Climate Change Data

Norsk Renewables AS

Climate Impact & Sustainability Data (2023)

Reporting Period: 2023

Environmental Metrics

ESG Focus Areas

  • Climate Action
  • Affordable and Clean Energy for All
  • Decent Work and Economic Growth
  • Through our contribution to society
  • Through working with innovative solutions

Environmental Achievements

  • Accumulated savings of 206,145 tonnes CO2 emission avoided in 2023 (67% increase from 2022)
  • Increased MW to clients by 18 MW (9 under construction)
  • Signed a JV and finishing a DD to take on 300 MW wind (and 300 MW solar). BESS competence focus. Developed Trading as an own business area.

Social Achievements

  • Activity and reporting level all-time high
  • Focus on employee development
  • Performance Management tool initiated
  • Employee satisfaction survey improved
  • 38% of total workforce are women, and 50% of the Board of Directors

Governance Achievements

  • Local value creation is all-time high
  • Improving quality and reliability of deliveries
  • 3rd party assessment
  • Sustainable Procurement policies in place
  • Whistleblowing and Grievance mechanism in place

Climate Goals & Targets

Short-term Goals:
  • Decide on new priorities, measures and monitoring of Climate Road Map
  • Focus on community contribution, SED (Social Economic Development) and CSR (Corporate Social Responsibility)
  • Employee satisfaction and culture
  • Continued GHG emissions reduction
  • Continue our preparations for the Corporate Sustainability Reporting Directive

Environmental Challenges

  • High interest and ambitions in the renewables industry are challenged by the need for significant grid upgrades
  • Risk of war and civil unrest in Ukraine impacting asset performance and payments
  • Breach of certain debt covenants at year-end 2023
Mitigation Strategies
  • Selective country operations balancing risk and reward
  • Remote monitoring and on-site contractor oversight of Ukrainian asset
  • Ongoing dialogue with Sparebank1 SR-Bank to extend corporate debt facilities
  • Covenant waiver from NEFCO for Semypolky plant

Supply Chain Management

Responsible Procurement
  • Supplier Conduct Guidelines with zero-tolerance policy for non-compliance
  • IFC Anti-Corruption Guidelines integrated into all contracts
  • Policy for Sustainable Procurement

Climate-Related Risks & Opportunities

Opportunities
  • Development of energy-efficient products
  • Diversification into wind and BESS solutions

Reporting Standards

Frameworks Used: GRI, IFC PS, ILO, World Bank Group EHS guidelines

UN Sustainable Development Goals

  • Goal 8: Decent Work and Economic Growth
  • Goal 7: Affordable and Clean Energy
  • Goal 13: Climate Action

Initiatives contribute to these goals through responsible business conduct, renewable energy solutions, and emission reduction efforts.