Telecommunications giant MTN has published its first climate report aligned to the Task Force on Climate-related Financial Disclosures (TCFD) framework as part of its commitment to contribute to the creation of shared value and securing a net-zero future.
The first TCFD-aligned report demonstrates the actions MTN, which is committed to achieve net zero by 2040, is taking to build a more resilient financial system through climate-related disclosures.
“Climate change presents a unique vehicle to unlock innovative opportunities for green industrialisation and job creation critical in contributing towards Africa’s progress. Taking climate action is an imperative to secure the socioeconomic development of our markets,” the company said in a statement on Tuesday.
The TCFD guides companies in preparing climate-related disclosures to ensure consistency and alignment among organisations across the globe.
The World Economic Forum’s Global Risks Report lists the failure to act on climate, extreme weather and biodiversity loss as the top three threats in the medium and long term.
“The world is already experiencing record heat waves and droughts, heavy rain and flooding. In April 2022, heavy storms in the KwaZulu-Natal province of South Africa led to the loss of lives, destroyed thousands of homes and caused widespread infrastructure damage and power outages, also affecting MTN’s sites.”
MTN, recognising that climate change has the potential to impact its business, as well as the communities the company serves, is taking action now to evaluate these risks, guided by the TCFD framework as a means of continuously creating shared value for stakeholders.
“We are also working to understand the potential opportunities in transitioning to a low-carbon economy and adopting clean energy technologies. We have already started integrating electric vehicles, solar and wind energy and battery storage into our operations,” MTN says.
In 2021, MTN launched Project Zero to leverage the latest technologies and service partnerships to deliver greater energy efficiency, lower carbon emissions, reduce risks and improve cost controls.
This was followed by the company’s commitment, in February 2022, to support the recommendations of the TCFD.
“We are pleased with the progress we have made so far, but there is still much work to be done. No company can do it alone, and we intend to use our influence, technology and reach to inspire and enable wider action to tackle the risks and opportunities presented by climate change to the benefit of our customers, and our stakeholders,” MTN concludes.