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Directors’ climate journey

The disruptive relationship between climate change and business is already receiving increased attention globally and in the UAE. This has been prompted by the Paris Agreement, the emergence of climate-related legislation, voluntary disclosure frameworks such as the recommendations of the Financial Stability Board’s Task Force on Climate-Related Financial Disclosures (TCFD) and the heightened awareness of physical impacts and risks.

The UAE is experiencing first hand the disruptive impacts of changing climate. Board directors must take note and ensure that climate risks and opportunities are appropriately addressed. This is the important duty that boards of directors have for long-term stewardship of the companies they oversee.

The framework developed by Chapter Zero will help with embedding systemic responses that facilitate good climate governance.

Who should take the journey

All board directors committed to good climate governance and risk management.
Especially board chairs wanting to shape the board agenda on climate change, chairs of audit or risk committees leading the governance of climate change risk and reporting, remuneration chairs incentivising behaviour.
Board Directors wishing to understand the key business risks and opportunities for value creation, as well as ensuring sustainability.

Awareness and context of climate change

It’s time for business to adapt, because climate change is an issue for humanity and a current issue for business. The following videos explain why.

Examples of implementation

Climate change has a place on the board agenda. Companies need to consider the different types of climate-related risks to address the climate challenge successfully. The resulting transition presents opportunities which can be uncovered using scenario analysis as a means to inform strategy. Setting metrics and targets will drive the implementation over time. Financial statements are already impacted by climate change. Annual reporting requirements are evolving and attract attention of governments and investors.The following videos provide details.

How to introduce climate change and effective climate governance on Boards

The Climate Governance Initiative provides this short course as an introduction to board directors on climate change and effective climate governance.

How to set up climate governance on boards

The World Economic Forum provides Guiding principles and questions here.

How to create strategic plans to respond to climate change on Boards

The Chapter Zero Board Toolkit is designed to help board directors ensure their businesses have the strategic plans in place to respond to climate change. The Board Toolkit is available for download here.

The Chapter Zero Board Scorecard can be used to establish areas which need additional focus on your board. You can try the Board Scorecard here.

How to continue your education on climate governance

For local knowledge, click here to access our local resources which will be periodically updated . For global knowledge, access the Climate Governance Hub of the Climate Governance Initiative with key knowledge and resources for board directors driving climate action around the world.