How do you address the risks and opportunities of climate change in your CSR and sustainability report?

1 Identify material issues

Address climate change in your CSR and sustainability report to identify the material issues that affect your business and stakeholders. Material issues have a significant impact on your financial performance, strategy, risk management and stakeholder expectations. You can use frameworks such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) or the Task Force on Climate-related Financial Disclosures (TCFD) to guide your materiality assessment and disclosure.

2 Set goals and targets

Set goals and targets that align with your material issues and reflect your commitment to climate action. Goals and targets should be SMART: specific, measurable, achievable, relevant and time-bound. They should also be consistent with the science-based targets initiative (SBTI), which aims to limit global warming to well below 2°C above pre-industrial levels. You can use tools such as the Science Based Targets Network (SBTN) or the Carbon Disclosure Project (CDP) to help you set and track your goals and targets.

3 Measure and report progress

Measure and report your progress towards your goals and targets, using reliable data and indicators. You should use internationally recognized standards and frameworks, such as the GRI, the SASB, the TCFD or the International Integrated Reporting Council (IIRC), to ensure the credibility, comparability and transparency of your reporting. You should also disclose your challenges, gaps and areas for improvement, as well as your achievements and best practices.

4 Engage stakeholders

Engage your stakeholders throughout your CSR and sustainability reporting process. Stakeholders are those who affect or are affected by your business, such as customers, employees, investors, suppliers, communities, regulators and NGOs. You should consult them on your material issues, goals and targets, progress and performance, and feedback and expectations. You should also communicate your report in a clear, accessible and engaging way, using different formats and channels, such as online platforms, webinars, podcasts or social media.

5 Benchmark and learn

Benchmark and learn from your peers and competitors in your industry and sector, as well as from other leading companies and organizations in CSR and sustainability reporting. You should analyze how they address climate change in their reports, what frameworks and indicators they use, what goals and targets they set, what progress and performance they show, and what challenges and opportunities they face. You should also look for best practices and examples that inspire you to improve your own reporting.

6 Innovate and collaborate

Innovate and collaborate with others to address climate change in your CSR and sustainability report, and beyond. You should look for ways to create value for your business and society by developing new products, services, processes or business models that reduce your environmental footprint, enhance your social impact and increase your resilience. You should also seek partnerships and alliances with other businesses, NGOs, governments or academia that share your vision and goals, and that can help you scale up your solutions and influence.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?