Cloudberry Annual report 2021 Sustainability report 48 Our activities In the changing world we are living in, with rising temperatures, climate-related policy changes, and emerging technologies, both risks and opportunities are becoming more prominent. Failure to limit global warming to 1.5 °C may cause severe changes in the world`s climate, with subsequent dramatic consequences for the planet. The effect of climate change also has consequences for our operating assets that we need to consider in our business planning. Cloudberry assessed the potential financial impact of climate-related risks and opportunities in accordance with the recommendations of the TCFD disclosures in 2020 and revisited and strengthened the assessment in 2021. The TCFD recommendations are structured around four core elements of how companies operate: governance, strategy, risk management, and metrics and targets. 2021 has been a transitional year for Cloudberry focusing on growing the platform with new development projects and producing assets. In 2021, the risk assessment was further strengthened, and actions taken are described in the tables under Strategy. The company implemented a due diligence guideline on environmental, social and governance aspects when evaluating investment decisions, including climate-related risks and opportunities. Governance The company’s governance around climate- related risks and opportunities. Climate-related issues are of high importance for Cloudberry and are to a certain extent integrated into Cloudberry`s overall business strategy. Prior to a project investment decision, relevant risks are assessed by the Management and an evaluation is presented to the Board of Directors where the climate-related risks are discussed and evaluated. The overall responsibility thus sits within the Board of Directors. In addition, Cloudberry`s overall risk management and all risks perceived to the company and its businesses are subject to an annual thorough review by the Board. The climate-related risks will be assessed along with all other relevant risks. The Board of Directors and its work is also described in the corporate governance section later in this report. Board of Directors Audit Committee Compensation Committee ESG Committee
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