Barratt Developments PLC – Annual report – 30 June 2022
Industry: real estate
Climate related risks and opportunities
Taskforce for Climate-related Financial Disclosures (TCFD)
We recognise the immediacy and severity of climate change and the associated financial risks. Our stakeholders need clear and consistent information on the climate resilience of organisations, the management of climate risk and opportunities and the potential financial implications.
Resilience is a key focus area within our Building Sustainably framework. For us this means building long-term resilience for our homes and communities against climate change risks through innovation, planning and education, whilst also playing a leadership role in our net zero journey by supporting our value chain and wider industry.
The Group is determined to be the leading national sustainable housebuilder, with our TCFD programme an integral part of this strategy. The Board therefore has a duty to the Group’s stakeholders to assess the climate related impacts on its business model.
In last year’s Annual Report, we recognised climate change as a principal risk to the Group, signalling its significance. The Group has used the TCFD framework, as set out below, to enhance our governance over sustainability matters.
Our strategies and risk management, including scenario analyses assessing the potential financial impacts, have been holistically reviewed, whilst also considering the opportunities the transition to a low carbon economy represents to our business and stakeholders. We have set out our established targets and metrics, though it is expected that these will expand in future with our strategies. Our disclosure concludes with our whole value net zero transition pathway.
Both our understanding of the impact of climate change and our response continue to evolve, and as such we will refine our assessment of climate-related risk and pursue further initiatives within our ongoing strategy.
During the programme the Group has worked collaboratively and cross functionally, bringing in experts where required such as PwC, ensuring that our analysis is robust and thorough.
The Company can state that in accordance with Listing Rule 9.8.6 R, these Annual Report and Accounts include climate-related financial disclosures consistent with the TCFD recommendations and recommended disclosures.
Assurance
Deloitte have provided independent third-party limited assurance in accordance with the International Standard for Assurance Engagements 3000 (‘ISAE 3000’) and Assurance Engagements on Greenhouse Gas Statements (‘ISAE 3410’) issued by the International Auditing and Assurance Standards Board (‘IAASB’) over the TCFD on pages 58 to 72 and selected metrics on page 69. Deloitte’s full unqualified assurance opinion, which includes details of the selected metrics assured, can be found at www.barrattdevelopments.co.uk/building-sustainably/our-publications-andpolicies/publications.
TCFD Framework
Accounts examples 