Covia’s Approach to TCFD Scenario Analysis
Covia’s Task Force on Climate-Related Financial Disclosures (TCFD) scenario analysis represents a thorough examination of potential future states, exploring the financial implications of various climate-related risks and opportunities on our operations, value chain, and strategic planning. By aligning the analysis with TCFD’s recommendations, Covia is better able to understand and respond to climate-related risks and opportunities.
Key highlights of the TCFD scenario analysis include:
- In-Depth Risk Assessment: Covia conducted a detailed evaluation of physical and transitional risks across multiple climate scenarios, ranging from 1.5°C to 4.7°C warming scenarios.
- Strategic Adaptation: The findings from the scenario analysis will be instrumental in how Covia shapes operations, supply chain management, and product development to support the move toward a low-carbon economy.
- Enhanced Disclosure: By embracing the TCFD framework, Covia has strengthened its commitment to transparent reporting and providing stakeholders with detailed insights into the approach to addressing climate-related risks and opportunities.
- Innovation and Resilience: The comprehensive approach to TCFD scenario analysis equips Covia to effectively integrate climate considerations into the strategic planning, in line with the commitments to resilience and innovation.
Earlier this year Covia released its 2023 ESG Report. Covia has also published Sustainability Accounting Standards Board (SASB) and Global Reporting Initiative (GRI) disclosure reports. For more information, see Covia’s Climate Risk and Opportunities Report (2023 TCFD Report).
