Snam in the Task Force on Climate-related Financial Disclosure
Snam's commitment as an important player in the energy transition is also reflected in a more transparent reporting focused on Climate Change
Snam publishes the third edition of the document "Financial disclosure on Climate Change 2020" in accordance with the TCFD recommendations to which we adhered in 2018.
Companies operating in the energy sector are faced with the constant challenge of guaranteeing the energy required by the market at affordable prices, using sources and processes that go in the direction of decarbonisation. Snam decided to answer to this challenge not only with a Net Zero Carbon strategy, concrete investments and new targets for the reduction of natural gas emissions and GHG emissions scope 1 and scope 2, but also with a more transparent reporting by joining, in September 2018, the recommendations of the Task Force on climate-related financial disclosure.
Task Force on Climate-Related Financial Disclosure
Economic ministers and governors of G20 central banks have asked the Financial Stability Board (FSB) to examine how the financial sector can take climate issues into account. The FSB established the Task Force on Climate-Related Financial Disclosure (TCFD) to develop recommendations for more effective reporting on this issue.
The 31 international members of the Task Force, led by Michael Bloomberg, include capital providers, insurers, large non-financial corporations, accounting and consulting firms and credit rating agencies.
The Task Force developed four recommendations, structured around four areas, representing the basic elements of an organization:
- Governance: the governance of the organization regarding risks and opportunities related to climate.
- Strategy: the risks and opportunities related to climate identified by the organization in the short, medium and long term. The potential and actual impacts of risks and opportunities related to climate on the organization's activities, strategy and financial planning. The elasticity of the organization's strategy in different scenarios, including one at 2 ° or lower.
- Risk management: the processes used by the organization to identify, verify and manage the risks related to the climate
- Measurement and targets: data (scope I, scope II and if relevant also scope III) and the targets used to verify and manage risks and opportunities due to the climate.
Snam has prepared the report "Financial disclosure on Climate Change 2019" taking into account these recommendations. In the report are analysed and deepened the roles and responsibilities of the organization for the management of climate change, the strategy and the scenarios developed to take into account the national and European legislative framework, the risks and opportunities management model and their impacts, from the qualitative point of view. Besides it is given a complete disclosure of the available data on the subject, the new targets set at 2030 and the Net Zero Carbon strategy at 2040 (regarding scope 1 and scope 2 emissions).
06 April 2021 - 16:43 CEST