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- Title
Energy Transition -- PREPARING FOR CHANGE.
- Authors
Wright, Sheri
- Abstract
This article explores the risks and opportunities that come with the global transition to a low-carbon energy system. It emphasizes the importance of informed governance in addressing the challenges and opportunities of climate change. The article suggests that pension plan and health benefit trust boards should engage in conversations about climate change, assess stakeholders' perspectives, and be prepared for changes in government policies, industry targets, and financial regulations. It also highlights the need for transparency in decision-making and communication with stakeholders. The Task Force on Climate-Related Financial Disclosures (TCFD) identifies two categories of climate risks: transition risks and physical risks. Boards should ask the right questions to assess these risks and ensure they have the necessary information from staff, investment managers, consultants, or advisors. Climate change also presents opportunities in areas such as energy sources, resource efficiency, markets, products and services, and resilience. Boards should consider these opportunities along with the risks. Regulators have issued guidelines on climate risk management and disclosures for financial institutions, providing valuable guidance for effective governance. Boards should also engage with plan members and stakeholders on climate change and be prepared to answer tough questions.
- Subjects
CLIMATE change adaptation; GREENHOUSE gas mitigation; ENVIRONMENTAL, social, &; governance factors; EMPLOYEE benefits; FOSSIL fuel industries; GREENHOUSE gases; PORTFOLIO managers (Investments)
- Publication
Plans & Trusts, 2024, Vol 42, Issue 2, p10
- ISSN
2164-3857
- Publication type
Article