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 impacts on property or 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.