Climate Change Data

Environmental Metrics

ESG Focus Areas

• Climate Change
• Community and social vitality
• Health and Safety
• Skills for the future
• Employment and wealth generation
• Quality of governing body
• Governing purpose
• Stakeholder engagement
• Ethical behavior
• Risk and opportunity oversight
• Dignity and Equality

Environmental Achievements

• Reduced Lost Time Injury Rate (LTIR) to 2.73 injuries per million working hours.
• Implemented waste segregation across all business units.
• Initiated Scope 3 GHG emissions reporting, identifying key contributing factors.

Social Achievements

• Opened GWS Academy in Poland, providing over 10,000 training sessions.
• Maintained zero corruption/bribery cases.
• Donated 3300 EUR to the Danish organization “Kræftens Bekæmpelse”.

Governance Achievements

• Maintained zero corruption/bribery cases.
• Provided anti-corruption training to all employees.

Climate Goals & Targets

Environmental Challenges

• High number of environmental spills (19 in 2021).
• Difficulty in reducing Scope 1 emissions due to reliance on fuel-powered service vehicles.
• Need to improve data collection for comprehensive Scope 3 emissions reporting.

Mitigation Strategies

• Implementing measures to reduce environmental incidents.
• Offsetting Scope 1 emissions through tree planting (temporary solution).
• Planning to replace service vehicles with more energy-efficient options by 2030.
• Improving data collection methods for more accurate Scope 3 reporting.

Supply Chain Management

Responsible Procurement

• Using approved suppliers for equipment, tools, and PPE based on safety, quality, and environmental performance assessments.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather

Transition Risks

• Changes in wind farm locations

Opportunities

• Development of energy-efficient products

Reporting Standards

Frameworks Used: World Economic Forum (WEF)

Certifications: ISO 9001, ISO 14001, ISO 45001

UN Sustainable Development Goals

• Goal 7: Affordable and clean energy
• Goal 13: Climate action
• Goal 5: Gender equality
• Goal 8: Decent work and economic growth
• Goal 14: Life below water
• Goal 15: Life on land
• Goal 12: Responsible consumption and production

GWS's operations support the transition to renewable energy and aim to minimize environmental impact.

Environmental Metrics

ESG Focus Areas

• Health
• Safety
• Environment
• Sustainability

Climate Goals & Targets

Environmental Challenges

• Greenhouse gas emissions
• Waste management
• Environmental incidents (spills, discharges)

Mitigation Strategies

• Reducing GHG footprint following GHG Protocol
• Implementing waste management plans with source reduction and recycling
• Risk assessments for work/equipment that may cause environmental incidents, spill kits available

Supply Chain Management

Responsible Procurement

• Sustainability criteria for supplier selection
• Suppliers to state compliance with Fred. Olsen's Sustainability Policy, Code of Conduct, and HSEQ Policy

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: ISO 31000, GHG Protocol, MARPOL, SOLAS, STCW Code, MLC, ISO 9001, ISO 14001, ISO 45001

Certifications: ISO 9001, ISO 14001, ISO 45001, GWO, HUET, OGUK medical certificate, NOG medical certificate

Environmental Metrics

ESG Focus Areas

• Climate Change
• Pollution
• Resource use and circular economy
• Own workforce
• Workers in the value chain
• Business conduct

Environmental Achievements

• Reduced Scope 1 GHG emissions from site vehicles since 2022.
• Planted 214,450 trees in 2023 (360,000 total since 2022).

Social Achievements

• 14.707 individual trainings conducted.
• Reduced number of spills from 20 in 2022 to 13 in 2023.

Governance Achievements

• First sustainability report based on CSRD and ESRS requirements.
• Ongoing work to develop needed frameworks to comply with CSRD and ESRS.

Climate Goals & Targets

Environmental Challenges

• Increased cost of raw materials and flights due to political situation and fuel prices.
• Pressure to reduce service prices due to negative financial results in the wind turbine manufacturing industry.
• Shortage of skilled labor in the wind industry.
• Negative perception of the wind industry in some regions.
• Increased CO2 footprint due to travel to remote locations.

Mitigation Strategies

• Initiated dialogues with suppliers to understand their CO2 impact.
• Ambition to reduce Scope 1 emissions per employee by changing to more energy-efficient vehicles.
• Reviewing travel guidelines and vehicle booking to minimize travel.
• Planting trees to offset fuel emissions (temporary solution).
• Implementing additional checks and verification of hardstand conditions on site to mitigate muddy conditions.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• HSEQ assessments of subcontractors and suppliers; review of policies, activities, and targets to support a greener transition and ensure compliance with human rights and labor standards.

Climate-Related Risks & Opportunities

Physical Risks

• Extreme weather conditions (e.g., increased water and muddy conditions on wind turbine sites)

Transition Risks

• Technological development for vehicles and transport of goods with electrical power

Opportunities

• Transparency in CO2 emissions for Scope 3 reporting; targeting specific purchases and goods to reduce emissions.

Reporting Standards

Frameworks Used: CSRD, ESRS

Certifications: ISO 9001, ISO 14001, ISO 45001, IRATA, GWO

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Not disclosed

Awards & Recognition

• Not disclosed