EU climate and energy policy

“In 2024, we launched our newly designed ADAPT condensing gas tankless water heater and VERITUS air source commercial heat pump water heater to align with greenhouse gas emission reduction trends across the U.S. The VERITUS and ADAPT model lines were further expanded in 2025. We also recently launched our Cyclone Flex commercial condensing water heater with advanced features ahead of the upcoming October 2026 Department of Energy (DOE) commercial rule that will require all commercial water heaters to be condensing.”

Annual report 2025A · The company itself

“In recent years, a number of states and local authorities have proposed or implemented bans on gas-fired products in new construction in an effort to address greenhouse gas emissions. Similar laws and regulations have been adopted by government authorities in other countries in which we manufacture, distribute, and sell our products.”

Annual report 2025A · The company itself

“Department of Energy (DOE) has adopted a new efficiency rule for commercial water heaters that will take effect in October 2026. The DOE has also adopted a new efficiency rule for our residential water heaters that will take effect in 2029, which seeks to rapidly increase market adoption of heat pump water heating technology.”

Annual report 2025A · The company itself

“There are also a number of foreign, federal, state and local governments adopting laws, regulations and codes in response to climate change that will require a mandatory transition to non-fossil fuel based sources of space and water heating equipment in the building sector.”

Annual report 2025A · The company itself

“Regulations will only contribute meaningfully to global climate improvements if they lead to the development of innovative, costeffective technologies.”

Annual report 2024A · The company itself

“The success of the energy transition hinges on balancing the energy quadrilemmaaffordability, security, profitability and sustainability.”

Annual report 2024A · The company itself

“Importantly, the acquisition also bolstered our growing footprint as the go-to consultant globally in key oil & gas energy transition technologies: carbon capture utilisation & storage (CCUS), as well as geothermal solutions. We now have a track-record across more than 50 such projects and counting.”

Annual report 2024A · The company itself

“CCUS and Geothermal AGR provides critical expertise in the engineering and consulting to support the analysis, design, application and operations of CCUS and geothermal technology.”

Annual report 2024A · The company itself

“Given our multi-disciplinary model and diverse geographic and sector exposures, we believe these transition risks are unlikely to substantially affect our business model or overall revenue goals, and this is considering a climate scenario in line with limiting global warming to 1.5°C. ABL Group is an early adopter in developing services for the energy transition (balancing the decline in the oil and gas industry), adding new service lines with high future demands due to climate risks (e.g. coastal dynamics modelling) and growing the renewables sector of the company.”

Annual report 2024A · The company itself

“When ABL Group was born out of AqualisBraemar’s acquisition of LOC in 2020, our commitment to drive the accelerated development of renewable energy and other carbon-reduction technologies, was at the core of our original vision. This same resolve stands firm today at the heart of our Group and is reflected in our evolved Group purpose to drive sustainability in energy and oceans. Our expanding sustainability and energy transition (S&ET) team are steadfast in our dedication to harnessing the deepest pool of engineering and technical expertise to support the growth of key transitioning technologies – all with a focus on driving the environmental sustainability in our sectors.”

Annual report 2024A · The company itself

“In supporting the energy transition, as it inevitably moves forward through shifting political landscapes and technological developments, we aim to position ABL Group as a flexible and resilient player, capable of thriving in any scenario.”

Annual report 2024A · The company itself

“For economic sustainability, we will establish excellence in our business development and sales growth functions, drive profitability to fund our renewables business, and achieve a high rate of strategic acquisitions.”

Annual report 2024A · The company itself

“The financial performance of our renewables business is also impacted by our ability to complete construction projects and earn U.S. renewable tax credits.”

Annual report 2025A · The company itself

“Tax credits associated with the development of U.S. renewables projects can be substantial and have increased with the adoption of the Inflation Reduction Act ("IRA"). In 2025, AES recognized $1.5 billion related to the monetization of tax attributes to tax equity investors and transferability tax credit buyers relating to U.S. renewables projects, $166 million of which relates to solar projects owned by our utility at AES Indiana.”

Annual report 2025A · The company itself

“These tax credits are supportive of our strategy to grow the AES Clean Energy business through the development of our 46 GW U.S. pipeline.”

Annual report 2025A · The company itself

“In December 2022, Bulgaria implemented Regulation 2022/1854, approved by the European Council in October 2022 as an emergency intervention aiming at limiting energy prices in Europe. The main measure of interest to AES in Bulgaria is the limitation of revenues for "infra-marginal" producers, a category that includes renewables and other technologies which are providing electricity to the grid at a cost below the price level set by the more expensive “marginal” producers.”

Annual report 2025A · The company itself

“Decarbonization — The Chilean government’s decarbonization plan includes the complete retirement of the SEN coal fleet by the end of 2040 and carbon neutrality by 2050.”

Annual report 2025A · The company itself

“Many of the countries in which the Company does business have laws and regulations relating to the siting, construction, permitting, ownership, operation, modification, repair and decommissioning of, and power sales from electric power generation or distribution assets. In addition, international projects funded by the International Finance Corporation, the private sector lending arm of the World Bank, or many other international lenders are subject to World Bank environmental standards or similar standards, which tend to be more stringent than local country standards.”

Annual report 2025A · The company itself

“Environmental laws and regulations affecting electric power generation and distribution facilities are complex, change frequently, and have become more stringent over time. The Company has incurred and will continue to incur capital costs and other expenditures to comply with these environmental laws and regulations. The Company may be required to make significant capital or other expenditures to comply with these regulations.”

Annual report 2025A · The company itself

“CSAPR — CSAPR addresses the "good neighbor" provision of the CAA, which prohibits sources within each state from emitting any air pollutant in an amount which will contribute significantly to any other state’s nonattainment of, or interference with maintenance of, any NAAQS. The CSAPR is implemented in part through a market-based program under which compliance may be achievable through the acquisition and use of emissions allowances created by the EPA.”

Annual report 2025A · The company itself

“The GHG NSPS for new EGUs remains in effect at this time, and absent further action from the EPA that rescinds or substantively revises the NSPS, it could impact any Company plans to construct and/or modify or reconstruct electric generating units in some locations, which may have a material impact on our business, financial condition, or results of operations.”

Annual report 2025A · The company itself

“In particular, the Company's U.S. facilities are subject to the CWA Section 316(b) rule issued by the EPA effective in 2014 that seeks to protect fish and other aquatic organisms drawn into cooling water systems at power plants and other facilities. These standards require affected facilities to choose among seven best technology available ("BTA") options to reduce fish impingement.”

Annual report 2025A · The company itself

“Certain AES Southland OTC units were required to be retired to provide interconnection capacity and/or emissions credits prior to startup of new (air cooled) generating units, and the remaining AES OTC generating units in California have been or will be shut down and permanently retired by the applicable OTC Policy compliance dates for the respective units. The SWRCB OTC Policy currently requires the shutdown and permanent retirement of the remaining OTC generating units at AES Huntington Beach, LLC and AES Alamitos, LLC by December 31, 2026, as extended in support of grid reliability.”

Annual report 2025A · The company itself

“Risks associated with Governmental Regulation and Laws Our operations are subject to significant government regulation and could be adversely affected by changes in the law or regulatory schemes. Our ability to predict, influence or respond appropriately to changes in law or regulatory schemes, including obtaining expected or contracted increases in electricity tariff or contract rates or tariff adjustments for increased expenses, could adversely impact our results of operations.”

Annual report 2025A · The company itself

“Regulation, such as the initiatives in Chile and the Puerto Rico Energy Public Policy Act, may adversely affect our operations.”

Annual report 2025A · The company itself

“In October 2015, Law 27,191 was passed, seeking to create a successful framework for the development of renewable energy. This law set an objective of 8% renewable energy by 2017 and 20% by 2025 and also introduced tax exemptions for importing equipment used in the construction of renewable energy projects in addition to other tax benefits.”

Annual report 2025A · The company itself

“Både lagstiftning och flera hållbarhetsinitiativ kommer under det kommande decenniet att driva på investeringar inom grön teknik, såsom lösningar för dekarbonisering och klimatanpassning samt lösningar som främjar cirkulär ekonomi och biologisk mångfald.”

Annual report 2024A · The company itself

“Marknadstrenderna som driver vår verksamhet – utfasning av fossila energislag, elektrifiering, cirkularitet och digitalisering – härrör från internationella överenskommelser för adressera de globala utmaningarna samt de tekniska och innovativa framstegen vi har upplevt de senaste åren.”

Annual report 2024A · The company itself

“Det är genom våra uppdrag vi har störst påverkan på klimatet, och genom medvetna beslut om vilka kunder och projekt vi väljer, kan vi aktivt bidra till de globala ansträngningarna för att minska utsläppen. För oss blir det allt viktigare att styra vår projektportfölj mot mer hållbara metoder, för att fortsätta vara relevanta och konkurrenskraftiga.”

Annual report 2024A · The company itself

“Vi strävar efter att samtliga av våra partnerskap är i linje med 1,5- gradersambitionen och målet att halvera utsläppen till 2030 och nå nettonollutsläpp till 2050.”

Annual report 2024A · The company itself

“In addition, certain of our green and blue hydrogen projects are largely based on expected demand for technologies and projects to limit the impact of global climate change. Demand for our solutions could be negatively impacted if the public and private sectors reduce their focus on reducing carbon emissions.”

Annual report 2025A · The company itself

“Increased public concern and governmental action may result in more international, U.S. federal and/or regional requirements to reduce or mitigate the effects of GHG emissions or increased demand for technologies and projects to limit the impact of global climate change. Although uncertain, these developments could increase our costs related to consumption of electric power, hydrogen (including clean hydrogen) production, and application of our gasification technology. We believe we will be able to mitigate some of the increased costs through contractual terms, but the lack of definitive legislation or regulatory requirements prevents an accurate estimate of the long-term impact these measures will have on our operations.”

Annual report 2025A · The company itself

“Table of Contents In addition, certain of our projects are partially dependent on a regulatory environment that favors technologies focused on limiting the impact of climate change, in particular toward the production and distribution of clean hydrogen. For example, we anticipate benefits from tax incentives created by the U.S. Inflation Reduction Act of 2022 for carbon sequestration and clean hydrogen production in future years once our projects in these areas come on-stream in the U.S.”

Annual report 2025A · The company itself

“If there is a reversal in the regulatory environment or a discontinuation or reduction of incentives or benefits for the development of technologies limiting the impact of climate change, particularly those focused on low- and zero-carbon hydrogen production, or significant uncertainty regarding such efforts, certain of our projects may be threatened and for completed projects demand for our products may be less than we anticipate and certain projects could be adversely affected. For example, in fiscal year 2025, we cancelled a project to build a green liquid hydrogen project in the U.S., based in part on a regulatory development that rendered existing hydroelectric power supply ineligible for the Clean Hydrogen Production Tax Credit (45V) and incurred a significant impairment charge for the amount that we had invested in the project. Further negative regulatory developments could adversely affect our projected returns, which could lead us to re-evaluate certain projects and may harm our business and financial performance.”

Annual report 2025A · The company itself

“Vi är fast beslutna att driva på transformation och investera avsevärda resurser i FoU för ett koldioxidneutralt transportsystem, vilket kan ha ett verkligt genomslag på våra kunders ansträngningar att minska deras koldioxidavtryck. Runt om i världen börjar företag röra sig mot nettonollutsläpp med hjälp av Volvokoncernens produkter och tjänster.”

Annual report 2024A · The company itself

“Det finns starka trender som automatisering, minskad miljöpåverkan och ökad produktivitet som måste balanseras med investeringar i utveckling av nuvarande tekniker. På kort till medellång sikt är viktiga trender som påverkar vår utvecklingsportfölj relaterade till avgaser och minskade utsläpp, klimatomställningen med vår tredelade strategi för att minska koldioxidutsläppen i användningsfasen och säkerhetsprestanda. ò Leverantörsnätverk Volvokoncernen är beroende av globala och regionala leverantörskedjor för att leverera komponenter och delar samt kompletta tjänster och system.”

Annual report 2024A · The company itself

“Volvokoncernens viktigaste klimatmål, från utgångsvärde 2019, Scope 3 användarfas förutom för Egen verksamhet som är Scope 1-2 LASTBILAR BUSSAR ANLÄGGNINGS- MASKINER VOLVO PENTA EGEN VERKSAMHET Mål 2030 Mål 2030 Mål 2034 Mål 2034 Mål 2030 -40% -40% -30% -37.5% -50% utsläpp per fordonskilometer utsläpp per fordonskilometer absoluta utsläpp absoluta utsläpp absoluta utsläpp Status 2024 Status 2024 Status 2024 Status 2024 Status 2024 –8% –15% –38% +5% –30% s s s s s Ledande kundnöjdhet för alla varumärken Volvokoncernen har en ledande kundnöjdhet på många marknader och segment.”

Annual report 2024A · The company itself

“Vår ambition är att nå nettonollutsläpp av växthusgaser till 2040.”

Annual report 2024A · The company itself

“Volvo Lastvagnars nya erbjudande ska ses mot bakgrund av Volvokoncernens ambition att nå nettonollutsläpp 2040 genom en trevägsstrategi som inkluderar batterielektriska lastbilar, vätgasdrivna bränslecellslösningar samt förbränningsmotorer som drivs på förnybara bränslen.”

Annual report 2024A · The company itself

“Our business and our customers are subject to significant requirements under the European Community Regulation for the Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”). REACH imposes obligations on European Union manufacturers and importers of chemicals and other products into the European Union to compile and file comprehensive reports, including testing data, on each chemical substance, and perform chemical safety assessments.”

Annual report 2025A · The company itself

“Our business and our customers are subject to significant requirements under REACH, which imposes obligations on E.U. manufacturers and importers of chemicals and other products into the E.U. to compile and file comprehensive reports, including testing data, on each chemical substance, and perform chemical safety assessments. Additionally, substances of high concern, as defined under REACH, are subject to an authorization process, which may result in restrictions in the use of products by application or even banning the product.”

Annual report 2025A · The company itself

“Potential transition risks related to climate change include potential loss of customers due to climate-related performance and increased costs related to carbon pricing. Growing concerns about climate change may result in the imposition of additional regulations or restrictions to which we may become subject. A number of governments or governmental bodies have introduced or are contemplating regulatory changes in response to climate change, including installing external carbon pricing mechanisms, such as emissions trading schemes and carbon taxes.”

Annual report 2025A · The company itself

“The outcome of new legislation or regulation in the U.S. and other jurisdictions in which we operate may result in new or additional requirements, additional charges to fund energy efficiency activities, and fees or restrictions on certain activities. We may have heightened credit risk due to our exposure to climate risks. While certain climate change initiatives may result in new business opportunities for us in the area of energy storage and electrification, compliance with these initiatives may also result in additional costs to us, including, among other things, increased production costs, additional taxes, reduced emission allowances or additional restrictions on production or operations.”

Annual report 2025A · The company itself

“Inom Energydivisionen var tillväxten specifikt gällande tillämpningar för miljöteknik, till exempel koldioxidavskiljning och gröna kemikalier, 40 procent under 2024.”

Annual report 2024A · The company itself

“Vi befinner oss i en unik position eftersom våra produkter bidrar till att minska miljöpåverkan i industriella processer på ett väsentligt sätt. Vi har också ett ansvar för att löpande minska vår miljömässiga påverkan på alla områden i vår värdekedja.”

Annual report 2024A · The company itself

“När så är lämpligt inkluderar Alfa Laval hela värdekedjan i sina målsättningar, inklusive hur produkterna och teknikerna som bolaget tar till marknaden bidrar till en hållbara omställning för verksamheter och samhälle.”

Annual report 2024A · The company itself

“Att stödja kunderna i omställningen mot en fossilfri och mindre resursintensiv framtid är kärnan i Alfa Lavals affärsstrategi och står för väsentliga möjligheter.”

Annual report 2024A · The company itself

“Vår svit med digitala tjänster som driver operativ transparens och operativ effektivitet fortsatte att växa, och har god dragkraft för ett antal nya erbjudanden. Fler än 3 500 fartyg använder nu efterlevnadsrapporteringsverktygen EU-MRV och EU-ETS. FuelEUhanteringsverktyget StormGeo släpptes under året, eftersom regelverket träder i kraft i januari 2025. Sviten s-Bunker, som gör att kunderna inte bara kan optimera ett fartygs rutt kring bunkring av bränsle utan även att köpa och handla med bunkers på samma digitala plattform som en sömlös lösning, har blivit ännu mera relevant i en värld med användning av flera bränslen där bunkringsbesluten blir allt mer komplexa. s-Bunker-sviten har införts på fler än 500 fartyg, och skalas upp enligt förväntningarna inom två år efter lanseringen.”

Annual report 2024A · The company itself

“The lower end of the revenue range reflects a potential negative impact of price and rebate adjustments, mainly driven by European authorities”

Annual report 2025A · The company itself

“ALK decreased its CO 2 emissions from own operations by 11% compared to 2022”

Annual report 2025A · The company itself

“Our utility businesses are subject to numerous environmental laws and regulations - Our utilities are subject to numerous federal, regional, state and local environmental laws, regulations, court orders, and international treaties. These laws, regulations and court orders generally concern emissions into the air, discharges into water, use of water, wetlands preservation, remediation of contamination, waste disposal and containment, disposal of coal combustion residuals, hazardous waste disposal, threatened and endangered species, and noise regulation, among others.”

Annual report 2025A · The company itself

“These laws and regulations have imposed, and proposed laws and regulations could impose in the future, additional costs on our utility operations and requirements that impact our ability to continue operating EGUs. We have incurred, and will continue to incur, capital and other expenditures to comply with these and other environmental laws and regulations.”

Annual report 2025A · The company itself

“Currently as required by the CEJA, Ameren Missouri's natural gas-fired energy centers in Illinois are subject to annual limits on emissions, including CO2 and NOx. Further reductions to emissions limits will become effective between 2030 and 2040, resulting in the possible closure of the Venice Energy Center by the end of 2029. The reductions could also limit the operations of Ameren Missouri's four other natural gas-fired energy centers located in the state of Illinois and will result in their closure by 2040.”

Annual report 2025A · The company itself

“In addition, the presidential administration has issued executive orders and taken other actions to increase investment in fossil fuel infrastructure. This change in federal domestic energy policy has created uncertainty regarding the role existing renewable generation will play in supporting the United States’ energy grid and the timing and extent of future renewable generation infrastructure development. Ameren Missouri’s plan could be affected by this change in energy policy.”

Annual report 2025A · The company itself

“Ameren is targeting net-zero carbon emissions by 2045, as well as a 60% reduction by 2030 and an 85% reduction by 2040 based on 2005 levels in a safe, reliable, and affordable manner. Ameren’s goals include both reduction of direct emissions from operations (scope 1), as well as electricity usage at Ameren buildings (scope 2), including other greenhouse gas emissions of methane, nitrous oxide, and sulfur hexafluoride.”

Annual report 2025A · The company itself

“On October 30, 2024, the EPA published the LCRI with a “Compliance Date” of November 1, 2027. The LCRI focus includes requirements related to (i) replacing all lead and certain galvanized service lines under a utility’s control by October 30, 2037, 10 years after the Compliance Date; (ii) identifying the materials of all service lines of unknown material; (iii) improving tap sampling; (iv) reducing the lead action level; and (v) strengthening protections to reduce exposure to lead.”

Annual report 2025A · The company itself

“Clean Water Act The Clean Water Act and related state laws regulate discharges from drinking water and wastewater treatment facilities into lakes, rivers, streams and groundwater. In addition to requirements applicable to the Company’s wastewater collection systems, its operations require discharge permits under the National Pollutant Discharge Elimination System (“NPDES”) permit program established under the Clean Water Act, which must be renewed every five years. Pursuant to the NPDES permit program, the EPA and implementing states set discharge limits for wastewater effluents and overflows from wastewater collection systems.”

Annual report 2025A · The company itself

“We are subject to a variety of laws in the United States and abroad, and it is possible that a number of laws and regulations may be adopted or construed to apply to us in the United States and elsewhere that could affect our business and restrict the advertising ecosystem or development of our technologies, including state and federal laws regarding antitrust, consumer protection, electronic marketing, protection of minors, data protection, privacy, communications, content suitability, distribution, competition, taxation, intellectual property, machine learning and AI, money transmission, money laundering, investment screening, sanctions, export, national security, and climate change, which are continuously evolving and developing and any such policy and regulatory changes could impose operational and compliance burdens.”

Annual report 2025A · The company itself

“Data Privacy and Security Laws The data we collect and otherwise process is integral to our advertising solutions, providing us with insights to improve Axon AI, our advertising recommendation engine, and our developer tools, to optimize app discovery and monetization. Our collection, use, receipt, and other processing of data in our business subjects us to numerous U.S. state and federal laws and regulations, and foreign laws and regulations, addressing privacy, data protection and the collection, storing, sharing, use, transfer, disclosure, protection and processing of certain types of data.”

Annual report 2025A · The company itself

“The Company is subject to various evolving, and sometimes inconsistent, United States federal, state, local and non-U.S. regulations related to ESG matters, including regulations related to the production of greenhouse gas (GHG) emissions. Some of these regulations establish specific metrics, targets, and disclosure frameworks for a variety of ESG issues, including environmental sustainability, supply chain labor practices, deforestation, workforce health and safety, proper handling of chemicals or materials, among others.”

Annual report 2025A · The company itself

“For example, changes in government policies, tax credits, and/or regulation of ethanol and biodiesel, including, but not limited to, the Clean Fuels Production Tax Credit and the related "45Z" tax credit and the Renewable Fuel Standard under the Energy Independence and Security Act of 2007 in the United States, including the treatment of small refinery exemptions, can have an impact on the Company’s operating results.”

Annual report 2025A · The company itself

“The Carbohydrate Solutions segment also advances carbon capture and sequestration and other emissions‑reduction initiatives, positioning the business to support lower‑carbon operations and the growing use of plant‑based alternatives to fossil‑derived materials.”

Annual report 2025A · The company itself

“The Carbohydrate Solutions segment is focused on decarbonization efforts that are aimed at positioning the reportable segment to offer low-carbon intensity feedstocks for biosolutions and biomaterials, including fuel solutions, to replace petroleum-based products.”

Annual report 2025A · The company itself

“In the EU, an amending directive to AIFMD, commonly referred to as “AIFMD II”, was published on March 26, 2024 and will become effective April 16, 2026, subject to the grandfathering period for certain of the loan origination provisions and certain Annex IV disclosure requirements which will become effective a year later (see “—Alternative Investment Fund Managers Directive” for further detail).”

Annual report 2025A · The company itself

“In addition, certain investors have implemented or may implement restrictions against investing in certain types of asset classes, such as fossil fuels, which would affect our ability to raise new funds focused on those asset classes.”

Annual report 2025A · The company itself

“New and evolving and sometimes conflicting sustainability/ESG regulations and disclosure expectations could increase our compliance costs and expose us to enforcement, litigation or fundraising constraints. Certain regulations related to ESG that are applicable to us, our funds and their portfolio companies could adversely affect our business.”

Annual report 2025A · The company itself

“The European Commission’s “action plan on financing sustainable growth” (“Action Plan”) is designed to, among other things, define and reorient investment toward more sustainable economic activities. The Action Plan contemplates, among other things: establishing EU labels for green financial products; clarifying asset managers’ and institutional investors’ duties regarding ESG in their investment decision-making processes; increasing disclosure requirements in the financial services sector around ESG and increasing the transparency of companies on their ESG policies and related processes and management systems; and introducing a ‘green supporting factor’ in the EU prudential rules for banks and insurance companies to incorporate climate risks into banks’ and insurance companies’ risk management policies.”

Annual report 2025A · The company itself

“The Taxonomy Regulation is a classification system that establishes a list of environmentally sustainable economic activities and sets out four overarching conditions that an economic activity has to meet in order to qualify as environmentally sustainable. The Taxonomy Regulation, amongst other things, introduces mandatory disclosure and reporting requirements and supplements the framework set out in the Sustainable Finance Disclosure Regulation (“SFDR”), which requires certain disclosures at both firm and fund level.”

Annual report 2025A · The company itself

“There is a risk that a significant reorientation in the market following the implementation of these regulations and further measures could be adverse to our funds’ portfolio companies if they are perceived to be less valuable as a consequence of, among other things, their carbon footprint or allegations or evidence of “greenwashing” (i.e., the holding out of a product as having green or sustainable characteristics where this is not, in fact, the case). There is also a risk that market expectations in relation to SFDR categorization of financial products could adversely affect our ability to raise capital, especially from EEA investors.”

Annual report 2025A · The company itself

“In November 2025, the European Commission published a 61 Table of Contents draft legislative proposal to revise SFDR to introduce, among others, new categories for sustainability-related financial products with related criteria that require to be met for each category. Ares cannot guarantee that its current approach will meet future regulatory requirements, reporting frameworks or best practices, increasing the risk of related enforcement.”

Annual report 2025A · The company itself

“In the U.K., the FCA has introduced a regulatory framework focused on implementing the recommendations of the Financial Stability Board’s TCFD and, in particular, by introducing mandatory TCFD-aligned disclosure requirements for certain FCA authorized firms. Pursuant to these rules, AML and AMUKL have to disclose certain climate-related financial information in line with the four overarching pillars of the TCFD recommendations (Governance, Strategy, Risk Management, Metrics & Targets) annually on a mandatory basis, and have done so since 2024.”

Annual report 2025A · The company itself

“Australia’s securities regulator confirmed that “greenwashing” has been an enforcement priority in recent years and issued information on its surveillance activities in respect of “greenwashing” in 2024. In 2025, Australia’s climate-related financial disclosure regime under the Corporations Act 2001 (Cth) came into effect, with reporting requirements applying to the largest entities first and being phased in over time to capture a broader group of entities.”

Annual report 2025A · The company itself

“Changes in environmental legislation and uncertainty in the timing of the green transition may impact the competitiveness of Aspo’s businesses, and the competitiveness of key principals and customers for Aspo’s businesses. This could negatively impact the volumes and margins of Aspo’s business.”

Annual report 2025A · The company itself

“Telko aims to provide customers with more sustainable and responsible alternatives such as chemicals that support the achievement of customers’ sustainability goals. Many customers, especially in Europe, also require this.”

Annual report 2025A · The company itself

“Telko’s operations are subject to significant product-specific regulation. In EEA markets, products must comply with the EU REACH legislation on chemicals and be REACH-registered.”

Annual report 2025A · The company itself

“However, the company’s current product range and value chain expose Telko to transition risks related particularly to declining demand for fossil-based products and regulatory changes.”

Annual report 2025A · The company itself

“Transition risks are mostly related to changes in legislation, resulting from additional regulatory costs affecting different parts of the value chain.”

Annual report 2025A · The company itself

“The International Science Based Targets initiative (SBTi) approved Aspo’s near-term emissions reduction targets in October 2025. This entails a reduction of the businesses’ own emissions through fleet investments and switching to renewable fuels. Furthermore, we aim to reduce emissions outside our own operations in cooperation with suppliers and partners.”

Annual report 2025A · The company itself

“A main focus area is to drive the development of new and more efficient technologies to limit climate change. In 2021, we set science-based targets to reduce greenhouse gas emissions throughout our entire value chain by 2030, in line with the Paris Agreement.”

Annual report 2024A · The company itself

“Abatement is required both to prevent adverse chemical re actions within production processes and to comply with strict regulatory emission controls.”

Annual report 2024A · The company itself

“Regulations and requirements related to carbon-dioxide emissions from products and industrial processes are gradually increasing.”

Annual report 2024A · The company itself

“Tämä investointi vähentää Atrian hiilidioksidipäästöjä (scope 1 ja 2) noin 32 000 ekvivalenttitonnia, mikä merkitsee lähes puolitusta vuoden 2024 tasosta.”

Annual report 2025A · The company itself

“Siirtymäriskejä on arvioitu TCFD:n luokittelun mukaisesti sääntely-ympäristöön, teknologiaan, markkinoihin ja maineeseen liittyvissä tapahtumissa, joihin Atrian liiketoiminta voi altistua. Sääntely-ympäristöön liittyvät riskit voivat ilmetä kiristyvänä lainsäädäntönä, joka voi lisätä toimintakustannuksia ja vaatia merkittäviä investointeja vähähiilisiin teknologioihin.”

