ANNUAL REPORT 2025 87 SUSTAINABILITY REPORT Reference number Requirement Page, reference or additional comment IFRS S2.22 An entity shall disclose information that enables users of general purpose financial reports to understand the resilience of the entity’s strategy and business model to climate-related changes, developments and uncertainties, taking into consideration the entity’s identified climate-related risks and opportunities. The entity shall use climate-related scenario analysis to assess its climate resilience using an approach that is commensurate with the entity’s circumstances (see paragraphs B1–B18). In providing quantitative information, the entity may disclose a single amount or a range. Specifically, the entity shall disclose: (a) the entity’s assessment of its climate resilience as at the reporting date, which shall enable users of general purpose financial reports to understand: (i) the implications, if any, of the entity’s assessment for its strategy and business model, including how the entity would need to respond to the effects identified in the climate-related scenario analysis Page 45 to 50 (Climate Change) (ii) the significant areas of uncertainty considered in the entity’s assessment of climate resilience (iii) the entity’s capacity to adjust or adapt its strategy and business model to climate change over the short, medium and long term, including: (1) the availability of, and flexibility in, the entity’s existing financial resources to respond to the effects identified in the climate-related scenario analysis, including to address climate-related risks and to take advantage of climate-related opportunities; (2) the entity’s ability to redeploy, repurpose, upgrade or decommission existing assets; and (3) the effect of the entity’s current and planned investments in climate-related mitigation, adaptation, and opportunities for climate resilience; and (b) how and when the climate-related scenario analysis was carried out, including: (i) information about the inputs the entity used, including: Page 45 to 50 (Climate Change) (1) which climate-related scenarios the entity used for the analysis and the sources of those scenarios; The Trust conducted climate scenario analysis in 2024. Please refer to pages 65 to 66 of the 2024 Annual Report for more details. (2) whether the analysis included a diverse range of climate-related scenarios (3) whether the climate-related scenarios used for the analysis are associated with climate-related transition risks or climate-related physical risk; (4) whether the entity used, among its scenarios, a climate-related scenario aligned with the latest international agreement on climate change; (5) why the entity decided that its chosen climate-related scenarios are relevant to assessing its resilience to climate-related changes, developments or uncertainties; (6) the time horizons the entity used in the analysis; (7) what scope of operations the entity used in the analysis (for example, the operating locations and business units used in the analysis); (ii) the key assumptions the entity made in the analysis, including assumptions about: (1) climate-related policies in the jurisdictions in which the entity operates; (2) macroeconomic trends; (3) national- or regional-level variables (for example, local weather patterns, demographics, land use, infrastructure and availability of natural resources); (4) energy usage and mix; and (5) developments in technology; and (iii) the reporting period in which the climate-related scenario analysis was carried out (see paragraph B18).
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