Disclosures in accordance with the TCFD and TNFD recommendations
The TCFD (Task Force on Climate-related Financial Disclosures) recommendations were included in the ISSB (International Sustainability Standards Board) standards in 2023. As Metsä Board Corporation does not currently report according to the ISSB standards, the company’s 2023 TCFD report is presented in the following table. In addition, the table includes nature-related risks and opportunities in accordance with the TNFD recommendations (The Task Force on Nature-related Financial Disclosures), which the ISSB intends to utilize in the development of its future standards. The references to more detailed information are indicated with abbreviations: (SS) Sustainability statement, (BD) Report of the Board of Directors, (CG) Corporate governance statement.
Governance Disclose the organisation’s governance around climate- and nature-related risks and opportunities a) Describe the board’s oversight of climate- and nature related dependencies, impacts risks and opportunities.
SS: General information: Sustainability governance and strategy CG: Risk management SS: General information: Sustainability governance and strategy CG: Risk management
b) Describe the management’s role in assessing and managing climate- and nature-related dependencies, impacts risks and opportunities. c) Describe the organisation's human rights policies and engagement activities, and oversight by the board and management, with respect to indigenous Peoples, Local Communities, affected and other stakeholders, in thee organisation's assessment of, and response to, nature-related dependencies, impacts, risks and opportunities.
SS: General information: Interests and views of stakeholders SS: E4 The identification and assessment of material impacts, risks and opportunities SS: S3 Policies SS: S3 Engaging with affected communities about impacts SS: G1 Policies
Strategy Disclose the actual and potential impacts of climate- and nature-related risks and opportunities on the organisation’s business operations, strategy and financial planning where such information is material.
a) Describe the climate- and nature-related dependencies, impacts risks and opportunities the organisation has identified over the short, medium, and long term. b) Describe the effect of climate-and nature-related dependencies, impacts, risks and opportunities on the organisation’s business model, value chain, strategy, and financial planning, as well as any transition plans or analysis in place.
SS: General information , E1 , E2 , E3 , E4 , E5 Material sustainability-related impacts, risks and opportunities SS: E1 , E2 , E3 , E4 , E5 The identification and assessment of material impacts, risks and opportunities BD: Most significant risks and uncertainties CG: Risk management SS: General information: Strategy, business model and value chain SS: General information , E1 , E2 , E3 , E4 , E5 Material sustainability-related impacts, risks and opportunities SS: E1 Transition plan for climate change mitigation and adaptation SS: E4 Transition plan and consideration of biodiversity and ecosystems in strategy and business model BD: Most significant risks and uncertainties CG: Risk management SS: General information: Strategy, business model and value chain SS: General information , E1 , E2 , E3 , E4 , E5 Material sustainability-related impacts, risks and opportunities SS: E1 Transition plan for climate change mitigation and adaptation SS: E4 Transition plan and consideration of biodiversity and ecosystems in strategy and business model BD: Most significant risks and uncertainties CG: Risk management SS: General information , E1 , E2 , E3 , E4 , E5 Material sustainability-related impacts, risks and opportunities SS: E1 , E2 , E3 , E4 , E5 Actions SS: E1 , E2 , E3 , E4 , E5 Financial effects SS: E1 Transition plan for climate change mitigation and adaptation SS: E4 Transition plan and consideration of biodiversity and ecosystems in strategy and business model BD: Most significant risks and uncertainties
c) Describe the resilience of the organisation’s strategy to climate- and nature-related risks and opportunities, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.
d) Describe the location of assets and/or activities in the organisation's direct operations and, where possible, upstream and downstream value chains that meet the criteria for priority locations.
Risk management Disclose how the organisation identifies, assesses and manages climate- and nature-related risks
a) Describe the organisation’s processes for identifying, assessing and prioritising climate- and nature-related dependencies, impacts, risks and opportunities.
SS: General information: Material sustainability-related impacts, risks and opportunities SS: E1 , E2 , E3 , E4 , E5 The identification and assessment of material impacts, risks and opportunities BD: Most significant risks and uncertainties CG: Risk management SS: General information: Material sustainability-related impacts, risks and opportunities SS: E1 , E2 , E3 , E4 , E5 The identification and assessment of material impacts, risks and opportunities SS: E1 , E2 , E3 , E4 , E5 Policies BD: Most significant risks and uncertainties CG: Risk management SS: General information: Material sustainability-related impacts, risks and opportunities BD: Most significant risks and uncertainties CG: Risk management
b) Describe the organisation’s processes for managing climate- and nature- related dependencies, impacts, risks and opportunities.
c) Describe how processes for identifying, assessing, prioritising and managing climate- and nature-related risks are integrated into and inform the organisation’s overall risk management processes.
Metrics and targets Disclose the metrics and targets used to assess and manage relevant climate- and nature-related risks and opportunities where such information is material.
a) Disclose the metrics used by the organisation to assess and manage climate- and nature-related risks and opportunities in line with its strategy and risk management process. b) Climate: Disclose Scope 1, Scope 2, and, if appropriate, Scope 3 greenhouse gas emissions and the related risks. Nature: Disclose the metrics used by the organisation to assess and manage dependencies and impacts on nature. c) Describe the targets and goals used by the organisation to manage climate- and nature-related dependencies, impacts, risks and opportunities and its per-formance against these.
SS: General information: Metrics and targets SS: E1 , E2 , E3 , E4 , E5 Financial effects
SS: General information: Metrics and targets SS: E1 , E2 , E3 , E4 , E5 Policies SS: E1 , E2 , E3 , E4 , E5 Actions SS: E1 , E2 , E3 , E4 , E5 tables
SS: E1 , E3 , E4 , E5 Metsä Board’s 2030 sustainability targets and E2 Targets SS: E1 Climate change mitigation and adaptation transition plan
Disclosures in accordance with the TCFD and TNFD recommendations | METSÄ BOARD 2024
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