Annual report 2025A · The company itself

“Tästä kertoo se, että Science Based Targets - perusteiset päästövähennystavoitteet on nostettu myös konsernin uudistuneen TOGETHER 2030 -strategian keskiöön yhdeksi strategisista tavoitteista.”

Annual report 2025A · The company itself

“We also continue to invest and develop a range of technologies that support our customers' efforts to reduce their carbon footprint.”

Annual report 2025A · The company itself

“However, the pace and direction of the transition to a lower- carbon economy has become increasingly uncertain and variable across different regions and markets. Recent developments indicate a potential slowdown in energy transition efforts, with sustained or increased demand for traditional oil and gas in certain markets. These shifts may result from various factors, including changes in government policies and priorities, economic pressures, energy security concerns, and evolving consumer and industrial demand patterns.”

Annual report 2025A · The company itself

“The effects of climate change, including legal, regulatory, or market measures related to climate change and other sustainability topics, could adversely affect our business, results of operations, financial condition, and cash flows. The long-term effects of climate change are difficult to predict and may be widespread. Climate change has increased, and in the future may continue to increase, physical risks (such as water scarcity, rising sea levels, or frequency and severity of extreme weather conditions, including natural disasters such as hurricanes, cyclones, and typhoons), social and human effects (such as population dislocations or harm to health and well-being), compliance costs and transition risks (including due to changes in regulation, technology, or stakeholder expectations), shifts in market trends (for example if customers increasingly prioritize purchasing products that can be reused or recycled or have a lower perceived carbon footprint).”

Annual report 2025A · The company itself

“In addition, new or expanded local, state, regional, federal, and global legal and regulatory requirements relating to climate change and other sustainability topics have been proposed or adopted in recent years and may continue to emerge in the future. As a result of these developments, we may experience disruptions in or increases in the costs associated with R&D, sourcing, manufacturing, distributing, and end of life of our products.”

Annual report 2025A · The company itself

“These requirements continue to evolve, and jurisdictions in which we operate may adopt additional laws and regulations on such topics or may continue to change their enforcement of existing laws and regulations. Additionally, as local, state, regional, federal, and global legal and regulatory requirements relating to climate change and other sustainability topics continue to evolve, they may create inconsistent or conflicting obligations that have led to, and could continue to lead to, increased compliance costs, and regulatory uncertainty for us, our suppliers, and customers, any of which could have a significant adverse effect on our business, financial condition, result of operations and cash flows.”

Annual report 2025A · The company itself

“If we or our suppliers are unable or unwilling to comply with regulatory sustainability requirements, we may experience an adverse impact on our ability to manufacture or supply certain products as well as increased costs and interruptions in the supply chain. We could be subject to litigation, substantial fines, and other damages if we fail to comply with related risk assessment requirements, which could adversely impact our financial condition and results of operations.”

Annual report 2025A · The company itself

“For example, our medical devices that are sold or distributed in the EU have to comply with the EU Medical Device Regulation that entered into force in May 2021. The EU Medical Device Regulation currently provides a staggered phase-in period for manufacturers to comply with related regulations through December 2028. The regulation also requires companies that wish to manufacture and distribute medical devices in EU member states to meet certain quality system and safety 21 requirements and ongoing product monitoring responsibilities and obtain a “CE” marking (i.e., a mandatory conformity marking for certain products sold within the European Economic Area (EEA)) for their products.”

Annual report 2025A · The company itself

“OEM-segmentet (Original Equipment Manufacturing) inkluderar Beijer Refs produktion av miljöanpassade kylaggregat och värmepumpar baserade på naturliga köldmedier som koldioxid (R744), ammoniak (R717) och propan (R290). Företaget erbjuder konkurrenskraftiga lösningar från standardprodukter till skräddarsydda system, och den europeiska F-gasförordningen driver tillväxt inom segmentet.”

Annual report 2024A · The company itself

“Fluorerade gaser från traditionella köldmedier har en stor påverkan på klimatet. Ett stort ansvar vilar därför på branschen att erbjuda kyl- och värmesystem baserade på naturliga köldmedier såsom koldioxid (R744), propan (R290) och isobutan (R600a).”

Annual report 2024A · The company itself

“Omställningen pågår i såväl bostäder som kommersiella lokaler vilka kräver smarta miljöanpassade HVAC-system. Ökad elproduktion genom förnybar energi kombinerat med regulatoriska krav bidrar till att slutkunder byter ut gamla värmesystem.”

Annual report 2024A · The company itself

“2015 infördes EU:s F-gasförordning och en utfasningstrappa med slutdatum för försäljning av ozonnedbrytande fluorerade kolväten (HFC) år 2030. 2016 kom också Kigali-tillägget till Montrealprotokollet som driver på utfasningen på andra kontinenter, däribland USA som antog tillägget 2022.”

Annual report 2024A · The company itself

“Efterfrågan på kylutrustning och värmepumpar baserade på naturliga köldmedier ökar i Norden. Beijer Refs egentillverkning leder utvecklingen i Europa, med stark tillväxt inom dagligvaruhandeln och fastighetssektorn.”

Annual report 2024A · The company itself

“Samtidigt genomgår branschen ett teknologiskifte, där regulatoriska krav driver övergången till mer miljöanpassade alternativ. Med en stark portfölj av framtidssäkrade gröna lösningar är Beijer Ref väl positionerat för att leda utvecklingen i denna föränderliga marknad.”

Annual report 2024A · The company itself

“Koncernen har därför som mål att öka försäljningen av miljöanpassade produkter så att de utgör 50 procent av den totala försäljningen av egna produkter (OEM) år 2025. Miljöanpassade produkter definieras som produkter baserade på köldmedier med ett GWP-värde under 150. vuxit signifikant, och under 2024 låg försäljningen på 55 procent.”

Annual report 2024A · The company itself

“Efterfrågan på naturliga köldmedier växer kraftigt eftersom allt fler stater skärper kraven på att fasa ut traditionella köldmedier. SCM Frigo arbetar nu tillsammans med Beijer Refs plattform i USA för att stärka sin närvaro på kontinenten.”

Annual report 2024A · The company itself

“Koncernen bedriver anmälningspliktig verksamhet som omfattar hantering av köldmedier. Med syfte att minska påverkan på växthuseffekten har EU och FN fattat beslut som innebär att F-gaser ska ersättas med andra typer av köldmedier fram till 2030.”

Annual report 2024A · The company itself

“Ändrade lagkrav och regelverk Ändrade lagkrav påverkar Beijer Refs verksamhet, inte minst ändrade miljökrav. Bolaget följer dessa krav löpande som en del av sin omvärldsbevakning.”

Annual report 2024A · The company itself

“Bolaget påverkas positivt av det europeiska utfasningsprogrammet avseende CO2-ekvivalenter, samtidigt som efterfrågan på bolagets miljöanpassade sortiment ökar.”

Annual report 2024A · The company itself

“Utfasningen pågår fram till 2030 och de nya teknikerna kommer successivt att bli etablerade på andra marknader utanför Europa, till exempel i Australien och på Nya Zeeland.”

Annual report 2024A · The company itself

“Beijer Ref satsar på egentillverkade produkter (OEM) med ett uttalat miljöfokus. Målet är att 50 procent av omsättningen inom OEM ska vara grön 2025.”

Annual report 2024A · The company itself

“Koncernen har skapat ett hållbarhetsramverk som dotterbolagen implementerar på lokal nivå. Därtill har Beijer Ref identifierat att ett av de områden där koncernen kan göra störst skillnad är genom ökad försäljning av egentillverkade miljöanpassade produkter som ersätter äldre system inom kommersiell kyla och HVAC.”

Annual report 2024A · The company itself

“Koncernen var tidigt ute med att skapa förutsättningar för att producera egenutvecklad grön kylteknik baserad på naturliga köldmedier med låga GWP-värden. Idag är Beijer Ref världsledande på området.”

Annual report 2024A · The company itself

“Med en stark balansräkning, ett stabilt ledarskap och en tydlig riktning är Beijer Ref väl positionerat för att möta framtidens behov av energieffektiva och hållbara lösningar. Tre goda skäl att äga aktier i Beijer Ref Beijer Ref-aktiens utveckling 2020-2024 Beijer Refs årsredovisning och hållbarhetsrapport 2024Beijer Refs årsredovisning och hållbarhetsrapport 2024 Hållbarhet som en grund för tillväxt Hållbarhet som en grund för tillväxt Hållbarhet är en integrerad del av Beijer Refs globala verksamhet.”

Annual report 2024A · The company itself

“Mål 12 – Hållbar konsumtion och produktion: Miljöanpassade produkter Beijer Ref sprider expertis om miljöanpassade köldmedier inom koncernen och till kunder. Koncernen avsätter resurser för att utbilda kunder, leverantörer och anställda i hantering av naturliga köldmedier för att driva omställningen framåt.”

Annual report 2024A · The company itself

“Mål 13 – Bekämpa klimatförändringarna: Minska utsläpp av HFC-gaser Koncernen arbetar aktivt för att minimera sin och branschens klimatpåverkan. Genom utveckling och tillverkning av kylteknik baserad på naturliga köldmedier bidrar Beijer Ref till att minska utsläpp av klimatpåverkande HFC-gaser.”

Annual report 2024A · The company itself

“Beijer Ref är en global drivkraft i omställningen till värme och kyla med låg klimatpåverkan Beijer Refs egentillverkade miljöanpassade lösningar för kyla och värme hjälper slutkunder att minska sina utsläpp av växthusgaser, i linje med befintlig och förväntad lagstiftning. Genom att erbjuda utbildning i hantering av naturliga köldmedier arbetar Beijer Ref proaktivt för att öka takten i klimatomställningen.”

Annual report 2024A · The company itself

“Beijer Ref arbetar aktivt med att nyttja sitt globala distributionsnätverk för att öka försäljningen av miljöanpassade lösningar. Som ett ytterligare steg i att driva omställning av marknaden har koncernen lanserat utbildningskonceptet Beijer Ref Academy där kunder och andra intressenter får kunskap om kyl- och värmeteknik baserad på naturliga köldmedier.”

Annual report 2024A · The company itself

“Genom utbildningskonceptet Beijer Ref Academy marknadsför koncernen miljöanpassade produkter och skapar lojalitet till kunder som utbildas inom installation av Beijer Refs koldioxidbaserade teknik.”

Annual report 2024A · The company itself

“Genom att erbjuda energieffektiva lösningar och driva på övergången till naturliga köldmedier bidrar vi aktivt till att minska beroendet av fossila bränslen.”

Annual report 2024A · The company itself

“På Chillventa 2024 presenterade SCM Frigo och Fenagy en gemensamt utvecklad CO2-värmepump. Båda företagen ställde också ut enskilda produkter, SCM Frigo presenterade en ny CO2-kondenseringsenhet, medan Fenagy visade upp en ny isobutanvärmepump.”

Annual report 2024A · The company itself

“Statement sets out our sourcing requirements for plant – based raw materials including that high-risk ingredients (soy and palm) should not originate from cropland deforested or converted from natural habitats after December 31st, 2020 (cut-off date) with a target date of December 31st, 2025 . The cut-off date for soy and palm ingredients aligns with the requirements of the European Deforestation Regulation EUDR. BioMar is working with our supply chains to ensure compliance with the requirements of the EUDR across all in scope raw materials when the regulation comes into effect at the end of 2026.”

Annual report 2025A · The company itself

“BioMar is advancing the development of alternative products with reduced climate impact, such as Blue Impact Solution, to lower the environmental footprint of our operations. These innovations support our climate transition goals and respond to the increasing demand for more sustainable aquaculture solutions.”

Annual report 2025A · The company itself

“Our Responsible Sourcing Policy and Position Statements on marine and vegetable ingredients guide us in ensuring responsible sourcing practices. We safeguard that our products are based on raw materials produced in a responsible manner and are committed to sourcing with integrity and high ethical standards.”

Annual report 2025A · The company itself

“På senare år har ökande geopolitiska spänningar understrukit de strategiska risker som är förknippade med ett alltför stort beroende av källor i ett enda land för metallförsörjning. Som svar på detta uppdaterade EU-kommissionen 2023 sin lista över kritiska och strategiska metaller - som koppar och nickel - och fastställde specifika riktlinjer för att öka den europeiska produktionen och minska importberoendet.”

Annual report 2024A · The company itself

“Samhällen har länge förlitat sig på metaller på grund av deras hållbarhet och förmåga att leda värme och elektricitet. Som en möjliggörare av klimatomställningen ökar efterfrågan och att säkra framtida metallförsörjning börjar bli en strategiskt viktig fråga för Europa.”

Annual report 2024A · The company itself

“Bolidens verksamhet är föremål för omfattande lagar och regler, såväl generella som branschspecifika på var och en av de geografiska marknader där Boliden är verksamt. Det finns en trend mot striktare reglering, i synnerhet inom miljörätten.”

Annual report 2024A · The company itself

“Political support for increased investments in green energy solutions from major economies in Europe and China is expected to continue over the long-term.”

Annual report 2024A · The company itself

“System för utökat producentansvar (Extended Producer Responsibility – EPR), som lägger ansvaret för avfallet från produkter och förpackningar på företagen, utgör en ökande finansiell risk. Avgifter kopplade till det utökade producentansvaret (EPR-avgifter) varierar beroende på region och material, där engångsplast och icke återvinningsbara material är förenade med högre kostnader. Nyligen genomförda höjningar av EPR-avgifterna, breddningen av det utökade producentansvaret till nya produktkategorier (till exempel textilier), Boozts prognostiserade verksamhetstillväxt samt det nära förestående införandet av förordningen PPWR (Packaging Waste Regulation) med sina strängare mål, är alla faktorer som pekar på väsentliga kostnadsökningar.”

Annual report 2024A · The company itself

“Hanteringscentret drivs till 100% på förnybar energi och våra rutiner för avfallshantering säkerställer att 82% av avfallet återvinns. Detta arbete ligger i linje med Boozts större åtagande att integrera miljöhänsyn i verksamheten.”

Annual report 2024A · The company itself

“Vidare åtar Boozt sig att 88% av bolagets leverantörer avseende köpta varor och tjänster ska ha science-based targets senast räkenskapsåret 2028.”

Annual report 2024A · The company itself

“The market conditions for advanced biofuels continued to be favourable in several European countries throughout most of 2024.”

Annual report 2024A · The company itself

“Investments of NOK 650-850 million in 2025-2027 to reduce emissions by 83,000 t CO 2 (Scope 1 and 2). The first investment (NOK 230 million) was finalised in 2024.”

Annual report 2024A · The company itself

“In a Net Zero scenario, upcoming legislation addressing the climate and nature challenges, such as regulations arising from the EU Green Deal— including CSRD reporting requirements, the EU Deforestation Regulation (EUDR), the Renewable Energy Directive (RED III), and the targets of the Global Biodiversity Framework — highlight the shift in the global economy. These initiatives are expected to influence procurement practices, and Borregaard is actively monitoring these developments and implementing measures to ensure compliance.”

Annual report 2024A · The company itself

“Particularly we will follow up on the Regulation on deforestation-free products (EUDR) which entered into force in June 2023. The purpose of the EUDR is to guarantee that the products consumed by EU citizens do not contribute to deforestation or forest degradation globally. Under the Regulation, any operator or trader who places wood-based products on the EU market must be able to prove that the products do not originate from recently deforested land or have contributed to forest degradation.”

Annual report 2024A · The company itself

“CONTENTS FINANCIALS SUSTAINABILITY BOD REPORT 34 REPORT OF THE BOARD OF DIRECTORS At the same time, investors have increasingly questioned the environmental investments at our biorefinery in Norway and the associated costs of climate transition. We are committed to transparent communication about the long- term benefits and strategic importance of these investments, which are essential for sustainable growth and compliance with evolving regulations.”

Annual report 2024A · The company itself

“Bærekraft I takt med flere regulatoriske krav og økt bevissthet rundt bærekraft i samfunnet økes kravene og forventningene til konsernets kunder. Som en effekt av dette ønsker virksomheter bistand fra Bouvet til å utvikle løsninger som er transparente rundt klimaspørsmål.”

Annual report 2024A · The company itself

“Økte krav til sikkerhet og bærekraft samt en aldrende befolkning er også viktige drivere.”

Annual report 2024A · The company itself

“Nåværende og fremtidige regulatoriske krav og anskaffelsesregler innen bærekraft er og vil være en aktiv pådriver for omstilling og endring for virksomheter.”

Annual report 2024A · The company itself

“Oppdragene kan blant annet omfatte håndtering av regulatoriske krav på miljøog klimafeltet, digitalt samfunnsansvar og krav til informasjonssikkerhet.”

Annual report 2024A · The company itself

“I dette arbeidet tar Bouvet utgangspunkt i den strategiske plattformen og de langsiktige målene, som danner grunnlaget for strategiske valg og retning innen bærekraft.”

Annual report 2024A · The company itself

“In many markets outside the U.S., we operate in an environment of government-mandated, cost-containment programs. In these markets, a significant portion of funding for healthcare services and the determination of pricing and reimbursement for pharmaceutical products are subject to either direct government control at the point of care or governments serving as the primary payer. As a result, our products may face restricted access and pricing pressures by both public and private payers and may be subject to assessments of comparative value and effectiveness against existing standards of care.”

Annual report 2025A · The company itself

“Several governments have placed restrictions on physician prescription levels and patient reimbursements, emphasized greater use of generic drugs and/or enacted mandated price cuts or rebate schemes as methods of cost control. In most EU countries, for example, the government regulates pricing of a new product at launch often through direct price controls, international price comparisons, and/or reference pricing to the current standard of care. Prices are often reevaluated and further restricted throughout the life of the medicine.”

Annual report 2025A · The company itself

“There is an increased focus by foreign, federal, state, and local regulatory and legislative bodies, investors and other stakeholders regarding environmental sustainability and social impact policies relating to climate change, regulating greenhouse gas emissions, carbon taxes, emissions trading schemes, sustainability, human rights, inclusion and other policy matters, and disclosure regarding the foregoing, many of which may be ambiguous, inconsistent, dynamic or conflicting. We expect to experience or be subject to increased restrictions, compliance and assurance costs, recurring investments in data gathering and reporting systems, and legal expenses related to such new or changing legal or regulatory requirements, which could increase our operating costs.”

Annual report 2025A · The company itself

“The FuelEU Maritime regulation, which became effective in January 2025, is a framework designed to reduce maritime emissions by increasing the use of sustainable alternative fuels and, for container and passenger ships (including cruise ships), the use of shore power. The regulation requires compliance with the maximum limits of GHG intensity of energy used on board. The stringency of these limits increases over time, and there are financial penalties for non-compliance.”

Annual report 2025A · The company itself

“Preventing and Minimizing Pollution MARPOL contains requirements designed to prevent and minimize both accidental and operational pollution by oil, sewage, garbage and air emissions and the provision of facilities at ports and terminals for the reception of sewage and sets forth specific requirements related to vessel operations, equipment, recordkeeping and reporting that are designed to prevent and minimize pollution. All our ships must carry an International Oil Pollution Prevention Certificate, an International Sewage Pollution Prevention Certificate, an International Air Pollution Prevention Certificate and a Garbage Management Plan.”

Annual report 2025A · The company itself

“In addition, some environmental focused groups have and may continue to generate negative publicity regarding the environmental impact of the cruise industry and are advocating for more stringent oversight and regulation of our industry, including ship emissions while the ship is docked and at sea.”

Annual report 2025A · The company itself

“During 2025, we also continued making progress towards our sustainability goals. We reached our 2030 goal ahead of schedule, cutting greenhouse gas emissions intensity by over 20% relative to our 2019 baseline.”

Annual report 2025A · The company itself

“There is a general consensus that greenhouse gas emissions are linked to climate events, and that these emissions must be reduced dramatically to avert its worst effects. Increased public awareness and concern about climate events may continue to: (1) generate more international, regional and/or national requirements to curtail the use of high global warming potential refrigerants (e.g., the Kigali Amendment to the Montreal Protocol and the American Innovation and Manufacturing ("AIM") Act of 2020, which are essential to many of our products); (2) increase building energy and cold chain efficiency; (3) cause a shift away from the use of fossil fuels as an energy source, including natural gas prohibitions; and (4) lead to the adoption of additional rules and regulations surrounding public disclosures relating to greenhouse gas emissions, including those adopted in California and the European Union as well as in other jurisdictions, which may vary by jurisdiction.”

Annual report 2025A · The company itself

“In some instances, these requirements may render our existing technology, particularly some of our HVAC and refrigeration products, non-compliant or obsolete and we may be required to make increased capital expenditures to meet new regulations and standards, changing interpretations and stricter enforcement of current laws and regulations, or divergent requirements across jurisdictions in which we operate.”

Annual report 2025A · The company itself

“At the same time, U.S. energy and climate policy may not align with the above trends. Inconsistent international, regional and/or national requirements associated with climate regulations, including the withdrawal by the U.S. from the Paris Climate Agreement, also create economic and regulatory uncertainty. There is also regulatory and budgetary uncertainty associated with government incentives, which, if discontinued or materially reduced, could adversely impact the demand for energy-efficient buildings and homes and could increase costs of compliance.”

Annual report 2025A · The company itself

“Global chemical use restrictions related to human health and the environment as well as climate event directives may require additional investments in product designs, resulting in increased manufacturing, production and sourcing costs as well as updates to product safety assessments. These restrictions may also increase our legal obligations regarding remediation of our current and legacy operational sites.”

Annual report 2025A · The company itself

“As a result, we have set goals to invest over $4 billion by 2030 to develop intelligent climate and energy solutions that reduce environmental impacts. In addition, to reach our goal to achieve carbon neutrality in our operations by 2030, we expect to incur capital expenditures for climate-related projects including upgrading our facilities, equipment and controls to optimize energy efficiency, transition our energy consumption from a dependency on fossil fuels to renewable energy and expanding the electrification of our fleet vehicles.”

Annual report 2025A · The company itself

“Vid årets utgång linjerar Catenas omsättning till 71 procent med EU:s taxonomiförordning, vilket innebär att denna andel härrör från fastigheter som klassas som gröna enligt regelverket. Det är en förflyttning med 39 procent sedan 2022 då vi började rapportera enligt förordningen och en bekräftelse på att systematiskt arbete ger resultat.”

Annual report 2024A · The company itself

“Miljölagstiftning Omfattande politiska, juridiska, tekniska och marknadsmässiga förändringar kan bli aktuella för att uppnå ett klimatneutralt samhälle. Utvecklingen avseende lagar, regler och praxis inom miljöområdet är av största vikt för Catena.”

Annual report 2024A · The company itself

“Hållbara fastigheter Climate action failure Risken att regeringar och näringsliv inte lyckas genomdriva, förverkliga och investera i effektiv klimatbegränsande och klimatanpassade åtgärder, bevara ekosystem och skydda människor i omställningen mot ett koldioxidsnålt samhälle. Catenas mål är att bli klimatneutrala till 2030, ett otroligt viktigt steg för oss att ställa om vår verksamhet.”

Annual report 2024A · The company itself

“Strategi Som långsiktig ägare av logistikfastigheter är det självklart för Catena att klimatfrågan är en viktig del av affärsplanen samt en integrerad fråga i olika delar av organisationen.”

Annual report 2024A · The company itself

“Under året har Catena fortsatt arbetet med att identifiera och värdera klimatrelaterade risker och möjligheter genom att bland annat lyfta in RSL 01 (indikator för översvämning) och RSL 03 (indikator för naturkatastrofer) i vår process för miljöcertifiering av befintligt bestånd enligt BREEAM In-Use. Dessa indikatorer tar vi också vid nybyggnation vid certifiering, enligt BREEAM-SE.”

Annual report 2024A · The company itself

“Therefore, it is difficult to project future costs of compliance and their impact on competition.”

Annual report 2025A · The company itself

“Any such releases could have a significant impact on the environment and result in significant fines. Failure to comply with applicable environmental laws and regulations may trigger a variety of administrative, civil and criminal enforcement measures, including measures taken by individuals and non-governmental organizations seeking to enforce environmental laws against us or allege a failure to comply with such laws, and could lead to the assessment of monetary penalties, which we have been subject to from time to time, revocation of permits, the imposition of remedial actions, and the issuance of orders enjoining future operations.”

Annual report 2025A · The company itself

“Regulatory agencies have also adopted, and from time to time consider adopting, new legislation and/or modifying existing laws and regulations to reduce GHGs. There continues to be a wide-ranging policy and regulatory debate, at the state level, nationally and internationally, regarding the possible means for their regulation.”

Annual report 2025A · The company itself

“Similarly, public and private efforts to address climate change, such as by legislation, regulation, actions by private interest groups, and litigation, could impact our ability to continue operating our businesses as we do today, significant aspects of which rely on fossil fuels. These initiatives could have a significant impact on us and our operations as well as on our third-party suppliers, vendors and partners, which could impact us by among other things, causing permitting and construction delays, project cancellations or increased project costs passed on to us.”

Annual report 2025A · The company itself

“In addition, our low-carbon products are expected to be used for existing and new applications, such as power generation and steel production in Japan, and to help customers reduce the economic impact of European regulations on the price of carbon.”

Annual report 2025A · The company itself

“In 2025, we completed our first sales of low-carbon ammonia at a premium to traditional ammonia consumers in Europe and Africa as they began to establish a low-carbon ammonia supply chain. We expect continued demand growth for low-carbon ammonia and upgraded products into Europe as customers seek to reduce the additional costs imposed by the European Union’s regulations, including the carbon border adjustment mechanism in respect of GHG emissions associated with the production of imported ammonia and upgraded products.”

Annual report 2025A · The company itself

“We are subject to GHG regulations in Canada, the United States and the United Kingdom. Beginning on January 1, 2026, importers of nitrogen fertilizer products into the European Union (EU) became subject to the EU’s carbon border adjustment mechanism (CBAM) costs based on the product’s production GHGs, subject to certain thresholds, with certain EU member state officials currently advocating for a suspension of CBAM’s application to fertilizers.”

Annual report 2025A · The company itself

“Governmental policies and changes thereto, including farm and biofuel subsidies, commodity support programs and tariffs, environmental and greenhouse gas (GHG) policies, as well as the prices of fertilizer products, may also directly or indirectly influence the number of acres planted, the mix of crops planted and the use of fertilizers for particular agricultural applications.”

Annual report 2025A · The company itself

“Conversely, while the current Renewable Fuel Standard encourages continued high levels of corn-based ethanol production, various interested parties have called to eliminate or reduce the renewable fuel mandate, or to eliminate or reduce corn-based ethanol as part of such mandate.”

Annual report 2025A · The company itself

“In addition, Canada has announced a target of reducing emissions from fertilizers by 30% below 2020 levels by 2030 and is supporting implementation through improved nitrogen management and optimizing fertilizer use.”

Annual report 2025A · The company itself

“More stringent GHG regulations, if enacted, are likely to have a significant impact on us, because our production facilities emit GHGs such as CO2 and nitrous oxide and because natural gas is the primary raw material used in our production process. GHG regulations may require us to make changes in our operating activities that would increase operating costs, reduce efficiency, limit output, require capital improvements to our facilities, increase costs for or limit the availability of energy, raw materials or transportation, or otherwise materially adversely affect our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“The Inflation Reduction Act of 2022 expanded production tax credits for carbon sequestration and introduced clean hydrogen production tax credits. The One Big Beautiful Bill Act, enacted in July 2025, further modified carbon sequestration tax credits and limited the duration of the clean hydrogen production tax credits. Further changes to the underlying legislation or the final guidance issued may impact our ability to receive anticipated tax credits for our low-carbon ammonia projects.”

Annual report 2025A · The company itself

“Environmental and Regulatory Risks We are subject to numerous environmental, health and safety laws, regulations and permitting requirements, as well as potential environmental liabilities, which may require us to make substantial expenditures or modify business plans. We are subject to numerous environmental, health and safety laws and regulations in the United States, Canada, the United Kingdom, Trinidad and other locations, including laws and regulations relating to the generation, handling and disposal of hazardous substances and wastes; the introduction of new chemicals or substances into a market; the cleanup of hazardous substance releases; the discharge of regulated substances to land, air or water; and the demolition and cleanup of plant sites upon permanent closure.”

Annual report 2025A · The company itself

“We may be subject to more stringent enforcement of existing or new environmental, health and safety laws in the future. Future environmental, health and safety laws and regulations or reinterpretation of or changes to current laws and regulations may require us to make substantial expenditures or modify business plans.”

