BUSINESS OPERATIONS AND VALUE CREATION
SUSTAINABILITY REPORT
FINANCIAL DEVELOPMENT
GOVERNANCE
Disclosures in accordance with the TCFD recommendations
Metsä Board’s disclosures concerning climate-related risks and opportunities in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) are com- piled in the table below. The references to more detailed information are indicated with abbrevia- tions: (AR) Annual Report, (BDR) Board of Directors’ Report, (FS) Financial Statements, (CG) Cor- porate Governance Statement.
Governance Disclose the organisation’s governance around climate-related risks and opportunities a) Describe the Board’s oversight of climate-related risks and opportunities.
AR: Sustainability management pp. 20–21 CG: Risk management p. 174 AR: Sustainability management pp. 20–21 CG: Risk management p. 174
b) Describe the management’s role in assessing and managing climate-related risks and opportunities.
Strategy Disclose the actual and potential impacts of climate-related risks and opportunities on the organisation’s business operations, strategy and financial planning where such information is material. a) Describe the climate-related risks and opportunities the organisa- tion has identified over the short, medium, and long term. AR: Strategy pp. 8–9 AR: Operating environment pp. 12–14 AR: Product and service development pp. 16–17 AR: Climate-related risks and opportunities pp. 36−37 AR: Sustainable products pp. 30–31 BDR: Most significant risks and uncertainties pp. 85–88 CG: Risk management p. 174
b) Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning.
AR: Strategy pp. 8–9 AR: Sustainability management pp. 20–21
AR: Climate-related risks and opportunities pp. 36−37 BDR: Most significant risks and uncertainties pp. 85–88 CG: Risk management p. 174
c) Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.
In line with Metsä Board’s strategy, the company has a plan to achieve zero car- bon dioxide emissions (Scope 1 and Scope 2, market-based) at all its mills by the end of 2030. The emissions target is science-based and approved by SBTi (1.5°C target level). The target is also fossil free for all raw materials. To mitigate climate change and and to adapt to a low-carbon future, investments and development measures have been and will be made in energy efficiency and the transition to fossil free energy sources in own energy production and in purchased energy. The company has analysed climate-related scenarios and examined the potential effects of transitional and physical risks and opportunities on its business. Metsä Board employs, among others, analyses based on the RCP 2.6, RCP 4.5 and RCP 8.5 scenarios (Representative Concentration Pathways).
AR: Product and service development pp. 16–17 AR: Sustainable products pp. 30–31 AR: Climate-related risks and opportunities pp. 36−37 AR: Forests, climate and the environment pp. 27–41 BDR: Most significant risks and uncertainties pp. 85–88
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