Urenco Annual Report 2022

7 Urenco Annual report and accounts 2022 The conflict also brought about an urgent global focus on energy independence and security of supply in our markets. More countries and energy companies are turning to nuclear or seeking to diversify their existing fuel supply as a result. For us, this means a growing demand for our enrichment services worldwide.We have launched a programme to upgrade and enhance our production capacity at our sites, which will enable us to meet growing demand now and in the future. With the climate emergency remaining at the forefront of energy challenges worldwide and sustainability being integral to everything we do, we are proud to have accelerated our net zero transition towards 2040. Our business made the decision to bring our targets forward and making themmore ambitious, whilst working together with the wider industry to help others decarbonise (page 28). We are working towards reaching net zero on our direct and indirect emissions (scope 1 and 2) by 2030. This new target will see us far exceed the minimum Science Based Target Initiative (SBTi) standards, but we also fully recognise the importance of reducing our direct supply chain carbon emissions (scope 3) and have committed to a science-based target of 30% reduction by 2030, and reaching net zero by 2040. Our longer term ambition is that by 2040 we can supply the nuclear industry with fuel that has been produced with net zero carbon emissions. As part of this net zero transition, we are collaborating with, and encouraging, both our upstream nuclear fuel cycle suppliers, and other suppliers, to do the same (page 29). We are also collaborating with customers to help them reach their own carbon reduction objectives. Continuing to push for and support the global efforts to decarbonise is something very important to Urenco. Following on from our attendance at COP26, we attended the COP27 conference in Egypt, where we provided our insight and perspective across multiple panels and sessions, highlighting and emphasising the importance of decarbonising the nuclear supply chain and the wider fuel supply chain. Additionally, as leaders in the nuclear sector we helped to ensure that nuclear energy’s voice was heard at the conference, as an essential part of the low carbon energy mix, by sponsoring and supporting several pavilions.We will continue to participate in these global discussions around climate change and to advocate for nuclear power. We are also committed to broader sustainability goals, including giving back to society and our local communities through social investment and ensuring this achieves social impact.We have established multiyear partnerships with charitable organisations aligned with our sustainability priorities. We do this while continuing to educate the wider public about nuclear power and its value, including its essential role in achieving net zero. For example, we are supporting a programme run jointly by the International Atomic Energy Agency (IAEA) and the Food and Agriculture Organization of the United Nations (FAO) to use nuclear and related technologies to develop climate smart farming practices to improve crop production. This will help communities in developing countries struggling with food security to respond to the challenges posed by climate change and reduce their carbon emissions. Meanwhile, as part of our educational Richie Programme in which we help to nurture the next generation of scientists, we have continued to partner with the Science Museum in London to sponsor its interactive gallery,Wonderlab. This brings science to life for all generations, while widening the gallery’s reach through a new digital presence which a greater number of young people from around the world can access. Strategic report 01 “ We are proud to have accelerated our net zero transition within our business, making the decision to bring our targets forward, and making them more ambitious”. Richie Lecture,Science Museum,London,UK