Environmental Accounting - 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.Visit BP website on https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/investors/bp-annual-report-and-form-20f-2019.pdf by Dr. Amjad suri

Governance

amjadkhansuri — 2020-08-28 09:35:23 UTC

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

a. Describe the board’s oversight of climate-related risks and opportunities. Reported on Page 42
b. Describe the management’s role in assessing and managing climate related risks and opportunities. Reported on Page 42

Strategy

amjadkhansuri — 2020-08-28 09:38:01 UTC

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.

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

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

Reported on Risk factors, pages 70-71 – description of principal risks.
3. Describe the resilience of the organization’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.
Reported on Achieving the Paris goals, page 13. Our strategy, page 16.

Risk management

amjadkhansuri — 2020-08-28 09:47:48 UTC

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

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

Reported on Risk management, page 44. Upstream, page 50. Downstream, page 56. Other businesses and corporate, page 63.
2. Describe the organization’s processes for managing climate-related risks.

Reported on Risk management, page 44.
3. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization’s overall risk management.
Reported on Risk management, page 44. How we manage risk, pages 68-69. Risk factors, pages 70-71.

Metrics and targets

amjadkhansuri — 2020-08-28 09:53:48 UTC

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

1. Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process.
Reported on Relevant group-wide metrics and targets, page 17.
2. Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 GHG emissions, and the related risks. . Reported on GHG emissions data, page 40
3. Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets.
Reported on RIC framework, page 41. (Also note: Net zero ambition and aims, page 6).

Bp Case

2024-10-02 13:40:48 UTC

In BP’s 2019 Annual Report and Form 20-F, the company outlines its approach to sustainability through several key initiatives:

1.Company Approach to Sustainability

BP emphasizes transitioning to a low-carbon energy system and aims to reduce its greenhouse gas emissions. The company has set targets to align its operations with the goals of the Paris Agreement, focusing on clean energy development and investing in renewable energy sources, such as wind and solar.

Adding Value to Societies

BP seeks to add value to the societies in which it operates through various means:

• Local Economic Development: Investing in local infrastructure and creating job opportunities.

• Community Engagement: Collaborating with communities to address their needs and concerns, fostering partnerships that enhance social and economic development.

• Environmental Stewardship: Committing to minimizing environmental impacts and investing in sustainable practices that benefit local ecosystems.

Incorporation of Sustainability Issues into Long-Term Strategy

BP has identified key sustainability issues, such as climate change, resource scarcity, and social equity, and has integrated them into its long-term strategy. The company emphasizes governance and risk management frameworks that prioritize sustainability, aiming to ensure that these considerations are central to its business decisions and future growth plans.

1. What is the company's approach to sustainability?

hamdarashed473 — 2024-10-06 13:43:51 UTC

BP's approach to sustainability focuses on safety, environmental care, and building partnerships. The company aims to improve safety and help reduce carbon emissions while transitioning to lower-carbon energy sources.

2. What are the ways in which the company can add value to society?

BP adds value to society by:

- Prioritizing safety in its operations.

- Supporting environmental sustainability and decarbonization.

- Partnering with governments and organizations to share knowledge and technology.

- Maintaining financial discipline to invest in low-carbon solutions and support communities.

3. How does the company identify and incorporate sustainability issues into its operations?

BP identifies sustainability issues by:

- Continuously improving safety standards.

- Analyzing environmental impacts and opportunities for decarbonization.

- Engaging with partners and communities to understand their needs.

- Creating a long-term plan that integrates sustainability into all aspects of its business.