Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Significantly increased generation capacity, supporting Ireland’s transition towards renewable energy and a carbon net zero economy

Social Achievements

• Expansion of best practice community benefit schemes; rigorous health and safety approaches ensuring wind farms are a valued part of the community; Winner of the Best Community Programme at the 2019 Chambers Ireland CSR Awards for The Galway Wind Park project (Cloosh Valley)

Governance Achievements

• Adoption of an ESG Policy which sets out the Group’s ESG objectives and a plan to systematise the Investment Manager’s approach to ESG management

Climate Goals & Targets

Environmental Challenges

• Higher than expected curtailment (4% below budget)
• Failure of a 200kV to 400kV grid transformer at Moneypoint impeding electricity flows and causing significant curtailment

Mitigation Strategies

• Actively participating in a dispatch down working group within the Irish Wind Energy Association to address system-wide curtailment; remedy of the transformer failure in Q4 2019

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: AIC Code

Awards & Recognition

• Best Community Programme at the 2019 Chambers Ireland CSR Awards

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Governance

Environmental Achievements

• Portfolio produced enough renewable energy to power more than 339,000 homes, saving 608,856 million tonnes of CO2.
• Calculated and disclosed full carbon footprint for the first time, including Scope 1, 2 and 3 emissions.

Social Achievements

• Supported a range of local community projects, committing more than €1 million to community funds across 153 projects.
• Shortlisted for the 2021 Exemplary Health and Safety Performance Award by Wind Energy Ireland.
• Continued sponsorship of the BT Young Scientist special award for Sustainable Energy and the Wind Energy Ireland Young Person of the Year Award.

Governance Achievements

• Published first disclosure under the EU Sustainable Finance Disclosure Regulation (SFDR) and met Article 9 criteria.
• Published second disclosure of climate-related risks and opportunities with TCFD recommendations.
• Submitted first full environmental data disclosure to the Carbon Disclosure Project (CDP).

Climate Goals & Targets

Environmental Challenges

• Supply chain disruptions (implied by discussion of turbine recycling challenges and supply chain due diligence)
• Cybersecurity risks

Mitigation Strategies

• Working with DNV on a turbine recyclability study to improve supply chain sustainability.
• Implementing a comprehensive approach to information security management, including vulnerability testing and enhanced incident response procedures.

Supply Chain Management

Supplier Audits: Nine audits completed on Killala Battery project with zero incidents.

Responsible Procurement

• Enhanced due diligence process for assessing supply chain credentials of projects; Greencoat Capital Code of Conduct Side Letter.

Climate-Related Risks & Opportunities

Opportunities

• Expansion of renewable energy portfolio due to increased focus on decarbonization.

Reporting Standards

Frameworks Used: SFDR, TCFD, CDP, GHG Protocol

Certifications: ISO 14064-3

UN Sustainable Development Goals

• SDG 7
• SDG 13

Creating renewable energy and driving climate action.

Awards & Recognition

• Shortlisted for 2021 Exemplary Health and Safety Performance Award by Wind Energy Ireland.

Environmental Metrics

ESG Focus Areas

• Climate Change
• Social Impact
• Governance

Environmental Achievements

• Generated renewable energy to power over 750,000 homes and displace 1.3 million tonnes of CO2 emissions.

Social Achievements

• Contributed more than €1.3 million to local communities.

Governance Achievements

• Maintained compliance with the AIC Code of Corporate Governance.

Climate Goals & Targets

Environmental Challenges

• Less than expected wind resource resulting in underperformance against budget (-9%).
• Power price decline towards the end of 2023 and into early 2024.
• Increased reputational risks associated with climate-related disclosures and reporting obligations.
• Retrospective changes to policies providing financial support to renewable energy.

Mitigation Strategies

• Disciplined approach to sustaining high levels of contracted revenue that provides income security and inflation protection.
• Execution of long-term power purchase agreements (PPAs) to manage price risk.
• Periodic public disclosures in accordance with regulations and best practice.
• Active engagement in consultation with industry and governments.

Supply Chain Management

Supplier Audits: 4 in 2023

Responsible Procurement

• ESG Policy
• Investment Manager’s Supply Chain Policy
• Code of Conduct Side Letter

Climate-Related Risks & Opportunities

Physical Risks

• Increase in extreme weather events
• Changing weather patterns

Transition Risks

• Increased renewable generation capacity reduces power prices
• Retrospective changes to policies providing financial support to renewable energy
• Increased reputational risks associated with climate-related disclosures and reporting obligations
• Substitution of existing renewable generation with lower emissions options

Opportunities

• Regulation and policy supporting renewable energy generation
• Increased demand for renewable energy generation
• Increased investor interest in renewable energy funds

Reporting Standards

Frameworks Used: TCFD, EU SFDR, EU Taxonomy

UN Sustainable Development Goals

• SDG 7
• SDG 13

Generating renewable electricity and enabling capital recycling are considered to contribute to Sustainable Development Goal (“SDG”) 7 by ensuring access to affordable, reliable, sustainable and modern energy for all, and SDG 13 in taking urgent action to combat climate change and its impacts.