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      "text": "The following climate-related risks and opportunities have been identified by TUI over the short, medium and long term, where short term is defined as the period up to 2030.",
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      "text": "FINANCIAL YEAR 2024\nCOMBINED MANAGEMENT REPORT\n23 TUI Group Strategy\n27 Corporate Profile\n34 Risk Report\n50 Overall Assessment by the Executive Board and Report on expected Developments\n54 Business Review\n76 Non-Financial Group Declaration of TUI Group\n105 Annual financial Statements of TUI AG\n108 Information required under Takeover Law\n111 TUI Share\n115 Report in accordance with recommendations of TCFD (unaudited)\nCORPORATE GOVERNANCE\nCONSOLIDATED FINANCIAL STATEMENTS AND NOTES",
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      "text": "The following climate-related risks and opportunities have been identified by TUI over the short, medium and long term, where short term is defined as the period up to 2030 (aligned with TUI's science-based targets), medium term as the period up to 2040, and long term as the period up to 2050 (when TUI aims to achieve net-zero emissions across our operations and supply chain). Climate-related impacts are divided into two categories:\n• Transition: Socioeconomic changes related to the transition to a low-carbon economy including policy, legal, technology and market changes\n• Physical: Physical changes in the climate including event-driven (acute) changes such as storms, fires and floods, and long term (chronic) changes such as increased temperature\n\nGiven the nature of TUI's business model, most of the below listed risks and opportunities apply to TUIs business segments and geographies. Modest variations in their significance for each segment are described below. TUI has undertaken a qualitative assessment of all below summarised climate-related risks and opportunities. In additon, TUI has performed a high-level quantitative assessment for eight risks and opportunities. This assessment has shown the risks to be immaterial for financial planning, which was confirmed by a sensitivity analysis. Further information on the effect of climate-related risks on the useful lives and the measurement of assets can be found in the Notes, chapter 'Key judgements, assumptions and estimates', page 193 of this Annual Report.",
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