Annual report 2025A · The company itself

“Demand for low-carbon ammonia and other nitrogen fertilizers is also incentivized by the availability of environmental attribute credit and incentive programs, including tax credits. There is no assurance that programs providing credits and incentives for production of environmental attributes and markets for them will continue to be available or exist.”

Annual report 2025A · The company itself

“Laws and governmental policies, particularly in the areas of taxation, energy and the environment, affect where and how companies invest, conduct their operations, select feedstocks, and formulate their products and, in some cases, limit their profits directly.”

Annual report 2025A · The company itself

“Legislation, regulation, and other government actions related to GHG emissions and climate change could reduce demand for Chevron’s hydrocarbon and other products and/or continue to increase Chevron’s operational costs and reduce its return on investment. Globally, multiple jurisdictions are considering adopting or are in the process of implementing laws or regulations to directly regulate GHG emissions through a carbon tax, a cap-and-trade program, performance standards or other mechanisms, or to attempt to indirectly advance reduction of GHG emissions through restrictive permitting, procurement standards, trade barriers, minimum renewable usage requirements, financing standards, standards or requirements for environmental benefit claims, increased GHG reporting and climate-related disclosure requirements, or tax advantages or other incentives to promote the use of alternative energy, fuel sources or lower-carbon technologies.”

Annual report 2025A · The company itself

“We must comply with various environmental laws and regulations in the jurisdictions in which we operate, including those relating to the handling and disposal of solid and hazardous wastes and the remediation of contamination associated with the use and disposal of hazardous substances. A release of such substances due to an accident or intentional act could result in substantial liability to governmental authorities or to third parties.”

Annual report 2025A · The company itself

“Changing focus and sensitivity by governmental, non-governmental organizations, customers, consumers and investors to sustainability issues, including those related to climate resilience, plastic usage and ingredients, could result in increased operating or manufacturing costs and compliance challenges, which could adversely affect our business. As climate resilience and other sustainability issues became more prominent in recent years, so has scrutiny by federal, state and local governments, non-governmental organizations and our customers, consumers and investors.”

Annual report 2025A · The company itself

“Cloudberry’s growth strategy We believe in the fundamental and increasing demand for renewable energy in Europe, and with this as a cornerstone, we are building a flexible and scalable platform for creating shareholder and stakeholder value.”

Annual report 2024A · The company itself

“We believe these projects will generate long-term value, particularly as regulatory constraints, heightened nature concerns, and local stakeholder interests limit new renewable energy opportunities in the Nordics.”

Annual report 2024A · The company itself

“A key operational risk is related to the operating performance of the producing assets, another risk relates to the process of transitioning development projects from the backlog and pipeline stage to finalization. Even though the Group has a solid project pipeline, finalizing the projects depends on a number of factors such as project availability, local authority approvals, environmental impact, suppliers, financing, power prices and the regulatory framework in the relevant market.”

Annual report 2024A · The company itself

“Market, external and political risk Cloudberry operates in a highly regulated and politically sensitive industry, where changes in legislation, taxation, and energy policies can materially impact project viability, profitability, and long-term strategy.”

Annual report 2024A · The company itself

“Changes in tax policies, transmission pricing mechanisms, subsidy frameworks, and energy trading regulations are actively being evaluated across Europe. Emerging policies may affect Cloudberry’s revenue streams and operating costs, requiring the company to continuously adapt its commercial strategy.”

Annual report 2024A · The company itself

“2727 Strategy, performance and risksStrategy, performance and risks | Risk Management Strategy, performance and risks | Risk Management Additionally, political shifts and environmental policies within the Nordic region can impact Cloudberry’s operations. Positive or negative adjustments to renewable energy taxation, concession approvals, and local permitting processes may result in changes in administrative hurdles or investment barriers.”

Annual report 2024A · The company itself

“As part of our long-term growth strategy, Cloudberry in 2023 released the “3 in 30” goals for 2030, with a target to be involved in 3 TWh in production and ensure 3 TWh of permitted projects.”

Annual report 2024A · The company itself

“To ensure solid governance internally and in our value chain at all times Promoting renewable energy development Cloudberry actively contributes to climate change mitigation by advocating for the accelerated and responsible expansion of renewable energy. We engage with local politicians, policymakers, industry leaders, and regulatory bodies to drive clean energy legislation and create favorable market conditions for investment.”

Annual report 2024A · The company itself

“Federal, state, and local environmental laws, regulations and orders, as well as international accords and treaties, could require CMS Energy and Consumers to install additional equipment for emission controls, undertake heat-rate improvement projects, purchase carbon emissions allowances, curtail or extend operations, invest in generating capacity with fewer carbon dioxide emissions, or take other significant steps to manage or lower the emission of greenhouse gases. Similarly, Consumers could be restricted from constructing natural gas infrastructure due to potential environmental regulations, which could require more costly alternatives.”

Annual report 2025A · The company itself

“CMS Energy and Consumers could incur substantial costs to comply with environmental requirements. CMS Energy and Consumers are subject to costly and stringent environmental regulations that may require additional significant capital expenditures for CCR disposal and storage, emission reductions, and PCB remediation.”

Annual report 2025A · The company itself

“CMS Energy and Consumers have announced ambitious plans to reduce their impact on climate change and increase the reliability of their electric distribution system. Achieving these plans depends on numerous factors, many of which are outside of their control.”

Annual report 2025A · The company itself

“Coloplast is committed to continuously reducing emissions across all activities, from sourcing raw materials to product disposal.”

Annual report 2025A · The company itself

“Coloplast’s targets for resource use and circular economy were defined by the Strive25 strategy. They applied from 2019/20 to 2024/25, which makes this year the final year, completing our targets concerning packaging and waste.”

Annual report 2025A · The company itself

“For the Strive25 period, we invested DKK 245 million in sustainability initiatives from 2022 to 2025. DKK 100 million was dedicated to Capex for phasing out natural gas and transitioning to renewable energy, while DKK 150 million covered Opex for staffing.”

Annual report 2025A · The company itself

“Coloplast’s Supplier Sustainability Programme has been implemented as part of our decarbonisation levers, focusing on improving data quality, encouraging target setting among our topemitting suppliers and integrating climate action requirements into supplier contracts.”

Annual report 2025A · The company itself

“The Companies expect DERs and electric alternatives to gas and steam, to increase, and for gas and steam usage to decrease, as the Climate Leadership and Community Protection Act (CLCPA) enacted by New York State and the Climate Mobilization Act enacted by New York City continue to be implemented.”

Annual report 2025A · The company itself

“CECONY may also be impacted by environmental regulations regarding emissions reductions such as New York’s CLCPA and New York City’s Climate Mobilization Act and compliance with such regulations is expected to require significant capital expenditures.”

Annual report 2025A · The company itself

“Approximately 70% of our generating resources, which include directly owned assets and capacity obtained through long-term contracts, are in the area encompassed by PJM. Our future results of operations are impacted by (1) FERC’s and PJM's level of support for policies that favor the preservation of competitive wholesale power markets, recognize the value of emissions-free electricity and resiliency, complement states' energy objectives and policies and (2) the absence of material changes to market structures that would limit or otherwise negatively affect us.”

Annual report 2025A · The company itself

“Federal or state legislative and regulatory efforts to preserve the environmental attributes and reliability benefits of zero-emission nuclear-powered generating facilities could be subject to legal and regulatory challenges and, if overturned, could result in the early retirement of certain of our nuclear plants.”

Annual report 2025A · The company itself

“We may be exposed to climate mitigation and transition risks if we are adversely affected by changes to the energy systems as a result of new technologies, changing customer expectations and/or voluntary GHG goals, as well as local, state or federal regulatory requirements intended to reduce GHG emissions.”

Annual report 2025A · The company itself

“In particular, the EU’s Digital Services Act and the EU’s Data Act both entered into force in 2024 and impose certain content moderation, notice and transparency obligations on digital platforms and intermediaries and certain data and cloud service interoperability and switching obligations to enable users to switch between cloud service providers (as well as certain requirements concerning cross-border international transfers of non-personal data outside the EEA), respectively.”

Annual report 2026A · The company itself

“Over time, changing dynamics in the U.S. and global energy markets, including the impacts of regulation and alternative fuel sources, have resulted in lower energy production from coal-fired power plants in CSX's service territory.”

Annual report 2025A · The company itself

“Den europeiska marknaden för EVSE förväntas se en hög tillväxt de kommande åren främst drivet av skärpta regleringar, ny teknologi och laddningsinfrastruktur samt ett förändrat konsumentbeteende.”

Annual report 2024A · The company itself

“Product Certification and Compliance Our products are subject to extensive statutory and regulatory requirements worldwide that directly or indirectly impose standards governing emissions and noise. Over the past several years, we have increased our global environmental compliance presence and expertise to understand and meet emerging product environmental regulations around the world. Our ability to comply with these and future emission standards is an essential element in maintaining our leadership position in regulated markets.”

Annual report 2025A · The company itself

“Current Regulatory Challenges for 2026 and Beyond •Changes in government policies (such as reduced incentives, delayed infrastructure mandates or revised emissions standards) may impact Accelera’s ability to compete, scale or recover investments in zero-emission technologies including: ◦The reduction of government incentives in the U.S. to support the adoption of hydrogen fuel, along with slower than expected market development in some international markets, has contributed to lower expectations for demand for our electrolyzer products.”

Annual report 2025A · The company itself

“Our business and sustainability strategies are intentionally and intricately aligned through Destination Zero — our company’s commitment to sustainability and helping our customers navigate the energy transition while growing our business. Our comprehensive environmental sustainability strategy focuses on three interconnected priority areas: decarbonization, materials and communities.”

Annual report 2025A · The company itself

“Our strategy includes significant investments in the development of new products and technologies, particularly those designed to meet or exceed current and anticipated regulatory requirements related to emissions, safety and environmental performance. Any significant reduction, delay, or elimination of, or failure to adopt or enforce, such regulatory requirements in key markets could reduce or delay demand for our products and services, increase our costs of producing or delay the introduction of new or modified products and services or restrict our existing activities, products, and services.”

Annual report 2025A · The company itself

“For example, various policy makers have expressed support for, and have taken steps to implement, efforts to transition the economy away from fossil fuels and to promote stricter environmental regulations, and such proposals could impose new and more onerous burdens on our industry and business. The IRA, for instance, contains hundreds of billions of dollars in incentives for the development of renewable energy, clean fuels and carbon capture and sequestration, among other provisions, potentially further accelerating the transition toward lower-or zero-carbon emissions alternatives to fossil fuels. These and other regulatory and public policy developments could, among other things, restrict production levels, delay necessary permitting, impose price controls, change environmental protection requirements, impose restrictions on pipelines or other necessary infrastructure, raise taxes, royalties and other amounts payable to governments or governmental agencies and otherwise increase our operating costs.”

Annual report 2025A · The company itself

“In addition to regulatory risk, other market and social initiatives relating to climate change present risks for our business. For example, in an effort to promote a lower-carbon economy, there are various public and private initiatives subsidizing or otherwise encouraging the development and adoption of alternative energy sources and technologies, including by mandating the use of specific fuels or technologies. These initiatives may reduce the competitiveness of carbon-based fuels, such as oil and gas.”

Annual report 2025A · The company itself

“EU and IMO regulations (e.g., CII, EEDI, ETS, FuelEU Maritime) require improved CO₂ efficiency and impose costs on emissions”

Annual report 2025A · The company itself

“We fulfilled our decarbonisation targets for 2025 and remain on track to reach the 2030 targets.”

Annual report 2025A · The company itself

“Green transition The overarching green transition ambition remains to become a net zero company by 2050.”

Annual report 2025A · The company itself

“Commercial opportunities in the green transition As a part of the green transition DFDS offers decarbonised transport solutions across land and sea.”

Annual report 2025A · The company itself

“Carrier costs are expected to continue to rise driven by regulations, emissions reporting, toll systems, and sustainability requirements. This is expected to support further consolidation of the road transport sector.”

Annual report 2025A · The company itself

“If new laws or regulations that significantly restrict hydraulic fracturing are adopted, such laws could make it more difficult or costly for us to perform fracturing to stimulate production from tight formations as well as make it easier for third parties opposing the hydraulic fracturing process to initiate legal proceedings based on allegations that specific chemicals used in the fracturing process could adversely affect groundwater. In addition, if hydraulic fracturing is further regulated at the federal, state or local level, our fracturing activities could become subject to additional permitting and financial assurance requirements, more stringent construction specifications, increased monitoring, reporting and recordkeeping obligations, plugging and abandonment requirements and also to permitting delays and potential increases in costs. Such changes could cause us to incur substantial compliance costs, and compliance or the consequences of any failure to comply by us could have a material adverse effect on our financial condition and results of operations.”

Annual report 2025A · The company itself

“As our operations also emit greenhouse gases directly, current and future laws or regulations limiting such emissions could increase our own costs.”

Annual report 2025A · The company itself

“The enactment of climate change-related regulations, policies and initiatives may also result in increases in our compliance costs and other operating costs and have other adverse effects, such as a greater potential for governmental investigations or litigation.”

Annual report 2025A · The company itself

“The rules impose requirements related to waste management practices and production methods, such as recycling produced water.”

Annual report 2025A · The company itself

“Trots de bakslag som träffat företag inom den gröna omställningen har vi goda förutsättningar för fortsatt tillväxt i norra Sverige. De fundamentala faktorerna och konkurrensfördelarna som fossilfri energi, råvaror, tillgång till mark och en stabil och transparent styrningsstruktur har inte förändrats. Vår marknad kommer fortsatt växa på lång sikt och vi investerar i städernas tillväxtförutsättningar, inte utifrån enskilda bolags affärsplaner.”

Annual report 2024A · The company itself

“Strategin syftar till att samordna insatser och investeringar för att stödja den pågående gröna industriella transformationen i norra Sverige. Minst 1 500 miljarder kronor beräknas investeras i svensk basindustri, exempelvis stål- och skogsindustrin.”

Annual report 2024A · The company itself

“Arbetsgivare som söker denna typ av lokaler efterfrågar även kontorslokaler med en hållbar profil, där utbudet för närvarande är begränsat. Denna ökade efterfrågan på kvalitativa, framtidssäkrade lokaler i riktigt bra lägen bidrar till en så kallad ”polarisering av kontorshyresmarknaden” och förväntas bli en katalysator för hyrestillväxt på vår marknad.”

Annual report 2024A · The company itself

“Vår marknad har god tillgång på fossilfri energi och efterfrågan ökar snabbt till följd av industriella investeringar. Detta ställer högre krav på oss som fastighetsägare att optimera verksamheten, utvärdera alternativet med egen förnybar energi och vara en flexibel energikonsument.”

Annual report 2024A · The company itself

“Inför 2022 satte vi två nya huvudmål, en avkastning på eget kapital om 12 procent årligen och ett nytt klimatmål för vår verksamhet. Klimatmålet innebär att vi ska halvera våra koldioxidutsläpp till 2030, med 2018 som basår, för att nå nettonollutsläpp till 2045. Detta mål har granskats och godkänts av SBTi.”

Annual report 2024A · The company itself

“Vi fortsätter att utveckla våra fastigheter på ett hållbart sätt för att möjliggöra lönsam tillväxt.”

Annual report 2024A · The company itself

“Mobilitet, hållbarhet och friluftsliv är växande globala trender som skapar möjligheter till expansion.”

Annual report 2024A · The company itself

“Hållbarhets- och elektrifieringstrender påskyndar den här utvecklingen ytterligare.”

Annual report 2024A · The company itself

“Organiskt och genom förvärv har Dometic byggt upp en betydande global verksamhet inom mobila energilösningar. Utbudet vänder sig till en snabbväxande marknad som främjas av elektrifieringsoch hållbarhetstrender.”

Annual report 2024A · The company itself

“Dometics verksamhet lyder under stränga miljölagar och andra regulatoriska krav vilka kan leda till en ökad kostnad för koncernen. Detta kan i sin tur påverka det finansiella resul - tatet eller skulderna, begränsa verksamheten eller resultera i att försäljningen eller tillverkningen av en produkt måste begränsas eller upphöra.”

Annual report 2024A · The company itself

“I enlighet med TCFD:s rekommendationer baserades den kvalitativa analysen på två scenarier, scenariot ”Snabb omställning” (motsvarande RCP 2.6) och scenariot ”Business as usual” (motsvarande RCP 8.5).”

Annual report 2024A · The company itself

“Vårt hållbarhetsarbete ger resultat. Koldioxidutsläpp i förhållande till nettoomsättningen har minskat med 66 procent (47 procent) jämfört med 2020 och andelen kvinnliga chefer var 29 procent vilket är bättre än målnivån.”

Annual report 2024A · The company itself

“•Our Imaging & Identification segment leverages its unique product offering containing equipment, consumables, software and services to address market needs and requirements, including increased regulation for supply chain transparency in fast moving consumer goods, adoption of more stringent food safety regulations in emerging economies, and growing demand for product traceability and brand protection. •Our Pumps & Process Solutions segment is focused on capturing growth in its installed base, in biological drug production and the shift toward single-use manufacturing processes.”

Annual report 2025A · The company itself

“We also support virgin, recycled plastics, and polymers production and energy transition investments into wind power, hydrogen compression and carbon capture.”

Annual report 2025A · The company itself

“•Our Climate & Sustainability Technologies segment is responding to our customers' demand for increased energy efficiency and sustainability in food retail merchandising solutions, including the growing adoption rates for centralized CO2 refrigeration systems, as well as increasing demand for sustainable heating and cooling solutions, including in residential and commercial heat pumps and liquid cooling infrastructure for data centers, and in sustainability-driven growing global demand for aluminum beverage cans.”

Annual report 2025A · The company itself

“The organic revenue decline was primarily due to project timing in retail refrigeration door cases and services, partially offset by continued strong demand for low-GWP CO2 refrigerant systems and improving demand across beverage can-making and heat exchanger applications.”

Annual report 2025A · The company itself

“Environmental Matters Sustainability We are committed to creating economic value for shareholders by developing products designed to help our customers meet their sustainability goals, run their operations more efficiently and satisfy evolving regulatory and environmental standards. We believe that sustainability-driven innovation in response to customer demand helps us contribute positively to enhanced resource efficiency and waste reduction while presenting a valuable growth opportunity.”

Annual report 2025A · The company itself

“DSV welcomes national and international regulation that can help accelerate the decarbonisation of the transportation and logistics industry”

Annual report 2025A · The company itself

“Sustainable supply chains The demand for more sustainable supply chain solutions is growing – driven by increasing environmental regulations and consumer pressure. The transport and logistics industry is a major carbon emitter, and the sector must make significant efforts to develop more environmentally sustainable business practices and reduce emissions from its activities.”

Annual report 2025A · The company itself

“Decarbonisation 360 Reliable emissions data and an accurate baseline are essential for developing effective decarbonisation strategies. Yet, many companies struggle with unreliable data, and without confidence in the baseline, it is difficult to justify investments or measure the real impact of decarbonisation initiatives. We offer a suite of decarbonising logistics offerings, including data insights, which have been enhanced with tools from Schenker.”

Annual report 2025A · The company itself

“California has set RPS targets which require California retail sellers of electricity to provide 60% of power from renewable resources by 2030. California also requires sellers of electricity to deliver 100% of retail sales from carbon-free sources by 2045, including interim targets of 90% by 2035 and 95% by 2040.”

Annual report 2025A · The company itself

“Emerging market uncertainties, tighter resource timelines, and rising costs have increased the complexity of long‑term clean energy planning, adding pressure to California's climate goals. Despite this, California has demonstrated strong long-term support of transportation electrification.”

Annual report 2025A · The company itself

“In addition, Edison International is committed to achieving net-zero GHG emissions by 2045, in alignment with economy-wide climate actions planned by California. This commitment covers the power SCE delivers to customers and Edison International's enterprise-wide operations.”

Annual report 2025A · The company itself

“Many other states and countries are also pursuing climate change and GHG reduction objectives, and large commercial and industrial customers are continuing to pursue cost reduction and sustainability goals. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers who may be impacted by these changes.”

Annual report 2025A · The company itself

“In 2024, the key focus areas have been to improve cost and to increase the share of bio-based reduction materials in the smelting process. *Share of group sales from external customers ex.”

Annual report 2024A · The company itself

“Examples of such conditions are environmental regulations, product related regulations, anti-dumping duties, export taxes, export control, sanctions, and electrical power regulations.”

Annual report 2024A · The company itself

“Transitional risks Risk type Probability Potential financial impact Time horizon Description Mitigation Regulatory High Medium Short Elkem produces silicon and ferrosilicon in Norway and Iceland, and silicones in France, all under the EU's emission trading system (ETS). Changes in free allowances or higher prices may raise Elkem's direct costs.”

Annual report 2024A · The company itself

“Conversely, growing demand for green materials presents opportunities for revenue growth. Elkem projects cost savings through improved energy efficie y and renewable energy reliance, and anticipates increased revenue from low-carbon products, such as EV materials and eco-designed silicones.”

Annual report 2024A · The company itself

“The main strategic priorities are dual-play growth and green leadership. Dual-play growth means driving growth and value creation in all divisions while securing supply chain resilience through geographical diversification. Green leadership means focusing on cutting emissions and resource use to reach climate-neutral production and enabling the green transition through supply of critical materials.”

Annual report 2024A · The company itself

“Elkem seeks to strengthen its position as an industry leader in low CO 2 emissions, support the green transition, and create green ventures.”

Annual report 2024A · The company itself

“Europe is targeting reduced emissions of 55% by 2030 and climate neutrality by 2050. In 2026, EU’s Packaging and Packaging Waste Regulation (PPWR) will become legally binding as the most ambitious packaging regulation in history.”

Annual report 2024A · The company itself

“More and more companies realize that substituting plastic with fiber-based packaging is one small but obvious and significant step they can take to reduce their climate footprint and meet new requirements.”

Annual report 2024A · The company itself

“Although this regulation is only legally binding in Europe, Elopak applies its principles worldwide to ensure safe food contact materials. As an international company, Elopak also complies with US packaging regulations and closely monitors regulations globally.”

Annual report 2024A · The company itself

“The European Commission is also creating new regulations under The European Green Deal, which we are closely monitoring. These changes will help us develop more sustainable products without compromising food safety.”

Annual report 2024A · The company itself

“Asiakkaamme kaipaavat meiltä helppoutta, läpinäkyvyyttä ja yhä laajempia ratkaisuja koko elinkaaren ajalle. Niistä rakennamme kilpailuetuamme. Asiakkaillamme on myös kasvava tarve löytää konkreettisia ja vaikuttavia keinoja ilmastopäästöjen vähentämiseen ja hiilikädenjäljen parantamiseen.”

Annual report 2025A · The company itself

“Asetimme ilmastotavoitteet Vuonna 2025 määrittelimme Science Based Targets initiative -aloitteen mukaiset kunnianhimoiset päästövähennystavoitteemme, joiden mukaisesti tavoittelemme 40 prosentin kokonaispäästöjen vähentämistä vuoteen 2035 mennessä vuodesta 2023. Saimme tavoitteillemme SBTi:n hyväksynnän helmikuussa 2026.”

Annual report 2025A · The company itself

“Teollisuudessa investoidaan vetylaitoksiin ja muihin e-polttoaineisiin sekä vihreään energiasiirtymään. Myös EU:n vaatimukset ja Suomen ilmastotavoitteet ohjaavat investointien suuntaa Enersensen osaamisalueille.”

Annual report 2025A · The company itself

“Markkinakehitystä tukivat Pohjoismaissa käynnissä olevat suuret teollisuusinvestoinnit, kasvavat vihreän siirtymän hankkeet sekä myönteinen kehitys lämpömarkkinoilla.”

Annual report 2025A · The company itself

“Enersensen strategiset tavoitteet kaudelle 2025–2028: • Kasvu: keskimääräinen vuotuinen kasvu (CAGR) 4–5 % • Kannattavuus: liiketulos (EBIT) yli 5 % • Tase: nettovelkaantumisaste alle 100 % • Turvallisuus: kohti nollaa tapaturmaa, jatkuvasti laskeva poissaoloon johtaneiden tapaturmien taajuus • Ilmasto: SBTi:n mukaiset päästövähennystavoitteet 2023–2035: – Oman toiminnan päästöt (scope 1–2) -63 % – Arvoketjun päästöt (scope 3) -38 % Enersense sai Science Based Targets -aloitteen hyväksynnän ilmastotavoitteilleen tilikauden jälkeen helmikuussa 2026.”

Annual report 2025A · The company itself

“Strategiset riskit Voimistuneet geopoliittiset jännitteet ylläpitävät epävarmuutta maailmantalouden kehittymisestä. Kansainvälisen politiikan käänteet voivat muuttaa markkinaympäristöä, ja esimerkiksi puhtaan energiasiirtymän hankkeet saattavat hidastua.”

Annual report 2025A · The company itself

“Todellinen, negatiivinen vaikutus Arvoketjun loppupää Keskipitkä Ilmastonmuutokseen sopeutuminen Ympäristöystävällisten energiaratkaisujen kysynnän kasvu, tulojen kasvu lisääntyneestä myynnistä. Ympäristöystävällisten energiaratkaisujen avulla kasvihuonekaasupäästöjä voidaan vähentää ja siten lieventää ilmastonmuutoksen vaikutuksia ihmisiin ja ympäristöön.”

Annual report 2025A · The company itself

“Kestävän energiamurroksen tuomien mahdollisuuksien hyödyntäminen on tärkeä osa Enersensen strategiaa ja liiketoimintaa. Näitä liiketoimintamahdollisuuksia tunnistetaan, arvioidaan ja hallitaan säännöllisesti osana Enersensen strategia- ja suunnitteluprosesseja. Kasvihuonekaasupäästöjen vähentäminen on yksi energiamurroksen pääajureista, mikä luo pohjaa Enersensen strategialle.”

Annual report 2025A · The company itself

“Other In May 2021 the City Council established the Renewable and Clean Portfolio Standard. The four components implemented were: (1) a mandatory requirement that Entergy New Orleans achieve 100% net zero carbon emissions by 2040; (2) reliance on renewable energy credits purchased without the associated energy for compliance with the standard being phased out over the ten-year period from 2040 to 2050; (3) no carbon-emitting resources in the portfolio of resources Entergy New Orleans uses to serve New Orleans by 2050; and (4) a mechanism to limit costs in any one plan year to no more than one percent of plan year total utility retail sales revenues.”

Annual report 2025A · The company itself

“Entergy New Orleans will pay this if it is unable to comply with the Renewable and Clean Portfolio Standard. Such compliance payments are to be paid into a clean energy fund established by the City Council.”

Annual report 2025A · The company itself

“In addition, the MPSC approved revisions to the formula rate plan which allows Entergy Mississippi to begin billing rate adjustments effective April 1 of the filing year on a temporary basis subject to refund or credit to customers, subject to final MPSC order. The MPSC also authorized Entergy Mississippi to remove vegetation management costs from the formula rate plan and recover these costs through the establishment of a vegetation management rider, which was superseded in June 2024 with the approval of the storm damage mitigation and restoration rider.”

Annual report 2025A · The company itself

“In June 2023 the EPA published its final Federal Implementation Plan (FIP), known as the Good Neighbor Plan, to address interstate transport for the 2015 ozone NAAQS which would increase the stringency of the CSAPR program in all four of the states where the Utility operating companies operate. The FIP would significantly reduce ozone season NOx emission allowance budgets and allocations for electric generating units.”

Annual report 2025A · The company itself

“Coal Combustion Residuals In April 2015 the EPA published the final coal combustion residuals (CCR) rule (2015 CCR Rule) regulating CCRs destined for disposal in landfills or surface impoundments as non-hazardous wastes regulated under Resource Conservation and Recovery Act Subtitle D. The final regulations created new compliance requirements including modified storage, new notification and reporting practices, product disposal considerations, and CCR unit closure criteria but excluded CCRs that are beneficially reused in certain processes.”

Annual report 2025A · The company itself

“In May 2024 the EPA finalized a supplemental rule that retains the “retirement by 2028” subcategory, creates a new “retirement by 2034” subcategory, otherwise reinstates the zero-discharge requirement for bottom ash transport water, and imposes new requirements for leachate after the facility ceases to burn coal. Thus, units which permanently cease combustion of coal by December 31, 2028 or December 31, 2034 are exempt from the zero-discharge requirement.”

