Key Climate Action Results and Short-Term Plans
2021
Sustainable Development and Climate Change Committee of the Board of Directors established.
Nornickel’s Climate Change Policy drafted and approved by the Board of Directors.
Environmental and Climate Change Strategy drafted and approved by the Board of Directors.
Roadmap to comply with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) developed and approved by the Senior Vice President for Sustainable Development (“TCFD Roadmap”).
Climate action targets and roles set and assigned at the Head Office and division levels.
Methodology developed and the first assessment conducted to measure the carbon footprint of the Company’s core products.
Pilot project to assess physical climate-related risks launched at branches and entities of the Norilsk and Energy Divisions as well as in the Polar Transport Division.
Supplier Code of Conduct developed to cascade Nornickel's requirements down to its suppliers, including those pertaining to GHG emissions reduction, in line with Nornickel’s commitment to build a responsible supply chain.
2022
Approaches to climate-related risks and opportunities assessment developed.
Climate change modelling until 2050 across the Company's footprint conducted jointly with climate scientists, with key climate risk factors identified and their impact on the production assets of Norilsk, Energy, Kola and Trans-Baikal Divisions preliminarily assessed.
International best practices in climate-related risk adaptation studied at cities and companies levels.
Proprietary global economy and climate change scenarios developed.
Register of transition risks and opportunities compiled and their pilot assessment conducted.
Nornickel’s consolidated financial and economic model stress-tested under global economic and climate change scenarios.
Amendments to the Company's internal regulations drafted in connection with climate-related risk management (including the Risk Management Regulations).
Science-based targets (SBT) criteria analysed for the Company.
Methodology developed to calculate the internal carbon price with its application in assessing investment projects being tested.
Upstream Scope 3 GHG emissions calculated for the first time.
Group's GHG emissions and product carbon footprint verified and expected GHG emissions following the Sulphur Programme implementation validated by TÜV AUSTRIA Standards & Compliance, an international testing, inspection and certification company.
Methodologies for calculating direct GHG emissions and indirect energy-related GHG emissions developed and validated by an international verifier for the Company’s internal accounting purposes.
Report on Nornickel’s GHG emissions submitted to the Russian Ministry of Economic Development with a view to adding relevant data to the registry of GHG emissions (in accordance with Federal Law No. 296-FZ On Limiting Greenhouse Gas Emissions dated 2 July 2021).
Quality of public climate change disclosure in Sustainability Report improved.
Possible options analysed for the development of in-house power generation facilities up to 2050 based on low-carbon technologies.
A total of over 200 employees trained in climate change and climate-related risks.
Short-term plans
Develop an action plan to comply with standards and recommendations on climate change disclosure.
Refine the methodology for assessing climate-related risks and opportunities by, inter alia, leveraging the scientific community’s expertise.
Integrate climate-related risks and opportunities management process into corporate business processes, including making necessary changes to internal regulations.
Develop adaptation and mitigation approaches and tools for transition risks and physical risks (for individual production assets as well).
Develop approaches to implementing the Company’s nature-based solutions to climate change.
Expand the scope of the Company’s supplier due diligence to include GHG emissions.
Harmonise the corporate methodology for product carbon footprint calculation with an industry model.
Design a system to assess climate change-related competencies as part of the personnel competence model.
Develop cooperation and partnerships and promote the climate agenda in the professional community, in particular participation in climate agenda committees and working group of ESG Alliance.