Watch the webinar replay here, or scroll down for a summary and a preview.
Climate disclosures are mandatory for many organisations in Aotearoa New Zealand in the 2023/2024 reporting year. Australia requires them from 2024/2025. Why? Because climate change affects financial markets and the companies that rely on those markets for essential services such as lending, insurance and investment.
Toyota New Zealand produced its first climate disclosures in 2023 – from technical data to designed report. Natasha Morris, Toyota New Zealand’s Sustainability Manager and our Head of Strategy and Disclosures Martin Fryer, discuss what the company learned and how it is approaching its climate disclosures in 2024.
Here's a preview:
In the webinar we learned:
Involve all areas of your business
Involve as many departments of the business as practical. This sends a clear message about how important climate change is for your business. Involving employees from management to operations in the process will help them understand how they can contribute to a climate-resilient future.
Think strategically
Take a strategic approach when starting a reporting or disclosure project. First, identify the main risks and opportunities and then break them down into what Natasha describes as ‘bite-sized chunks’. Use these more defined risks and opportunities to develop, communicate and implement your climate action plan.
See your disclosures as an opportunity to learn
‘I think what was really impactful was the learning process,’ Natasha says. ‘We all came out of the process more educated about the key risks and opportunities for the company.’ For example, learning new concepts like ‘transitional risks’ (potential risks from transitioning to a low-carbon economy such as risks to products and services) and why they matter can help you identify these risks and inform the strategic direction of your business.
Connect the climate change pieces
Natasha says that developing Toyota New Zealand’s first climate-related report was like finding a major piece of a jigsaw. ‘We were missing the piece around climate change and the risk and opportunities and how we now need to focus on that,’ Natasha says. ‘It gave that bigger picture of what the company looks like under climate change and has really informed our strategic planning.’