Annual report 2025A · The company itself

“Access to capital markets could be restricted and/or borrowing costs could be increased due to certain sources of debt and equity capital avoiding participating in offerings to fund fossil fuel projects or companies that are impacted by extreme weather events or other catastrophes, that rely on fossil fuels, or that are impacted by risks related to climate change, or such sources of capital de-emphasizing their interest in investing in clean or renewable energy projects.”

Annual report 2025A · The company itself

“Additionally, data centers could be subject to future laws and regulations relating to, among other things, energy efficiency standards and energy use and source of power restrictions.”

Annual report 2025A · The company itself

“The businesses in which Entergy’s subsidiaries, including the Utility operating companies and System Energy, operate are subject to extensive existing environmental regulation by local, state, and federal authorities. These laws and regulations affect the manner in which the Utility operating companies and System Energy conduct their operations and make capital expenditures. These laws and regulations also affect how Entergy’s subsidiaries, including the Utility operating companies and System Energy, manage air emissions, discharges to water, wetlands impacts, solid and hazardous waste storage and disposal, cooling and service water intake, the protection of threatened and endangered species, certain migratory birds and eagles, hazardous materials transportation, and similar matters.”

Annual report 2025A · The company itself

“To the extent that any such changes in law or regulation impact data centers or facilities that power data centers, these risks may be heightened by Entergy’s and the Utility operating companies’ increasing reliance on large-scale data center customers for revenue and load growth.”

Annual report 2025A · The company itself

“Developing and implementing plans for compliance with greenhouse gas emissions reduction or reporting or clean/renewable energy requirements, or for achieving a climate goal can lead to additional capital, personnel, and operation and maintenance expenditures and could significantly affect the economic position of existing facilities and proposed projects.”

Annual report 2025A · The company itself

“Entergy is also investing in clean energy to meet customer demands.”

Annual report 2025A · The company itself

“As a result of recent sales growth, necessitating the development of new generation capacity that is not carbon-free, combined with changes to the tax credits applicable to carbon-free generation, Entergy can now forecast that it will not achieve either of the 2030 goals. Further, Entergy will not at this time establish new or modified interim (i.e., pre-2050) carbon dioxide-only or greenhouse gas emission goals.”

Annual report 2025A · The company itself

“Entra’s key environmental ambitions is to: Adapt the property portfolio and operations to ensure resilience against future climate change impacts Reduce greenhouse gas emissions from our own operations and value chain, in line with the 1.5-degree target and achieve climate neutrality by 2050 Build properties located in clusters around public transportation hubs Enhance energy efficiency and increase the use of renewable energy Limit the consumption of resources and increase circularity Environment leadership has been a part of Entra’s business strategy for more than 15 years.”

Annual report 2024A · The company itself

“Increasingly stricter climate policy and regulations may boost the demand for climate-friendly products and services. Our tenants, lenders and investors all have their own goals for reducing their negative climate impact. Consequently, the demand for green buildings is expected to increase in the coming years, while we expect it to be less attractive to rent, finance and invest in non-green buildings.”

Annual report 2024A · The company itself

“The substantial contribution criteria related to the buildings Primary Energy Demand (PED) is different for buildings built before 31 December 2020 and buildings build after 31 December 2020. To be aligned with the criteria for this activity for buildings built before 31 December 2020, there are two options: The building has at least an Energy Performance Certificate (EPC) class A; The building is within the top 15 per cent of the national or regional building stock expressed as operational Primary Energy Demand (PED) and demonstrated by adequate evidence, which at least compares the performance of the relevant asset to the performance of the national or regional stock built before 31 December 2020 and at least distinguishes between residential and non-residential buildings.”

Annual report 2024A · The company itself

“To be aligned with the substantial contribution criteria for the buildings built after 31 December 2020, the Primary Energy Demand (PED) must be at least 10 per cent lower than the threshold set for the nearly zero-energy building (NZEB) requirements in national measures. In Norway, the thresholds for NZEB are set by the Ministry of Local Government and Regional Development.”

Annual report 2024A · The company itself

“Strategy company's business strategy focuses on achieving profitable growth, being the preffered office provider, and environmental leadership. Environmental leadership means that Entra aims to be at the forefront of commercialising environmental initiatives to maximise long-term value creation.”

Annual report 2024A · The company itself

“Entra also sets high environmental standards for its suppliers. For instance, all large suppliers must document their environmental management systems and sustainability strategies. In development projects, contractors must have targets for their GHG reductions to qualify for delivering services to Entra.”

Annual report 2024A · The company itself

“Kraftfull politik driver på industrins och transportsektorns omställning till att efterfråga stora mängder ny, fossilfri elproduktion. Samtidigt har teknisk utveckling gjort förnybar energi tillsammans med lagring till det mest konkurrenskraftiga sättet att möta behovet.”

Annual report 2024A · The company itself

“I slutet av 2023 antog EU det uppdaterade förnybarhetsdirektivet RED II, som efter 18 månaders förberedelsetid börjar gälla under 2025 med målet att öka andelen förnybar energi till minst 42,5 procent 2030. Globalt väntas tillväxt takten för vindkraftskapacitet mer än fördubblas 2024–2030 jämfört med perioden 2017–2023 (IEA Renewables 2024).”

Annual report 2024A · The company itself

“Wind Energy Council i sin Global Offshore Wind Report 2024 en tvåsiffrig tillväxttakt för havsbaserad vindkraft i Europa under de kommande tio åren där branschen når en takt på över 10 GW i årliga installationer 2027–2028. Tillväxten väntas gynnas av bland annat EU:s energistrategi, REPowerEU, EU:s gröna giv och Clean Industrial Deal.”

Annual report 2024A · The company itself

“Hastigheten i utbyggnaden av förnybart begränsas än så länge kraftigt av avståndsregleringar, bristande nätkapacitet och långdragna nätanslutnings- och tillståndsprocesser.”

Annual report 2024A · The company itself

“Med ökad osäkerhet om elefterfrågetillväxten, ett förhöjt kostnadsläge och flaskhalsar i tillståndsgivning skapar vi störst värde genom att prioritera utveckling och optimering av projekten med högst kvalitet och lägst kostnad per producerad kilowattimme.”

Annual report 2024A · The company itself

“Regelverk och rapporteringsskyldigheter: Kostnader för att möta taxonomikrav och andra juridiska krav kring hållbarhet och säkerhet.”

Annual report 2024A · The company itself

“Under 2023 fastställde Eolus styrelse en långsiktig hållbarhetsstrategi som sträcker sig till 2040. Strategin syftar till att möjlig göra en stark integration av hållbarhet i Eolus kärnverksamhet.”

Annual report 2024A · The company itself

“Vår uppförandekod för leverantörer och affärspartners kräver att de hanterar sin verksamhet på ett ansvarsfullt sätt i relation till miljön, inklusive klimatförändringar, och aktivt arbetar med att minska miljörisker och negativa effekter relaterade till sina egna leverantörskedjor.”

Annual report 2024A · The company itself

“I Eolus uppförandekod och miljöpolicy åtar vi oss att hantera klimatförändringar, inklusive klimatanpassning, i verksamheten och att aktivt arbeta för att minska våra växthusgasutsläpp i enlighet med Parisavtalet och dess 1,5-graders scenario.”

Annual report 2024A · The company itself

“HÅLLBARHET OCH OMSTÄLLNINGEN TILL EN GRÖN EKONOMI Ökad medvetenhet och fokus på att hantera klimatförändringar, minska koldioxidutsläpp och uppnå en mer hållbar användning av resurser. Utfasningen av fossila bränslen medför satsningar på förnybar energi, cirkulär ekonomi och hållbara affärsmodeller.”

Annual report 2024A · The company itself

“Under året utvecklades det marina fokussegmentet starkast, vilket främst drevs av investeringar för att uppfylla nya mer krävande hållbarhetsdirektiv för sjöfarten.”

Annual report 2024A · The company itself

“Tillväxten drivs dels av digitaliseringen och uppkopplingen av maskiner och processer – industri 4.0 – dels av ökad automation och högre krav på hållbarhet.”

Annual report 2024A · The company itself

“Efterfrågan drivs framför allt av hållbarhetskrav.”

Annual report 2024A · The company itself

“Med digitaliseringen som viktigaste underliggande drivkraft växer koncernen organiskt i takt med att investeringar sker till exempel inom infrastruktur, transporter och energi.”

Annual report 2024A · The company itself

“Under de kommande åren förväntas utvinningen av flera mineraler till vilka Epiroc har betydande exponering att öka, till exempel för koppar, guld och nickel. Vissa av dessa mineraler behövs också för övergången till en ekonomi med låga koldioxidutsläpp.”

Annual report 2024A · The company itself

“Inom gruvindustrin är energiomställning och hållbar omvandling de viktigaste strukturella drivkrafterna. Till exempel kräver övergången till elektrifiering ökad brytning av metaller som koppar och nickel.”

Annual report 2024A · The company itself

“Risker som är förknippade med övergången till en koldioxidsnål ekonomi inkluderar bristande efterlevnad av nya produktkrav och miljö- och klimatrelaterad lagstiftning, och misslyckande med att utveckla, lansera och marknadsföra nya produkter eller svara på teknisk utveckling och kundernas efterfrågan på hållbara produkter.”

Annual report 2024A · The company itself

“Produktutvecklingen påverkas av lagstiftning om bland annat utsläpp, buller, vibrationer, föroreningar och återvinning.”

Annual report 2024A · The company itself

“År 2020 satte vi upp långsiktiga, ambitiösa klimatmål om att halvera utsläppen från den egna verksamheten, transporter, sålda produkter och leverantörer senast 2030, jämfört med basåret 2019.”

Annual report 2024A · The company itself

“Vi erbjuder världens första batteri avsett för gruvindustrin med CE-certifiering som följer lågspänningsdirektivet, direktivet för elektromagnetisk kompatibilitet (EMC) och direktivet för radioutrustning.”

Annual report 2024A · The company itself

“VÄRDESKAPANDE STRATEGI – EFFEKTIVITET Påskynda transformationen Tillgång på metaller och mineraler är en förutsättning för att det moderna samhället ska fungera. Minskade koldioxidutsläpp i vår bransch är viktigt och vi underlättar omställningen för våra kunder.”

Annual report 2024A · The company itself

“EQT kommer att utnyttja sin djupa expertis inom förnybar energi och infrastrukturinvesteringar för att stödja OX2:s transformation och påskynda bolagets tillväxt i takt med den ökande efterfrågan på grön el. Detta förvärv positionerar OX2 som en nyckelspelare i Europas dekarboniseringsresa, där EQT tillför ytterligare kapital för att expandera OX2:s projektportfölj och stärka bolagets marknadsledarskap.”

Annual report 2024A · The company itself

“De identifierade klimatomställningsriskerna är den finansiella och verksamhetsrelaterade påverkan som EQT AB-koncernen kan bli föremål för på grund av förändringar i regelverk, marknadsdynamik och kundpreferenser. Exempelvis kan överträdelser av ny klimatlagstiftning medföra straff och andra rättsliga sanktioner. Vidare kan EQT AB-koncernens anseende skadas om den inte lyckas leva upp till lagstiftningen, till sina egna klimatpolicyer och riktlinjer, eller till kundernas och allmänhetens förväntningar.”

Annual report 2024A · The company itself

“Med scenarioanalys kan omställningsrisker och -möjligheter bedömas för ett stort antal potentiella framtida utfall vilka EQT kan ta i beaktning i verksamhetsstrategin. Med utgångspunkt i scenarierna tar varje analys hänsyn till de risker som en omställning till nettonollutsläpp kan ge upphov till, inom områden som koldioxidprissättning, regulatorisk miljö, ändrade efterfrågemönster hos konsumenter samt i värdekedjan.”

Annual report 2024A · The company itself

“Omställningsrisken bedöms vara låg till medelhög i EQT-fondernas portföljer som helhet.”

Annual report 2024A · The company itself

“I vissa jurisdiktioner definierar regelverk vilka typer av ekonomiska aktiviteter som är hållbara, till exempel EU:s taxonomi för hållbara investeringar.”

Annual report 2024A · The company itself

“Vi anser att klimatberedskap är avgörande för långsiktigt värdeskapande och skyddar mot risker på nedsidan. Därför fortsätter vi att engagera oss i att sätta vetenskapligt baserade klimatmål, och för närvarande har vi 52 bolag med validerade koldioxidreduktionsmål, motsvarande 65 procent av vårt investerade kapital.”

Annual report 2024A · The company itself

“#01 Detta är EQT #02 Finansiella rapporter #03 Hållbarhetsnoter #04 Bolagsstyrning #05 Ytterligare information Försäljningstillväxt Multipelexpansion Marginalförbättring Skuldamortering EQT Playbook är grundpelaren i EQT:s strategi för aktivt ägande. Den tillhandahåller verktyg för att driva tillväxt och utveckla EQT-fondernas investeringar genom digitalisering, hållbarhet och operativ excellens.”

Annual report 2024A · The company itself

“Verktygslådan, som har förfinats under tre decennier, integrerar hållbarhet, digitalisering och operativ excellens, vilket skapar stark avkastning genom försäljningstillväxt, marginalexpansion och strategiska förvärv.”

Annual report 2024A · The company itself

“— Private Capital Asia EQT Playbook #01 Detta är EQT #02 Finansiella rapporter #03 Hållbarhetsnoter #04 Bolagsstyrning #05 Ytterligare information EQT:s syn på hållbarhet EQT anser att ’doing good is good business’. Hållbarhetsarbetet syftar till att driva resultat och säkerställa att bolagen förblir konkurrenskraftiga på lång sikt.”

Annual report 2024A · The company itself

“EQT-fonderna strävar efter att öka andelen hållbarhetsinriktade produkter och tjänster i portföljen. Arbetet pågår med att definiera och mäta hållbarhetsinriktade intäktsströmmar.”

Annual report 2024A · The company itself

“Som del av EQT:s övergripande investerings- och operationella strategi har EQT AB-koncernen antagit en omställningsplan för begränsning av klimatförändringar, med den långsiktiga ambitionen att uppnå nettonollutsläpp av växthusgaser. Omställningsplanen omfattar både EQT AB-koncernens verksamhet och EQT-fondernas investeringar.”

Annual report 2024A · The company itself

“EQT AB-koncernen tillämpar ansvarsfulla investeringsoch ägandeprinciper 1) baserat på deras möjlighet att bevara och öka värdet på EQT-fondernas investeringar och integrerar hållbarhetshänsyn i EQT:s investeringsoch värdeskapandeprocess, i syfte att minska negativ riskexponeringen och accelerera i värdeskapandet i alla EQT-fondernas investeringar. I linje med strategin för ansvarsfulla investeringar och ansvarsfullt ägande samt EQT:s hållbarhetsstrategi är EQT AB-koncernens ambition att aktivt främja hållbara affärslösningar och sociala aspekter i kombination med god styrningspraxis i alla EQT-fondernas investeringar. Som en tematisk investerare investerar EQT i makro- och samhällstrender, vilket även är en integrerad del i utvecklingen av EQT-fondernas strategier.”

Annual report 2024A · The company itself

“Väsentliga hållbarhetsaspekter integreras i investeringsanalysen. EQT undviker exempelvis investeringar i produkter, tjänster eller verksamheter som skadar miljön eller samhället, och där en aktiv ägare inte kan mitigera negativa effekter genom att driva förändring Baserat på att sådana väsentliga problem kan urholka värde över tid och leda till renomméskada för EQT AB-koncernenBaserat på att sådana väsentliga problem kan urholka värde över tid och leda till renomméskada för EQT AB-koncernen.”

Annual report 2024A · The company itself

“Sourcing Due diligence Value creation Exit EQT:s tematiska investeringsmetod fokuserar både på att rikta kapital till innovativa lösningar på samhällsoch miljöutmaningar och på att successivt omvandla företag och tillgångar, såväl genom deras verksamhet som genom produkter och tjänster. EQT undviker att investera i produkter, tjänster eller verksamheter som skadar miljön eller samhället, och där det inte finns någon möjlighet att minska de negativa effekterna.”

Annual report 2024A · The company itself

“164 — Åtgärder som planeras i framtiden #01 Detta är EQT #02 Finansiella rapporter #03 Hållbarhetsnoter #04 Bolagsstyrning #05 Ytterligare information Hållbarhetsinriktade produkter och tjänster i portföljbolagen EQT strävar efter att skapa förutsättningar för att investeringar ska lyckas även efter ägandeperioden och tror att mer hållbara företag och tillgångar blir mer värdefulla på lång sikt. EQT hjälper företag att hantera hållbarhetsutmaningar genom att förbättra deras verksamhet och driva tillväxt via utveckling av hållbara lösningar inom företagens produkter och tjänster.”

Annual report 2024A · The company itself

“In addition, enhanced climate disclosure could accelerate the trend of certain stakeholders and lenders restricting or seeking more stringent conditions with respect to their investments in certain carbon-intensive sectors. Consequently, legislation and regulatory programs addressing climate change or methane and other GHG emissions could have an adverse effect on our business, financial condition and results of operations.”

Annual report unknown yearA · The company itself

“The race towards carbon neutrality is on, and customers are turning to EQVA for help.”

Annual report 2024A · The company itself

“Sustainability characterizes the entire business and creates conditions for long-term profitability and growth. We are an active partner helping our customers to decarbonize.”

Annual report 2024A · The company itself

“Lack of high-quality, climate-related data on products and suppliers constitute a risk of not being able to meet new regulatory demands. Increased costs of goods sold, due to change of, or improvements at, suppliers might also follow new regulations.”

Annual report 2024A · The company itself

“These sourcing decisions carry the responsibility of considering the impact on biodiversity in order to minimise negative impact and reputational risk related to not complying with the upcoming EU Deforestation Regulation (EUDR).”

Annual report 2024A · The company itself

“In the second half of 2024, the group initiated a project to ensure compliance with the EU Deforestation Regulation (EUDR). The regulation was delayed by 12 months and will take effect in December 2025.”

Annual report 2024A · The company itself

“These new rules pose a risk to the group through the resources required to trace and phase out prohibited products and adjust business practices/activities. In addition there might be an increase in the price of renewable and recycled goods in the short to medium term.”

Annual report 2024A · The company itself

“Government incentive programs, such as those enacted under the Inflation Reduction Act of 2022 (the “IRA”) as amended by the One Big Beautiful Bill Act of 2025 (“OBBBA”), have contributed to this momentum by providing solar module manufacturers, project developers, and project owners with various incentives to accelerate the deployment of solar power generation. Among other things, the IRA (i) reinstates the 30% investment tax credit for qualifying solar projects that meet certain wage and apprenticeship requirements, (ii) extends the production tax credit (“PTC”) to include energy generated from solar projects, (iii) provides incremental investment and production tax credits for solar projects that meet certain domestic content and location requirements, and (iv) offers tax credits for solar modules and solar module components manufactured in the United States and sold to third parties.”

Annual report 2025A · The company itself

“Risks Related to Regulations •We have received and expect to continue to receive certain financial benefits as a result of tax incentives enacted by the Inflation Reduction Act of 2022 and amended by the One Big Beautiful Bill Act of 2025. If these financial benefits vary significantly from our assumptions, our business, financial condition, and results of operations could be adversely affected. •Existing regulations and policies, changes thereto, and new regulations and policies may present technical, regulatory, and economic barriers to the purchase and use of PV solar products, which may significantly reduce demand for our modules.”

Annual report 2025A · The company itself

“Government incentive programs have contributed to this momentum by providing solar module manufacturers, project developers, and project owners with various incentives to accelerate the deployment of solar power generation. For more information about these incentive programs, see Item 1. “Business – Incentive Programs.” Although we compete in markets that do not require solar-specific government incentive programs, our net sales and profits remain subject to variability based on the availability and size of these programs, including tax and production incentives, renewable portfolio standards, and other incentive programs intended to stimulate economies, achieve decarbonization initiatives, and/or establish greater energy independence.”

Annual report 2025A · The company itself

“As of the date of this filing, we have made several public commitments regarding our intended reduction of greenhouse gas emissions and operating a responsible supply chain with zero tolerance for forced labor. Although we intend to meet these commitments and deliver on our greenhouse gas emissions reduction and renewable energy targets, we may be required to expend significant resources to do so, which could increase our operational costs.”

Annual report 2025A · The company itself

“For example, many governments have proposed or enacted policies or incentive programs intended to encourage renewable energy investments to achieve decarbonization objectives and/or establish greater energy independence. While we compete in markets that do not require solar-specific government subsidies or incentive programs, our net sales and profits remain subject to variability based on the availability and size of government subsidies and economic incentives.”

Annual report 2025A · The company itself

“Our thin film modules are manufactured through an integrated process that uses less energy, water, and semiconductor material than conventional crystalline silicon modules. As part of our commitment to responsible sourcing and zero tolerance for forced labor, First Solar ensures that no module components are sourced from Xinjiang, China, and that no suppliers are connected to entities on the Uyghur Forced Labor Prevention Act entity list. In addition to not relying on Chinese crystalline silicon supply chains, our thin film module technology has the fastest energy payback time, smallest carbon footprint, and lowest water use of any commercially available PV solar technology, measured on a lifecycle basis that accounts for the energy, raw materials, water usage, and transportation across the supply chain, manufacturing process, and end-of-life module recycling.”

Annual report 2025A · The company itself

“To the extent that changes in 18 government policies limit or restrict the usage of coal as a source of fuel in generating electricity or alternate fuels, such as natural gas, or displace coal on a competitive basis, FE's business and results of operations could be adversely affected. These legal requirements and any future initiatives could impose substantial additional costs and, in the case of GHG requirements, could raise uncertainty about the future viability of fossil fuels, particularly coal, as an energy source for new and existing electric generation facilities and could require MP’s coal-fired generation to curtail generation or cease to generate.”

Annual report 2025A · The company itself

“In general, environmental requirements applicable to the electric power sector are becoming increasingly prescriptive and stringent, and the EPA finalized a number of rules in 2024 that could impact the Registrants.”

Annual report 2025A · The company itself

“In several markets, regulators and local authorities have imposed or are considering restrictions on data center power and water consumption, requirements for operators to fund grid upgrades, and other conditions that may delay or increase the cost of power and water procurement. Public utility capacity constraints, broader grid reliability events, and inflationary or geopolitical pressures on energy prices may further increase volatility and uncertainty for our customers.”

Annual report 2026A · The company itself

“Government authorities in the United States and other jurisdictions have enacted, proposed, or are considering laws and regulations relating to data center development and permitting, energy and water consumption, grid reliability, and environmental and community impacts. These regulatory developments may result in new requirements, delays, or restrictions on the development, expansion, or operation of data centers or related infrastructure by our customers and third-party facility operators.”

Annual report 2026A · The company itself

“In particular, certain jurisdictions have imposed or are considering moratoria or pauses on new data center development, enhanced permitting and environmental review processes, requirements for data center operators to fund or share in the cost of grid or other utility upgrades, and operational restrictions relating to energy efficiency, water consumption, noise mitigation, or other community-impact measures.”

Annual report 2026A · The company itself

“Such regulatory actions could increase our customers’ costs, delay or reduce their planned infrastructure investments, limit the scale or geographic location of data center deployments, or otherwise constrain their ability to deploy or expand AI, machine learning, and high-performance computing infrastructure. Given our Cloud and Power Infrastructure businesses’ exposure to data center development activity, any sustained reduction or delay in data center investment resulting from regulatory developments could materially and adversely affect demand for our products and services, our results of operations, and our financial condition.”

Annual report 2026A · The company itself

“Governments, investors, customers, employees, and other stakeholders continue to focus on sustainability matters, including climate change and greenhouse gas ("GHG") emissions, environmental stewardship, human capital management, human rights, responsible sourcing, and related matters.”

Annual report 2026A · The company itself

“These expectations have generated multiple and evolving reporting regimes, including the EU's Corporate Sustainability Reporting Directive ("CSRD") and California's climate statutes.”

Annual report 2026A · The company itself

“Compliance may require additional resources and controls, including formal risk assessments, due diligence processes, data collection, monitoring, audits, remediation, and increased supplier engagement, which may not always be recoverable through product pricing and could adversely affect our margins, competitiveness, and results of operations.”

Annual report 2026A · The company itself

“We are subject to extensive and changing federal, state, local, and international environmental, health and safety laws and regulations concerning the health and safety of our employees and the generation, use, storage, transportation, discharge, and disposal of hazardous substances used in our manufacturing processes.”

Annual report 2026A · The company itself

“Kravene til produkternes indhold, CO -aftryk og miljøpåvirkning samt mærkningskrav er under konstant forandring og kræver, at vi hele tiden er på forkant med nye krav, uanset om de opstår direkte via lovgivning, eller som krav fra kunderne. Ændringer af produktrecepter, mærkninger m.v. kan påvirke produktionsomkostningerne.”

Annual report 2026A · The company itself

“Som producent af vådvarer, herunder især vandbaseret og miljømærket maling, er Flügger påvirket af både omstillingsrisici og muligheder i takt med øgede krav til klima og bæredygtighed.”

Annual report 2026A · The company itself

“For Flügger betyder det, at vi skal navigere i et landskab med stigende krav til klima- og miljøpåvirkning, både fra myndigheder, kunder og samarbejdspartnere. Hvis vores værdikæde ikke formår at tilpasse sig disse krav, eller hvis vi ikke kan levere den nødvendige dokumentation for vores produkters bæredygtighed, kan det udgøre en forretningsmæssig risiko.”

Annual report 2026A · The company itself

“Business (Continued) European regulators are also starting to look beyond tailpipe CO2 emissions with new requirements for battery EVs and life cycle assessments. For example, the EU Battery Regulation, which came into effect in 2023, introduces a range of new requirements, including that manufacturers calculate and declare the carbon footprint of their EV batteries and track their environmental performance throughout their life cycles.”

Annual report 2025A · The company itself

“Ford is also subject to environmental regulatory compliance requirements, and in many jurisdictions (including the United States), we are required to report on and correct certain emissions-related defects. Similarly, where required by regulation, we are obligated to honor certain warranties on emissions-related components, which can impose additional obligations beyond our standard warranties and increase our costs.”

Annual report 2025A · The company itself

“For example, we are exposed to reputational risk if we do not reduce vehicle CO2 emissions in line with our targets or in compliance with applicable regulations.”

Annual report 2025A · The company itself

“In addition, government regulations aimed at reducing emissions and increasing fuel efficiency (e.g., ZEV mandates and low emission zones) and other factors that accelerate the transition to EVs in various markets may increase the cost of vehicles by more than the perceived benefit to consumers and dampen margins. Moreover, governmental restrictions on the sale, purchase, or use of internal combustion engine vehicles (e.g., city access restrictions) may limit our ability to sell some of our more profitable vehicles in various markets.”

Annual report 2025A · The company itself

“Fortum pitää vuoden 2040 ilmastotavoitetta tärkeänä askeleena kohti EU:n pitkän aikavälin ilmastoneutraaliutta vuoteen 2050 mennessä.”

Annual report 2025A · The company itself

“Energia- ja ilmastopoliittiset sekä sääntelyriskit Energialiiketoimintaan kohdistuu voimakkaasti sekä kansallisia että EU-tason energia- ja ilmastopoliittisia päätöksiä ja sääntelyä.”

Annual report 2025A · The company itself

“Sovittujen EU:n ja kansallisten hiilidioksidipäästöjen vähennystavoitteiden saavuttaminen edellyttää teknologianeutraalia sääntelykehystä sekä riittävää poliittista ja julkista hyväksyntää kaikille tarvittaville teknologioille.”

Annual report 2025A · The company itself

“EU:n ilmastotavoitteisiin (erityisesti vuoden 2040 ilmastotavoitteeseen ja siihen liittyviin välineisiin) liittyvä haastava poliittinen ilmapiiri muodostaa riskin energiasiirtymän pitkän aikavälin ennakoitavuudelle ja vakaudelle, mikä voi heikentää investointivarmuutta.”

Annual report 2025A · The company itself

“Tiukentuvat päästöstandardit ja -rajoitukset, jätteenpolttoverot tai kasvava lämmityspolttoaineiden verotus saattavat myös vaikuttaa negatiivisesti Fortumin tulostavoitteisiin.”

Annual report 2025A · The company itself

“Ilmastonmuutos Riski Oma toiminta Pitkä aikaväli Poliittinen ja oikeudellinen riski: EU-sääntelyn kehittymiseen liittyvät epävarmuudet voivat vaikuttaa Fortumin maineeseen ja kannattavuuteen.”

