SThree, the only global pure-play specialist staffing business focused on roles in STEM, has consistently demonstrated its commitment to climate action. The company has been listed on the Financial Times 300 Climate Leaders in Europe list in 2021, and has scored a B through CDP for five consecutive years.
THE CHALLENGE
In November 2020, The UK Government’s announced that the Taskforce for Climate-related Financial Disclosure (TCFD) would become mandatory reporting requirement. Prior to this, SThree’s focus had been on how the actions of the business impact climate change. SThree welcomed the introduction of the new mandatory framework, as it would allow them to truly understand how climate change would affect their business and particularly the STEM markets in which they operate.
THE SOLUTION
To fully understand the risks and opportunities climate change may have on the business Avieco, supported SThree in developing climate scenarios, using underlying data and scenario frameworks from the Networking for Greening the Financial System (NGFS). This enabled both qualitative and quantitative analysis of differing temperature pathways to not only comply with TCFD disclosure but also bring to life differing potential future pathways with real world business scenarios for SThree.
This work then allowed SThree to look at how the identified climate risks and opportunities could present within individual regions. It highlighted the effects of climate change and the potential consequences within their specific markets and STEM sectors they operate within.
And more importantly, the developed scenarios then informed strategic decisions around how SThree would respond to those risks and opportunities at any point in the future. These have been vital in ensuring SThree can proactively prepare and respond to the potential effects of climate change on their markets.
I hadn’t fully appreciated the outcomes and impact implementing TCFD would have on our business when we first partnered with Avieco. Having an independent, third party delivering the project facilitated honest conversations and strong external insights. It also provided us with the space to truly observe and analyse the changes needed. It was also a good learning opportunity for me personally as I had limited experience of climate-related scenario analysis.
Gemma Branney
Head of ESG at SThree
OUTCOME
The results of SThree and Avieco’s work are clear to see. The STEM staffing specialist’s risk management framework now details climate change as a risk with detailed indicators and mitigations in place which inform business strategy.
On top of this, SThree has set itself the target of doubling the size of its renewable energy business as a result of the opportunities highlighted through the project and market insights. The company is also expanding Scope 3 emissions reporting to understand the organisation’s climate impact better.
Implementing TCFD has led to SThree establishing an internal global renewable energy network. The network shares best practices and improves services to better serve renewable energy partners.
It also helped to identify the green skills gap, which has informed SThree’s community programming. This includes delivering greens skills development and awareness initiatives to expand the green talent pipeline its clients and future clients will need to achieve net-zero.
Not only that, but it improved SThree’s understanding of how their clients might be impacted as a consequence of changing policies and investments. For example, how high emitting sectors are likely to need skills related to their transition rather than the recruitment trends we have previously experienced.
For more information, please contact:
Laura Jordan, Associate Director
sustain-ability.
more than a word.