23 September 2022
The UK Green Buildings Council (UKGBC) ,an LCCP partner, have launched a Framework to provide organisations with a consistent methodology for measuring climate-related physical risks to built assets.
For large organisations and financial institutions within the UK, mandatory disclosure of climate-related risks has been in force from April 2022 in line with the Task Force on Climate-Related Financial Disclosures’ (TCFD) recommendations. This requirement is likely to expand to include smaller organisations by 2025. For asset-owning organisations this will include a requirement to consider, measure, and report any risks posed by physical climate-related risks, alongside reporting transitional risks from reducing greenhouse gas emissions.
The guidance developed by the UKGBC includes detailed information on the physical risk assessment process; a methodology for built asset scale; and a standalone reporting framework which can be used to support the preparation of TCFD disclosure reports. By providing a methodology for the built environment, it is hoped that this report and framework will address the current lack of consensus on physical risk disclosure methodologies.
For more details and any questions about the framework please email Hannah.Giddings@ukgbc.org.