Climate Space is your management system platform to deliver and demonstrate progress towards Net Zero and Climate-Related Disclosure Compliance.

Your businesses can navigate this evolving landscape by establishing a Climate Space profile supported by a range of Greenspace Applications to provide a comprehensive and accessible solution. The applications can help you meet your climate obligations and commitments.

Background:

As nations adopt and enhance their climate targets, businesses are increasingly demonstrating their own climate ambitions through commitments and declarations. Key developments include:

• International Agreements: Countries are signing onto agreements like the Paris Agreement, aiming to limit global warming to well below 2°C, with efforts to keep it to 1.5°C.

• Regional Initiatives: Various regions, including the UK and European Union, are implementing comprehensive climate action plans, such as the UK Climate Change Act and the European Green Deal, aimed at achieving Net Zero or carbon neutrality by 2050.

• Corporate Commitments: Companies across the globe are setting ambitious science-based targets, such as the Science Based Targets Initiative, to reduce emissions in line with the latest climate science, driven by investor expectations and consumer demands for sustainable practices.

As the UK and other nations ramp up their climate efforts, businesses worldwide must align their operations with these commitments. By integrating climate strategies and actively participating in the global movement towards sustainability, organisations can not only meet regulatory requirements but also contribute to a more resilient and sustainable future.

Key Drivers for Action:

• Regulatory compliance: Organisations are increasingly being asked to demonstrate compliance with regulatory compliance, such as environmental permit holder climate adaptation requirements and mandatory sustainability and climate disclosures.

• Investor Expectations: Investors are demanding greater accountability and action on climate issues and integration of climate resilience into future investments.

• Customer Requirements: Business customers are imposing greenhouse gas (GHG) reporting standards and setting Net Zero targets and supply chain requirements.

• Consumer Expectations: Consumers increasingly expect brands to act responsibly and take proactive measures on climate change.

• Lived Experiences: Organisations are experiencing first-hand the physical impacts of climate change such as flooding and overheating, as well as transitional impacts such as increased energy costs and regulatory uncertainty and recognising the need to have plans in place to manage these impacts.

Climate Space Applications:

Climate Obligations Register

• Centralised Management of Climate Obligations and commitments: Climate Space allows organisations to consolidate their climate obligations and voluntary commitments in one user-friendly register, making it easier to track compliance and stay updated on new regulatory developments and risks.

Climate-Related Disclosure Compliance Auditor

• Gap Analysis: When used alongside the Greenspace gap analysis tool, Climate Space facilitates assessments of compliance with climate related disclosures, such as IFRS S1 (sustainability) and IFRS S2 (climate resilience).

• Strategic Alignment: Organisations can weave together their disclosure obligations with their Net Zero commitments seamlessly.

Climate Scenario Modelling and Risk Register

• Climate Scenario Analysis: Users can integrate outputs from the Waterman Scenario Model and Risk Assessment tool within Climate Space to assess both physical risks associated with defined climate scenarios and anticipated transition risks as the economy shifts toward Net Zero.

• Proactive Responses: This integration allows businesses to develop potential actions and responses to mitigate identified risks.

Climate Actions & Improvement Tracker

• Team Engagement: Climate Space enables teams to post, share, and advocate climate action, fostering collaboration toward corporate Net Zero goals.

• Contribution to Goals: Users can actively contribute to and monitor progress towards climate objectives on the Climate Space Performance Dashboard.

Climate Space serves as a vital tool for businesses to align their operations with regulatory requirements and stakeholder expectations around climate action. By leveraging this platform, organisations can not only manage their climate commitments more effectively but also enhance their resilience in an increasingly complex and climate-conscious market.

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