Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Biodiversity
• Water Use
• Waste Management
• Workforce Diversity
• Safety
• Community Relations
• Corporate Governance
• Supply Chain Sustainability
• Financial and Operational Risks

Environmental Achievements

• Low scopes 1 and 2 emissions; aims to reduce scope 1 emissions to zero by 2025.
• Commits to implement zero-waste policies and recycling.
• Performs Environmental Impact Assessments (ESIA) for greenfield projects and monitors biodiversity risks.
• Planning to introduce automatic controls at wind farms to stop turbines during bird migrations.

Social Achievements

• Zero reported injury rates for direct employees; provides minimum 16 hours of health and safety training per employee.
• Involves local communities during planning of new projects; resolves concerns through meetings, compensation, and technical assessments.
• Invests in community education, arts, sports, and local events.
• Achieved more training hours (54.5 hours in 2022) compared to industry peers.

Governance Achievements

• Established a new board of six members with separate CEO and chair positions following 2021 IPO.
• Comprehensive publicly available policies and values driving direct operations.
• Developing supplier screening standards.
• Published its first sustainability report in 2023 and intends to externally assure the information from 2024 onward.

Climate Goals & Targets

Environmental Challenges

• Lack of strategy to reduce indirect emissions (scope 3), which are the most significant in the sector.
• Nascent tracking of waste management; only waste from power plant maintenance is measured.
• Higher employee turnover rate than peers and sector median due to project-related hiring.
• Less robust grievance reporting mechanism than sector peers; no online way of communicating grievances.
• Lack of formalized targets and initiatives to improve gender diversity.
• Limited visibility on how executive pay aligns with strategy.
• Exposure to political instability given limited geographical and technological diversification.
• Reactive stance regarding the development of technologies to overcome sector-specific concerns.
• Short-term outlook to 2025 constrains strategy.
• Exposure to unexpected regulatory changes and Turkey's volatile economic situation.

Mitigation Strategies

• Started tracking scope 3 emissions this year with a view to mitigating them.
• Committed to define waste management strategy in 2023 and implement zero-waste policies and recycling.
• Developing supplier screening standards to address human rights risks in the upstream of its supply chain.
• Improving the efficiency and operational capacity of existing plants and developing new greenfield projects.
• Set up an Early Detection of Risks Committee in 2021 to anticipate and mitigate risks.
• Power plants are fully insured against natural disaster damage.
• Aims to continue strengthening its position in Turkey while looking for growth opportunities in Europe or elsewhere.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Developing supplier screening standards

Climate-Related Risks & Opportunities

Physical Risks

• Water stress
• Biodiversity loss

Transition Risks

• Regulatory changes

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Null

Certifications: ISO 45001 (for all plants), ISO 27001 (Information Security Management System for all sites)

Third-party Assurance: Intends to externally assure nonfinancial information from 2024 onward

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Climate Change Mitigation
• Renewable Energy
• Community Engagement
• Employee Involvement
• Supply Chain Management

Environmental Achievements

• Avoided 411,000 tCO2 emissions in 2023 through carbon reduction certificates from solar and wind power plants.
• Increased renewable energy installed capacity to 290MW in 2023 from 269MW in 2022.

Social Achievements

• Zero work-related accidents in the past three years.
• Donated TRY14.5 million in 2023 (approximately 0.8% of revenue) to various community projects.

Governance Achievements

• Maintains a relatively balanced board.
• Complies with Turkish Accounting Standards and Turkish Financial Reporting Standards.

Climate Goals & Targets

Environmental Challenges

• Negative trends in carbon emissions and natural resource management over the past four years.
• Lack of transparency regarding CEO pay ratio and detailed components of management remuneration.
• Internal audit functions managed at the parent level rather than within the company.
• Male-dominated workforce with a relatively high gender pay gap.
• Regulatory breaches concerning their WPPs (resolved through legal action).

Mitigation Strategies

• Developed robust environmental policies to minimize waste, energy consumption, carbon emissions, and other negative environmental impacts.
• Set a goal to increase female workforce representation by 3 percentage points.
• Implemented an ISO 45001-certified occupational health and safety management system.
• Actively engaged in legal actions to challenge regulatory decisions.
• Established Galata Wind Energy Global BV in the Netherlands to manage European investments.

Supply Chain Management

Responsible Procurement

• Evaluates and selects suppliers based on ESG standards through a self-assessment questionnaire.
• Subjects high-risk suppliers to audits to ensure compliance.

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB)

Certifications: ISO 14001, ISO 50001, ISO 45001, ISO 10002

Third-party Assurance: Limited assurance from an external auditor

UN Sustainable Development Goals

• SDG 7 (Affordable and clean energy)
• SDG 13 (Climate action)

Direct contribution to SDGs 7 and 13 through renewable energy generation.

Sustainable Products & Innovation

• Rooftop solar power systems (through subsidiary Sunflower Solar)
• Research in energy storage and battery technologies and electric vehicle charging stations.

Awards & Recognition

• Not disclosed

Environmental Metrics

ESG Focus Areas

• Renewable Energy Generation
• Decarbonization
• Sustainable Finance
• Social License to Operate
• Sustainable Processes

Environmental Achievements

• Reduced carbon emissions by approximately 430,000 tons every year by generating 100% clean electrical energy from renewable resources.
• Reduced Scope 1 emissions to zero by the end of 2025.

Social Achievements

• Provided 2,777 training hours in 2023.
• Achieved 1,454 volunteer hours in 2023 (115.72% increase from 2022).

Governance Achievements

• Corporate Governance Rating upgraded to 9.52 by Kobirate.
• Sustainability rating of A1 "advanced".

Climate Goals & Targets

Environmental Challenges

• Decline in electricity prices due to increased renewable energy generation and economic downturn.
• Unfavorable market conditions impacting carbon credit sales.

Mitigation Strategies

• Focusing on optimizing operational efficiency and increasing revenue from carbon credit sales.
• Maintaining a strong capital structure and low leverage to enable new investments.

Supply Chain Management

Responsible Procurement

• Ethical sourcing, risk management, continuous improvement, collaboration with suppliers.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather events

Transition Risks

• Regulatory changes, market shifts

Opportunities

• Growth in renewable energy sector

Reporting Standards

Frameworks Used: GRI Standards 2021, Turkish Sustainability Reporting Standards

Certifications: ISO 9001, ISO 14001, ISO 45001, ISO 10002, ISO 50001, ISO 27001