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Physical Risks and Opportunities for Russian Companies: Polyus participates in CGI Russia conference

2 March 2021
Physical Risks and Opportunities for Russian Companies: Polyus participates in CGI Russia conference

On February 18, Polyus was pleased to participate in a roundtable discussion hosted by the Climate Governance Initiative Russia, in partnership with Deloitte CIS — “Physical Risks and Opportunities for Russian Companies: Winners and Losers”

Alex Čaičics, Head of ESG Communications, represented Polyus at the event, joined by experts from the Energy Center of the Skolkovo Business School, Uralkali, the Segezha Group, and AIG Russia. At the panel, speakers discussed the Russian industries and regions that are most exposed to climate risks, as well as the potential socio-economic implications of physical climate risks for Russia and other countries.

Alex highlighted the following key points at the conference, looking specifically at the physical risks of mining companies:

What climate change means for mining companies

  • Climate risks should be natural part of the risk management system. Climate risks can be effectively managed through adjusted construction and maintenance standards and other measures.

Climate risk management as part of a wider climate agenda

  • Climate risk management should come hand-in-hand with cutting greenhouse gas emissions. It’s not just about adapting to climate change but also about fighting it. Those should be two parts of a wider climate agenda shared by and relevant to various parts of the business, from strategy and finance to engineering and IT.

Seriousness of climate problem

  • It should be clear that the opportunities presented by climate change are generally local and very small compared to the negative effects, especially considering their global nature. Transition to a low-carbon solutions should be a top priority for the mining industry in this aspect.
Commenting on his participation in the conference, Alex said:

“It was an honor to participate in this discussion hosted by CGI Russia and Deloitte. In particular, it was important to highlight the situation of mining companies, and how our operations are affected by climate change, as well as what we should all be doing to counter this.”