CLIMATE RISKS AND OPPORTUNITIES
In 2022, we took significant steps to build our understanding of the business’s climate-related risks and opportunities, physical risks, and transition risks to a lower carbon economy.
The most important physical risk is an increase in extreme heat, although several sites also face increased risk from extreme precipitation. Potential transition risks include increased costs and/or scarcity of the raw materials used to manufacture our products. However, our efforts to improve the sustainability of our products also provide an opportunity to grow our market share with ecologically minded consumers.
In 2023, we are introducing new climate risk management guidelines to ensure that we continue to consider the risks associated with climate change in our decision-making.