Understanding climate risks and opportunities
We know that understanding climate risks and opportunities, and the potential they have to impact our organization, is essential for planning future business and sustainability strategies.
In 2022, we embarked on a project to better understand how climate change might impact OUP.
Senior leaders from across the organization—including operations, finance, risk management, and sustainability—took part in a workshop to share their perspectives and experiences on climate change in relation to our own offices and warehouses, as well as our outsourced shipping, printing, and paper sourcing operations.
Areas that were covered included the physical impacts of climate change—such as the increasing likelihood of extreme weather events disrupting international shipping channels, and the risk associated with the transition to a low-carbon economy, such as the potential for increased energy prices.
Participants also discussed the benefits to an organization being prepared for a low-carbon future and from acting on climate change.
We continue to look for ways to educate ourselves on environmental risks and impacts, including using the resources available through the Book Chain Project industry group to analyze the climate and water risk exposure of our strategic print suppliers and the mills that supply our paper. We will also expand our focus to consider the dependence we have on nature and the extent to which ecosystem services are at risk in the markets where we and our suppliers operate.
‘We are reliant on paper that comes from forests in locations around the world, and our printers are located globally including in areas of high-water scarcity. These operations are threatened by climate change, from drought and the spread of insect pests to extreme weather events such as storms. By raising our own awareness of climate risk, we can find ways to adapt so that we can keep printing books and journals where needed.’
Director of Manufacturing, Inventory, and Procurement