The Delphi Group led Algonquin Power & Utilities Corp. (Algonquin) through it’s first-ever Task Force on Climate-related Financial Disclosures (TCFD) review, facilitating a series of scenario analysis workshops virtually due to the global pandemic. This productive and collaborative process informed Algonquin’s upcoming TCFD Disclosure, which discusses the development of Algonquin’s climate strategy.
In establishing its nine ESG goals, Algonquin identified publishing a TCFD disclosure as a priority. The Delphi Group has longstanding expertise in climate change issues (policy, technical knowledge and strategy development) and was brought in to lead the TCFD process for Algonquin. The TCFD scenario analysis was scheduled as a series of in-person workshops in spring 2020. When the pandemic hit, Delphi worked quickly to develop and implement a virtual scenario analysis process to remain aligned with Algonquin’s timeline. Coordinating with key stakeholders across North America, Delphi led three separate virtual consultations for each of Algonquin’s business modalities using an online whiteboarding platform. Through use of engaging virtual tools, participants were able to contribute their insights immediately and simultaneously, resulting in rich and meaningful conversation. Facilitation by Delphi’s subject-matter experts ensured an effective and productive discussion on the complex risks and opportunities related to climate change and its potential impact on Algonquin’s business.
Following the workshops, Delphi compiled participants’ insights and ideas, organized the content to align with the four TCFD categories (market, policy and regulatory, impacts, technology) and, in collaboration with Algonquin’s Sustainability Team, drafted the company’s inaugural TCFD Disclosure for publication. Algonquin is focused on sustainable energy and has recognized the importance of having a comprehensive climate change strategy to inform their overall business strategy. The upcoming TCFD Disclosure demonstrates Algonquin’s deep-rooted commitment to understanding and acting upon climate-related issues via its alignment to the world’s leading climate change risk and opportunity framework.
Delphi delivered a summary of the TCFD scenario analysis input, briefings for executives, and a final Climate Change Assessment in Alignment with TCFD Guidelines.
“Algonquin engaged the Delphi Group as an expert external consultant to lead key internal stakeholders from across our business, including members of the management team, through three scenario analysis workshops. We are thrilled with the results of our TCFD activities, and with the enthusiasm with which Delphi facilitated the process. The Delphi team’s subject matter expertise and client care have impressed us, and we look forward to continuing our partnership with Delphi as we advance our purpose of sustaining energy and water for life.” – George Trisic, Chief Operating Officer