Urenco Annual Report 2022

49 Urenco Annual report and accounts 2022 Strategic report 01 Geopolitical risks Description Impact How we are managing the risk Whilst public acceptance of nuclear energy has improved recently, this could be impacted by amajor incident at a nuclear facility. Geopolitical uncertainties created by events such as the invasion of Ukraine could impact our ability to access or operate within certain international markets. Negative public perception over nuclear energy could lead to lower public acceptance of nuclear energy. Geopolitical uncertainty has impacted our operations and that of our customers and supply chain. Changes in the global market could reduce the size of ourmarket or restrict sales to particular countries / regions. • Wemaintain rigorous care and control over export material • We engage proactively and regularly with governments,ministries and federal offices • We continue to emphasise the importance of the role that nuclear can play in securing domestic energy requirements • Wemonitor governments and political developments both through themedia and through government engagement in the countries inwhichwe operate.We build understanding of our business model with government to try to ensure any government policy response to geopolitical uncertainty is known and takes into account our operatingmodel Failing to achieve our net zero 2030 targets Description Impact How we are managing the risk We have set ourselves stretching near term2030 net zero targets, in line with our sustainability ambition of reaching net zero by 2040. Failure to deliver our ambitions could delay ourmitigation of ESG risks and impact our reputation and our ratings with external organisations such as CDP, Eco-Vadis.This could result in limited access to capital and impact our relationshipwith internal and external stakeholders. • Sustainability is one of our strategic priorities, andwe have established a Net Zero ProgrammeTeam to focus on carbon reductions throughout scope 1, 2&3 • DedicatedNet Zero Leads have been appointed at each of our sites • Net Zero principles are being integrated into our designs • We are engagingwith our suppliers to developmarket-led low carbon refrigeration systems • Through our partnershipwith EcoVadis, our key suppliers are undertaking sustainability assessments inclusive of reporting on their actual Scope 1, 2, &3 emissions