3. 3.1 Climate Faced with the urgency of climate change, GEODIS has committed to a decarbonization pathway based on a sciencebased approach in line with the Paris Agreement’s goal of limiting the rise in global average temperature to well below 2°C and continuing efforts to limit it to 1.5°C. The Group has been working alongside its customers and partners for a long time to measure and reduce its impact on the climate and has completed an update of its commitments based on Science Based Targets (SBT) covering emissions from scopes 1, 2 and 3. These targets have been submitted and will be reviewed by the SBT initiative in 2024. In addition to its efforts to reduce greenhouse gas emissions, GEODIS has embarked on a strategy to adapt to the effects of climate change. To communicate on its climate policy, GEODIS has implemented the recommendations issued by the Task Force for Climaterelated Financial Disclosures (TCFD) and structures its information around the pillars of governance, strategy, risk management and indicators and targets. 3.1.1 Context, impact, risks and opportunities According to the European Earth observation program, Copernicus(1), 2023 was the hottest year ever recorded on Earth. Freight transport and logistics are a major source of greenhouse gas emissions, accounting for around 11%(2) of total global emissions. In its latest report, ITF Transport Outlook 2023, the International Transport Forum(3) considers two possible scenarios. In the “unchanged ambitions” scenario, based on the assumption that the current trajectory of transport decarbonization policies is maintained, demand for freight transport will have more or less doubled by 2050, and emissions from transport activity will decrease too slowly to achieve the Paris Agreement target. The second scenario, involving ambitious policies and a strong commitment from businesses, is the only one that will deliver the necessary reductions to meet this target. Transition risks In this context, GEODIS has identified regulatory changes, technological developments and the loss of business as significant transition risks if the Group did not sufficiently anticipate them. Following Europe’s example with the FIT for 55 legislative package, many countries and regions are imposing stricter regulations, in the form of technical constraints or taxes. Without proper anticipation, the Group could see its scope of activity reduced, be forced to make costly, unanticipated adjustments to comply, or see its earnings affected by the payment of substantial taxes. One of the key drivers of decarbonization is technological evolution. If the suppliers and managers of low-carbon technologies – manufacturers, infrastructure managers, renewable energy suppliers – did not provide the necessary resources at an affordable cost, GEODIS would not be able to achieve its goals. To stay ahead of these risks, the Group actively monitors and participates in joint initiatives. For example, GEODIS is an active member of the European Clean Trucking Alliance, which advocates more stringent regulations on CO2 standards for trucks and the development of electric recharging infrastructures, as it is vital for the entire economy and the road transport ecosystem to act together to move away from fossil fuels. Meanwhile, customers are increasingly expressing clear and ambitious expectations in terms of reducing greenhouse gas emissions. More than 80% of GEODIS’s key accounts have formalized their commitments to the SBT initiative. If the Group were unable to meet their expectations, it could result in a loss of business. (1) https://climate.copernicus.eu/global-climate-highlights-2023 (2) https://smart-freight-centre-media.s3.amazonaws.com/documents/Annual_Report_2022.pdf (3) https://www.itf-oecd.org/sites/default/files/repositories/itf-transport-outlook-2023-summary-en.pdf 2023 ACTIVITY AND SUSTAINABILITY REPORT - 41 EDITORIAL > 1. PROFILE AND AMBITION > 2. CSR POLICY > 3. ENVIRONMENT > 4. SOCIAL > 5. ETHICS > 6. TABLE OF INDICATORS
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