A large retail store chain was planning to conduct a Climate-related Risk and Opportunity Assessment associated with their current operations. Once completed, this assessment will become integral to evaluating and mitigating potential risk on short, medium, and long-term business operations and continuity in the face of a changing climate.
Geosyntec's Scope of Services
Geosyntec prepared a report including the evaluation of the potential business risks and opportunities associated with global climate change for their portfolio of sites: stores, gas stations, fleet trucks, distribution centers, manufacturing facilities, and pharmacy central fills. Geosyntec developed a strategy and approach consistent with the stated values of this company.
Geosyntec followed the guidance of the risk and opportunity framework developed by the Task Force on Climate-Related Financial Disclosures (TCFD), an international effort to create a standardized framework for climate-related financial disclosures. The TCFD divides climate risk into risks related to the transition to a lower-carbon economy and risks related to physical impacts of climate change. Transition risks include policy and legal, technology, market, and reputation risks. Physical risks are categorized as either acute (event driven) or chronic resulting from long-term climate changes. Efforts to mitigate and adapt to climate change also produce opportunities for organizations, including resource efficiency, energy source, products and services, markets, and resilience.
Geosyntec reviewed existing sustainability and supply chain information, evaluated publicly available climate change data, and identified potential risks associated with proposed regulatory changes with the potential to impact operations. Our team also evaluated publicly available information of peer companies in a benchmarking exercise and prepared risk and opportunity assessment matrices using qualitative and quantitative factors. Risks and opportunities were assessed for their potential to impact the client on short, medium, and long-term timeframes.
Geosyntec staff and subject matter experts from across the United States and Canada provided expertise regardless of location. Successfully completed on an expedited timeframe, the Climate-Related Risk and Opportunity Assessment provided our client with valuable tools and resources to efficiently evaluate and mitigate potential business operations and continuity risks.
- Location: United States
- Client: Retail Store Chain
- Project Practice Areas: Environmental Management
- Type of Facility: Retail Grocery Chain
- Services Provided: Sustainability Program Support, Risk and Opportunity Assessment for Climate Change, Peer Benchmarking and Research
- Type of Work: Risk Assessment
- Governing Regulation: Sustainability