(a)(iii) | Disclose the approach it uses to measure its greenhouse gas emissions (see paragraphs B26–B29) | |
| S2.29(a)(iii)(1) | the measurement approach, inputs and assumptions the entity uses to measure its greenhouse gas emissions | Managing CRR: Measurement, Reporting, and Verification |
| S2.29(a)(iii)(2) | The reason why the entity has chosen the measurement approach, inputs and assumptions it uses to measure its greenhouse gas emissions | Managing CRR: Measurement, Reporting, and Verification |
| S2.29(a)(iii)(3) | Any changes the entity made to the measurement approach, inputs and assumptions during the reporting period and the reasons for those changes | n/a |
| S2.29(a)(iv) | For Scope 1 and Scope 2 greenhouse gas emissions disclosed in accordance with paragraph 29(a)(i)(1)–(2), disaggregate emissions between: | |
| S2.29(a)(iv)(1) | The consolidated accounting group (for example, for an entity applying IFRS Accounting Standards, this group would comprise the parent and its consolidated subsidiaries) | API Template for GHG Reporting |
| S2.29(a)(iv)(2) | Other investees excluded from paragraph 29(a)(iv)(1) (for example, for an entity applying IFRS Accounting Standards, these investees would include associates, joint ventures and unconsolidated subsidiaries) | API Template for GHG Reporting |
| S2.29(a)(v) | For Scope 2 greenhouse gas emissions disclosed in accordance with paragraph 29(a)(i)(2), disclose its location-based Scope 2 greenhouse gas emissions, and provide information about any contractual instruments that is necessary to inform users’ understanding of the entity’s Scope 2 greenhouse gas emissions (see paragraphs B30–B31) | n/a |
| S2.29(a)(vi) | For Scope 3 greenhouse gas emissions disclosed in accordance with paragraph 29(a)(i)(3), and with reference to paragraphs B32–B57, disclose: | |
| S2.29(a)(vi)(1) | The categories included within the entity’s measure of Scope 3 greenhouse gas emissions, in accordance with the Scope 3 categories described in the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2011); and | API Template for GHG Reporting |
| S2.29(a)(vi)(1) | The categories included within the entity’s measure of Scope 3 greenhouse gas emissions, in accordance with the Scope 3 categories described in the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2011) | API Template for GHG Reporting |
| S2.29(a)(vi)(2) | Additional information about the entity’s Category 15 greenhouse gas emissions or those associated with its investments (financed emissions), if the entity’s activities include asset management, commercial banking or insurance (see paragraphs B58–B63) | API Template for GHG Reporting |
| S2.29(b) | Climate-related transition risks — the amount and percentage of assets or business activities vulnerable to climate-related transition risks | n/a |
| S2.29(c) | Climate-related physical risks — the amount and percentage of assets or business activities vulnerable to climate-related physical risks | n/a |
| S2.29(d) | Climate-related opportunities — the amount and percentage of assets or business activities aligned with climate-related opportunities | n/a |
| S2.29(e) | Capital deployment — the amount of capital expenditure, financing or investment deployed towards climate-related risks and opportunities | n/a |
| S2.29(f) | Internal carbon prices - the entity shall disclose: | |
| S2.29(f)(i) | An explanation of whether and how the entity is applying a carbon price in decision-making (for example, investment decisions, transfer pricing and scenario analysis) | Managing Climate Related Risks 2023: Strategy |
| Managing Climate Related Risks 2023: Strategy - Scenario Analysis | ||
| Managing Climate Related Risks 2023: Strategy - Addressing climate-related risks and opportunities | ||
| S2.29(f)(ii) | The price for each metric tonne of greenhouse gas emissions the entity uses to assess the costs of its greenhouse gas emissions | Managing Climate Related Risks 2023: Strategy - Addressing climate-related risks and opportunities |
| S2.29(g) | Remuneration—the entity shall disclose: | |
| S2.29(g)(i) | A description of whether and how climate-related considerations are factored into executive remuneration (see also paragraph 6(a)(v)) | Integrating Sustainability: Organizational Management |
| Managing CRR: Climate-Linked Compensation | ||
| S2.29(g)(ii) | The percentage of executive management remuneration recognized in the current period that is linked to climate-related considerations. | n/a |
| Metrics & Targets: Climate-related targets | ||
