Cloudberry Annual report 2022 Board of Directors report 20 Operating our business in a sustainable way Sustainability is at the very core of Cloudberry`s business and is crucial for the company`s long-term achievements and value creation. The company wants to be a driver of a positive change and we are committed to powering the transition to a sustainable future by providing renewable energy today and for future generations. Cloudberry creates value in the communities in which we operate, together with and for our employees, customers, business partners, and shareholders. Developing new renewable assets is essential to reduce the global greenhouse gas (GHG) emissions, and we believe that a systematic approach towards incorporating sustainability in the value chain is imperative to fulfilling our purpose. The development and production of renewable energy contributes to the transition to green energy, achieving climate targets, and the UN Sustainable Development Goals. Businesses are shifting their strategies towards net-zero carbon emissions targets and Cloudberry sees an increased demand for renewable energy supply. Dialogue and input from all stakeholders are of high importance to Cloudberry. As the company has grown significantly in 2022 through the acquisition of 60% of the Captiva Group (the Operations segment) and by organic growth, we saw the necessity of further developing and strengthening our sustainability strategy. Our materiality analysis and stakeholder dialogue process resulted in stronger sustainability ambitions, and updated material environmental, social and governance topics. With this Cloudberry has set our sustainability targets and key performance indicators (KPIs) for the short and longer term, which we have described in more detail in this year’s sustainability report. Sustainability is a rapidly developing field, and ensuring sustainable business operations is an ongoing process. We follow new developments closely to ensure we keep up with the changing landscape and to ensure that our sustainability strategy and reporting are adapted to growth and changes in the company and in line with future regulations. As a response to it, Cloudberry decided in 2022 to look to the European Sustainability Reporting Standards (ESRS) requirements, set by the Corporate Sustainability Reporting Directive (CSRD), rather than the World Economic Forum (WEF) Stakeholder Capitalism reporting framework. The ESRS standards are based on the Environment, Social, and Governance (ESG) structure. We know that there is always more work to do. We are currently working on developing more sustainability KPIs and targets and plan to commit to the Science Based Targets initiative (SBTi) in the future. Additionally, we will conduct a CSRD gap analysis in 2023 to prepare for the coming requirements as part of our efforts towards continuous improvement. Environment Renewable energy is essential to reducing the worlds greenhouse gas emissions, stopping climate change, and protecting the environment. At Cloudberry, concern for the environment and climate change are at the center of everything we do. Our main ambition is powering the transition to renewable energy, while aiming to have a net positive impact on climate and nature. With the development and production of renewable energy, Cloudberry makes a positive contribution to the energy transition. Cloudberry’s proportionate power production in 2022 totalled 268 GWh (117 GWh in 2021). The avoided emissions based on the baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 2022) is equivalent to 59,496 tCO2e (29,133 tCO2e in 2021). However, developing and constructing renewable energy have a negative impact on the planet as well. It is of the utmost importance to Cloudberry to reduce our environmental footprint as much as possible. Controlling our greenhouse gas (GHG) emissions in the value chain is of high importance to us, and therefore we identified more significant GHG emissions from the categories in scope 3 during 2022. The total GHG emissions reported in 2022 is 10,727 tCO2e (25,827 tCO2e in 2021) across scopes 1, 2, and 3. CO2 reduction and the direct and indirect GHG emissions have been adjusted for previous years. Go to the Sustainability section for details. From 2023 we will report our carbon emissions on a quarterly basis. Cloudberry will create a roadmap to reach net-zero from our emissions by no later than 2040, with the aim of using this process to identify pathways to reach net-zero even earlier.
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