Climate change challenge
Climate change poses a very real threat to our environment, our business, and the people we serve. We must rise to meet two major and immediate challenges:
We must reduce our carbon footprint to help combat climate change. We believe it is essential that we take bold steps to reduce our impact on the environment. We have committed to a Triple Carbon Pledge that by 2030 we will achieve net zero operational carbon emissions, that 100% of our energy will come from renewable sources and we will have 100% electric vehicles (where available).
Our Science Based Targets (SBTs) include:
We need to adapt and take action so our business can cope with any impact from a changing climate both now and in the future. Climate change is a priority risk for us and acts as a contributor to other principle risks. To ensure we are as prepared as possible we assess the risks and increase our resilience and flexibility to protect our services. You can read our Water Resource Management Plan for how.
We also have several plans detailing how we are adapting to climate change.
Climate change risk
Climate change is a priority risk for us and acts as a contributor to other principle risks, as everything we do is impacted by weather.
Everything we do is impacted by the weather
Temperature and rainfall impact the quality and quantity of water we can abstract from rivers, lakes and other sources.
The performance of our assets, such as pipes, are threatened by extreme weather, with high and low temperatures able to cause damage to infrastructure, and heavy rainfall overburdening our sewers.
Demand for water rises significantly during hot weather.
Our latest Task Force for Financial Related Disclosure TCFD in our Annual Report and Accounts details the risk climate change poses and how we will manage climate risks.
The key risks are highlighted in our Climate Change Adaptation Report:
All of these result in a poorer customer experience.
Our latest Annual Report and Accounts details the risk climate change poses and how we will manage climate risks.
Accountability and Governance
The Board has ultimate responsibility for sustainability and oversight of the Group’s Corporate Strategy is a matter reserved for the Board. Climate-related issues are assessed in dedicated strategy sessions and during Board meetings.
The Board is supported by a series of Board-level and Executive-level governance committees in carrying out its role to oversee climate-related opportunities and risks.
Read more about our Board, its expertise and its Committees.
The Corporate Sustainability Committee scrutinises and provides guidance and direction on the Corporate Strategy and reviews sustainability and climate-related risks and opportunities.
We have multiple management committees that have delegated responsibility for oversight on climate related matters such as our Carbon and Energy Steering Committee which meets quarterly and includes our Chief Executive Officer as a member.
They set the Group’s overall carbon and energy strategy and targets, ensuring that robust plans are in place to deliver them. Both mitigation and adaptation climate-related issues are integrated into the performance objectives and business plans across multiple teams.