Annual report 2025A · The company itself

“Suunnitelma perustuu nykyisiin toimintoihin ja liiketoimintarakenteeseen. Sen toteutuminen riippuu tulevasta energiapolitiikan ja sääntelyn kehityksestä ja muutoksista, markkinarakenteesta, sähkön ja lämmön kysynnästä, polttoaineiden saatavuudesta, teknologisista innovaatioista sekä kasvihuonekaasupäästöjen laskentamenetelmien ja SBTi-standardien muutoksista. Keskeisiä oletuksia ovat muun muassa sähkön tuotannon ja myynnin kasvu.”

Annual report 2025A · The company itself

“Neljännellä neljänneksellä päätimme investoida 85 miljoonaa euroa Zabrzen lämmön ja sähkön yhteistuotantolaitoksemme dekarbonisaatioon Puolassa. Viime vuonna teimme vastaavan investointipäätöksen Czestochowan laitoksen osalta.”

Annual report 2025A · The company itself

“Tutkimus ja kehitys Hiilidioksidipäästöjen vähentäminen on olennainen osa Fortumin strategiaa. Nykyisten liiketoimintojensa rinnalla yhtiö tutkii ja kehittää vähäpäästöiseen energiaan liittyviä uusia kasvuratkaisuja.”

Annual report 2025A · The company itself

“Lämmön tai jäähdytyksen ja sähkön yhteistuotanto bioenergialla Puolassa sijaitsevan Czestochowan sähkön ja lämmön yhteistuotantolaitoksen hiilidioksidipäästöjen vähentäminen, jossa laitos muutetaan kivihiilestä biomassaan.”

Annual report 2025A · The company itself

“For example, in 2024, EPA amended its rule establishing standards for hazardous air pollutant emissions from primary copper smelters (Copper Smelter Rule). This final rule would impact our Miami, Arizona smelter operations, which process a significant portion of the copper concentrate produced by our U.S. copper mines.”

Annual report 2025A · The company itself

“We incurred environmental capital expenditures and other environmental costs (including our joint venture partners’ shares) to comply with applicable environmental laws and regulations that affect our operations totaling $0.5 billion in 2025, $0.6 billion in 2024 and $0.5 billion in 2023, and we expect to incur approximately $0.7 billion in 2026.”

Annual report 2025A · The company itself

“New or revised environmental regulatory requirements are frequently proposed, many of which have resulted and may in the future result in substantially increased costs for our business, including those regarding financial obligations. Regulations have been considered at various governmental levels to increase financial responsibility requirements for mine closure and reclamation. Adoption of such environmental regulations or more stringent application of existing regulations may materially increase our costs, threaten certain operating activities and constrain our expansion opportunities.”

Annual report 2025A · The company itself

“• environmental concerns and uncertainty around new regulations in relation to, amongst others, new technologies which may delay the ordering of new vessels; and • government subsidies of shipbuilding. In addition to the prevailing and anticipated freight rates, factors that affect the rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices, costs of bunkers and other operating costs, costs associated with classification society surveys, normal maintenance costs, insurance coverage costs, and the efficiency and age profile of the existing tanker fleet. The factors affecting the supply and demand for tankers have been volatile and are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable, including those discussed above.”

Annual report 2024A · The company itself

“We may face increasing pressures from investors, lenders and other market participants, who are focused on climate change, to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and make further investments in us, especially given the highly focused and specific trade of crude oil transportation in which we are engaged. Such ESG corporate transformation calls for an increased resource allocation to serve the necessary changes in that sector, increasing costs and capital expenditure.”

Annual report 2024A · The company itself

“In addition, the entry into force, on January 1, 2020, of the 0.5% global sulfur cap in marine fuels used by vessels that are not equipped with sulfur oxide scrubbers under MARPOL Annex VI may lead to changes in the production quantities and prices of different grades of marine fuel by refineries and introduces an additional element of uncertainty in fuel markets, which could result in additional costs and adversely affect our cash flows, earnings and results from operations.”

Annual report 2024A · The company itself

“Environmental requirements can also affect the resale value or useful lives of our vessels, could require a reduction in cargo capacity, ship modifications or operational changes or restrictions, could lead to decreased availability of insurance coverage for environmental matters or could result in the denial of access to certain jurisdictional waters or ports or detention in certain ports. Under local, national and foreign laws, as well as international treaties and conventions, we could incur material liabilities, including clean-up obligations and natural resource damages liability, in the event that there is a release of hazardous materials from our vessels or otherwise in connection with our operations.”

Annual report 2024A · The company itself

“Additional or new conventions, laws and regulations may be adopted that could require, among others, the installation of expensive emission control systems and could adversely affect our business, results of operations, cash flows and financial condition. Low sulfur fuel is more expensive than standard marine fuel containing 3.5% sulfur content and may become more expensive or difficult to obtain as a result of increased demand.”

Annual report 2024A · The company itself

“This long-term focus on operating a modern, energy efficient fleet has positioned it well to mitigate the risks and capitalize on the opportunities provided by the ever-increasing environmental laws and regulations.”

Annual report 2024A · The company itself

“For example, increased policy support for fossil fuels or the rollback or suspension of renewable-supportive policies could reduce demand for our renewable and other decarbonization products and services. Conversely, as a supplier to the power generation sector, falling renewable costs and evolving stakeholder expectations can reduce demand for and the competitiveness of sales of new gas turbines and service for unabated gas plants. Continued increases in renewables’ share of capacity additions and generation, depending on pace and timing, could materially affect our Power segment and consolidated results.”

Annual report 2025A · The company itself

“Our long-term success depends on addressing both electrification and decarbonization by adapting our portfolio and scaling less carbonintense and lower carbon technologies (such as gas as a replacement for coal, small modular or other advanced nuclear reactors, hydrogen-based power generation, carbon capture and sequestration, and grid-scale storage). These transitions require substantial investments by us and third parties in grids, infrastructure, R&D, and new technologies, and depend on timely governmental and regulatory support, incentives, and market design.”

Annual report 2025A · The company itself

“Heightened climate concerns and activism may slow approvals for fossil fuel-related activities in certain regions where we sell our products, affecting associated offerings.”

Annual report 2025A · The company itself

“Our worldwide operations are affected by regional and global factors impacting energy demand, including industry trends like decarbonization, an increasing demand for renewable energy alternatives, governmental regulations and policies, and changes in broader economic and geopolitical conditions. These trends, along with the growing focus on the digitization and sustainability of the electricity infrastructure, can impact performance across each of our business segments.”

Annual report 2025A · The company itself

“•Decarbonization – The urgency to combat climate change is fueling technology advancements that improve the economic viability and efficiency of renewable energy alternatives and facilitate the transition to a more sustainable power sector. •Evolving generation mix – The power industry is shifting from coal generation to more electricity generated from zero- or low-carbon energy sources, and an evolving balance of generation sources will be necessary to maintain a reliable, resilient, and affordable system. •Energy resilience & security – Threats and challenges from extreme weather events, cyber-attacks, and geopolitical tensions have increased focus on the strength and resilience of power generation and transmission and reinforced the need for a diversified mix of energy sources. •Grid modernization and investment – Increased demand and the integration of advanced generation and storage solutions drive the need to update aging infrastructure with new grid integration and automation solutions.”

Annual report 2025A · The company itself

“•Regulatory and policy changes – Government policies and regulations, such as carbon pricing, renewable energy mandates, and subsidies for renewable energy technologies, can significantly impact the power generation landscape. Staying ahead of regulatory changes and adapting to new compliance requirements is crucial for maintaining a competitive advantage. •Financial and investment dynamics – Access to capital and investment trends in the energy sector can influence the development and deployment of new power generation projects.”

Annual report 2025A · The company itself

“We have access to the Revolving Credit Facility to fund operations, and we may rely on debt capital markets in the future, including for funding the acquisition of Prolec GE, to further support our liquidity needs.”

Annual report 2025A · The company itself

“GE Vernova is positioned as an industry leader to fulfill the growing demand for electrical power, while driving the energy transition forward. Our focus is on supplying our customers with products and services necessary to deliver reliable, affordable, and sustainable electricity.”

Annual report 2025A · The company itself

“The concern over climate change has led to legislative and regulatory initiatives aimed at reducing greenhouse gas emissions (“GHG”). For example, regulations that impose extensive requirements related to GHG continue to be considered by or have been issued by policy makers in certain state governments in the U.S., by the European Union, and by national governments in Canada, the U.K., Australia and elsewhere.”

Annual report 2025A · The company itself

“Den største finansielle klimarisikoen for investeringsporteføljene antas å komme i overgangen til et lavutslippssamfunn der klimareguleringer, skjerpede utslippskrav, endret kostnadsbilde og endrede markedspreferanser kan påvirke verdien av våre investeringer. Dette er vurdert som en klimarelatert omstillingsrisiko.”

Annual report 2024A · The company itself

“Analysene indikerer også at risikoen er skjevfordelt på tvers av sektorer. Enkelte sektorer vil med høy sannsynlighet bli kraftig negativt påvirket av overgangsrisiko, og vi vil fokusere på et utvalg av disse sektorene i håndteringen av overgangsrisiko.”

Annual report 2024A · The company itself

“Selskaper som har aktiviteter og strategier som ikke etterlever Parisavtalen må vurderes ekskludert hvis ikke andre påvirkningsaktiviteter når frem.”

Annual report 2024A · The company itself

“Arbeidet med å redusere klimaavtrykket i konsernets investeringsporteføljer fortsatte med full kraft, i henhold til målet om netto nullutslipp innen 2050.”

Annual report 2024A · The company itself

“Kapitalen forvaltes med lav risiko, og med så høy avkastning som risikoprofilen tillater. Vi følger internasjonalt anerkjente prinsipper for ansvarlige investeringer, og porteføljene skal ha netto nullutslipp innen 2050.”

Annual report 2024A · The company itself

“Det inkluderer konsernets mål om å oppnå netto nullutslipp i investeringsporteføljene innen 2050, i tråd med SBTis rammeverk for finansinstitusjoner.”

Annual report 2024A · The company itself

“Videre fremgår det at Gjensidiges strategiske mål er å redusere klimautslipp i hele vår verdikjede i henhold til Parisavtalen, og vitenskapelige mål om å begrense globale klimautslipp til 1,5 grader.”

Annual report 2024A · The company itself

“Klimatilpasningstiltak i våre produkter I 2024 har vi tilpasset forsikringsvilkår for ni forsikringsprodukter, noe som betyr at vi har inkludert insentiver som skal bidra til klimatilpasning i henhold til EUs taksonomi.”

Annual report 2024A · The company itself

“Mål knyttet til tilpasning av produkter for å hensynta klimaendringer Vårt styrevedtatte, operasjonelle mål fra 2021 er at 80 prosent av våre forsikringsinntekter skal være tilpasset kriteriene for skadeforsikring i EUs taksonomi innen 2026.”

Annual report 2024A · The company itself

“The transition to a low-carbon economy is reflected through demand growth as a potential opportunity in Glaston’s business. With regard to financial materiality, the primary factors are related to decarbonization and investments in the end-use industry, as well as the regulatory environment and innovations in low-energy glass processing. The aim of reducing the energy consumption of buildings and thereby emissions has an impact on the demand for insulating glass and, consequently, on the demand for Glaston’s insulating glass technologies and, partly, also safety glass technologies.”

Annual report 2025A · The company itself

“The assessment identified transition risks related to the policies and legislation, technology, markets and the company’s reputation. In the medium and long term, replacing existing products and services with lower-emission alternatives and Glaston’s potentially unsuccessful investments in new technologies were assessed as risks with moderate financial effects.”

Annual report 2025A · The company itself

“The most significant transition risk is the decarbonization of Glaston’s glass production outside the value chain, which, should it fail, could affect the use of glass as a building material and thus also the demand for Glaston’s products. Globally significant glass producers have decarbonization programs and related investments.”

Annual report 2025A · The company itself

“For example, the E.U.'s Network Information Security 2 Directive (the NIS2 Directive) requires, among other things, that registries and entities providing domain name registration services adopt policies and procedures, including verification procedures, to ensure that such entities maintain accurate and complete domain name registration data in their domain name databases. The NIS2 Directive is in the process of being transposed into many E.U. member states' respective national laws.”

Annual report 2025A · The company itself

“NIS2 Directive being transposed into member state law; •ICANN, TLD operators, governments and governmental authorities may impose requirements for, or prohibit, the registration of domain names containing certain words or phrases; •some governments and governmental authorities outside the U.S. have in the past disagreed, and may in the future disagree, with the actions, policies or programs of ICANN and TLD operators relating to the DNS, which could fragment the single, unitary internet into a loosely-connected group of one or more networks, each with different rules, policies and operating protocols; •multi-party review panels established by ICANN's Bylaws may take positions unfavorable to our business; and •changes in ICANN leadership could introduce uncertainty that could delay or postpone programs, such as the next round of new generic TLD (gTLD) applications, and that could have a material impact on our business.”

Annual report 2025A · The company itself

“In addition, due to changes in privacy and data protection laws, rules and regulations around the world, ICANN and its stakeholders have modified their policies, procedures and contracts related to how registrars collect, store, transmit, publish or otherwise process the personal information of domain name registrants in publicly accessible WHOIS directories. We continue to work with ICANN and our industry counterparts to reconcile conflicts and inconsistencies with such laws, rules and regulations. If ICANN is unable to maintain policies, procedures and contracts consistent with applicable privacy and data protection laws and regulations, our efforts to comply with applicable laws may cause us to violate our existing ICANN contractual obligations. As a result, we could experience difficulties in selling domain name registrations and keeping our existing customer domain names under management, which could have a material adverse effect on our operations and revenue.”

Annual report 2025A · The company itself

“Existing and new laws, rules, regulations and orders relating to the security of our networks and data processing, such as NIS2 in the E.U. may cause us to incur additional compliance costs or limit our ability to provide certain of our products or services in some jurisdictions.”

Annual report 2025A · The company itself

“Table of Contents We also must comply with a growing body of laws, rules, regulations and orders governing the transfer of data, including personal data, across territorial boundaries. For example, the GDPR restricts the transfer of personal data from the E.U. to the U.S. and other countries that are not deemed to have implemented adequate data protection measures.”

Annual report 2025A · The company itself

“Arvioinnin perusteella GRK:n palveluista erityisesti väylä-, rata- ja ympäristörakentaminen tukevat konsernin ilmasto- ja kiertotaloustavoitteita. Julkisten tilaajien kiristyvät päästö- ja materiaalitehokkuusvaatimukset vahvistavat tätä suuntaa, ja ne ohjaavat hankkeidemme suunnittelua sekä materiaalivalintoja.”

Annual report 2025A · The company itself

“Siirtyminen vähähiilisyyteen tarjoaa uusia rakentamisen mahdollisuuksia vetyverkostojen, sähköverkkojen ja esimerkiksi vihreän siirtymän tuotantolaitosten rakentamisen kautta. Tarkastelemme markkinoiden kehittymistä jatkuvasti ja kehitämme ja tarjoamme osaamistamme aktiivisesti uusiin vihreän siirtymän hankkeisiin. x keskipitkä aikaväli SBM-3 Olennaiset vaikutukset, riskit ja mahdollisuudet sekä niiden yhteys strategiaan ja liiketoimintamalliin Kaksoisolennaisuuden prosessi on kuvattu kohdassa IRO-1.”

Annual report 2025A · The company itself

“Vahvistamme osuuttamme vihreän siirtymän hankkeissa • GRK on ollut mukana kahdessa Viron ratojen sähköistämiseen liittyvässä projektissa. • Vihreän siirtymän teollisuushanke (Stegra) on tuonut merkittävän osan Ruotsin maayhtiön liikevaihdosta. • GRK on ollut mukana rakentamassa Espooseen Fortumin päästötöntä, sähköpohjaista kaukolämmöntuotantolaitosta. • GRK voitti Virossa Rail Baltican päärataosuuden tarjouskilpailun.”

Annual report 2025A · The company itself

“Samaan aikaan teollisuuden vihreän siirtymän hankkeiden ja energiainfran rakentamisen odotetaan vauhdittavan infrarakentamista. Energiatehokkuus, kiertotalous, vähäpäästöisyys ja luontokadon pysäyttäminen ovat kestävän infrarakentamisen keskiössä.”

Annual report 2025A · The company itself

“År 2024 uppnådde vi vårt lägsta klimatavtryck någonsin, en minskning med 35 procent sedan 2017.”

Annual report 2024A · The company itself

“Gränges arbetar för att stärka sitt värdeerbjudande för cirkulära och hållbara aluminiumösningar som hjälper kunderna att minska sitt klimatavtryck. Vi genomför planer för att minska koldioxidutsläpp, förbättra cirkularitet och främja ansvarsfulla affärsmetoder.”

Annual report 2024A · The company itself

“Förändringarna skulle å andra sidan också kunna gynna Gränges.”

Annual report 2024A · The company itself

“Identifierade klimatrelaterade risker inkluderar omställ - ningsrisker från ökad efterfrågan från kunder på produkter med lågt klimatavtryck, striktare krav på produkters klimatprestanda och ökade regleringar och skatter på Påverkan och vårt tillvägagångssätt koldioxidutsläpp. Detta kan leda till ökade kostnader eller intäktsförluster om företaget inte skulle uppfylla kraven.”

Annual report 2024A · The company itself

“Under 2024 gick Gränges med i First Movers Coalition. Vi ingick också ett flertal partnerskap med leverantö - rer och kunder för att möjliggöra återvinning och cirkulära produktflöden.”

Annual report 2024A · The company itself

“Gränges går med i First Movers Coalition Case Som ett strategiskt steg för att stärka sitt åtagande att vara en ledare inom hållbarhet anslöt sig Gränges till Världsekonomiskt forums First Movers Coalition (FMC) 2024.”

Annual report 2024A · The company itself

“Gränges har åtagit sig att begränsa klimatförändringarna och har satt som mål att nå netto-nollutsläpp till 2040. Företaget strävar efter att minska klimatpåverkan längs värdekedjan – från den egna verksamheten och från inköpta material.”

Annual report 2024A · The company itself

“Gränges har åtagit sig att bekämpa klimatförändringana genom att investera i en hållbar verksamhet, hållbara inköp och återvinning för att minska klimatpåverkan genom produkternas livscykler.”

Annual report 2024A · The company itself

“Det har medført en række politiske initiativer, mest bemærkelsesværdigt aftalen om at fjerne momsen på bøger.”

Annual report 2025A · The company itself

“Nye initiativer har haft til formål at forbedre rammevilkårene for litte - ratur og læremidler; mest betydningsfuldt er afskaffelsen af momsen på litteratur, der forventes indfaset i løbet af 2026.”

Annual report 2025A · The company itself

“Because our business depends on the level of activity in the oil and natural gas industry, existing or future laws, orders, regulations, treaties, or international agreements related to greenhouse gases or climate change, including incentives to conserve energy or use alternative energy sources, may reduce demand for oil and natural gas and could have a negative impact on our business.”

Annual report 2025A · The company itself

“The efforts we have taken, and may undertake in the future, to respond to these evolving or new regulations and to environmental initiatives of customers, investors, and others may increase our costs.”

Annual report 2025A · The company itself

“Möjlighet Gröna kundprojekt och fokus på kunder med hållbara affärsmodeller kan förbättra kundrelationer och skapar möjlighet till stärkta långsiktiga intäktsströmmar.”

Annual report 2024A · The company itself

“En väsentlig drivkraft är regleringar som i sin tur skapar behov hos våra kunder att reducera sina klimatavtryck. För HANZA innebär det främst ett antal marknadsrelaterade risker och möjligheter kopplade till omställningen.”

Annual report 2024A · The company itself

“Hållbarhet är en central del av vår strategi och långsiktiga affärsplan. Vi arbetar aktivt för att optimera kundernas produktionsflöden och skapa en mer hållbar tillverkningsprocess.”

Annual report 2024A · The company itself

“Climate-related transition opportunity due to evolving expectations from customers and other stakeholders Meeting the evolving requirements and expectations around sauna business builds trust for stakeholders. The transition to a low-carbon economy creates opportunities for sustainable products & services, as demand grows for solutions that enable climate mitigation.”

Annual report 2025A · The company itself

“By providing low-emission solutions and innovations, Harvia may increase revenue through customer acquisition, market expansion, and strengthened climate positioning.”

Annual report 2025A · The company itself

“The transition to a low-carbon economy creates opportunities for sustainable products & services, as demand grows for solutions that enable climate mitigation. By providing low-emission solutions and innovations, Harvia may increase revenue through customer acquisition, market expansion, and strengthened climate positioning.”

Annual report 2025A · The company itself

“This may affect raw materials' profitability and increase costs due to higher material prices, updating products and manufacturing methods when shifting to sustainable alternatives, availability issues due to high-demand, supplier lock-ins and negative impacts on product reliability and quality.”

Annual report 2025A · The company itself

“Harvia conducts continuous development and research to develop energy-efficiency in products and new innovations taking climate matters into account.”

Annual report 2025A · The company itself

“Policies related to climate change mitigation and adaptation Harvia Group is committed to operating responsibly and minimizing the environmental impacts of its operations and products throughout their entire lifecycle, with an overarching climate target to achieve net zero emissions by 2050. This commitment is formally articulated in the Harvia Group Environmental Policy and further detailed in the Climate Transition Program, which together establish a framework for managing climate-related material impacts, risks, and opportunities.”

Annual report 2025A · The company itself

“Table of Contents We have established corporate goals to reduce greenhouse gas emissions, energy, water and waste in our operations, and various regions in which we own properties are establishing building performance standards.”

Annual report 2025A · The company itself

“In addition, changes in federal, state, and local legislation and regulation relating to climate change, net zero or carbon neutrality requirements, and building and energy performance standards could require (i) increased capital expenditures to improve the energy efficiency or resiliency of our existing properties and increase the costs of new developments and (ii) increased compliance costs for us and our tenants, in each case without a corresponding increase in revenue.”

Annual report 2025A · The company itself

“The energy transition is moving forward, but at a slower pace than needed and expected. While there have been notable advancements in the adoption of renewable energy, the overall progress for hydrogen has been dampened by cost inflation, regulatory uncertainty and growing geopolitical tensions.”

Annual report 2024A · The company itself

“Zero-emission heavy-duty trucking plays a substantial role in reducing emissions within the transportation sector, however, the broader energy transition is facing increasing headwinds in Europe and North America. The market for zero-emission heavy-duty is consequently developing slower than anticipated, and the near-term market outlook has become increasingly uncertain following the US presidential election as customers are delaying purchasing decisions.”

Annual report 2024A · The company itself

“Successful adoption of both battery- and hydrogen electric technologies will require continued regulatory schemes as well as improved availability of charging and refueling infrastructure.”

Annual report 2024A · The company itself

“The EU is also supporting adoption through ambitious policies including 100% zero-emission city bus sales by 2035 and a 90% emissions reduction for most new trucks and buses by 2040.”

Annual report 2024A · The company itself

“EU:s mål för digital infrastruktur är att alla hushåll i EU ska vara anslutna till ett gigabitnät senast år 2030.”

Annual report 2024A · The company itself

“Parallellt pågår också en utfasning av de gamla kopparnäten i Europa. EU har satt en tidsfrist till 2030 då samtliga kopparnät i Europa ska vara nedsläckta och ersatta av fiberoptiska nät.”

Annual report 2024A · The company itself

“Risker relaterade till miljö fortsätter att öka i betydelse samtidigt som reglering och rapporteringskrav ökar.”

Annual report 2024A · The company itself

“• Miljökrav på leverantörer: Kommunicerar krav på att våra produkter tillverkas hållbart, från råmaterial till färdiga produkter, och kräver att våra leverantörer för vidare miljökraven till våra underleverantörer.”

Annual report 2024A · The company itself

“Hållbarhet är en strategisk prioritet för Hexatronic. Vi är övertygade om att våra lösningar och produkter medför en avsevärt lägre belastning på miljön än traditionell teknik och jobbar hårt för att tydliggöra detta för våra kunder.”

Annual report 2024A · The company itself

“Krävande utsläppspolicys och redovisningssystem är på väg att införas i allt fler länder. Inom EU påverkas koncernen bland annat av direktivet kring hållbarhetsredovisning (CSRD) där klimatfrågorna har givits stort utrymme.”

Annual report 2024A · The company itself

“Lihantuotannon ja rehun tuotannon (viljelyn) kasvihuone kaasupäästöjä koskevat määräykset Kansallisen ja EU-lainsäädännön kehityksen vaikutus hinnoitteluun, veroihin ja lihantuotannon kasvihuonekaasupäästöihin Kulut Lyhyt Keskitaso/korkea Markkina Kuluttajakäyttäytymisen muutos / negatiiviset käsitykset liha-alasta Eettisen kuluttamisen aiheuttama kuluttajakäyttäytymisen muutos, ml. huolenaiheet eläinten hyvinvoinnista, ravitsemuksesta ja lihan arvoketjun hiilijalanjäljestä, vaikuttaa kielteisesti myyntiin Liikevaihto Lyhyt Keskitaso/korkea Mahdollisuus ▲ Tuotteet & palvelut Vähähiilisten tuotteiden ja palveluiden kehittäminen ja laajentaminen Matalahiilisten tuotteiden ja palvelujen kehittäminen ja laajentaminen: Uusien proteiinivaihtoehtojen tutkiminen Liikevaihto Pitkä Korkea Korkeampi kysyntä matalahiiliselle lihalle Liikevaihto Kulut Lyhyt Keskitaso/korkea Markkinat/ resilienssi Vientimarkkinoiden painopiste Keskittyminen vientimarkkinoihin: Kilpailuedun hyödyntäminen ja lihan viennin lisääntyminen johtuen muiden markkinoiden maatalouden heikommista olosuhteista ilmastonmuutoksen vuoksi Liikevaihto Pitkä Korkea Riskien ja mahdollisuuksien arvioinnin aikajänteet ovat samat, joita yhtiö on käyttänyt aiemmin ilmastoon liittyvien riskien ja mahdollisuuksien arvioinnissa: Lyhyt aikaväli on alle 5 vuotta, keskipitkä aikaväli 5–10 vuotta ja pitkä aikaväli yli 10 vuotta.”

Annual report 2025A · The company itself

“Kestävyyssiirtymä edellyttää uusien teknologioiden ja prosessien käyttöönottoa, mikä voi lisätä merkittävästi yritysten kustannuksia. Jos ruokaketjun toimijat eivät sopeudu muutoksiin riittävän nopeasti, kilpailukyky voi heikentyä ja jopa markkina-asema vaarantua.”

Annual report 2025A · The company itself

“• Arvoketjun työntekijöiden kestävyyteen liittyvään osaamiseen ja siten kykyyn toteuttaa yhtiön vastuullisuustavoitteisiin liittyviä toimenpiteitä liittyy sekä riskejä että mahdollisuuksia: HKFoodsin suurimmat luontovaikutukset syntyvät yhtiön ulkopuolella alkutuotannossa, joten sopimustuottajien ja toimittajien mahdollinen kyvyttömyys toteuttaa vaikuttavia ilmastotoimenpiteitä voi vaikeuttaa HKFoodsin strategisten tavoitteiden saavuttamista ja siten vaikuttaa kielteisesti esimerkiksi HKFoodsista tehtäviin ulkopuolisiin kestävyysarviointeihin. Toisaalta sopimustuottajien ja toimittajien kyky toteuttaa merkittäviä luontotoimenpiteitä edesauttaa HKFoodsin strategisten tavoitteiden saavuttamista ja vaikuttaa myönteisesti mm. päästöjen merkittävään pienenemiseen.”

Annual report 2025A · The company itself

“• HKFoods liittyi Valion Food 2.0 -kumppanuusekosysteemiin, jonka tavoitteena on edistää kestävää ruoantuotantoa sekä parantaa sen kannattavuutta ja kansainvälistä kilpailukykyä.”

Annual report 2025A · The company itself

“Environment Our operations are subject to regulation under various federal, state, local and foreign laws concerning the environment, including laws addressing the discharge of pollutants into the air and water, the management and disposal of hazardous substances and wastes, and the cleanup of contaminated sites. We proactively evaluate and at times replace materials in our products and supply chain, taking into account, among other things, published lists of substances of concern, new and upcoming legal requirements, customer preferences and scientific analysis that indicates a potential impact to human health or the environment.”

