Cloudberry Annual report 2021 Sustainability report 56 Projects under construction: Where Cloudberry is the initiator to the construction, the company will report emissions from construction start. On projects under construction where Cloudberry is the legal owner, Cloudberry reports emissions during construction phase. On assets under construction where Cloudberry has entered into an agreement to buy the power plant, and is the legal owner after the construction is completed and commission period is approved, Cloudberry reports emissions from take-over. Producing assets: Cloudberry reports its emissions on producing assets and from take-over (additionality principle). Beyond Value Chain Mitigation To reach net-zero in our value chain by 2040, and in support of the Paris Climate Agreement and UN Sustainable Development Goals, Cloudberry compensates its carbon emissions. By investing in climate offsets from projects that are certified and aligned with the SDGs for societal and environmental enhancement to remove emissions, it moves society in the right direction to reach a low-carbon economy. Carbon removal is the neutralization when CO2 is removed from the atmosphere and sequestered for long periods of time. Cloudberry purchases carbon removals from the VCS project Thor Heyerdahl Climate Park in Myanmar. The project, which is planting and restoring mangrove forests, has numerous positive impacts on the climate, the environment, and local socio-economic conditions. In addition to strengthening the livelihood of local communities, mangrove forests foster biodiversity and are crucial habitats for otherwise threatened and endangered animal and plant species. The trees also protect against storms and cyclones and create local jobs and income for the local population. The compensation includes Cloudberry`s registered emissions of 203 tCO2e from the carbon accounting (Scope 1, 2 and 3), and emissions of 297 tCO2e from all employees in the organisation. Scope 2 has been additionally neutralized from carbon credits for the 7 tCO2e as reported in 2021 to be net-zero from controlled sources in the company. CO2 Reduction in the grid In 2021, Cloudberry produced 117 GWh of renewable energy, which is equivalent to reducing 29 133 tCO2e, relative to baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 2021). After taking into account the total greenhouse gas emissions of 203 tCO2e from Cloudberry’s carbon emissions accounting (Scope 1,2 and 3) and carbon emissions from all employees in Cloudberry, the reduction of greenhouse gas emissions from Cloudberry’s operations is 28 633 tCO2e. Targets Cloudberry has a scalable platform and is positioned for valuable growth, both in terms of energy production and in-house development backlog and pipeline. Cloudberry’s strategy is to continue its sustainable growth organically and inorganically in the Nordic market. Areas of our business will have residual carbon emissions, which we will neutralize, while minimizing our footprint as much as possible. To limit global warming to the 1.5 degree scenario, Cloudberry will further calculate the total emission in Scope 3 and determine a decarbonization pathway to do our part for society to become a low-carbon economy. Way forward On our way towards net-zero by 2040, Cloudberry will monitor national and international climate politics and their potential impact on our strategy and business. We strive to ensure that the company makes the right decisions and assessments on how climate risks might affect us. We have strengthened our risk strategy by including the topics identified in the materiality assessment where climate and renewable energy are core topics. The climate-related risk The Thor Heyerdahl Climate Park projects aims to restore and plant mangrove trees in the Ayeyarwady Region of Myanmar where only 16 percent of the original mangrove forest remains (NASA, 2013). The Project Restoring Mangrove Forests Thor Heyerdahl Climate Park
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