Climate change
As an organisation, CAML recognises the growing importance of understanding the impact of climate change on the environment in which we operate and its potential impact on the business.
This was confirmed during 2022 when we revisited our stakeholder-based materiality assessment, this time taking into account the ’double materiality’ aspects of the Company’s impact on the environment as well as the impact of various topics on the Company, and greenhouse gas (‘GHG’) emissions and energy consumption were categorised as a ‘high priority’.
Having set out the Climate Change Strategy in Q2 2022, CAML made further progress towards our strategic objectives. To understand the resilience in terms of climate risks and opportunities, we undertook scenario analysis work during the year. This analysis has broadly validated the company’s climate strategy and has helped us to identify the risks and opportunities as well as key workstreams for the company to focus on going forwards.
- Producing metals which contribute positively to the energy transition
- Working towards decarbonisation
- Ensuring we are operationally resilient
- Focusing on our strategic and business resilience
- Delivering clear and transparent climate-related reporting and disclosures
reduction in group 2024 GHG emissions versus 2020 base
tCO2e Group Scope 1 and 2 GHG emissions 2024
Task Force on Climate-related Financial Disclosures
Governance
The organisation’s governance around climate-related risks and opportunities.
Strategy
The actual impacts of climate-related risks and opportunities on the organisation’s businesses, strategy and financial planning.
Risk Management
The processes used by the organisation to identify, assess and mange climate-related-risks.
Metrics and Targets
The metrics and targets used to assess and manage relevant climate-related risks and oppurtunities.
TCFD was established in 2015 to improve and increase reporting of climate related financial information and provides information to investors about the actions companies are taking to mitigate the risks of climate change, as well as providing increased clarity on the way in which they are governed.
CAML has adopted the TCFD framework and recommendations as a guide for our efforts to understand how climate change could impact a broad range of our business drivers. This provides a structured approach for the company, to work towards embedding climate into decision making, and also enabling us to learn from and apply best practice on reporting and disclosures. During 2023, we also became an official TCFD ‘supporter’.
UN SDG
By producing the metals which play a key role in transmitting renewable power, and therefore contribute positively to the energy transition, we aim to play our part to global decarbonisation. Improving energy efficiency is a key focus of the Company.
We recognise our responsibility, as a contributor of greenhouse gas emissions, to identify and implement programmes to minimise energy usage and increase use of renewable energy where possible, as well as to mitigate and adapt to the impacts of climate change throughout the value chain.