As an official supporter, Suzano regards TCFD Recommendations not only as a reference for reporting on climate-related financial impacts, but also as a framework for reviewing its existing risk and opportunity management practices and identifying opportunities for improving its processes and operations.
In order to better address and communicate on company progress regarding performance related to TCFD Recommendations, Suzano has created a TCFD-dedicated page in its Indicators Center, a transparency platform designed to offer readers quantitative and qualitative corporate information. For more information access the link at the bottom of the case study.MORE INFORMATION
In 2019, post-merger, Suzano implemented an organized effort to review its practices in light of the TCFD Recommendations. This entailed mapping current management practices for climate-related risks and opportunities across all departments up to the most granular level of TCFD Guidance and identifying initiatives and strategies that could be improved. As a result, regarding current practices, in order to communicate transparently, a TCFD-dedicated page was created on Suzano’s Indicator Center. Regarding future improvement, an action plan was created to continue to progress on addressing and communicating on TCFD Recommendations on the next few years.
Suzano is committed to reporting this progress to its investors and other stakeholders on the Annual Report, Indicator Center, Reference Form and 20-F Form, in compliance with the standard frameworks of such reports.
Given that this exercise entailed crossing TCFD Recommendations with Suzano’s current practices, major barriers were the complexity of mapping all current practices and multi-departmental engagement. This was overcome through awareness-building workshops where company activities and impacts were evaluated in a systemic and interdependent manner, and, TCFD Recommendations were presented reinforcing their business-specific strategic value to building a more resilient and climate-adaptive Suzano.
Upon conclusion of the 2019 exercise, Suzano was able to recognize TCFD Recommendations as a journey of continuous improvement and learning. There are still challenges to fully understand climate-related financial impacts as well as an increasing need for multi-sectoral engagement. The private sector needs to incorporate practices that are not yet widely adopted, such as climate scenario analysis. At the same time, various climate effects are already known and have materialized, with both positive and negative impacts on business. Thus, awareness, engagement, cooperation, transparent disclosure and action are paramount.