Climate Change Data

Aker Mainstream Renewables AS

Climate Impact & Sustainability Data (2023)

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:22,072 tCO2e/year
Scope 1 Emissions:371 tCO2e/year
Scope 2 Emissions:3,281 tCO2e/year
Scope 3 Emissions:18,421 tCO2e/year
Water Consumption:3.26 ML/year
Waste Generated:3,590 tons/year

ESG Focus Areas

  • Good Governance
  • Respect for People
  • Planet-Positive Impact
  • Prosperity for All

Environmental Achievements

  • Reduced Scope 1 and 2 GHG emissions from 2022 to 2023 (mainly due to change in asset accounting methodology)
  • Reduced total waste generated from 6,506 tons in 2022 to 3,590 tons in 2023
  • Avoided 595,205 tCO2e of emissions through renewable energy production

Social Achievements

  • Certified by the Top Employer Institute in South Africa (first renewable energy company in Africa to achieve this)
  • Invested more than EUR 1.2 million in community initiatives, benefiting an estimated 30,086 people
  • 70 promotions across the company in 2023

Governance Achievements

  • Implemented a process to develop science-based targets for emission reductions, submitting a commitment letter to the SBTi
  • Updated Global Development Standard with enhanced climate and biodiversity risk assessment requirements
  • No legal proceedings related to non-compliance with laws and regulations in 2023

Climate Goals & Targets

Long-term Goals:
  • Net zero emissions
Medium-term Goals:
  • Reduce cost base by over 30% by 2025
Short-term Goals:
  • Submit emissions reduction targets to SBTi within 24 months

Environmental Challenges

  • Supply chain disruptions, rising inflation, increasing interest rates, and energy supply issues exacerbated by the war in Ukraine
  • Severe market design challenges in Chile leading to debt restructuring
  • High curtailment levels in Chile due to oversupply of renewable generation and delayed transmission infrastructure
Mitigation Strategies
  • Successfully restructured debt on Condor and Huemul portfolios in Chile
  • Secured a new corporate finance facility of up to USD 220 million
  • Strategic review of the company prioritizing 10 GW of projects and reducing cost base by over 30% by 2025
  • Implementing actions to mitigate physical risks and drive down the total cost of risk

Supply Chain Management

Responsible Procurement
  • Code of Conduct
  • Modern Slavery Statement
  • Business Partner Code of Conduct
  • Equator Principles
  • IFC Performance Standards
  • Enhanced contractual clauses on forced labor

Climate-Related Risks & Opportunities

Physical Risks
  • Extreme weather events
  • Sea level rise
  • Erosion
  • Changing wind patterns
Transition Risks
  • Regulatory changes
  • Market shifts
  • Increased project development costs
  • Slow development of new grid capacity
Opportunities
  • Global upscaling of renewable energy

Reporting Standards

Frameworks Used: GRI Standards 2021, World Economic Forum Stakeholder Capitalism Metrics, TCFD

Certifications: ISO 9001, ISO 14001, ISO 45001, ISO 20000-1:2018, ISO 27001:2022

Awards & Recognition

  • Top Employer Institute certification (South Africa)