20. The undertaking shall describe the process to identify and assess climate-related impacts, risks and opportunities. This description shall include its process in relation to:
(a) impacts on climate change, in particular, the undertaking's GHG emissions (as required by Disclosure Requirement ESRS E1-6);
(b) climate-related physical risks in own operations and along the upstream and downstream value chain, in particular:
i. the identification of climate-related hazards, considering at least high emission climate scenarios; and
ii. the assessment of how its assets and business activities may be exposed and are sensitive to these climate-related hazards, creating gross physical risks for the undertaking.
(c) climate-related transition risks and opportunities in own operations and along the upstream and downstream value chain, in particular:
i. the identification of climate-related transition events, considering at least a climate scenario in line with limiting global warming to 1.5°C
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