Approach to Climate Change

Nornickel realises that climate change is one of the most significant and urgent global issues that poses high risks to the Company’s economic activities and society as a whole. As a party to the UN Global Compact, the Company fully supports the UN Sustainable Development Goals (SDGs), in particular SDG 13 Climate Action, and actively participates in efforts to combat global warming.

The Company unconditionally shares the principles of the Paris Agreement and supports its goal in terms of keeping the global average temperature increase well below 2 °C and making efforts to limit the increase to 1.5°C. Nornickel actively engages with the scientific community, supporting and promoting nature and climate studies in the regions of its operation, creating and expanding the climate and geocryological monitoring system, and developing and implementing measures to reduce GHG emissions and adapt to climate change.

The Company is guided by recognised international standards for building corporate governance and climate risk management systems as well as standards for climate-related disclosures, including:

  • TCFD (Task Force on Climate-Related Financial Disclosures) recommendations;
  • GHG protocol;
  • GRI Standards;
  • SASB Metals & Mining Sustainability Accounting Standard;
  • ICMM's Mining Principles;
  • Standard for Responsible Mining of the Initiative for Responsible Mining Assurance (IRMA);
  • Global Industry Standard on Tailings Management (GISTM);
  • requirements of independent ESG agencies (Eсovadis, Sustainalytics, MSCI ESG, CDP);
  • Bank of Russia’s recommendations for public joint-stock companies to disclose non-financial information regarding their operationsBank of Russia’s Information Letter No. IN-06-28/49 On Recommendations for Public Joint-Stock Companies to Disclose Non-Financial Information Regarding Their Operations dated 12 July 2021.;
  • methodological recommendations and indicators of the Russian Ministry of Economic Development on climate change adaptationOrder No. 267 of the Russian Ministry of Economic Development On Approving Methodological Recommendations and Indicators on Climate Change Adaptation dated 13 May 2021..