We hold the view that climate change will materially affect economies and our operations, with potential risks and opportunities arising from both immediate and long-term changes. These include acute and chronic physical effects on human health, such as warming temperatures, extreme weather events, rising sea levels, intensifying heatwaves and droughts, as well as cross-sectoral structural change stemming from the transition to a low-carbon economy. These include changes in climate policy, technology, or market sentiment, and the impact of climate change on financial assets, as well as from litigation.