Resilience in the face of a changing climate
In 2023, we established our Physical Climate Change Risk and Resilience (PCCRR) framework and we have now completed physical climate change risk screening at all of our managed operations.
The results of the screening work have highlighted that the changing climate is likely to increase the likelihood and/or the impact of risks that our operations are already facing. The changing nature of these risks is now being integrated into our risk management processes at each operation, including an assessment of whether any additional studies and/or management controls are needed. These management controls form an important part of Business-level adaptation plans.
Key climate change hazards for our business include drought/water stress, extreme precipitation and flooding, and also extreme heat. Adaptation actions we are already implementing include implementing adaptive water-management plans in regions where we are seeing more erratic rain events. We are also strengthening wildfire prevention – such as satellite monitoring and the construction and maintenance of firebreaks – and increasing fire-fighting capacities at operations in wildfire-prone regions, including our iron ore operations in South Africa and Brazil.
