952019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT
In 2019 we drew up a first climate change risk map following the recommendations of the reporting methodology proposed by the Task Force on Climate Financial Disclosures (TCFD). It includes the main transition and physical risks that our company faces with regard to climate
change. It was developed using a bo- ttom-up approach, assessing the risks and opportunities for each business unit, which have ultimately been consolida- ted in a corporate risk map that follows Cepsa's risk definition methodology (see page 43 on risks management chapter).
RISK MANAGEMENT AND OPPORTUNITIES
TRANSITION RISKS
PHYSICAL RISKS
POLICIES AND REGULATION
ACUTE
TECHNOLOGY REPUTATION
MARKETS
CHRONIC
Stricter climate change regulations Increased cost of emissions New emerging regulation
Increase in the intensity of extreme weather events such as cyclones and floods
Arrival of disruptive technologies in the industry
Pressure from stakeholders and percep- tion of Cepsa
Change in consumer preferences Bottlenecks in crude oil supply Scarcity of raw materials for biofuels
Changes in extreme temperatures Water shortages Rising sea levels Changes in seasonal patterns