Reporting on climate change: the case of Lloyds TSB
This chapter discusses investors' expectations of corporate reporting on climate change and some of the potential technical difficulties facing companies in meeting the expectations. It describes the response of Lloyds TSB to climate change including a brief description of its key activities, climate change impact and drivers for action. Lloyds TSB Group offers financial sendees in international, wholesale, retail and personal banking, insurance and fund management. The Group's climate change strategy is focused primarily on its direct impact and engaging employees to reduce the Group's carbon footprint and achieving carbon neutrality. The drivers for the Group's actions on the physical risks associated with climate change relate primarily to managing its exposure and the need to minimise these risks to the business. Based on its investor engagement experience, Lloyds TSB believes demand for climate change information from investors is at best minimal.