Corporate Sustainability Report - Flipbook - Page 69
Sustainability Report
Risks and opportunities | TRANSITION RISKS
Risk/opportunity
type and time
horizon
Description of risk/
opportunity
Description
of response
Market and
reputation
risks – Demands
for e昀昀ective
sustainability
management
Customers and investors are
increasingly aware of environmental
issues and the measures that
companies should be adopting to
make them risk-averse.
Identifying market and reputational
risks aids Access in reviewing
and improving its climate change
management practices continually
as our reputation would be a昀昀ected
negatively by business service
interruptions or not mitigating climate
risk timely.
Timeframe
Medium- to long-term
As a result, there is greater scrutiny
on how Access aligns all its business
activities to its Net Zero Transition
Plan.
If Access lags behind, we risk our
stakeholders choosing not to invest, or
not to work with or for us, which will
impact strategic growth initiatives.
Furthermore, if the company does
not demonstrate good practices, our
market value and reputation could
su昀昀er in the medium- and long-term.
Access is measuring its global carbon
emissions and has committed o昀케cially
to setting near-term targets in line
with the Paris Accord for validation
through the Science Based Targets
initiative (SBTi), as well as set a longterm target to net zero by 2050. This,
in conjunction with meeting targets,
will have a positive impact on our
reputation.
Increasingly investors, customers and
employees have a strong preference
for businesses that demonstrate good
climate change and environmental
management practices.
If Access is unable to achieve these
targets, or demonstrate adequate
progression, there is a potential risk
of not attracting and retaining talent,
losing existing customers, and not
winning new business.
However, by improving our reputation
through environmental initiatives,
and showing good progress towards
achieving net zero, we will likely attract
new talent, in particular millennials
and Gen Z, as well as new customers,
generating new revenue.
Policy and legal risks
– Non-compliance
with regulation)
Timeframe
Short- to long-term
Legislation relating to climate change
and energy is progressing rapidly in
many regions in which we operate.
New legislation is being implemented
and existing legislation updated.
For example, the IFRS Foundation,
has created the reporting standards
and has subsumed TCFD into its ISSB
framework with a call to all jurisdictions
to adopt or amend the framework as
they determine with each jurisdiction
implementing monitoring mechanisms,
eg. In the UK CFD reporting falls under
the FRC whilst TCFD is a Listing Rule
requirement and therefore falls under
the FCA.
Our customers and stakeholders
expect Access to comply with all
relevant climate-change related
legislation in each of the regions in
which we operate. Failure to comply
could result in 昀椀nes, criminal sanctions,
and prosecution for non-compliance,
as well as damage to reputation and
the loss of customers.
There are increased reporting
requirements in each of the countries
we operate.
Compliance with climate-change
regulations such as ESOS, SECR and
CSRD, will enable Access to identify
and review energy and carbon saving
opportunities regularly.
These opportunities will be
implemented, where possible,
to improve energy performance
continually and reduce climate change
impact.
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