This report presents our climate-related financial risk disclosure in accordance with California Senate Bill 261 (SB 261). It describes how we identify, assess, and manage climate-related risks and opportunities that could affect our business, strategy, and long-term financial performance.
Our approach is aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). We evaluate both physical risks, such as acute and chronic climate impacts, and transition risks related to policy, legal, technology, and market changes associated with the transition to a lower-carbon economy. Where relevant, we also consider climate-related opportunities that may strengthen resilience or support long-term value creation.
This report outlines our governance structure for climate-related risks, including Board oversight and management accountability. It explains how climate considerations are integrated into our enterprise risk management processes and strategic planning. We also describe the scenarios, assumptions, and time horizons used to assess potential financial impacts, as well as the methodologies applied to evaluate material risks.
This report is published biennially and is publicly available in accordance with SB 261 requirements. It reflects our commitment to clear, decision-useful climate risk disclosure for stakeholders, customers, and regulators.