Annual report 2025A · The company itself

“Such extreme climate related events are driving changes in market dynamics, stakeholder expectations, and local, national and international climate change policies and regulations, which could result in 22 Table of Contents disruptions to us, our suppliers, vendors, customers and logistics hubs and impact employees’ abilities to live in certain areas, commute or to work from home effectively.”

Annual report 2025A · The company itself

“As a result, we have experienced and expect to continue to experience, increased compliance burdens and costs, increased indirect costs resulting from our suppliers passing on compliance costs to us, and certain of our products may be rendered obsolete, financially unviable or face market access issues.”

Annual report 2025A · The company itself

“Vårt mål för Carbon är att minska våra absoluta koldioxidutsläpp med 35 procent, genom hela vår värdekedja, mellan 2015 och 2025.”

Annual report 2024A · The company itself

“Green hydrogen remains a crucial contributor in the global energy transition, primarily through decarbonizing hard to abate industries, which is essential for meeting the 2030 targets.”

Annual report 2024A · The company itself

“Awarded grants for further increase in manufacturing capacity Early preparations for a new large-scale factory, which will leverage the experience from the full-scale production  a cutting-edge large-scale electrode production facility, marking a significant milestone for Denmark’s green H2 technology sector and supporting the growth of the Danish   to meet growth in customer demand. HydrogenPro has been awarded a grant from the EU Innovation Fund of EUR 16.5 and a grant of DKK 35 million by the Export and Investment  investment decision by HydrogenPro.”

Annual report 2024A · The company itself

“EU Hydrogen Strategy: As part of the EU Green Deal, this strategy outlines a plan for developing renewable hydrogen with specific production targets. By 2024,  electrolyzers in the EU, generating 1 million tonnes of renewable hydrogen.”

Annual report 2024A · The company itself

“to a net zero society by 2050 depends on the development of efficient and scalable solutions to produce green hydrogen.”

Annual report 2024A · The company itself

“In the short-term, we are facing the risk of moving too fast or too slow to meet customer demands and potentially becoming an early mover with no customers, or a follower  is a result of the rapid and unclear development of the green hydrogen space, where customer demand and competition composition  landscape and incentive programs in Europe and the US are to a large extent driving the evolution of the new hydrogen economy. Our response to this is to follow the market closely and seek to maintain a flexible cost structure while at the same time optimize our supply chain set.up.”

Annual report 2024A · The company itself

“HydrogenPro is compliant with these regulations, leveraging a supply chain model that integrates key processing steps like electrode production in Aarhus and assembly in Erfurt while still sourcing some key components from China.”

Annual report 2024A · The company itself

“The European Union was among the first to regulate and restrict the use of certain substances that we currently use in our products. These regulations include the Biocidal Products Regulation, which requires the use of only approved biocides in our products imported to or used in the European Union, and REACH, which regulates and restricts the use of certain chemicals in the European Union. Compliance with these regulations (and similar regulations that have been or may be adopted elsewhere, such as Australia, China, Turkey, Korea, and other countries) may require registration, notification, or certification regarding regulated substances, imposition of import restrictions, or in certain cases the redesign or reformulation of our products.”

Annual report 2025A · The company itself

“Climate change, or legal, regulatory or market measures to address climate change, could adversely affect our business, financial condition, and results of operation We operate in many regions around the world where our businesses and the activities of our customers and suppliers could be disrupted by climate change.”

Annual report 2025A · The company itself

“These regulations, which may differ across jurisdictions, could result in our being subject to new or expanded carbon pricing or taxes, increased compliance costs, restrictions on greenhouse gas emissions, investment in new technologies, increased carbon disclosure and transparency, investments in developing data gathering and reporting systems, upgrade of facilities to meet new building codes, increased energy costs, and the redesign of utility systems, which could increase our operating costs.”

Annual report 2025A · The company itself

“The EU and member countries, as well as governmental authorities in other countries, impose similar strict restrictions on the promotion and marketing of drug products. The off-label promotion of medicinal products is prohibited in the EU and in other territories, and the EU also maintains strict controls on advertising and promotional materials. The promotion of medicinal products that are not subject to a marketing authorization is also prohibited in the EU. Violations of the rules governing the promotion of medicinal products in the EU and in other territories could be penalized by administrative measures, fines and imprisonment.”

Annual report 2025A · The company itself

“Legislation in the U.S. and EU has been adopted to provide government funding for semiconductor manufacturing expansions in those regions. However, any amounts we may receive under any agreements enabled by such legislation may not be sufficient in amount or timeliness to support our capital investment plans and offset the higher costs of operations in many of the locations of our facilities as compared to those of many of our competitors, we may be unable to comply with the requirements and limitations of any such grants and incentives, or such agreements may contain restrictions that limit our flexibility to pursue changes in business strategy or transactions that may enhance stockholder value.”

Annual report 2025A · The company itself

“Semiconductor manufacturing uses perfluorocarbons, which have historically made up a large portion of our direct greenhouse gas emissions. New or increased regulations limiting the use of such compounds, or other greenhouse gas emissions, could require us to install additional abatement equipment, purchase carbon offsets and/or alter, where feasible, our production processes and sources. New or more stringent climate change regulations could increase our manufacturing costs associated with meeting air pollution requirements and our energy costs, for example as a result of carbon pricing impacts on electrical utilities.”

Annual report 2025A · The company itself

“•Regulations pertaining to the integration of ESG in asset management. These regulations have materially impacted the asset management industry in the EU and U.K in recent years. In particular, these regulations have required the integration of sustainability risks within investment management processes and imposed enhanced disclosure requirements on the ESG characteristics of EU and U.K. investment products.”

Annual report 2025A · The company itself

“Bemsiq Group erbjuder ledande lösningar som driver på den gröna omställningen i olika sektorer runt om i världen. Det medför ett ansvar att visa kunderna att detta inkluderar den egna verksamheten. – Vi har fortsatt arbetet med att göra vår produktion och leverantörskedja ännu mer hållbar, och anslutit oss till SBTi med ambitiösa mål för minskade utsläpp av växthusgaser fram till 2050.”

Annual report 2024A · The company itself

“Det är tydligt var de främsta möjligheterna för tillväxt finns. – Behovet av tillförlitliga data som driver den gröna omställningen växer snabbt, och vi ser många intressanta förvärvsmöjligheter i olika nischer i våra segment.”

Annual report 2024A · The company itself

“Bolaget har även tagit en rad steg för att uppfylla sina hållbarhetsmål, vilket inkluderar betydande minskningar av växthusgasutsläppen. – Precis som Latours övriga affärsområden har vi höga ambitioner i linje med SBTi för att tackla de globala klimatutmaningarna.”

Annual report 2024A · The company itself

“Det är därför extra glädjande att de ambitiösa klimatmål vi satt upp för verksamheten blev godkända av SBTi i slutet av 2024.”

Annual report 2024A · The company itself

“Företaget Plant adresserar behovet av att kunna beräkna klimatpåverkan redan i planeringsfasen av byggprojekt. – Bolaget gör hållbarhet konkret genom att knyta ihop klimatpåverkan med ekonomiska aspekter, säger Pelle Mattisson , VD för Latour Future Solutions.”

Annual report 2024A · The company itself

“– Realismen har återvänt i den gröna sektorn, med insikt om vikten av en industriellt fungerande affär, vilket passar oss på Latour bra i vår roll som industriell tillväxtpartner.”

Annual report 2024A · The company itself

“Dessutom fortsätter vårt särskilda investeringsområde för grön omställning, Latour Future Solutions, att växa med nya investeringar, under 2024 i tre nya bolag för en hållbar fastighetssektor.”

Annual report 2024A · The company itself

“Att ligga i framkant i klimatarbetet innebär även att sätta ambitiösa mål enligt Science Based Targets (SBT).”

Annual report 2024A · The company itself

“H ur ser Latour på hållbarhet? – Hållbarhet är fundamentalt för Latour och genomsyrar allt vi gör. Vi arbetar långsiktigt, både med våra investeringar och i utvecklingen av våra bolag, och vi är övertygade om att hållbara verksamheter skapar de mest långsiktiga värdena.”

Annual report 2024A · The company itself

“Målet, som hör till SBTi:s högsta ambitionsnivå, speglar företagets djupa engagemang för minskad miljöpåverkan, där hållbara produkter, cirkulära affärsmodeller och täta leverantörssamarbeten står i fokus.”

Annual report 2024A · The company itself

“Genom att ansluta sig till Science Based Targets initiative (SBTi) sätter bolaget ambitiösa mål för att minska sin klimatpåverkan, med fokus på en hållbar leveranskedja och produktion.”

Annual report 2024A · The company itself

“Att bidra till en mer hållbar värld och skynda på den gröna omställningen är en central del i Swegons erbjudande, vilket genomsyrar hela verksamheten genom energieffektiv produktion och en hållbar och ansvarfull leverantörskedja.”

Annual report 2024A · The company itself

“Strategi för lönsam expansion Differentiera erbjudandet via ledande, innovativa systemlösningar för den hållbara omställningen samt en bättre inomhusmiljö.”

Annual report 2024A · The company itself

“Inför 2025 kommer Latour Future Solutions att öka sitt fokus på något mognare bolag i en tydlig tillväxtfas, som behöver kapital och kompetens för att accelerera sin expansion. – Investeringen i Perific är ett konkret steg i den strategin, och nu ser jag ser fram emot att identifiera fler investeringsmöjligheter i bolag som bidrar till en hållbar omställning och minskar branschens klimatpåverkan.”

Annual report 2024A · The company itself

“Investors scope 3-mål är att minska portföljens växthusgasutsläpp med 70 procent per 2030 jämfört med 2016 (portföljbolagens scope 1- och 2-utsläpp).”

Annual report 2022A · The company itself

“Dessutom har ett antal politiska initiativ som exempelvis Green Deal och Inflation Reduction Act, betydande påverkan på många företag.”

Annual report 2022A · The company itself

“Gradvis tas nu steg för att koordinera rapporteringsstandards och där EU:s nya rapporteringsinitia - tiv, CSRD, är ett exempel. Fler länder inför också någon form av prismeka - nism på koldioxidutsläpp.”

Annual report 2022A · The company itself

“HÅLLBARHET SOM EN STRATEGISK PRIORITERING  AFFÄRSETIK & STYRNING Klimat & resurseektivitet Investor står bakom Parisavtalets 1,5-gradersmål och har fastställt långsiktiga mål för Investor som bolag och för vår portfölj av bolag: • Investor är medlem av Exponential Roadmap Initiative och har satt ett nettonollmål för Investor AB per 2030. • Minska absoluta växthusgasutsläpp från portföljbolagen med 70 procent per 2030 jämfört med 2016 (portföljbolagens scope 1 och 2). • Accelerera portföljbolagens klimatstrategier bortom deras egna klimatavtryck genom att säkerställa att alla portföljbolag sätter relevanta reduktionsmål relaterade till deras produkter, tjänster eller värdekedjor (portföljbolagens scope 3).”

Annual report 2022A · The company itself

“Vi är övertygade om att hållbarhet integrerat i affärsmodellen är en förutsättning för att skapa långsiktigt värde.”

Annual report 2022A · The company itself

“Dessutom är utveckling och lansering av energieffektiva, miljövänliga produkter med fokus på kundernas totalkostnad över produktens livslängd, högt prioriterat.”

Annual report 2022A · The company itself

“Ett av våra viktigaste fokusområden är att accelerera våra företags hållbarhetsarbete. Vi är övertygade om att detta är en viktig förutsättning för långsiktigt lönsam tillväxt.”

Annual report 2022A · The company itself

“I Sverige förvärvades AVAC Vakuumteknik, en tillverkare av vakuumbaserade automatiseringsprodukter. • Piab lanserade ett flertal nya produkter inom samtliga affärsområden. • Piab vidareutvecklade sin hållbarhetsutvärdering, inklusive återvinningskriteriet, i sin process för lanseringen av nya produkter.”

Annual report 2022A · The company itself

“Målen är uppdelade i långsiktiga och kortsiktiga: • Att nå nära noll utsläpp 2030 (50 kg CO e/BTA), med delmål 250 kg CO e/BTA 2026 • Kortsiktigt utvecklas vår befintliga produkt genom resurs- och klimatoptimerad materialanvändning, samt högre grad av återbrukade produkter • Långsiktigt används nya tekniker, nya material och nytt stomsystem. Fram till 2027 fokuserar JM på att minska klimatutsläppen från betong, som i traditionell form utgör den största klimatpåverkan.”

Annual report 2024A · The company itself

“Lagkrav och branschstandarder för klimatneutralt byggande kräver en anpassning av produktionsmodell. Krav på implementering av tekniska system för att reducera byggnadens klimatpåverkan.”

Annual report 2024A · The company itself

“Vi har en licens att bygga Svanenmärkta bostäder och målet är att all nyproduktion ska vara miljömärkt.”

Annual report 2024A · The company itself

“Som ledande grönt fastighetsbolag och ansvarstagande samhällsaktör har K2A beslutat om ambitiösa klimat- och hållbarhetsmål, däribland att K2A:s värdekedja ska vara klimatpositiv senast år 2027.”

Annual report 2024A · The company itself

“ Genomförande av klimatscenarioanalys och integrering av resultat i verksamhetens handlingsplaner.  Dagvattenhantering i all nyproduktion.  Nybyggnader har låg energianvändning. Löpande energieffektiviseringsåtgärder i befintligt bestånd.”

Annual report 2024A · The company itself

“Due to stricter environmental regulations and customer requirements, older tonnage is in danger of both being re-rated and has a higher risk of being detained and losing competitiveness to more modern tonnage. The consequences can be lower utilization due to more waiting time, risk of increased discounts and in worst case not being accepted by some customers.”

Annual report 2024A · The company itself

“Impact of a low- carbon future with introduction of emission regulations, zero-emission vessels and lower demand for transportation of fossil fuels A move to a low-carbon economy can potentially have material negative impact on the Group through several ways: • Emerging propulsion technologies and fuels might negatively affect the competitiveness of the Group’s existing fleet, potentially leading to lower revenue and/or impairment of vessel values. The increasing diversity of alternatives also heightens the risk of selecting the wrong technology. • New regulations can lead to material cost related to upgrades and retrofits to comply with regulations and/or material impairment of operational flexibility and/or operational limitations.”

Annual report 2024A · The company itself

“• Increased pressure on financial institutions to incentivize reduction in CO₂ emissions and new regulations, such as the EU taxonomy, could reduce and restrict access to capital, increase cost of capital, and raise breakeven levels for the Group. • The demand for the transportation of fossil fuels could be materially impacted, reducing demand for dry bulk and product tanker vessels. • New customer requirements related to sustainability and carbon emissions could negatively affect the Group’s competitive position. • New carbon pricing regulations, such as the EU ETS, along with FuelEU Maritime, which aim to reduce the carbon intensity of maritime fuels, may result in higher operating costs.”

Annual report 2024A · The company itself

“Maritim virksomhet står i dag for rundt tre prosent av globale klimagassutslipp årlig. International Maritime Organization (IMO) har besluttet at klimagassutslippene fra skipsfarten skal være null innen 2050.”

Annual report 2024A · The company itself

“Oppstrøms Ikke relevant for risikoer Mellomlang sikt Bekjempelse av klimaendringer Mulighet Den grønne omstillingen vil øke etterspørselen etter grønne forretningsløsninger. Hvis vi posisjonerer oss riktig, gir dette gode mulighet for KONGSBERG til å styrke vårt konkurransefortrinn innen grønne løsninger.”

Annual report 2024A · The company itself

“Regulatoriske rammer, som Den internasjonale sjøfartsorganisasjonens (IMO) klimastrategi og EUs utslippsreduksjonsmål, er drivere i et skifte mot renere drivstoff-alternativer.”

Annual report 2024A · The company itself

“Tre av de 20 var fysiske risikoer fra akutte hendelser som ekstremvær som påvirker personell, drift, og leverandørkjeder. Overgangsrisikoer involverer regulatoriske endringer og økte produksjonskostnader, mens muligheter inkluderer utvikling av lavutslippsløsninger som grønn skipsfart og bærekraftig havforvaltning.”

Annual report 2024A · The company itself

“Den andre megatrenden er bærekraft og målet om å nå et nullutslippsamfunn som fører til økt etterspørsel etter energieffektive løsninger og nye energikilder. Både industrien og myndighetene setter mål og retning mot sitt endelige mål om netto nullutslipp innen 2050.”

Annual report 2024A · The company itself

““Bærekraft og effektiv drift” og “en givende arbeidsplass” er sentrale fokusområder i vår strategi, som er relatert til vår påvirkning på miljø, ansatte og samfunn. Bærekraftig omstilling og effektiv drift er kjernefilosofier som legges til grunn for alle våre aktiviteter og prosesser.”

Annual report 2024A · The company itself

“Aktiviteter knyttet til indirekte klimagassutslipp (scope 3) Oppstrøms tiltakspakker Vi har forpliktet oss til et mål om at 67 prosent av våre leverandører (basert på kostnad) skal ha egne vitenskapsbaserte mål i tråd med Parisavtalen innen 2027.”

Annual report 2024A · The company itself

“Klimarisiko KONGSBERG har forpliktet oss og anerkjenner at vi må ta en aktiv rolle i omstillingen til et nullutslippsamfunn. Vår ambisjon er å oppnå netto nullutslipp for hele vår verdikjede innen 2050, i tråd med internasjonale standarder som GHG-protokollen og Science Based Targets Initiative (SBTi).”

Annual report 2024A · The company itself

“Opportunities related to the transition to a low-carbon society – growth in demand for wood construction and wood-based products Financial opportunity Downstream If the construction industry begins to shift away from more emission-intensive concrete structures toward wood construction—driven by changes in customer behaviour or regulatory reforms— demand for Koskisen’s products may increase. This growing demand would likely have a positive impact on cash flows, both for Koskisen and the broader sector, and as future prospects improve, it may also enhance access to financing as well as influence its cost and terms.”

Annual report 2025A · The company itself

“Regulatory risks related to the preservation of carbon sinks (transition risks) – harvesting restrictions Upstream Koskisen’s manufacturing operations (panel and sawmill industries) are highly dependent on wood raw material. EU and national legislation is expected to impose long-term restrictions on harvesting (e.g., to meet the climate targets set out in Finland’s Climate Act). Any disruptions in the availability, price, or quality of wood raw material would likely have a broad impact on operational cash flows and the value of assets.”

Annual report 2025A · The company itself

“Impacts on the extent and condition of ecosystems Regulatory risks related to biodiversity preservation (transition risks) – restrictions on the use of natural resources Upstream Koskisen’s manufacturing operations (panel and sawmill industries) are highly dependent on wood raw material. The decline in biodiversity may lead to regulatory restrictions at the EU or national level regarding the use of natural resources. Disruptions in the availability, price, or quality of wood raw material would likely have broad impacts on the company’s cash flows and asset values.”

Annual report 2025A · The company itself

“Transition risks associated with the circular economy – uncertainty around the legal classification of industrial side streams Own operations The relative difficulty of utilising Koskisen’s side streams (e.g., in particleboards) may increase if future legislation begins to prioritise recycled materials over industrial side streams.”

Annual report 2025A · The company itself

“Regulatory changes at EU and national level in the transition to a fossil-free society affect the requirements for the use of chemicals in production and increase costs.”

Annual report 2025A · The company itself

“EU and national policy changes can significantly limit the supply of wood and lead to a decrease in production volumes. Tighter regulation of carbon dioxide emissions will increase costs throughout the value chain.”

Annual report 2025A · The company itself

“The transition to a lower-carbon economic system is a macroeconomic megatrend that strongly supports Koskisen’s strategy, as it increases the demand for renewable lowcarbon materials in Koskisen’s customer segments.”

Annual report 2025A · The company itself

“Key assumptions used in the analysis: • Regulation of biodiversity issues will become stricter, particularly regarding the expansion of protected areas and restrictions on the use of raw materials. The impacts of the EU Biodiversity Strategy for 2030 are estimated to increase costs and require new operating models in the value chain. • The negative impacts of climate change on forests will increase.”

Annual report 2025A · The company itself

“Transition plan for climate change mitigation E1-1 Koskisen has started to prepare a transition plan for climate change mitigation and planned to deploy it by the end of 2025. However, the deployment and its disclosure will be postponed to 2026.”

Annual report 2025A · The company itself

“Additionally, there is a heightened focus by foreign, federal, state, and local regulatory and legislative bodies regarding environmental policies relating to a changing environment, including as a result of climate change, such as regulating greenhouse gas emissions (including carbon pricing or a carbon tax), energy policies, and disclosure obligations. Increased energy or compliance costs and expenses due to, and additional legal or regulatory requirements regarding, changing environmental conditions and climate change could be costly and may cause disruptions in, or an increase in the costs associated with, the running of our manufacturing and processing facilities and our business, as well as increase distribution and supply chain costs.”

Annual report 2025A · The company itself

“In addition, the imposition of new laws, changes in laws or regulatory requirements or changing interpretations thereof, and differing or competing regulations and standards across the markets where our products are made, manufactured, distributed, and sold have in the past and could continue to result in higher compliance costs, capital expenditures, and higher production costs, adversely impacting our product sales, financial condition, and results of operations.”

Annual report 2025A · The company itself

“Katseemme on tulevaisuudessa ja mietimme tarkasti, mitä projekteja tarjoamme ja millä ehdoilla. Kaupungistuminen, vihreä siirtymä ja geopoliittisen tilanteen vaatimat infrainvestoinnit tukevat kasvuamme tulevaisuudessa.”

Annual report 2025A · The company itself

“EK ennakoi vuoden 2025 puhtaan siirtymän toteutuneiden investointien olevan Suomessa yli 10 miljardia euroa. Kasvu on merkittävä verrattuna edellisvuoden 3 miljardin euron investointitasoon.”

Annual report 2025A · The company itself

“The EU has introduced a requirement for all aircraft taking off from an EU airport to have at least 2% SAF in the tank”

Annual report 2025A · The company itself

“our ambition of net zero CO 2 emissions by 2030 for scope 1 and 2”

Annual report 2025A · The company itself

“Ympäristötietoisuuden kasvamisen seurauksena ympäristölainsäädäntöä on kiristetty. Tämä on johtanut ympäristönsuojeluun liittyvien öljyntorjuntalaitteiden ja -palveluiden kysynnän kasvuun.”

Annual report 2024A · The company itself

“In 2020, in response to a global agreement to reduce greenhouse gasses, the bipartisan American Innovation and Manufacturing Act gave the U.S. Environmental Protection Agency (“EPA”) authority to regulate HFCs and begin the phase down of refrigerants with a higher global warming potential (“GWP”). Transition to refrigerants with a GWP of 700 or less for most commercial and residential HVAC products became effective January 1, 2025.”

Annual report 2025A · The company itself

“The sales, gross margins, and profitability for each of our segments could be directly impacted by changes in legislation, government regulations, or policies (collectively, “LRPs”) relating to global climate change and other environmental initiatives and concerns. These LRPs, implemented under global, national, and sub-national climate objectives or policies, can include changes in environmental and energy efficiency standards and tend to target the global warming potential of refrigerants and hydrofluorocarbons, equipment energy efficiency, and combustion of fossil fuels as a heating source.”

Annual report 2025A · The company itself

“Many of our products consume energy and use refrigerants and hydroflurocarbons. LRPs that seek to reduce greenhouse gas emissions may require us to make increased capital expenditures to develop or market new products to meet new LRPs.”

Annual report 2025A · The company itself

“There continues to be a lack of consistent climate legislation and regulations, which creates economic and regulatory uncertainty. Such regulatory uncertainty could adversely impact the demand for energy efficient buildings and could increase costs of compliance.”

Annual report 2025A · The company itself

“Regulators at the federal, state and international level have adopted or may adopt new regulations related to, among other matters, climate change and greenhouse emissions, and could impose new regulations requiring disclosure of underwriting or investment in certain industry sectors.”

Annual report 2025A · The company itself

“Boardwalk Pipelines’ operations, and those of Boardwalk Pipelines’ customers, are subject to a series of risks regarding climate change. Climate change remains a concern in the U.S. and in other countries. Numerous proposals have been made and could continue to be made at the international, national, regional, state and local levels of government to monitor, limit and eliminate both existing and future emissions of GHGs.”

Annual report 2025A · The company itself

“The adoption and implementation of new or more stringent international, federal, regional, state or local legislation, regulations or other initiatives that impose more stringent standards for GHG emissions from the oil and gas sector or otherwise restrict fossil fuel production could result in increased costs of compliance for fossil fuel use, result in litigation and reduce demand for fossil fuels, which could reduce demand for Boardwalk Pipelines’ transportation and storage services.”

Annual report 2025A · The company itself

“Boardwalk Pipelines operates in an industry that receives negative portrayals and opposition to development projects. Boardwalk Pipelines’ reputation and public opinion could be impacted by the actions, activities and responses of other companies operating in the energy industry, particularly other energy infrastructure providers, over which Boardwalk Pipelines has no control. Boardwalk Pipelines’ reputation could also be impacted by negative publicity related to pipeline incidents, unpopular expansion projects and opposition to the development of hydrocarbons and energy infrastructure, including projects involving resources that are considered to increase GHG emissions and contribute to climate change.”

Annual report 2025A · The company itself

“• Muutokset ilmastolainsäädäntöön, kansallisissa ja kansainvälisissä tavoitteissa ja polittisessa ohjauksessa voivat hidastaa vähähillisen kalustoteknologian kehitystä tai vaikuttaa negatiivisesti polttoaineiden hintaan tai päästöihin. • Luotean omat ilmastotavoitteet, toimenpiteet niiden edistämiseksi sekä toimitusketjulle osoitetut erilliset ilmastotavoitteet ovat linjassa skenaariotarkastelun havaintojen kanssa.”

Annual report 2025A · The company itself

“Luotean riskiarvioinnissa on huomioitu regulaatioriskien taustalla muun muassa päästöoikeuksien hintakehitys, biotalouden ja vähähiilisen talouden skenaariot, kiertotalouteen liittyvän lainsäädännön kehitys ja mahdolliset muutokset kansalliseen jätelainsäädäntöön, kansalliset kierrätys- ja uudelleenkäyttötavoitteet.”

Annual report 2025A · The company itself

“Mahdolliset riskit lyhyellä aikavälillä liittyvät kiertotalousliiketoimintoja koskevaan sääntelyn tiukentumiseen sekä markkinoiden ja taloudellisten ajureiden, kuten rahoituksen muutoksiin. Sääntelyn muutokset voivat kasvattaa kustannuksia esimerkiksi yhtiön siirtyessä kohti vähäpäästöisempiä toimintoja, mutta samalla ne luovat uusia mahdollisuuksia, erityisesti energiatehokkuuden ja uusiutuvien energiamuotojen osalta sekä kierrätysratkaisujen ja materiaalitehokkuuden kehittyessä.”

Annual report 2025A · The company itself

“New or revised governmental regulations and independent studies relating to the effect of our products on health, safety and the environment may affect demand for our products and the cost of producing our products. Initiatives by governments and private interest groups will potentially result in increased toxicological testing and risk assessments of a wide variety of chemicals, including chemicals used or produced by us. New or revised legislation or regulations could result in additional use restrictions and/or bans of certain chemicals.”

Annual report 2025A · The company itself

“For example, in the EU, the European Commission is expected to continue to develop and implement legislative changes to the EU regulatory frameworks for chemicals including the Regulation on Registration, Evaluation, Authorization and Restriction of Chemicals (“REACH”), and the Classification, Labelling and Packaging Regulation (“CLP”) that could result in increased compliance costs, additional restrictions, and/or bans of chemicals used or produced by us.”

Annual report 2025A · The company itself

“The European Union has been undertaking a series of actions under its Circular Economy Action Plan, including adoption of the Single Use Plastics Directive in 2019, which introduced policy measures for single use plastics including bans, product design requirements, extended producer responsibility obligations, and labeling requirements, and adoption of the Packaging and Packaging Waste Regulation to replace the Packaging and Packaging Waste Directive. In addition, a host of single-use plastic bans, taxes and Extended Producer Responsibility (“EPR”) bills have been passed by countries around the world and states and municipalities throughout the U.S.”

Annual report 2025A · The company itself

“The EU’s circular economy regulations and companies’ sustainability reporting obligations encouraged organisations to choose sustainable and refurbishable furniture and services based on lifecycle thinking.”

