Task Force on Climate-related Financial Disclosures (TCFD)
As we strive to remain at the forefront of a fast-evolving environmental, social, and governance (ESG) reporting landscape, the company released its first-ever TCFD Report to respond to the implementation guidance of the Task Force on Climate-related Financial Disclosures (TCFD). In recent years, various elements of the company’s publicly available disclosure—such as its annual Integrated Report, CDP Climate disclosure, or annual report on Form 10-K—already aligned with much of TCFD’s recommendations. PMI’s TCFD Report 2022 complements our Low-Carbon Transition Plan, published in 2021, which provides a transparent and detailed view on how we plan to achieve our climate ambitions, measure success, and report on progress, as we adapt our business model to succeed in a net-zero carbon economy. The report’s findings were informed by a structured Climate Change Risk and Opportunity (CCRO) assessment that PMI conducted in 2022, with guidance from an external expert organization and in line with TCFD’s recommendations, to identify relevant climate-related risks and opportunities. We intend to periodically update this assessment and our TCFD report moving forward to seek further alignment with TCFD recommendations.