Elkem launches first TCFD report on climate risks and opportunities
STOCKHOLM, Dec. 8, 2021 /PRNewswire/ — Elkem has on Wednesday 8 December launched its first TCFD report as an initiative to address the potential financial impact of climate risks and opportunities. Elkem has also received a new, strong score from CDP substantiating Elkem’s work as a global leader on climate change action.
The Task Force on Climate-related Financial Disclosures (TCFD) was established in 2015, and has quickly become one of the most widely used frameworks for reporting on climate-related financial risks and opportunities.
“Elkem aims to be part of the solution to combat climate change – and to be one of the winners in the green transition. Our mission is to provide advanced material solutions shaping a better and more sustainable future,” says Elkem’s CEO, Helge Aasen.
He adds: “Reporting according to the TCFD recommendations builds internal and external understanding and capabilities to support the green transition, promote transparency, and contribute to climate action. The implementation of the TCFD framework is part of Elkem’s process to continuously improve our sustainability activities and ESG KPIs”.
In 2017, the TCFD released recommendations to help market participants address the financial impact of climate change. The recommendations are structured around four thematic areas that represent core elements of how organisations operate: governance, strategy, risk management, and metrics and targets. By implementing the TCFD framework into the risk management system, Elkem plans to report on the recommendations and the key developments on an annual basis.
In 2021 Elkem has matured the internal use of the TCFD framework. The climate risk implementation was a key input to the climate roadmap towards 2031 and 2050. The Elkem’s climate roadmap is a way to show the response to the climate change landscape identified for Elkem – in 2021 and going forward.
Elkem has also received its 2021 rating from CDP, an international non-profit climate research organization. Elkem has received an A- score on climate change and a B- score on water security.
“The A- rating from CDP on climate is another strong confirmation of Elkem’s position as one of the world’s leading companies in the environmentally responsible manufacture of metals and materials. It also serves as an inspiration to continue improving further. We continue to step up our efforts as we position for the future,” Aasen commented.
In October, Elkem launched a climate roadmap detailing how the company plans to develop its business in line with the aim of the Paris agreement. The company aims to reduce its total fossil CO2 emissions with 28% from 2020-31 while growing its supplies to the green transition – thereby delivering a 39% improvement of its product carbon footprint in the same period. Elkem’s long-term goal is net zero emissions by 2050.
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About the TCFD
On December 4, 2015, the Financial Stability Board (FSB) established the industry-led Task Force on Climate-related Financial Disclosures (TCFD) with Michael R. Bloomberg as Chair. The Task Force currently has four Vice Chairs and 31 members in total. The TCFD was asked to develop voluntary, consistent climate-related financial disclosures for use by companies in providing information to lenders, insurers, investors, and other stakeholders, which were published in the TCFD Recommendations Report on June 29, 2017. More information about the TCFD can be found at www.fsb-tcfd.org.
About CDP scores
The full methodology for the CDP scores is transparent and available on CDP’s website at: https://www.cdp.net/en/guidance/guidance-for-companies
CDP is an international non-profit that drives companies and governments to reduce their greenhouse gas emissions, safeguard water resources and protect forests. Voted number one climate research provider by investors and working with institutional investors with assets of US$106 trillion, we leverage investor and buyer power to motivate companies to disclose and manage their environmental impacts. Over 9,600 companies with over 50% of global market capitalization disclosed environmental data through CDP in 2020. This is in addition to the hundreds of cities, states and regions who disclosed, making CDP’s platform one of the richest sources of information globally on how companies and governments are driving environmental change. CDP is a founding member of the We Mean Business Coalition. Visit cdp.net or follow us @CDP to find out more.
Elkem is one of the world’s leading providers of advanced material solutions shaping a better and more sustainable future. The company develops silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy, and human ingenuity. Elkem helps its customers create and improve essential innovations like electric mobility, digital communications, health, and personal care as well as smarter and more sustainable cities. With a strong track record since 1904, its global team of more than 6,800 people has a joint commitment to stakeholders: Delivering your potential. In 2020, Elkem was rated among the world’s top 5% on climate and achieved an operating income of NOK 24.7 billion. Elkem is listed on the Oslo Stock Exchange (ticker: ELK). www.elkem.com
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The following files are available for download:
Elkem TCFD Report 2021
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