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480-file-pdf 2023 PLP Report

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News Articles

Purpose-Led Performance May 15, 2024

Collaborating Cross-Functionally on Climate Scenario Analysis

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Extreme weather events such as flooding, wildfires and cyclones disrupt supply chains and affect infrastructure. It is therefore imperative for businesses to understand future risks, and while continuing to take steps to mitigate them, create plans to adapt. Climate Scenario Analysis is a tool for assessing potential business implications of climate-related risks and opportunities, which can educate stakeholders and help inform future strategy. In 2023, McCormick representatives collaborated with an external consultant to identify the risks to McCormick. 

Kathy Rostkowski, Senior Director of Global Sustainability at McCormick

“Climate scenario analysis enables McCormick to understand our climate-related risks and opportunities and respond to them by identifying options to increase our strategic and business resilience and evaluate the business impact of our plans.”- Kathy Rostkowski, Senior Director of Global Sustainability

 

The identified risks were shared in a large cross-functional group working session with the objectives to understand leading mitigation approaches used by peers and identify potential McCormick actions to address policy risk, market risk and technology risk. As an outcome of the session, participants cascaded insights on mitigation opportunities to their respective teams. 
 
“We had some great ideas to share with the PLP Governing Council and I look forward to us actualizing them,” recounted Kathy. The collective perspectives of the cross-functional participants  enabled the team to not only strategize and innovate but also share the journey with those who will be implementing the ideas.
 
This session is a prime example of how we continue to embed sustainability into every area of our business and educate employees on PLP topics.

Full details of the results of the CSA can be found in our Taskforce on Climate-related Financial Disclosures (TCFD) table.

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