ISSB Index
The International Sustainability Standards Board (ISSB) has issued a Climate-Related Disclosures (IFRS S2) standard intended to provide investors and other capital market participants with consistent, comparable, and decision-useful information about climate-related risks and opportunities. IFRS S2 has incorporated the TCFD framework and other 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: | Integrating sustainability Sustainable development governance Board oversight Executive management Organizational management Climate Change Position |
| 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) | Sustainable development governance Climate Change Position |
| 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 | Sustainable development governance Board oversight Executive management Organizational management |
| S2.6(a)(iii) | How and how often the body(s) or individual(s) is informed about climate-related risks and opportunities | Sustainable development governance Board oversight Executive management Organizational management |
| 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 | Sustainable development governance Board oversight Executive management Organizational management |
| 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)) | Board oversight Executive management Organizational management 2025 Proxy Statement |
| S2.6(b) | Management’s role in the governance processes, controls and procedures used to monitor, manage and oversee climate-related risks and opportunities | Executive management 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 | Executive 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 | Executive management 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 | 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 | 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 | 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 | 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 | Impacts of climate-related risks and opportunities |
| 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) | Impacts of climate-related risks and opportunities |
| 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) | Impacts of climate-related risks and opportunities Business 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) | Impacts of climate-related risks and opportunities Business opportunities |
| S2.14(a)(iii) | Current and anticipated indirect mitigation and adaptation efforts (ex: through working with customers and supply chains) | Responding to climate-related risks |
| 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 climate-related risks Strategy |
| S2.14(a)(v) | How the entity plans to achieve any climate-related targets, including any greenhouse gas emissions targets | Climate-related metrics and targets Emissions reduction targets and performance Scope 1 and Scope 2 emissions reduction activities Addressing Scope 3 emissions Our approach to net-zero |
| S2.14(b) | Disclose information about how the entity is resourcing, and plans to resource, the activities disclosed in accordance with paragraph 14(a). | Impacts of climate-related 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). | Sustainability Report archives |
| Strategy: Financial position, financial performance and cash flows | ||
| S2.15 | An entity shall disclose information that enables users of general purpose financial reports to understand: | |
| S2.15(a) | The effects of climate-related risks and opportunities on the entity’s financial position, financial performance and cash flows for the reporting period (current financial effects) | Impacts of climate-related risks and opportunities |
| S2.15(b) | The anticipated effects of climate-related risks and opportunities on the entity’s financial position, financial performance and cash flows over the short, medium and long term, taking into consideration how climate-related risks and opportunities are included in the entity’s financial planning (anticipated financial effects). | Impacts of climate-related risks and opportunities |
| S2.16 | Specifically, an entity shall disclose quantitative and qualitative information about: | |
| S2.16(a) | The effects of climate-related risks and opportunities have affected its financial position, financial performance, and cash flows for the reporting period | Impacts of climate-related risks and opportunities |
| S2.16(b) | The climate-related risks and opportunities identified in 16(a) for which there is significant risk of a material adjustment within the next annual reporting period to the carrying amounts of assets and liabilities reported in the related financial statements | 2024 Annual Report |
| S2.16(c) | How the entity expects its financial position to change over the short, medium, and long term (given its strategy to manage climate-related risks and opportunities), taking into consideration: | |
| S2.16(c)(i) | Investment and disposal plans (ex: capital expenditures, major acquisitions and divestments, business transformation, innovation, new business areas, and asset retirements), including plans the entity is not contractually committed to | Impacts of climate-related risks and opportunities |
| S2.16(c)(ii) | Planned sources of funding to implement its strategy | Impacts of climate-related risks and opportunities |
| S2.16(d) | How the entity expects its financial performance and cash flows to change over the short, medium, and long term (given its strategy to manage climate-related risks and opportunities) | Impacts of climate-related risks and opportunities |
| 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. Specifically, the entity shall disclose: | |
| 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: | Risk management 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 | Scenario analysis |
| S2.22(a)(ii) | The significant areas of uncertainty considered in the entity's assessment of its climate resilience | 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, including: | 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 | Impacts of climate-related risks and opportunities |
| S2.22(a)(iii)(2) | The entity's ability to redeploy, repurpose, upgrade or decommission existing assets | 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 | Scenario analysis |
| S2.22(b) | Disclose how and when the climate-related scenario analysis was carried out, including: | Scenario analysis |
| S2.22(b)(i) | Information about the inputs the entity used | Scenario analysis |
| S2.22(b)(i)(1) | Which climate-related scenarios the entity used for the analysis and the sources of those scenarios | Scenario analysis |
