Understanding climate risk: A TCFD-aligned assessment for Syncona
As investor expectations around climate risk transparency continue to evolve, Syncona has taken steps to ensure its approach remains aligned with best practice. A life sciences-focused private equity investor, Syncona is involved in building and backing pharmaceutical and biotech companies that deliver transformational treatments. This model exposes Syncona to climate-related risks indirectly, through its portfolio companies and supply chains.
In 2025, recognising the growing need to enhance climate resilience, Syncona engaged Simply Sustainable to refresh its scenario analysis, update its climate risk register and strengthen its Taskforce on Climate-related Financial Disclosure (TCFD)-aligned disclosures. This work builds on Syncona’s voluntary alignment with the TCFD framework since FY21/22 and reflects its ongoing commitment to transparency, investor confidence and long-term resilience.
Simply Sustainable brought deep climate risk and financial sector experience to the project, translating complex climate science into actionable, investment-relevant insights and disclosures.
The impacts and benefits
Enhanced scenario analysis: Focused assessment on three key portfolio companies, including the physical and transition climate risks associated with their operations and supply chains.
Targeted risk register: Developed a refreshed climate risk register that documents and scores risks across relevant climate scenarios and time horizons, tailored to Syncona’s specific risk profile as an asset owner.
Updated TCFD disclosures: Delivered comprehensive TCFD-aligned narrative disclosures that enhance transparency and stakeholder confidence, reflecting the latest climate science and regulatory guidance.
Strategic insight: Delivered a Managing Partner presentation summarising key findings and opportunities, ensuring Syncona’s senior leadership is fully informed of climate-related risks and potential mitigation measures.
Governance integration: Ensured climate risk considerations are embedded within Syncona’s broader risk management and investment oversight frameworks.
Simply Sustainable played a critical role in helping us enhance our climate scenario analysis and risk disclosures in a way that reflects our responsibilities as a long-term investor. Their insight into climate-related financial risks and their ability to engage directly with our portfolio companies provided us with a deeper understanding of residual risk and the importance of effective climate governance.”Syncona
The story
Simply Sustainable delivered a focused project designed to enhance Syncona’s climate risk management approach and support voluntary climate disclosures. The work centred on three core objectives: refreshing scenario analysis, delivering a user-friendly risk register, and updating Syncona’s TCFD-aligned narrative. To support the ongoing integration of climate risk management across the business, a Managing Partner presentation was conducted at the conclusion of the scenario analysis.
The project began with a review of existing disclosures and risk documentation, focusing on portfolio companies that pose the greatest climate-related risk to Syncona’s portfolio. A core part of the project involved structured interviews with these companies. These sessions validated research findings, revealed current mitigation measures, and provided insight into governance not visible in public disclosures. This input was critical in refining the risk register and informing the updated TCFD narrative.
The scenario analysis used two NGFS pathways to explore potential climate-related financial risks and opportunities over multiple time horizons. These scenarios were appropriate as they provide a finance-focused approach to assessing both transition and physical climate risks. By evaluating risk likelihood and impact against existing controls, we identified residual risks across the portfolio and prioritised areas for action.
The work culminated in a detailed Managing Partner presentation, providing leadership with a clear view of climate-related exposures and strategic implications. The final deliverables included an audit-ready TCFD narrative and a robust, prioritised risk register aligned to best practice and emerging expectations.
The project strengthened Syncona’s broader strategy of active engagement on climate resilience across the portfolio. By embedding scenario analysis into risk management and governance, Simply Sustainable has supported Syncona in delivering credible, future-proof climate reporting and strengthening its position as a responsible investor.
To learn how Simply Sustainable can support your approach to climate risk and regulatory disclosures, request a call-back from one of our expert advisors.