Annual report 2025A · The company itself

“From a regulatory standpoint, the $1.2 trillion Infrastructure Investment and Jobs Act (IIJ Act), which was signed into law in November 2021, provides billions of dollars in new funding for roads, bridges and other major infrastructure projects which require aggregates for construction. New public transit and clean energy projects that address climate change may also result in increased demand for the Company's products.”

Annual report 2025A · The company itself

“The Company's cement operation, like those of other cement producers, requires combustion of significant amounts of fuel to generate high kiln temperatures and creates carbon dioxide as a product of the calcination process, which is presently an unavoidable step in making clinker, the essential component for cement production. Accordingly, the Company continues to closely monitor GHG regulations and legislation and its potential impact on the Company's cement business, financial condition and product demand.”

Annual report 2025A · The company itself

“Increased compliance costs and expenses due to the impacts of climate change and additional legal or regulatory requirements regarding climate change that are designed to reduce or mitigate the effects of carbon dioxide and other greenhouse gas emissions on the environment may cause disruptions in, or an increase in the 12 costs associated with, the running of our manufacturing facilities and our business, as well as increase distribution and supply chain costs.”

Annual report 2025A · The company itself

“The Medical Device Regulation was published by the E.U. in 2017, and it imposes significant additional pre-market and post-market requirements (EU MDR). The regulation provided an implementation period and became effective on May 26, 2021. The European Commission extended the implementation period to the end of 2027 for high-risk devices and to the end of 2028 for medium and low risk devices.”

Annual report 2026A · The company itself

“There have been and continue to be actions and proposals by several governments, regulators and third-party payors globally, including the U.S. federal and state governments and the government in China, to control healthcare costs and, more generally, to reform healthcare systems. Certain of these actions and proposals, among other things, limit the prices we are able to charge for our products or the amounts of reimbursement available for our products, increase the importance of our ability to compete on cost and outcomes, and could limit the acceptance and availability of our products.”

Annual report 2026A · The company itself

“For example, legislative and regulatory developments, such as the GDPR, ePrivacy Directive, DMA, and U.S. state privacy laws, have impacted, and we expect will continue to impact, our ability to use such signals in our ad products.”

Annual report 2025A · The company itself

“In particular, we have seen increases in the number of users opting to control certain types of ad targeting in Europe following product changes implemented in connection with our GDPR and ePrivacy Directive compliance, and we have introduced product changes that limit data signal use for users in certain U.S. states following adoption of state privacy laws.”

Annual report 2025A · The company itself

“We will also continue to experience media, legislative, or regulatory scrutiny of our actions or decisions regarding user privacy, data use, encryption, content, product design, algorithms, advertising, competition, generative AI, superintelligence, younger users, and other issues, including actions or decisions in connection with elections or geopolitical events, which has adversely affected, and may in the future adversely affect, our reputation and brands.”

Annual report 2025A · The company itself

“Metso acknowledges that the coal industry is entering a prolonged rampdown and phase-out in response to climate change initiatives.”

Annual report 2025A · The company itself

“Environmental and emissions reporting obligations will increase. Intermediate Short Metso Corporation - Board of Directors' report and financial statements 2025 |69 Climate change related risks Category Description Financial impact Time horizon Physical risks Chronic Customers’ access to inputs, e.g. water, can be hindered by chronic changes in the environment.”

Annual report 2025A · The company itself

“Climate change related risks Category Description Financial impact Time horizon Transitional risks Technology Future sustainability-related requirements will influence market expectations and lead to completely new or alternative technology solutions and processes. The inability to meet these requirements threatens business continuity in the long term.”

Annual report 2025A · The company itself

“Premium fresh fibre paperboards are safe in food contact, lightweight and fully recyclable, making them compliant with strict EU regulations.”

Annual report 2025A · The company itself

“The carbon footprint of material-efficient fresh fibre paperboards mainly produced with fossil-free energy is also much smaller than that of many other packaging materials.”

Annual report 2025A · The company itself

“We help customers navigat e the changing regulatory enviro nment Metsä Board has introduced a comprehensive circular economy statement that presents key material information and guidance on the recyclability and end-oflife treatment of its packaging materials. The statement helps customers comply with key international legislation and standards on packaging and packaging waste, and addresses extended producer responsibility (EPR) in the UK and recyclability claims in the US.”

Annual report 2025A · The company itself

“Sustainability lies at the core of our business as we develop solutions to replace fossil-based packaging in close cooperation with customers. The changing market environment requires renewal and sharpening our competitiveness to ensure long-term growth and restore profitability to our targeted level.”

Annual report 2025A · The company itself

“EU har tagit fram enhetliga regler för att säkerställa att unionens alla tak har solceller. Dessa tvingande regler fasas nu in. Bland annat kommer EU att kräva att om det görs en takrenovering på befintliga kommersiella och offentliga byggnader så ska det installeras solceller på taket samtidigt. Dessa regler börjar gälla i hela EU från 2027, men många större länder i EU har redan börjat ställa dessa krav på marknaden.”

Annual report 2024A · The company itself

“Transition risks include increased focus by federal, state and local regulatory and legislative bodies globally regarding environmental policies relating to climate change, regulating greenhouse gas emissions (including carbon pricing or a carbon tax), energy policies, disclosure obligations and sustainability (including single use plastics). New legal and regulatory requirements have increased and could continue to increase our operating costs for things like energy or packaging through taxes or regulations, including payments under extended producer responsibility policies, taxes on specific packaging material types and targets to increase the use of reuse/refill delivery models.”

Annual report 2025A · The company itself

“For instance, our financial condition, results of operations and cash flows could be negatively affected by the regulatory and economic impact of changes in the corporate tax policies of the United States and other countries; tariff policies and trade relations among the United States and other countries, including China, Mexico, Canada and the European Union; and recent regulatory initiatives within the European Union, including the EU Deforestation Regulation and the Corporate Sustainability Due Diligence Directive.”

Annual report 2025A · The company itself

“In 2021, we announced our goal of net zero greenhouse gas emissions by 2050. Achieving this goal will require significant transformation of our business, capital investment and the development of technology that might not currently exist.”

Annual report 2025A · The company itself

“Stricter decarbonization regulations could have substantial effects on MPCC’s strategy and business model by causing increased capital expenditure for fleet upgrades and higher operating costs.”

Annual report 2024A · The company itself

“Climate change mitigation – Increased revenues through maintaining a CII above average MPCC has a material opportunity to enhance its reputation and market position by maintaining a Carbon Intensity Indicator (CII) rating of C or better. While there are no current regulatory penalties for failing to meet the threshold, stakeholders, financiers, and customers pay increasing attention to the carbon intensity of vessels in their operations and portfolios.”

Annual report 2024A · The company itself

“Non-compliance with EU Ship recycling rules on inventories of hazardous substances Non-compliance with the EU Ship Recycling Regulation regarding inventories of hazardous substances could pose a financial risk for MPCC in the medium term. These repercussions may include fines, penalties, costs associated with corrective actions, potential legal fees, and damage to the Company's reputation. In addition, failure to comply could lead to the inability to operate within EU waters, affecting both business opportunities and revenue streams.”

Annual report 2024A · The company itself

“Climate change mitigation – Methanol vessels an advantage in FuelEU maritime regulatory setting The growing focus on emissions reduction in the shipping sector presents MPCC with an opportunity to gain a competitive edge. The FuelEU Maritime initiative aims to drive demand for renewable and low-carbon fuels, incentivizing the adoption of cleaner technologies across the industry. MPCC’s investment in methanol-fueled vessels positions it to capitalize on these developments.”

Annual report 2024A · The company itself

“years after delivery) Total Loan Amount: USD 54.5 million Amount Drawn to Date: USD 15.6million Use of Proceeds: (Partly) fund the contract prices in the relevant building contract (Construction of two 1,300 TEU dual-fuel methanol container vessels with energy-saving and emissions-reducing technologies) Green Loan Allocation Report In line with the GLP and the terms of the Agreement, the proceeds of the USD 54.5 million loan have been exclusively allocated to finance the acquisition costs for the construction of two state-ofthe-art dual-fuel methanol feeder vessels. These 1,300 TEU vessels are a cornerstone of MPC Container Ships ASA’s decarbonization strategy and are equipped with a comprehensive suite of energy efficiency and emissions reduction technologies.”

Annual report 2024A · The company itself

“Koncernen indfriede således ikke målsætningen om at reducere CO -udledningen fra brændstof og energi (scope 1 og 2) samt i værdikæden (scope 3) med 12% i strategiperioden.”

Annual report 2025A · The company itself

“Branchen er i hastig udvikling og påvirkes i høj grad af politisk regulering, som er med til at ændre markedsvilkårene. Derfor bliver intern og ekstern vidensdeling på tværs af fag, funktioner og projekter afgørende for at omsætte nye krav til muligheder og konkrete løsninger.”

Annual report 2025A · The company itself

“Den miljømæssige søjle fokuserer på at mindske koncernens miljø- og ressourceaftryk. Bygge- og anlægsbranchen er særligt ressourceintensiv og blandt de største forbrugere af jord, materialer og energi, hvilket bidrager til ressourceknaphed, drivhusgasudledning og tab af biodiversitet. Derfor har koncernen et særligt ansvar – men også et betydeligt potentiale – for at reducere aftryk og fremme cirkulære løsninger.”

Annual report 2025A · The company itself

“Klima- og miljøpolitikken beskriver koncernens ambition om at reducere sine direkte og indirekte klima- og miljøpåvirkninger i overensstemmelse med Parisaftalen og Danmarks nationale klimamål. Politikken fastlægger rammerne for, hvordan koncernen arbejder for at begrænse udledningen af drivhusgasser i egne aktiviteter og i værdikæden gennem energieffektive løsninger, øget anvendelse af vedvarende energi og et fokus på ressourceeffektivitet og cirkulær økonomi.”

Annual report 2025A · The company itself

“Særligt de transitionsrelaterede risici er væsentlige for koncernen og kan have omdømmemæssige konsekvenser og føre til tab af konkurrenceevne, hvis koncernen ikke formår at leve op til kunders og myndigheders stigende krav til dokumenterede klimareduktioner. Disse risici håndteres gennem strategiske målsætninger, løbende opfølgning på ESG-resultater og i koncernens overordnede risikostyringsproces.”

Annual report 2025A · The company itself

“Væsentlige omstillingsrisici omfatter skærpede klimakrav og -regulering for projekter, som kan medføre risici for koncernens maskinel med lavemissionskrav. Ydermere er der en risiko for svækket konkurrenceevne ved manglende omstilling til markedsforventninger inden for klima.”

Annual report 2025A · The company itself

“Stigende efterspørgsel på energieffektive renoveringer af den eksisterende bygningsmasse, drevet af skærpede krav i EU’s energieffektiviseringsdirektiv (EED). Konkurrencefordel ved dokumentation af stærke bæredygtighedsreferencer, der aktivt modvirker klimaforandringer, f.eks. tiltag for CO -reduktion, energieffektivisering og brug af klimavenlige materialer.”

Annual report 2025A · The company itself

“Koncernen har arbejdet systematisk med energieffektivisering og implementering af mere bæredygtige løsninger med henblik på at reducere klimaaftrykket. Dette har resulteret i en reduktion af CO -udledning i scope 2 med 24,4% siden 2022.”

Annual report 2025A · The company itself

“Dette underbygges af beslutningen om, at MT Højgaard Danmark i løbet af 2026 forventer at blive miljøcertificeret i henhold til ISO 14001, der skaber en fast struktur for arbejdet med miljø og energiforbrug på de enkelte projekter på samme måde, som der i dag arbejdes med både arbejdsmiljø- og kvalitetsledelse.”

Annual report 2025A · The company itself

“Bæredygtige tiltag er i stigende grad blevet en integreret del af vores forretning og et naturligt element i projekterne. Fokus i strategiperioden ligger på at omsætte ambitionerne om ansvarligt byggeri til konkrete tiltag, der kan implementeres i praksis og skabe reel værdi for både bygherrer og samfund. Indsatserne retter sig mod at skabe sunde og holdbare bygninger med mindst mulig klimapåvirkning bl.a. gennem en systematisk tilgang til certificeringer og LCA samt et øget fokus på ressourceeffektivitet i projekterne.”

Annual report 2025A · The company itself

“Clean Technologies (CT) Clean Technologies är ett prioriterat segment, starkt drivet av den globala omställningen mot en hållbar framtid. CT:s lösningar möjliggör separation av olika ämnen för att rena luften och fånga in skadliga partiklar. Segmentet är väl positionerat för tillväxt och utvecklas kontinuerligt genom egen forskning, produktinnovation och strategiska förvärv.”

Annual report 2024A · The company itself

“DCT:s FoU- och inköpsavdelningar deltar i koncernens projekt inom dessa områden. Exempelvis har DCT omdesignat produkten SyCool Split för EU-marknaden med ett köldmedium med lägre GWP, i enlighet med EU-kraven.”

Annual report 2024A · The company itself

“Europa är inte bara vår största marknad försäljningsmässigt, utan också en central plattform för innovation och utveckling, tack vare de stränga regleringar i regionen som ställer höga krav på utsläppskontroll och arbetsmiljö.”

Annual report 2024A · The company itself

“Under de senaste åren har skärpta krav på minskade utsläpp av hälsofarliga partiklar och växthusgaser drivit på efterfrågan på våra lösningar. Även om vissa traditionella branscher som fordonstillverkning och trävaruindustrin visar svagare utveckling just nu, kompenseras detta av strukturell tillväxt inom sektorer med en tydlig koppling till den gröna omställningen.”

Annual report 2024A · The company itself

“Dessutom ser vi signaler på att myndigheter världen över börjat skynda på utvecklingen genom att införa allt hårdare krav för utsläpp av partiklar och gaser. Under 2024 såg vi skärpta nivåer i såväl Europa, USA som stora delar av Asien, inte minst i Kina där det pågår ett omfattande arbete att göra luften hälsosam i snabbt växande städer.”

Annual report 2024A · The company itself

“Det vi nu ser accelerera är medvetenheten om betydelsen av ren luft, även för klimatet, vilket leder till fler myndighetskrav om att rapportera nivå på samt minska föroreningarna. Det driver efterfrågan.”

Annual report 2024A · The company itself

“Lagoch regelefterlevnad Industrin står inför allt strängare miljölagar och regler. Med vår expertis inom filtrering, digital övervakning och datainsamling hjälper vi våra kunder att säkerställa att deras verksamheter följer alla gällande myndighetskrav.”

Annual report 2024A · The company itself

“Vårt mål är att uppnå netto-noll klimatpåverkan i linje med Parisavtalet, och hjälpa våra kunder att minska sina egna utsläpp genom att erbjuda energieffektiva lösningar och produkter. Vår värdekedjeanalys visar att närmare 98 procent av vår klimatpåverkan uppstår vid själva användningsfasen av våra produkter och lösningar.”

Annual report 2024A · The company itself

“Ökade myndighetskrav och ökad miljömedvetenhet driver efterfrågan på nya produkter och lösningar.”

Annual report 2024A · The company itself

“Olicems ledande verktyg för emissionsrapportering i kombination med Gasmets och NEO Monitors avancerade teknologier för utsläppsoch gasanalys möjliggör ett gemensamt erbjudande för att hjälpa företag att möta strängare miljölagkrav inom EU och samtidigt bli mer kostnadseffektiva.”

Annual report 2024A · The company itself

“Nekkar develops digitalised impact technologies that aim to unlock customer value, including reduction of environmental footprint and CO2-emissions, in numerous industries including renewables, aquaculture, shipping and offshore energy. As such, climate change represents both a risk and an opportunity for Nekkar.”

Annual report 2024A · The company itself

“Moreover, in October 2024, we received news from the EU’s Innovation Fund that Nel was awarded up to 135 million Euros in grants to scale up manufacturing capacity of Nel’s new pressurized alkaline technology.”

Annual report 2024A · The company itself

“For the industrialization of this next-generation pressurized alkaline technology, Nel has been selected for a grant from the EU Innovation Fund of up to EUR 135 million. The EU support will be phased with Nel’s own investments for up to 4 GW of capacity for pressurized electrolyser equipment in Norway.”

Annual report 2024A · The company itself

“In addition, we see regulations supporting the transition across the globe, with the EU and the US pledging hundreds of billions of dollars into zeroemission programs where hydrogen is the energy carrier of choice.”

Annual report 2024A · The company itself

“Reduced and/or delayed support from governments will delay the developments of the renewable hydrogen industry.”

Annual report 2024A · The company itself

“Several high-quality projects with reputable clients continue to mature and get closer to final investment decisions. In the near- to mid-term, Nel expects projects to be smaller than what was anticipated a few years ago.”

Annual report 2024A · The company itself

“Pienempien ilmastovaikutusten talouteen siirtymisen poliittiset ja oikeudelliset vaikutukset voivat puolestaan sisältää taloudellisia ja lainsäädännöllisiä muutoksia, joilla on vaikutusta esimerkiksi päästökauppaan, teknologiavaatimuksiin ja omaisuuden arvostukseen. Ilmastonmuutoksen epäsuorat taloudelliset ja poliittiset seuraukset voivat myös lisätä yleistä epävarmuutta liiketoimintaympäristössä.”

Annual report 2025A · The company itself

“Neste hyötyy biopolttoaineita ja uusiutuvia polttoaineita koskevan sääntelyn kehityksestä, kuten uusiutuvan energian RED III -direktiivin asettamista tavoitteista uusiutuvalle polttoaineelle liikenteessä ja näiden tavoitteiden implementoinnista EU:n jäsenvaltioissa.”

Annual report 2025A · The company itself

“Tuotteisiin ja raaka-aineisiin kohdistuva kehittyvä lainsäädäntö ja muuttuva kauppapolitiikka vaikuttavat uusiutuvien polttoaineiden markkinoilla sekä kysyntään ja tarjontaan. Uusiin energiamuotoihin siirtymistä tukeva trendi on kannustanut uusiutuvien tuotteiden tuotantokapasiteetin kasvattamiseen. Samanaikaisesti uusiutuvien tuotteiden kysyntä ja marginaalitaso riippuvat lakisääteisen ja vapaaehtoisen kysynnän kasvusta.”

Annual report 2025A · The company itself

“Samaan aikaan sääntely-ympäristö on kehittynyt suotuisasti kasvattaen uusiutuvien polttoaineiden kysyntää Euroopassa.”

Annual report 2025A · The company itself

“Vuoden 2025 ensimmäisellä puoliskolla Euroopan lopputuotemarkkinat olivat heikot, mutta vahvistuivat vuoden jälkipuoliskolla, kun markkinat alkoivat valmistautua EU:n RED III Uusiutuvan energian direktiivin täytäntöönpanoon. Vuoden lopussa uusiutuvan dieselin HVO II -vertailuhinta oli lähes 700 dollaria tonnilta korkeampi ja uusiutuvan lentopolttoaineen 400 dollaria tonnilta korkeampi kuin edellisenä vuonna.”

Annual report 2025A · The company itself

“EU:n, yksittäisten jäsenvaltioiden tai Yhdysvaltojen sääntelyn kehitys voi vaikuttaa haitallisesti Nesteen Uusiutuvien tuotteiden liiketoimintaan. Tällaiset sääntelyriskit voivat syntyä nopeasti. Viimeaikainen sääntelykehitys, kuten velvoitteiden kiristyminen ja RED III -direktiivin saattaminen osaksi kansallista lainsäädäntöä, voi lisätä uusiutuvien tuotteiden kysyntää.”

Annual report 2025A · The company itself

“Nesteen strategia keskittyy kasvuun uusiutuvissa polttoaineissa, jotka auttavat Nesteen asiakkaita vähentämään kasvihuonekaasupäästöjään.”

Annual report 2025A · The company itself

“The increased focus from European governments, large enterprises, and the European Union on enhancing digital capabilities based on solutions from European vendors is not a passing trend; it is a fundamental realignment. The drive for digital sovereignty – the ability for a nation or region to have control over its own digital destiny – underpins the relevance and timing of our strategic investments.”

Annual report 2025A · The company itself

“Netcompany, the Commission launched an updated version of the Reference Implementation for the EU Digital Identity Wallet in December, enhanced with key features and aligned with the latest technical standards. This marks another significant step in supporting the Member States’ public rollout of the wallet in December 2026.”

Annual report 2025A · The company itself

“We expect the focus from end customers on European sovereign identity to persist into 2026, and view this as supportive to our growth.”

Annual report 2025A · The company itself

“Currently, we do not have a Group-level transition plan for climate change mitigation, aimed at ensuring that our strategy and business model are compatible with the transition to a sustainable economy and limiting global warming to 1.5 degrees in line with the Paris Agreement.”

Annual report 2025A · The company itself

“The CSA did however confirm the pre-existing transition risk identified in relation to clients’ requirements potentially increasing over time and adding a material, however not significant, cost to our operations.”

Annual report 2025A · The company itself

“We continue to recognise one transitional risk, relating specifically to the potential risk of not meeting the future requirements of our clients if their ambitions and expectations exceed our climate-related performance.”

Annual report 2025A · The company itself

“Bara i Sverige uppskattar teknikkonsultbolaget Sweco att det krävs investeringar i elnäten på totalt SEK 945 miljarder fram till 2045. Merparten av investeringarna måste göras de närmaste tio–tolv åren för att kunna hantera kapacitetsökningarna och ersätta gammal, omodern infrastruktur.”

Annual report 2024A · The company itself

“Mångmiljardbelopp investeras i kraft för ett fossilfritt samhälle Investeringsbehovet bara i det svenska elnätet uppskattas till SEK 945 miljarder till 2045.”

Annual report 2024A · The company itself

“Under 2024 validerades våra klimatmål av Science Based Targets initiative (SBTi), vilket visar att vi tar konkreta steg för att minska vår klimatpåverkan.”

Annual report 2024A · The company itself

“I vår innovativa produktutveckling fokuserar vi på att minska produkternas klimatpåverkan genom hela livscykeln. Våra LCE -klassificerade produkter stödjer omställningen till ett lägre koldioxidavtryckochhjälperkundernaattenergieffektiviserasamt konverteratillenförnybarenergianvändning.”

Annual report 2024A · The company itself

“Energy Agency (IEA) har formulerat ett hållbart energiscenario (SDS ) som kvantifierar vad som krävs för att nå FNs hållbarhetsmål (SDG). I scenariot ingår värmepumpen som en av lösningarna. Värmepumpar tillgodoser i dagsläget endast 10 procent av de globala bostadsuppvärmningsbehoven, vilket enligt IEAmåstefördubblastillår2030 för att klimatlöftenskakunnainfrias.”

Annual report 2024A · The company itself

“1www.iea.org/events/ 2www.iea.org/reports/ Takten i omställningen beror på ett  • Energiprisernas utveckling – framförallt utvecklingen avprisskillnadenmellanelektricitetochfossila bränslensomoljaochnaturgas. • Politiskastyrmedel–delsdirektaekonomiskastödoch subventionerföromställningochenergiskatter,dels indirektastödsompåverkarkostnadernaförny-eller ombyggnationer • Myndighetskravpåprodukter–blandannat Eco-designdirektivet,somangerminimikravpåenergiprestandahosprodukterpåEU-marknaden.Avsikten ärattförbättraprodukternasmiljöprestandaunder helaproduktenslivscykeln. • Begränsningavinstallationavgaspannorvidutbyte avvärmekällaochförbudmotgasanslutningvid nybyggnation. • Utbyggnadenavfossilfriinfrastrukturförklimatisering ochtappvarmvatten. • ”Smartbuildings”–medförökadefterfråganpåbättre energiprestandaochstyrningavbådeenfamiljsbostädersochkommersiellafastighetersklimatsystem. • Fastighets-ochbyggmarknadensutveckling,där nybyggnationochrenoveringoftainnebärinstallation avhållbaraenergilösningar. • Kostnadenförslutkonsumentenäravgörandeför investeringochdriftskostnad,beroendepåenergislag. • Rådandekonjunkturläge–vilkettillfälligtkanminska konsumentersköpkraftmenocksåmedföraen uppdämdefterfrågannärkonjunkturenvänder. · 34 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS 2024 202320222021 2020 -17 Måluppfyllelse 2024202320222021 2020 Måluppfyllelse 17,8 16,1 15,0 16,6 Måluppfyllelse Lorem ipsum 9,3* *Exkl Jämförelsestörande poster Tillväxtmål  Under2024varnedgångentotalt-17,0%(+20,3%)varav-21,2%(+14,4%)var organisk.Detinnebärattdenorganiskatillväxtenvar35,6procentenheter lägreän2023.Tillväxtenharigenomsnittvarit9,6%underdesenastefem åren.”

Annual report 2024A · The company itself

“Utfasning av gasnätverk till förmån för fjärrvärme och värmepumpar Närutfasningavgasbaseradenätverkförvattenburenuppvärmning och tappvarmvatten sker utgör femte generationens fjärrvärme, sombyggerpålägreframledningstemperaturer,enlösningsomökar ianvändning. Värmepumpsteknologinblirdåenbärandedelavsystemennär energinifjärrvärmentastillvaragenomattlyftatemperaturentill enhögrenivåifastighetenjustdärbehovetfinns.Ävenåtervunnen värmekanåterförastillfjärrvärmen,exempelvisfrånfrånluftsventilation eller från värmealstrande verksamheter såsom datahallar ellerindustrier.Förnybarelproduktionintegrerasisystemetsamtidigtsomdigitalstyrningavenergiförbrukningochenergiproduktion sammanlänkas. Mycket stor marknadspotential Sektorn för klimatisering (värme/ventilation/kyla) representerar sammantagetenstoraffärspotentialmedgodamöjlighetertillframtidaexpansionförproduktlösningaravseendeinomhuskomfort.”

Annual report 2024A · The company itself

“Vid anslutning av en- och tvåfamiljshustill femte generationens fjärrvärme karaktäriseras dessa värmepumpar av en lägre effekt. Samtidigt kommer en eller flera större värmepumpar i fråga för flerfamiljshus och kommersiella fastigheter där de placeras i ett centralt system för att försörja hela fastighetens uppvärmningsbehov. Politisk ambition för hållbar uppvärmning Detpolitiskastödetförattmildradeglobalamiljö-ochklimatutmaningarnaharunderdetsenasteåretutmanatspåfleramarknader. Direktfinansielltstödochskattelättnaderharpåflerahållreduceratsikonkurrensmedandrapolitiskainitiativ.”

Annual report 2024A · The company itself

“EUs medlemsstater har tidigare antagit klimatmål för 2020 respektive2030därdesamladeutsläppenskaminska.Desträvar nuefterattbliklimatneutralatillår2050genom”EusGreendeal”, därlagstiftningochhandlingsplanerskafrämjaeffektivareresursutnyttjande genom omställning till en ren och cirkulär ekonomi. Energieffektivisering av fastigheter är ett av fokusområdena där ävenviktenavattskyndsamtförbättraenergieffektivitetenibefintligafastigheterlyftsfram.”

Annual report 2024A · The company itself

“Medvåraprodukterbidrarvipåettnaturligtsätttilldeninternationella ambitionenatthejdaklimatförändringenochuppnåenstabilarevärld. · 30 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS > NIBE CLIMATE SOLUTIONS > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 31 · AFFÄRSOMRÅDEN · 32 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB > NIBE CLIMATE SOLUTIONS AFFÄRSOMRÅDE  och intelligenta produkter för klimatisering och ökad inomhuskomfort samt uppvärm-  produkter och tjänster blir fastigheters energiförbrukning och dess klimatpåverkan kraftigt reducerad utan att   En värmepump från NIBE AB med intelligent styrning, som automatiskt anpassar sig till inomhusklimatet”

Annual report 2024A · The company itself

“FÖRBRÄNNINGSTEKNIKEN är ett mycket viktigt område eftersom all förbränning innebär större eller mindre utsläpp med påverkanpåvårmiljöochhälsa.Effektivförbränningärenviktigdel avvårtansvarstagandenärdetgälleratttaframhållbaraprodukter och vi lägger fortlöpande mycket resurser på att utveckla den absolutbästamöjligatekniken. FUNKTIONENärviktigeftersombrasvärmeprodukterintebara ska vara vackra utan även värma bostäder. De måste vara pålitliga,säkra,lättplaceradeochenklaattanvända.Vilåterdärförbåde CONTURA ZERO > NIBE STOVES > ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB · 57 ·  - triska eldstäder genom att kombinera  toppmodern design och avancerade  levererar den en mycket realistisk  Det är enkelt att styra elden via en digital app eller en ny fjärrkontroll.”