| S2.33 | An entity shall disclose the quantitative and qualitative climate-related targets it has set to monitor progress towards achieving its strategic goals, and any targets it is required to meet by law or regulation, including any greenhouse gas emissions targets. For each target, the entity shall disclose: | Managing Climate Related Risks 2023: Performance Metrics & Targets |
| S2.33(a) | The metric used to set the target (see paragraphs B66–B67) | Emissions Reduction Target Principles |
| S2.33(b) | The objective of the target (for example, mitigation, adaptation or conformance with science-based initiatives) | Managing Climate Related Risks 2023: Performance Metrics & Targets |
| S2.33(c) | The part of the entity to which the target applies (for example, whether the target applies to the entity in its entirety or only a part of the entity, such as a specific business unit or specific geographical region) | Managing Climate Related Risks 2023: Performance Metrics & Targets |
| S2.33(d) | The period over which the target applies | Managing Climate Related Risks 2023: Performance Metrics & Targets |
| S2.33(e) | The base period from which progress is measured | Managing Climate Related Risks 2023: Performance Metrics & Targets |
| S2.33(f) | Any milestones and interim targets | Managing Climate Related Risks 2023: Performance Metrics & Targets |
| S2.33(g) | If the target is quantitative, whether it is an absolute target or an intensity target | Managing Climate Related Risks 2023: Performance Metrics & Targets |
| S2.33(h) | How the latest international agreement on climate change, including jurisdictional commitments that arise from that agreement, has informed the target | Managing Climate Related Risks 2023: Emissions Reduction Targets and Performance |
| Managing Climate Related Risks 2023: Public Policy Engagement | ||
| Managing Climate Related Risks 2023: Emissions Reduction Targets and Performance | ||
| S2.34 | An entity shall disclose information about its approach to setting and reviewing each target, and how it monitors progress against each target | Managing Climate Related Risks 2023: Emissions Reduction Targets and Performance |
| S2.34(a) | Whether the target and the methodology for setting the target has been validated by a third party | Managing Climate Related Risks 2023: Measurement, Reporting and Verification |
| S2.34(b) | The entity’s processes for reviewing the target | Managing Climate Related Risks 2023: Board Oversight |
| HSE Management System | ||
| S2.34(c) | The metrics used to monitor progress towards reaching the target | Emissions Reduction Target Principles |
| S2.34(d) | Any revisions to the target and an explanation for those revisions | n/a |
| S2.35 | An entity shall disclose information about its performance against each climate-related target and an analysis of trends or changes in the entity’s performance | Managing Climate Related Risks 2023: Emissions Reduction Targets and Performance |
| S2.36 | For each greenhouse gas emissions target disclosed in accordance with paragraphs 33–35, an entity shall disclose: | Managing Climate Related Risks 2023: Performance Metrics & Targets |
| S2.36(a) | Which greenhouse gases are covered by the target | Managing Climate Related Risks 2023: Emissions Reduction Targets and Performance |
| S2.36(b) | Whether Scope 1, Scope 2 or Scope 3 greenhouse gas emissions are covered by the target | Emissions Reduction Target Principles |
| S2.36(d) | Whether the target was derived using a sectoral decarbonization approach | n/a |
| S2.36(e) | The entity’s planned use of carbon credits to offset greenhouse gas emissions to achieve any net greenhouse gas emissions target. In explaining its planned use of carbon credits the entity shall disclose information including, and with reference to paragraphs B70–B71 | LCT: Voluntary Carbon Credits |
| S2.36(e)(i) | The extent to which, and how, achieving any net greenhouse gas emissions target relies on the use of carbon credits | LCT: Voluntary Carbon Credits |
| S2.36(e)(ii) | Which third-party scheme(s) will verify or certify the carbon credits | LCT: Voluntary Carbon Credits |
| S2.36(e)(iii) | The type of carbon credit, including whether the underlying offset will be nature-based or based on technological carbon removals, and whether the underlying offset is achieved through carbon reduction or removal | LCT: Voluntary Carbon Credits |
| S2.36(e)(iv) | Any other factors necessary for users of general purpose financial reports to understand the credibility and integrity of the carbon credits the entity plans to use (for example, assumptions regarding the permanence of the carbon offset) | LCT: Voluntary Carbon Credits |