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Task Force on Climate-related Financial Disclosures

We support the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), which was established by the Financial Stability Board with the aim of improving the reporting of climate-related risks and opportunities
We intend to work constructively with the TCFD, and others, to develop good practices and standards for transparency. This will be a multi-year journey, but we have already started, and our latest reporting provides information supporting the TCFD’s recommended disclosures.

TCFD recommended disclosures

Where to find more information in BP’s 2019 Annual report

Governance

Disclose the organization’s governance around climate-related issues and opportunities.

a) Describe the board’s oversight of climate-related risks and opportunities.

Climate-related financial disclosures - Governance, page 42.

b) Describe the management’s role in assessing and managing climate-related risks and opportunities.

Climate-related financial disclosures - Governance, page 42.

Strategy

Disclose the actual and potential impacts of climate-related risks and opportunities on the organization’s business,

strategy and financial planning where such information is material.

a) Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term.

Achieving the Paris goals, page 13 – for a discussion of the different pathways and time horizons considered


RIC framework, page 41 – for an outline of opportunities.


Risk factors, pages 70-71 – description of principal risks.

b) Describe the impact of climate-related risks and opportunities on the organization’s businesses, strategy and financial planning.

Risk factors, pages 70-71 – description of principal risks.

 

c) Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.

Achieving the Paris goals, page 13.

Our strategy, page 16.

Risk management

Disclose how the organization identifies, assesses and manages climate-related risks.

a) Describe the organization’s processes for identifying and assessing climate-related risks.

Risk management, page 44.
Upstream, page 50.
Downstream, page 56.
 

Other businesses and corporate, page 63.

b) Describe the organization’s processes for managing climate-related risks.

Risk management, page 44.

c) Describe how processes for identifying, assessing and managing climate-related risks are integrated into the organization’s overall risk management.

Risk management, page 44.
How we manage risk, pages 68-69.
Risk factors, pages 70-71.

Metrics and targets

Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.

a) Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process.

Relevant group-wide metrics and targets, page 17.

b) Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 GHG emissions, and the related risks.

GHG emissions data, page 40.

c) Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets.

RIC framework, page 41.
 

(Also note: Net zero ambition and aims, page 6).