Cloudberry Annual report 2022 Sustainability report 48 Environment Sustainability ambitions To power the transition to renewable energy aiming to be climate and nature positive Renewable energy is essential to reducing the worlds greenhouse gas (GHG) emissions, stopping climate change, and protecting the environment. At Cloudberry, concern for the environment and climate change lies at the center of everything we do. Our main ambition is to power the transition to renewable energy. While aiming to have a net positive impact on climate and nature, our goal is to be net-zero on GHG emissions no later than 2040. We plan to commit to the Science Based Targets initiative (SBTi) in our further work and is currently developing a roadmap which we aim to use actively to identify opportunities to even speed up the process and reach net-zero sooner. It is a high priority for Cloudberry to reduce our environmental footprint and our 2022 materiality assessment identified three environmental topics which we will prioritize in the years to come 1) climate change and energy transition, 2) nature impact and biodiversity, and 3) the circular use of resources and materials. Our production of renewable energy positively impacts the energy transition which addresses the climate crisis. In addition, the impact also addresses major operational and financial risk posed by climate change that causes changes in weather patterns which makes wind energy and hydropower less predictable. Additionally, climate change may increase the frequency of extreme weather events which can damage our assets. At the same time, renewable energy development damages nature and negatively impacts biodiversity. Thus, minimizing nature impact is one of Cloudberry’s highest priorities going forward. Finally, renewable energy, particularly wind energy, is known to be resource intensive with underdeveloped markets for reuse and recycling, as well as for manufacturing and transport of the components used in the production. These, along with site construction, are significant sources of GHG emissions. Addressing these issues and becoming more circular will contribute to our overall sustainability and minimize our material scarcity risks which is another of Cloudberry’s focus areas. Climate change end energy transition Our approach Climate change constitutes a global threat, and transitioning to a less carbon intensive energy system is essential. Contributing to this transition and helping to mitigate climate change is imperative for Cloudberry. We have an overall positive impact in this area, although we acknowledge that the development and operation of renewable energy sites are sources of GHG emissions. Climate change itself is a risk for Cloudberry, although society’s climate change mitigation efforts create financial opportunities for us. Climate change is altering precipitation patterns, which makes hydropower a less dependable source of electricity than it has been in the past. Additionally, climate change is increasing the frequency and severity of extreme weather events, which pose threats to our assets. At the same time, concern about climate change is leading many investors and governments to look towards renewable energy which will likely result in new renewable energy development opportunities for Cloudberry in the future. Key Performance Measures Actual 2020 Actual 2021 Actual 2022 Target 2023 Target 2025 Environment 1 GHG emissions avoided tCO2e 5 229 29 133 59 496 124 500 249 000 GHG emissions tCO2e 6 980 25 827 10 727 13 500 24 750 1 CO2 reduction and the direct and indirect GHG emissions have been adjusted for previous years. See the Key performance summary and the Environment section for details.
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