Suncorp has released a climate change action plan that is intended to strengthen its resilience and reduce carbon emissions across the value chain.

The plan includes strengthening governance processes around assessing climate risk, reducing environmental footprint, making products climate change-resilient, helping the company and customers transition to a low-carbon economy, and tracking climate-related performance.

Suncorp has adopted the framework issued by the Financial Stability Board’s Taskforce on Climate-Related Financial Disclosures.

Chairman Ziggy Switkowski says Suncorp has already achieved a 62% reduction in Scope 1 (direct) and Scope 2 (energy use) greenhouse gas emissions in its Australian corporate operations since 2010.

He says the group will apply a “shadow carbon price” in the management of transition risk, and will develop an environmental performance plan, including policies for responsible insurance and supply chains.