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ArcelorMittal outlines the approach of the Investment Allocations Committee in ensuring its capex decisions do not disable the company from achieving its Paris aligned CO2 reduction targets.
2.
Appendix.
C. Index of the Climate Action 100+ net-zero company benchmark.
ARCELORMITTAL • CLIMATE ACTION REPORT 2 64
Benchmark indicator CA 100+ assessment, March 2021.
ArcelorMittal self-assessment, July 2021.
Explanation Reference in this report, section:
Indicator 7.
Climate policy engagement.
ArcelorMittal supports climate policy that facilitates our sector’s alignment with the Paris agreement and commits to ensuring all company and our engagement with the policymakers is consistent with this position.
2.5.
Indicator 8.
Climate governance.
ArcelorMittal has clear board oversight for the delivery of its CO2e targets. The 2030 Group’s target will be now linked to executive remuneration.
3.3.
Indicator 9.
Just transition n/a n/a ArcelorMittal will undertake further assessments of the social impacts of its decarbonisation transition as mentioned.
2.6.3.
Indicator 10.
TCFD disclosure.
ArcelorMittal has committed to implement TCFD recommendations and includes a TCFD index in this report. Its analysis is based on the outcomes of policy/technology scenarios to test the opportunities for CO2 reduction, rather than temperature scenarios to test its operational resilience.
Appendix C.
Appendix.
C. Index of the Climate Action 100+ net-zero company benchmark.
ARCELORMITTAL • CLIMATE ACTION REPORT 2 65
Appendix.
C. Alignment with TCFD recommendations.
TCFD recommended disclosures Section: Further information (where applicable)
GOVERNANCE.
A) Describe the board’s oversight of climate-related risks and opportunities 3.3 2020 CDP Climate Change response C1.1.
B) Describe management’s role in assessing and managing risks and opportunities 3 2020 CDP Climate Change response C1.2.
STRATEGY.
A) Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long term.
3 3.1 3.2 2020 CDP Climate Change response C2.1, C2.2a, C2.3a, C2.4a.
B) Describe the impact of climate-related risks and opportunities on the organisation’s businesses, strategy, and financial planning.
3 3.1 3.2.
P 33 – 35 Form 20-F Item 3 Section D. Risk Factors* 2020 CDP response C2.3, C3.1d, C3.1e.
C) Describe the resilience of the organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario.
3 2020 CDP response C3.1.
TCFD recommended disclosures Section: Further information (where applicable)
RISK MANAGEMENT.
A) Describe the organisation’s processes for identifying and assessing climaterelated risks 3 3.2 2020 CDP response C2.2.
B) Describe the organisation’s processes for managing climate-related risks.
3 3.2 2020 CDP response C2.2.
C) Describe how processes for identifying, assessing, and managing climaterelated risks are integrated into the organisation’s overall risk management.
3.2 2020 CDP response C2.2.
METRICS & TARGETS.
A) Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process.
3 3.1 3.2 2020 CDP response C4.1b.
B) Disclose scope 1, scope 2, and, if appropriate, scope 3 greenhouse gas (GHG) emissions, and the related risks 3.2 4.1 2020 CDP response C5.1, C6.1, C6.3, C6.5.
C) Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets.
2 3 2020 CDP response C4.1b * https://corporate-media.arcelormittal.com/media/0gxcmlsb/2020-annual-report-onform-20-f.pdf.
ARCELORMITTAL • CLIMATE ACTION REPORT 2 66
2023.
CLIMATE-RELATED FINANCIAL DISCLOSURES.
Approved for distribution by ANZ’s Ethics, Environment, Social & Governance Committee
SHAPING A WORLD WHERE PEOPLE AND COMMUNITIES THRIVE.
More than ever, ANZ has shaped itself as a bank that supports our customers across 29 markets.
And today, from individuals to businesses, we continue to build a bank that helps them achieve sustainable financial wellbeing.
It’s an uncompromising purpose that helps our customers make the most of their world, every day.
About this report 4 2023 Climate snapshot 6.
ANZ Climate approach 7.
Governance 8.
Strategy 12.
Risk Management 34.
Metrics and Targets 43.
Our approach to sectoral pathways 46.
Energy 51.
Transport 57.
Manufacturing 63.
Buildings 69.
Large Institutional Agribusiness Customers 75.
Total Lending Portfolio 76.
Appendices 78.
Assurance opinion 88.
CONTENTS.
Acknowledgement of Country and Traditional Owners.
ANZ acknowledges the Traditional Custodians of Country throughout Australia and recognises the continuing connection to lands, skies and waterways. We pay our respects to Aboriginal and Torres Strait Islander cultures, and to Elders past and present.
Whakatauākī, ANZ New Zealand’s Proverb.
Tākiri-ā-Rangi The expansive universe above Tākiri-ā-Nuku The beauty of the proceeding lands below Tākiri Te Awatea A new dawn beckons Kia Puawai Ki Te Ao A blossoming to the world Te Kare A Roto E With ripples of compassion and hope for all.
ANZ 2023 Climate-related Financial Disclosures
ABOUT THIS REPORT.
Through our purpose to shape a world where people and communities thrive – we have elevated three areas facing significant societal challenges aligned with our strategy and reach. This includes supporting households, business and financial practices that improve Environmental Sustainability.
On 3 January 2023, Australia and New Zealand Banking Group Limited (ANZBGL) established by a scheme of arrangement, a non-operating holding company, ANZ Group Holdings Limited (ANZGHL), as the new listed parent holding company of the ANZ Group and implemented a restructure to separate ANZ’s banking and certain non-banking businesses into the ANZ Bank Group and ANZ Non-Bank Group (Restructure). The ANZ Bank Group comprises the majority of the businesses and subsidiaries that were held in ANZBGL prior to the Restructure. The ANZ Non-Bank Group comprises banking-adjacent businesses developed or acquired by the ANZ Group to focus on bringing new technology and bankingadjacent services to the ANZ Group’s customers, and a separate service company.
This report describes ANZGHL and its subsidiaries (referred to as “ANZ” or “the Group” or "our") progress towards implementing our Climate Change Commitment and Environmental Sustainability Strategy.
The other two focus areas facing societal challenge, Financial Wellbeing and Housing, are covered in detail in our ESG Supplement available at anz.com/esgreport.
Frameworks.
This report has been prepared in accordance with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations 2017. We have sought to incorporate the additional recommendations of the TCFD (2021 Annex). Our TCFD Index can be found on page 78. Since 2017, we have disclosed our progress according to TCFD Recommendations with a summary in our Annual Report and detail within a standalone report.
ANZ joined the Net-Zero Banking Alliance (NZBA) in 2021 and the information within this report sets out how we are taking action in line with this commitment. We have also considered aspects of the Glasgow Financial Alliance for Net Zero (GFANZ) requirements.