| S2.22(b)(i)(2) | Whether the analysis included a diverse range of climate-related scenarios | 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 | 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 | 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 | Scenario analysis |
| S2.22(b)(i)(6) | The time horizons the entity used in the analysis | 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 about: | |
| S2.22(b)(ii)(1) | Climate-related policies in the jurisdictions in which the entity operates | Scenario analysis |
| S2.22(b)(ii)(2) | Macroeconomic trends | 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) | Scenario analysis |
| S2.22(b)(ii)(4) | Energy usage and mix | Scenario analysis |
| S2.22(b)(ii)(5) | Developments in technology | Scenario analysis |
| S2.22(b)(iii) | The reporting period in which the climate-related scenario analysis was carried out | 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 sustainable development risks Risk management Managing climate-related risks |
| 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) | Risk management |
| S2.25(a)(ii) | Describe how the entity uses climate-related scenario analysis to inform its identification of climate-related risks | Scenario analysis |
| 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) | Risk management |
| S2.25(a)(iv) | Describe how the entity prioritizes climate-related risks relative to other types of risk | Risk management |
| S2.25(a)(v) | Describe how the entity monitors climate-related risks | 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 | Risk management Scenario analysis Impacts of climate-related risks and opportunities |
| 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 sustainable development risks 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 - the entity shall: | |
| 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 | Emissions reduction targets and performance Scope 1 and Scope 2 emissions reduction activities Addressing Scope 3 emissions Our performance |
| 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) | Measurement, reporting and verification |
| S2.29(a)(iii) | Disclose the approach it uses to measure its greenhouse gas emissions (see paragraphs B26–B29) including: | |
| S2.29(a)(iii)(1) | The measurement approach, inputs and assumptions the entity uses to measure its greenhouse gas emissions | 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 | 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) | Our performance |
| 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) | Our performance |
| 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 | |
| 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) | Addressing Scope 3 emissions |
| 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) | n/a |
| 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) | Strategy Impacts of climate-related risks and opportunities Scenario analysis |
| 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 | Impacts of 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)) | Organizational management |
| 2025 Proxy Statement | ||
| S2.29(g)(ii) | The percentage of executive management remuneration recognized in the current period that is linked to climate-related considerations. | Organizational management |
| 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: | |
| S2.33(a) | The metric used to set the target (see paragraphs B66–B67) | Emissions reduction targets and performance |
| S2.33(b) | The objective of the target (for example, mitigation, adaptation or conformance with science-based initiatives) | Emissions reduction targets and performance |
| 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) | Emissions reduction targets and performance |
| S2.33(d) | The period over which the target applies | Emissions reduction targets and performance |
| S2.33(e) | The base period from which progress is measured | Emissions reduction targets and performance |
| S2.33(f) | Any milestones and interim targets | Emissions reduction targets and performance |
| S2.33(g) | If the target is quantitative, whether it is an absolute target or an intensity target | Emissions reduction targets and performance |
| S2.33(h) | How the latest international agreement on climate change, including jurisdictional commitments that arise from that agreement, has informed the target | Emissions reduction targets and performance |
| Public policy engagement | ||
| Climate change public policy Carbon price policy engagement |
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| S2.34 | An entity shall disclose information about its approach to setting and reviewing each target, and how it monitors progress against each target | |
| S2.34(a) | Whether the target and the methodology for setting the target has been validated by a third party | Measurement, reporting and verification Data quality and assurance |
| S2.34(b) | The entity’s processes for reviewing the target | Board oversight Emissions reduction targets and performance Measurement, reporting and verification Data quality and assurance |
| S2.34(c) | The metrics used to monitor progress towards reaching the target | Emissions reduction targets and performance |
| S2.34(d) | Any revisions to the target and an explanation for those revisions | Emissions reduction targets and performance |
| 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 | Emissions reduction targets and performance |
| S2.36 | For each greenhouse gas emissions target disclosed in accordance with paragraphs 33–35, an entity shall disclose: | |
| S2.36(a) | Which greenhouse gases are covered by the target | 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 targets and performance |
| S2.36(c) | Whether the target is a gross greenhouse gas emissions target or net greenhouse gas emissions target. If the entity discloses a net greenhouse gas emissions target, the entity is also required to separately disclose its associated gross greenhouse gas emissions target (see paragraphs B68–B69). | Emissions reduction targets and performance |
| 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 | Low carbon technologies |
| S2.36(e)(i) | The extent to which, and how, achieving any net greenhouse gas emissions target relies on the use of carbon credits | Low carbon technologies |
| S2.36(e)(ii) | Which third-party scheme(s) will verify or certify the carbon credits | Low carbon technologies |
| 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 | Low carbon technologies |
| 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) | Low carbon technologies |