The Government Actuary’s Department (GAD) collaborated with the Science Museum Group (SMG) to assess climate-related risks and develop strategies for resilience. This work aligns with the Task Force on Climate-related Financial Disclosures (TCFD) framework, which requires public bodies to evaluate climate impacts on finances and operations. GAD conducted a gap analysis, identified risks through stakeholder workshops, and created four bespoke climate scenarios tailored to the SMG’s operations. These scenarios, informed by physical and transition risks, were analyzed to assess financial and operational impacts across different timeframes. The project provided SMG with prioritized risk recommendations and tools for TCFD-aligned reporting. David Jones, Deputy Finance Director at SMG, praised GAD’s support for integrating climate considerations into strategic planning. The collaboration highlights GAD’s role in helping public bodies address climate risks through structured analysis and scenario development.
© Crown copyright, 2024, GOV.UK.
Summary adapted from content licensed under the Open Government Licence v3.0.
For details, see https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/.
Original source: https://www.gov.uk/
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