The Government Actuary’s Department (GAD) has supported the Science Museum Group (SMG) in understanding and preparing for climate-related risks. This collaboration aimed to assess the SMG's exposure to potential impacts and identify opportunities for building resilience.
The SMG, which operates institutions like the Science Museum and National Railway Museum, is required to report on how climate change could affect its finances and operations under the Task Force on Climate-related Financial Disclosures (TCFD) framework.
GAD conducted a gap analysis, facilitated workshops to identify and prioritise risks, and developed four bespoke climate scenarios specific to the SMG's mission and estate. These scenarios were used for qualitative and quantitative analysis of physical and transition risks across different timeframes.
The project has provided the SMG with a prioritised set of climate-related risks and opportunities, along with recommendations for risk mitigation and analysis improvement. David Jones, Deputy Finance Director at the Science Museum Group, stated that GAD's support has enabled them to better describe the risks faced and their potential impact on operations.