Task Force on Climate-related Financial Disclosures

Download our full TCFD disclosure 2023

Download our full TCFD disclosure 2022


The Group has complied with the requirements of LR 9.8.6 R by including climate-related financial disclosures consistent with the TCFD recommendations and recommended disclosures.


Board’s oversight of climate-related risks and opportunities

Board’s Oversight and Review of Climate-Related Risks and Opportunities The Board’s oversight of climate-related risks and opportunities is through its dedicated Sustainability Committee, with a remit to cover the governance of environmental and sustainability matters. The Sustainability Committee met three times during 2023. The terms of reference can be found on the Company’s website at https://www.mobicogroup.com/about-us/corporate-governance/ committees/. The key activities of the Sustainability Committee during 2023 can be found on page 109. On behalf of the Board, the Committee also monitors progress against our goals and targets, primarily through monitoring and reviewing a KPI dashboard.

During the year, a new director with significant environmental experience and CEO of Good Energy, Nigel Pocklington, was appointed to the committee.

One of the key outcomes of the Group’s Evolve strategy is to be an Environmental Leader, by delivering our fleet transition to Zero Emission Vehicles (ZEVs). To monitor operational progress against this strategy and the related financial impact, the Board performs an annual review of both the long-term strategic plan, of which the latest runs until 2028, and the annual budget, the most recent of which is for FY 24. Both exercises consider the transition to a low carbon economy and the potential impact of physical risks from climate change, which are discussed in detail in the Strategy section of this disclosure. Please refer to the Risk Management section of this disclosure for how the Board exercises oversight regarding incorporating climate-related issues into the risk management processes.

Board Reporting

The Sustainability Committee reports to the Board of Directors, with the Committee Chair providing updates to the Board after each Committee meeting on the matters discussed. Climate risks and opportunities form part of the Group’s overall risk management process, which the full Board is specifically updated as described in the Risk Management section. The Sustainability Committee also produces a formal written report each year to the Company’s Shareholders, which is approved by the Board. This year’s report is set out on pages 109 and 110 of this Annual Report.

Board Training and Development

To assist them in both discharging their oversight responsibilities on the Group’s Environmental Leader strategy and having the ability to give direction and raise challenges, the Committee received a Future Reporting Landscapes presentation from Ernst and Young’s ESG specialists during 2023. Individual Committee members have also participated in training webinars provided by Deloitte Global Board Training Program. Additionally, Committee members can access to climate- related resources, including Chapter Zero.

Management’s Role in Assessing and Managing Climate-Related Risks and Opportunitie

The Company’s Executive Directors are responsible for the delivery of the Group’s “Environmental Leader” strategy (see pages 54 to 56 for more information) and are the sponsors of its overall 2040 ambitions to achieve net zero for Scope 1 and 2 emissions.

The below diagram explains the role both Board committees and different senior leaders play in having oversight of assessing and managing climate-related risks and opportunities:

Board of Directors

Responsible for reviewing the Group’s strategy and its management of risk and ensuring that there is a robust system of internal control in place, including for climate risks.
Sustainability Committee

A remit to cover the governance of environmental and wider sustainability matters. Key activities in the year are set out on page 109.

Remuneration Committee

Reviewed and approved the inclusion of ESG targets within the Executive Directors’ and senior management remuneration to ensure alignment with strategy and performance, the progress of which is discussed twice a year.

Nominations Committee

Considered and recommended the appointment of a Director, Nigel Pocklington, to the Sustainability Committee, who brings significant ESG experience

Audit Committee

Reviews the Annual Report and TCFD disclosures each year

Company Executive Management (Group CEO & CFO)

  • Delivery of the Group’s overall strategy, including its ZEV fleet transition strategy and management of other climate- related risks and opportunities
  • Ensure effectiveness of the Group’s risk management system, including for climate-related risks at least twice annually


Group Sustainability Director
  • Supports Company Executive Management in developing and delivering a sustainability strategy, consistent with the Evolve strategy, all year round

Group Head of Compliance & Risk 
  • Supports Company Executive Management in ensuring there is an effective risk management system throughout the year

Functional Managers

Assist with identifying and managing climate-related risk, for example by:

  • Group General Counsel: advising on regulatory changes driving net-zero transitional risks throughout the year 
    Group Insurance Manager: securing insurance coverage, including for physical climate risks
    Group Maintenance and Operations Director: devising new safety policies and procedures to mitigate physical climate risks when necessary
    Group Procurement Director: negotiating and building partnerships with ZEV manufacturers for the best obtainable terms for each contract throughout the year. Additionally, works closely with infrastructure and power utility organisations regarding cost and availability of powering new ZEVs
    Group Head of Internal Audit: providing independent assessment of the effectiveness of climate-related risk management activities and of other functions’ climate-related activities at least every three years, but as requested
Company ZEV Steering Group

Membership: Group CEO, Group CFO, Divisional CEOs, Divisional ZEV Leads, Group Procurement Director, Group Commercial Director. The steering groups are tasked with:

  1. Setting the global strategic framework for our sustainability strategy
  2. Establishing how to communicate our ESG strategy, vision, and purpose externally
  3. Sharing best practice and collective learning, including mitigation plans
  4. Communicating our successes to our stakeholders – particularly shareholders
Global Sustainability Steering Group (GSSG)

Attendees include the Group Sustainability Director, Group Procurement Director, and representatives from each division who are primarily responsible for environmental and sustainability matters.


Divisional Executive Management (Divisional CEOs & CFOs) 
  • Build climate-related risks and opportunities into divisional business plans, allocate resources for their delivery, and manage and track their delivery
    Build the financial implications of climate-related risks and opportunities into divisional budgets and track these through forecasts

Divisional Commercial and Operations/Service Delivery Managers
  • Develop and implement contingency plans to mitigate physical risk
    Deliver commercial arrangements to capitalise on climate-related opportunities, for example, by arranging road services to cover disruption caused by physical risks to rail infrastructure
    Assist in identifying new climate-related risks and opportunities
Divisional ZEV Steering Groups (x3)

Membership: Divisional CEOs, Divisional ZEV Leads, Divisional Procurement Directors, Divisional Commercial Directors. Climate-related activities:

  • Develop and track progress against divisional ZEV transition plans and financial impact of ZEV initiatives
  • Review customer (passenger and contract counterparty) demand for ZEVs, ZEV supply chain relationships, ZEV funding options, technological advancements

Divisional Risk Owners

Assists in identifying and reporting climate-related risks and opportunities all year round