Moncler Group | Annual Report 2024 Board of Directors’ Report 156  | ’

.

,

,,

-.

,

,

,

(

–;–

),

’

,,

,--

.

’

.

-

()

-.,

,

().

,,

“”

(),

(

—).

“–

”

–

,

’.

’

,

,“”

“”.

[–]

-

,

&

-

With regard to transition risks an analysis was carried out on the

basis of the two scenarios identif ied by the International Energy

Agency (IEA), which outlines the main potential pathways of the

e

nergy system evolution: a scenario that ref lects existing

and planned government policies, without achieving the goal

of containing the temperature increase within 2°C, and

a decarbonised scenario (Sustainable Development Scenario

— SDS), which considers the pursuit of the main energy goals

of sustainable development, including full access to energy and

the containment of the temperature increase well-below

2°C and with advanced economies expected to reach net-zero

emissions by 2050. Also for transition risks, the analysis

was carried out over three dif ferent time horizons in line with

what was done for physical risks.

Since 2022, the Group has started to quantify in terms

of

f inancial implications the risks and opportunities identif ied and,

si

nce 2023, has also taken into account in the analyses

th

e potential ef fects that acute physical climate change events,

such as droughts and f loods, may have on the supply

o

f raw materials due to supply chain disruptions, and on price

volatility. In particular, analyses were carried out according

to RCP 4.5 and RCP 8.5 scenarios on cotton

in 2023 and on down in 2024.

Regarding cotton, literature studies analysed during the

project have shown that, in general, this plant is inherently resistant

to heat and resilient to limited periods of water scarcity.

However, the correlations between global historical data and the

occurrence of extreme weather events show that events

such as intense, prolonged droughts and persistent f loods can

af fect the availability of cotton in some areas and thus lead

to an increase in the price of the raw material. Following the

a

nalysis carried out on the Group’s data, the f inancial impact

i

n terms of the estimated increase in annual operating costs

was not deemed signif icant for the organisation.

The analysis conducted on down found no signif icant

correlations between global historical data and the occurrence

of extreme weather events As a result it was not possible

to make further assessments of the potential f inancial impact

for the Group

In general the results of the scenario analysis which include

assessments of potential f inancial impacts arising from physical

and transition risks and the identif ication of mitigation measures

with the allocation of related f inancial resources see also

pages

322325

provide the basis for the def inition of the Groups

climate strategy

With the aim of continuing to include the metrics and targets

used to measure the f inancial ef fect of climaterelated risks

and opportunities the Group is committed to pursuing its actions

to align with the TCFD recommendations

The details of the theoretical risks and opportunities identif ied

through the TCFD framework are presented in the table

in the “Additional information” section, which also includes the

actions taken by the Group to mitigate and adapt to risks

and

promote opportunities. Further details regarding the elements

of

the analyses are publicly reported in annual CDP Climate

Change questionnaire.

The results of the analyses described above represented

the starting point for the assessments carried out as part of

the double materiality process (see also pages

124–127; 128–129

),

which took into account only the theoretical risks that exceeded

the materiality threshold: the physical risk deriving from the

i

ntensif ication of extreme and chronic climatic phenomena

(e.g. heavy rainfall, heat or cold waves, drought phenomena, etc.),

which could af fect physical sites leading to the possible

i

nterruption or reduction of production levels (business continuity)

and the risk associated with changes in client purchasing

d

ynamics. In addition, through the double materiality analysis,

a theoretical reputational risk was identif ied, linked to the failure

to achieve climate targets def ined in the 2020–2025 Sustainability

Plan (see also page 124).