Urenco Annual Report 2022

28 Urenco Annual report and accounts 2022 Risks and opportunities posed by climate change Climate change is the defining issue of our time and directly affects the ability to achieve UN Sustainable Development Goals. In recognition of this, Urenco signed The Climate Pledge in 2021 to demonstrate our commitment to achieve net zero carbon emissions in advance of 2040. In July 2022 our CEO, Boris Schucht, signed a Science Based Target initiative (SBTi) commitment letter in which Urenco agreed to achieving net zero and a 100% reduction in scope 1 and 2 emissions by 2030 and a 30% reduction in scope 3 emissions by 2030.We are aiming for the SBTi to validate our targets by the start of 2024. Net zero is one of the most important drivers for the future of our business. By delivering on our net zero aspirations Urenco will further contribute to reducing the carbon intensity of the wider nuclear fuel cycle, offering an enriched uranium product with a significantly reduced carbon intensity. Urenco recognises that climate change represents a multitude of physical, chronic and transitional risks, as the worldmoves to a low carbon future.We are committed to working towards incorporating the recommendations laid out by the Task Force on Climate-Related Financial Disclosures (TCFD) in full. ATCFD gap analysis has highlighted areas of improvement and we plan to implement these during the course of 2023. In 2022, there were Executive and Sustainability Committee discussions on understanding the TCFD gap analysis and for giving approval to progress with the 2023 work programme. A key portion of work for 2023 is to explore in greater depth the specific risks that may affect our business and how best tomitigate them. To better understand the financial impact of our climate risks and opportunities, Urenco will conduct climate scenario analyses across a range of selected warming scenarios. The output of this work will informUrenco’s planning and prioritisation of future business strategies and investments, therefore improving our business’s future resilience. Our strategy: priority focus areas Sustainability Strategic report 01 Image above: Gronau,Germany.