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 such as rising temperatures, severe weather, rising sea levels, intensifying heatwaves and droughts, as well as cross-sectoral structural change stemming from the transition to a low-carbon economy, including changes in climate policy, technology, and market sentiment, and the impact of climate change litigation.