53 Cloudberry Annual report 2021 Sustainability report TCFD Risk Like- lihood 1 Financial Impact 2 Time Horizon 3 Description Risk mitigation Opportunity Opposition to wind power High Medium Medium In Norway, Cloudberry is likely to receive opposition from anti-wind power organisations for possible new wind farms (e.g., due to visibility and impact on nature). In Sweden, municipalities have a right to accept or deny a project late in the permission process, the so called “veto” which might affect Cloudberry. Cloudberry will develop projects in areas where potential conflicts may be mitigated. The company has established an offshore wind team with ambitions to develop offshore wind in Sweden with strong focus on local stakeholders and local value creation. Furthermore, develop projects near industrial areas, or in areas where there is local support, and have strong focus on local value creation. Wind power is the best source for new clean power in the Nordics. Increased focus on corporate carbon footprints Medium Medium Medium Carbon footprint and environmental impact has a strong focus from investors and other stakeholders. As a renewable energy company, Cloudberry is an important part of the green transition. However, it is just as important to have focus on reducing direct- and indirect emissions and move towards net- zero in the whole value chain of Cloudberry, both in terms of material use and of conserving biodiversity on locations. Cloudberry will establish a plan for preserving biodiversity, reducing carbon emissions in its value chain, and by this also assisting others to reduce their carbon footprint (by providing green energy). The company has expanded its scope 3 carbon reporting and will report more emissions in scope 3 going forward. We have also invested in carbon removal projects to ensure we can be netzero in own operations while we further calculate and minimize our scope 3 emissions to reach net-zero in the value chain by 2040. Cloudberry has implemented its Supplier Code of Conduct which expects suppliers and business partners to be committed to environmental sustainability. Environmental and social commitment in the Cloudberry business strategy and reporting structure execute climate action and increased transparency for risks and opportunities posed by climate change. The commitment shapes confidence from stakeholders and attracts the best workforce and talents who seek a purpose in their career. 1 The likelihood is based on provisional internal assessments and will be further developed through scenario analyses in the years to come 2 Financial impact: Low < 10 mill, Medium 10-100 mill, High > 100 mill 3 Time horizon: Short: 0-3 years, Medium: 3-10 years, Long: more than 10 years Transitional Risks and Opportunities Reputation
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