Annual report 2024A · The company itself

“Vi har ett långsiktigt mål att sänkavårt direkta och indirekta koldioxidutsläpp med65%till2030,(iförhållandetillbasåret2019) samtharenambitionsnivåattvarakoldioxidneutrala2050. 2 *FTSELCEICS™(FinancialTimesStockExchange-LowCarbonEconomy IndustrialClassificationSystem)ärenkvantitativmodell,utformadförinvesterare attkunnavärderaföretagsförmågaattanpassasinaffärtillkravenpåminskad klimatpåverkan.ProduktgrupperinräknadeiLCEärvärmepumpar,ventilation, fastighetskyla,fjärrvärme,pannorochkaminerföreldningavpelletsochträ, PV–paneler,värmeväxlare,komponentertilljärnväg,el-ochhybridfordonsamt förnybarenergiproduktion.”

Annual report 2024A · The company itself

“Det långsiktiga målet är att uppnå koldioxid-neutralitet2050.Delmålet ärattreduceravåradirektaochindirektakoldioxidutsläppmed65% framtill2030,jämförtmedbasåret 2019.”

Annual report 2024A · The company itself

“Bygganden är byggd efter högsta Miljöstandard i Miljöbyggnad Guld enligt Sweden Green Building Council, www.sgbc.se. · 28 · ÅRSREDOVISNING 2024 NIBE INDUSTRIER AB VÄGEN FRAMÅT ÄR ENERGIOPTIMERING OCH STYRNING Privatbilism och godstransporter på väg utgör båda en stor utmaning när det gäller  driver av denna anledning stora projekt för förnyad och förbättrad infrastruktur, sär-  VÄRMELÖSNINGAR AV FORDON OCH JÄRNVÄGSSPÅR Den pågående elektrifieringen av fordonsflottan kräver bland annatbatteriuppvärmning,motståndförbromsarochvärmningav kamerorochbackspeglar.”

Annual report 2024A · The company itself

“Våra egna fem hållbarhetsmål utgör fortsatt viktiga riktlinjer förhurvibedrivervårverksamhet.Vifortsätterattfokuserapå dessamedextratyngdpåvårakoldioxid-ochenergimål,därvi sattdelmålför2030attminskaenergianvändningochkoldioxidutsläppivåraverksamheter.  MEDARBETARE Goda arbetsförhållanden Viarbetarsystematisktmedattförbättraarbetsmiljönpåallavåra anläggningarförattskapatryggaarbetsplatserochminskaohälsa, oavsett anställningsform. En viktig del av vår strategi för att nå måletärattvåraanläggningarskahaettledningssysteminomhälsa och säkerhet, i vissa fall ävenetttredjepartscertifierat system. Vi följerregelbundetuppattarbetsförhållandenaivåraverksamheter motsvararvårstandardgenomattgenomförafysiskaplatsbesök.”

Annual report 2024A · The company itself

“Även på hållbarhetsområdet förändras regelverken fortlöpande. Europeiska regler om hållbarhetsupplysningar och -rapportering har ökat kraven på öppenhet och införlivandet av klimathänsyn i kredit- och investeringsbeslut.”

Annual report 2025A · The company itself

“Socialt ansvar och bolagsstyrning Kunderbjudande och aktivt påverkansarbete Senast till 2030 ska alla leverantörer som är kritiska för klimatomställningen antingen ha anpassat sin verksamhet till Parisavtalet eller vara föremål för aktivt påverkansarbete med fokus på denna omställning.”

Annual report 2025A · The company itself

“Stöd för hållbara val Global geopolitisk och ekonomisk osäkerhet har medfört utmaningar för övergången till en koldioxidsnål ekonomi.”

Annual report 2025A · The company itself

“Dessa sårbarheter och hotet om statliga ingripanden, till exempel i läkemedelssektorn och den gröna energisektorn, kan också påverka de nordiska länderna och i förlängningen Nordeas kreditportfölj, med förluster som följd.”

Annual report 2025A · The company itself

“Hållbarhet är viktigt för oss, våra kunder och de samhällen vi tjänar. Därför ser vi hållbarhet både som en väsentlig del av vårt syfte och, i allt större grad, en konkurrensfördel.”

Annual report 2025A · The company itself

“Vi står fast vid våra klimatåtgärder och -mål, och fortsätter att göra framsteg mot målen.”

Annual report 2025A · The company itself

“Vi har länge varit en erkänd ledare i Norden inom ansvarsfulla investeringar, hållbar finansiering och aktivt ägande, och vi fortsätter att stärka vårt erbjudande och anpassa det efter förändrade regelverk och kundernas behov.”

Annual report 2025A · The company itself

“Förstahandsvalet som omställningspartner i Norden Vi prioriterar de teman som är mest betydelsefulla för våra medarbetare, våra kunder och de nordiska samhällena Finansiell expert inom natur - relaterade risker och möjligheter Vi arbetar tillsammans med våra kunder och stöttar dem i deras omställning, och samarbetar med olika samhällsaktörer för att åstadkomma systemförändringar för en klimattålig ekonomi.”

Annual report 2025A · The company itself

“Den ska vi uppnå genom att prioritera tre sammanhängande fokusområden: • Ett konkurrenskraftigt omställningserbjudande med hållbarhets- och omställningsfokuserade finansieringslösningar som stödjer våra kunders lång siktiga omställningsplaner. • Aktivt påverkansarbete, i nära samarbete med kunder, portföljbolag och intressenter för att hantera konsekvenser och risker, och möjliggöra omställningen. • Bygga motståndskraft genom att fortsätta införliva ESG-faktorer i våra centrala processer för att stärka riskhanteringen och skapa långsiktig stabilitet.”

Annual report 2025A · The company itself

“Utöver att föra dialog med våra kunder i rollen som långivare, bedriver vi även påverkansarbete i vår roll som kapitalförvaltare. Med förvaltade tillgångar på 478 md euro erbjuder vi våra kunder möjligheten att utöva inflytande över hållbarhetsagendan i det stora antal företag som ingår i vårt fondutbud. Under 2025 förde vi dialog med över 1 300 portföljbolag om frågor som klimatåtgärder, biologisk mångfald och mänskliga rättigheter.”

Annual report 2025A · The company itself

“I vår fondförvaltning är vi aktiva som ägare för att åstadkomma positiva förändringar i de företag som vi väljer att investera i för våra kunders räkning. Vi har den kunskap och erfarenhet som krävs för att kunna erbjuda globalt konkurrenskraftiga ESG-produkter, så att våra kunder kan placera sitt kapital och få avkastning med ett syfte.”

Annual report 2025A · The company itself

“Vi erbjuder finansiella tjänster som hjälper våra kunder att framtidssäkra sin verksamhet och skapa konkurrensfördelar, samtidigt som de är anpassade efter de förhållanden som påverkar kundens marknad eller sektor. Vi samarbetar nära med våra stora företagskunder för att stötta deras omställningsprocess, genom våra ex pert kunskaper och skräddarsydda finansieringslösningar.”

Annual report 2025A · The company itself

“Vi har ett stort utbud inom finansiering, sparande och placeringar, och vi arbetar nära företagen för att balansera långsiktiga mål och utmaningar i omvärlden. Som en av de ledande i Norden inom hållbar finansiering till företag är vi stolta över att spela en nyckelroll genom att stödja den nordiska omställningen.”

Annual report 2025A · The company itself

“Vi verkar också för en hållbar framtid med ett brett utbud av hållbarhetslänkade lån och sparprodukter.”

Annual report 2025A · The company itself

“Våra ESG-produkter utvecklades fortsatt bra och deras andel av bruttoinflödet till våra fonder uppgick till 35 procent.”

Annual report 2025A · The company itself

“Det var glädjande att se ett så starkt intresse för vår nya fond Nordea 1 – Empower Europe, som investerar i områden som bidrar till den europeiska omställningen: oberoende och effektiv energiförsörjning, återförande av industriproduktion samt försvar och cybersäkerhet. Sedan lanseringen i juni har fondens förvaltade kapital växt till över 500 mn euro.”

Annual report 2025A · The company itself

“Vi såg också ett stort intresse för våra hållbara placeringar.”

Annual report 2025A · The company itself

“En av våra nya BetaPlusfonder, som lanserades under sommaren, är redan den största aktivt förvaltade hållbara börshandlade fonden i Europa.”

Annual report 2025A · The company itself

“Våra fonder Global Climate and Environment Fund och Global Diversity Engagement Fund fick utmärkelserna ”Environmental fund of the year” respektive ”Social fund of the year” vid 2025 års prisutdelning som anordnades av Environmental Finance.”

Annual report 2025A · The company itself

“Vårt starka erbjudande inom ESGrelaterade rådgivningstjänster och produkter ger oss utmärkta förutsättningar att hjälpa kunderna att ställa om till hållbara affärsmodeller.”

Annual report 2025A · The company itself

“Andelen hållbar finansiering fortsatte att öka under 2025 och uppgår nu till 15 procent av den samlade utlåningen. För att ytterligare främja hållbar tillväxt genomförde vi möten med hållbarhetstema med över 4900 kunder under året och utökade vårt garantiavtal med Europeiska investeringsbanken till att också omfatta Danmark.”

Annual report 2025A · The company itself

“På senare år har vi utvecklat vår marknadsledande ESG-rådgivning för att kunna stötta våra kunder i deras omställning till en hållbar framtid.”

Annual report 2025A · The company itself

“Kunderna fortsatte att efterfråga vårt prisbelönta utbud av ESG-produkter. Vi förmedlade ytterligare 47md euro i hållbar finansiering, och nådde totalt 223md euro, vilket innebar att vi med råge överträffade målet på 200 md euro till 2025.”

Annual report 2025A · The company itself

“Identification of transition events: Our assessment identifies regulatory changes, customer expectations, and technological advancements as primary transition drivers. The demands from customers for our products being produced with renewable energy are increasing. Engagement and close relationships with manufacturing suppliers are of high priority to meet customer expectations.”

Annual report 2024A · The company itself

“A significant part of Nordic’s outsourced production is in Taiwan, where renewable energy is limited and involves significant costs. An increased focus and demand for Nordic’s products to be produced with renewable energy causes a risk of not meeting customers’ expectations for upstream operations and their use of renewable energy.”

Annual report 2024A · The company itself

“Financial risks from customer GHG expectations: Nordic faces financial risks related to customer expectations and regulatory requirements concerning GHG reductions. If Nordic’s products and supply chain fail to meet customer demands for reduced GHG emissions or renewable energy sourcing, the company may face loss of business or strained relationships with key customers.”

Annual report 2024A · The company itself

“Nordic has established a systematic approach to identifying climate risks, including potential future costs and new opportunities. The Group’s climate risk and GHG emissions management follow the Task Force on Climate-Related Financial Disclosures (TCFD) framework.”

Annual report 2024A · The company itself

“In 2024, Nordic's science-based GHG emission targets were approved by the Science Based Targets initiative (SBTi). As part of Nordic's longterm strategy and to minimize the risk of losing market share, the SBTi targets aim to achieve net-zero emissions by 2050.”

Annual report 2024A · The company itself

“Our global operations are subject to increasingly complex environmental regulatory requirements, and compliance with evolving environmental regulatory requirements could negatively impact our business, capital expenditures, results of operations, financial condition and competitive position. We are subject to increasingly complex environmental regulations affecting international manufacturers, including those related to air and water emissions, waste management and climate change.”

Annual report 2025A · The company itself

“Changes in environmental and climate change laws or regulations, including laws relating to greenhouse gas emissions, could subject us to additional costs and restrictions, including increased energy and raw material costs. If environmental laws or regulations are either changed or adopted and impose significant operational restrictions and compliance requirements upon us or our products, they could negatively impact our business, capital expenditures, results of operations, financial condition and competitive position.”

Annual report 2025A · The company itself

“Former markedet for grønnere aluminium i samarbeid med våre kunder Sluttbrukere er i økende grad opptatt av de samlede utslippene forbundet med produktene de kjøper. Som følge av det så dreier våre kunders oppmerksomhet seg mot hvordan aluminium er produsert. Vi forventer at etterspørselen etter lavkarbonaluminium vil vokse raskere enn generell etterspørsel i markedet frem mot 2030.”

Annual report 2024A · The company itself

“Myndigheter over hele verden har satt ambisiøse mål for fornybar energi. I EU er det forskrifter for energieffektive bygninger og reduksjon av fluorholdige gasser som driver videre bruk av aluminium i bygningsfasader og kjøling.”

Annual report 2024A · The company itself

“Hydro er på god vei til å gjennomføre vår ambisjon for 2030 om å være en pionér i det grønne skiftet for aluminium, drevet av fornybar energi.”

Annual report 2024A · The company itself

“Operating in the aviation sector, with a European focus, means that key aspects of the Company’s strategy and approach to sustainability matters is heavily influenced by EU regulation.”

Annual report 2024A · The company itself

“The Company’s strategic goals to reduce the carbon intensity of its jet fleet and introduce fossil-free turbo prop aircraft (see E1-4) are driven in response to a range of drivers including market opportunities, regulation and customer awareness across all segments and markets.”

Annual report 2024A · The company itself

“Transition plan for biodiversity (E4-1) Consideration of biodiversity in strategy and business model The EU regulates sustainability criteria for SAF, including biofuel, through the Renewable Energy Directive (RED) and Refuel EU Aviation. Risk of biodiversity loss is explicitly covered within these regulations, which prioritises advanced biofuels derived from specific waste and residues, as well as synthetic aviation fuels.”

Annual report 2024A · The company itself

“In 2021, the IMO adopted two new requirements, which went into effect in 2023, the Carbon Intensity Indicator (the “CII”) and Energy Efficiency Ship Index (the “EEXI”). The CII is an operational metric designed to measure how efficiently a ship transports goods or passengers by looking at carbon dioxide emissions per nautical mile. Ships are given an annual rating from A to E with a C or better required for compliance.”

Annual report 2025A · The company itself

“Beginning in 2023, ships are now required to reduce carbon intensity by 5% from a 2019 baseline, with 2% incremental improvements each year thereafter until 2030.”

Annual report 2025A · The company itself

“For example, the E.U. included the maritime shipping sector in the scope of its Emissions Trading System, which regulates GHG emissions through a “cap and trade” principle, since January 2024.”

Annual report 2025A · The company itself

“In addition, as of January 1, 2025, the FuelEU Maritime regulation is designed to promote the use of renewable, low-carbon fuels and clean energy technologies for ships, and mandates ships calling at E.U. ports gradually reduce the GHG intensity of their fuel usage. Under the FuelEU Maritime regulation, ships that have a higher GHG intensity than the requirement must pay a penalty that is progressively increased if the ship has a compliance deficit for two or more consecutive reporting periods.”

Annual report 2025A · The company itself

“Regulations addressing climate change that have already been adopted or are being considered, as described under “Risks Related to the Regulatory Environment in Which We Operate,” may have significant adverse impacts to our profitability and operations.”

Annual report 2025A · The company itself

“We expect to make significant investments in technology, equipment and alternative fuels in order to comply with climate-related regulations and achieve any climate-related targets we may set, and our profitability and operations may be adversely impacted by such investments.”

Annual report 2025A · The company itself

“these are classified as ‘substances of concern’ in the EU Chemical Strategy for Sustainability”

Annual report 2025A · The company itself

“we drive advocacy leadership to overcome unnecessary regulatory barriers and further accelerate the potential of biosolutions”

Annual report 2025A · The company itself

“We engage actively to remove unnecessary regulatory barriers and accelerate the biosolutions market.”

Annual report 2025A · The company itself

“In the current macroeconomic environment, demand for our biosolutions continues to be solid, driven by customer and consumer requirements for higher yield and higher efficiency, healthier nutrients, cleaner and more sustainable foods and products, as well as higher demand for biofuels.”

Annual report 2025A · The company itself

“They strengthen energy security, improve resource efficiency in industrial processes and livestock production, and support job creation through the production of homegrown fuels, food and feed. By increasing ethanol yields and side streams, we are also helping accelerate the transition to low-carbon transportation fuels.”

Annual report 2025A · The company itself

“Our steelmaking processes, our DRI processes, and the manufacturing processes of many of our suppliers, customers and competitors are energy intensive and generate carbon dioxide and other GHGs. The regulation of these GHGs may negatively affect our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“In recent years, we have come to see our EAF-based steelmaking method, with its lower GHG intensity when compared with blast furnace technology that is reliant on mined or extracted virgin iron ore and coking coal, as a competitive advantage for reasons beyond its flexible, highly variable cost base.”

Annual report 2025A · The company itself

“In recent years, an increasing number of state and federal regulations have been enacted or proposed to reduce the impact of greenhouse gas emissions and other human activities on climate change. Some of these regulations relate to matters such as restrictions and reporting on carbon dioxide emissions and higher building code energy efficiency standards. The impact of such restrictions and requirements on us and our suppliers could increase our operating and compliance costs, as well as the cost of materials used in the building process.”

Annual report 2025A · The company itself

“Public and private initiatives to address climate change may result in an increase in the cost of production due to increase in the prices of energy, introduction of energy or carbon tax or the purchase of carbon offsets. A variety of regulatory developments have been introduced that focus on restricting or managing the emission of carbon dioxide, methane and other greenhouse gases.”

Annual report 2025A · The company itself

“Changes in environmental regulations could increase our production and operational costs, which could adversely affect our results of operations and financial condition.”

Annual report 2025A · The company itself

“table of contents RISK FACTORS The Company’s carbon management and sustainability initiatives and strategic objectives involve significant risks and uncertainties. The Company’s aspirations, goals, initiatives and investments related to carbon management, DAC and sustainability, and the execution of its broader business strategies, expose it to significant financial, operational, regulatory, technological, legal, market, reputational and other risks.”

Annual report 2025A · The company itself

“We may be adversely affected by legal, regulatory, or market responses to climate change concerns. Increased concern over climate change and the potential impact of global warming has led to an increase in current and proposed regulation from federal, state and local governments related to our carbon footprint, including with respect to vehicle engine and facility emissions. This increase in regulation could result in increased direct costs, such as taxes, fees, fuel, or capital costs, or changes to our operations in order to comply.”

Annual report 2025A · The company itself

“Regulatory and legislative developments related to climate change may materially adversely affect our business and financial condition. Various jurisdictions have developed or are developing climate change-based laws or regulations that could cause us to incur additional direct costs for compliance, as well as indirect costs resulting from our customers, suppliers, or both incurring additional compliance costs that are passed on to us.”

Annual report 2025A · The company itself

“Furthermore, in pursuit of our goal to achieve net zero emissions by 2040, or in response to future customer or investor expectations and regulatory requirements, we may take certain actions that may result in material expenditures that could impact our financial condition or results of operations and/or disrupt our existing operations.”

Annual report 2025A · The company itself

“Scrutiny and conflicting stakeholder expectations regarding ESG issues, including climate change, may impact our business. Companies are subject to scrutiny from customers, investors, rating agencies, policymakers and other stakeholders regarding their management of ESG issues, including human capital and climate change. Changes in regulatory policies, public sentiment or widespread adoption of technologies that aim to address climate change through reducing GHG emissions may result in a reduction in the demand for hydrocarbon products, restrictions on their use or increased use of alternative energy sources.”

Annual report 2025A · The company itself

“In addition, scrutiny regarding climate change and other ESG matters has resulted in an increased likelihood of governmental investigations, regulation, shareholder activism and private litigation by both advocates and opponents of such matters, which could increase our costs or otherwise adversely affect our business.”

Annual report 2025A · The company itself

“Upon entering office, the new administration issued a series of executive orders that signal a shift in the United States’ energy, environmental and climate change policy. Among other directives, such executive orders: (i) direct federal agencies to identify and exercise emergency authorities to facilitate conventional energy production, transportation and refining and call for the use of emergency regulations to expedite energy infrastructure projects; (ii) promote energy explorations and production on federal lands and waters; (iii) mandate a review of existing regulations that may burden domestic energy development; and (iv) rescission of funds and programs related to the IRA and Infrastructure Investment and Jobs Act.”

Annual report 2025A · The company itself

“There is an inherent risk of incurring environmental costs and liabilities in our business due to our handling of the products we gather, transport, process and store; air emissions and water discharge related to our operations; past industry operations and waste disposal practices, some of which may be material. Private parties, including the owners of properties through which our pipeline systems pass, may have the right to pursue legal actions to enforce compliance as well as to seek damages for noncompliance with environmental laws and regulations or for personal injury or property damage arising from our current or historical operations.”

Annual report 2025A · The company itself

“Refineries that supply or are supplied by our facilities are subject to regulatory developments, including but not limited to low carbon fuel standards, regulations regarding fuel specifications, plant emissions and safety and security requirements that could significantly increase the cost of their operations and reduce their operating margins. In addition, the profitability of the refineries that supply our facilities is subject to regional and global supply and demand dynamics that are difficult to predict. A period of sustained weak demand or increased costs could make refining uneconomic for some refineries, including those directly or indirectly connected to our Refined Products and crude oil pipelines.”

Annual report 2025A · The company itself

“Med betydande kapacitet att finansiera ytterligare tillväxt, starkt stöd från en större aktieägare, samt en bolagsledning och styrelse med bevisad förmåga att investera i, leda och bygga upp framgångsrika bolag, är Orrön Energy i en unik position att skapa aktieägarvärde genom energiomställningen. • Försäljningen av Leikanger vattenkraftverk för 53 MEUR i april 2024 stärkte bolagets balansräkning.”

Annual report 2024A · The company itself

“Starka marknadsutsikter för förnybar energi De långsiktiga marknadsförutsättningarna för förnybar energi förblir starka, drivna av en ökad elektrifiering globalt, ökat energibehov, klimatomställning inom industrier och klimatpolitiska åtgärder.”

Annual report 2024A · The company itself

“Identified transition events in Outokumpu’s climate-related scenarios include: • evolving climate change policies, increasing regulation and reporting requirements; • increased price of CO2 emissions and the related rising electricity price; • increased cost of raw materials and uncertainty about availability of energy and lowemission raw materials at affordable prices; • viability and effectiveness of decarbonization technologies in the coming years; • risk of losing customers and market share; on the other hand, customers switching to low-emission steel could have a positive impact.”

Annual report 2025A · The company itself

“Outokumpu’s current strategy demonstrates resilience to biodiversity-related risks through strong climate and circularity targets and site-level action plans.”

Annual report 2025A · The company itself

“In line with its business strategy, Outokumpu aims to reduce its carbon emission intensity by 42% by the end of 2030 compared to the 2016 level, which is Outokumpu’s Science-Based Target initiative (SBTi) 1.5-degree climate target.”

Annual report 2025A · The company itself

“Some countries and regions, including the EU, are considering or have passed legislation that imposes significant obligations in connection with privacy, data protection, and information security that could increase the cost and complexity of delivering our platforms and services, including the European General Data Protection Regulation (“GDPR”) which took effect in May 2018; the EU AIA, which entered into force in August 2024 but continues to be phased in and establishes a risk-based framework for AI systems; and the Network and Information Security Directive 2 (“NIS2”), which replaced the original NIS Directive as of October 2024, and imposes additional cybersecurity risk management and incident reporting obligations. The EU also implemented the Digital Operational Resilience Act (“DORA”), which introduces new standards for Information and Communication Technology risk management and incident reporting for financial and insurance entities, and the European Union’s Data Act (the “Data Act”) became applicable on September 12, 2025.”

Annual report 2025A · The company itself

“Also, we are expanding operations, including our work with existing commercial customers, into countries in Asia, Europe, the Middle East, and elsewhere, which may place restrictions on the transfer of data and potentially the import and use of foreign encryption technology.”

Annual report 2025A · The company itself

“We have been, and may continue to be, subject to increased regulations, reporting requirements, standards or expectations regarding the environmental impacts of our business. While we seek to mitigate our business risks associated with climate change, there are inherent climate-related risks wherever business is conducted.”

Annual report 2025A · The company itself

“For example, in China, our products may be required to comply with cybersecurity and data security laws, including the Cybersecurity Law, the Data Security Law, and related regulations, and may be subject to network security review, critical information infrastructure protection requirements, and mandatory product certifications. Other jurisdictions impose similar requirements, including local testing and certification requirements, in-country data storage or processing mandates, source code review or escrow obligations, and restrictions on the use of foreign-developed encryption or security technologies.”

Annual report 2026A · The company itself

“The GDPR restricts transfers of personal data outside of the European Economic Area (“EEA”) (or, in the case of the U.K. GDPR, the U.K.) to non-EEA countries, such as the United States, unless adequate safeguards are implemented or a derogation applies. We rely on standard contractual clauses approved under the GDPR to carry out such transfers and to receive personal data subject to the GDPR (directly or indirectly) in the United States.”

Annual report 2026A · The company itself

“– Inom Scope 3, som inkluderar hyresgästers energianvändning och renoveringar, har vi energikartlagt 38 fastigheter i Tyskland och England. Anledningen till att vi fokuserar på dessa länder är att de har en sämre energimix än i Norden, vilket ger större klimateffekt per investerad krona.”

Annual report 2024A · The company itself

“Pandox har fortsatt att hålla proaktiva dialoger med sina hyresgäster för att hitta nya samarbetsformer att minska klimatavtrycket. Kommande lagkrav, energikris och ny kunskap kring klimatfrågorna driver fram efterfrågan på nya lösningar och har medfört att ämnet kommit högre upp på agendan.”

Annual report 2024A · The company itself

“Politiska beslut, skatter och regleringar införs gällande växthusgasutsläpp och omställningen som till exempel ökade krav på företaget och fastigheternas energiprestanda, från lag stiftare, investerare, hyresgäster och hotellgäster (policy och regelverksrisker). Fastigheternas skalskydd och system för ventilation, kyla, energi och vatten behöver förstärkas eller ersättas. Ny teknik måste installeras och fossil energi ersättas med för nybar energi. (teknologisk risk).”

Annual report 2024A · The company itself

“Den hållbarhetslänkade delen av låneportföljen steg från sex till 45 procent under året. 45% hållbarhetslänkade lån GRÖNA TILLÄGGSAVTAL Vi tecknade sex gröna tilläggsavtal med två hotelloperatörer i Norden.”

Annual report 2024A · The company itself

“Vi investerar löpande i lönsamma projekt som minskar vårt klimatavtryck, baserat på SBTi-validerade mål.”

Annual report 2024A · The company itself

“In the EU, the European Council and the European Parliament reached an agreement in December 2025 on the most significant reform of the EU’s Pharmaceutical Legislation in 20 years (the EU Pharma Package). The reform still requires formal approval by both institutions and will enter into force upon publication in the EU’s Official Journal, expected in 2026. The reform encompasses a broad range of measures, including changes to regulatory exclusivity, incentives to combat microbial resistance, intellectual property exemptions for generic medicines, and marketing authorization procedures. Most provisions are expected to apply from 2028, following a two-year transition period.”

Annual report 2025A · The company itself

“Certain governments, including in the different EU member states, the U.K., Japan, China, Canada and Australia provide healthcare at low-to-zero direct cost to consumers at the point of care and have significant power to regulate pharmaceutical prices or patient reimbursement levels to control costs for the government-sponsored healthcare system, particularly under global financing pressures.”

Annual report 2025A · The company itself

“Transitional risks include, for example, a disorderly global transition away from fossil fuels that may result in increased energy prices; customer preference for low or no-carbon products; stakeholder pressure to decarbonize assets; or new legal or regulatory requirements that result in new or expanded carbon pricing, taxes, restrictions on GHG emissions, and increased GHG disclosure and transparency. These risks could increase operating costs, including the cost of our electricity and energy use, or otherwise increase compliance costs.”

Annual report 2025A · The company itself

“Various jurisdictions within California have enacted prohibitions or restrictions on use and consumption of natural gas, for example in buildings, that have reduced, and will continue to reduce the use of natural gas. Reducing natural gas use reduces the gas customer base and could diminish the need for gas infrastructure and, as a result, could lead to certain gas assets no longer being “used and useful” (under CPUC precedent, when an asset no longer meets the standard of “used and useful,” the asset is removed from rate base, which may result in a reduction in associated rate recovery).”

Annual report 2025A · The company itself

“Changes to government policies relating to renewable feedstocks and renewable fuels that adversely affect programs like the renewable fuels standards program, low-carbon fuels standards and tax credits for processing certain renewable feedstocks impact our financial condition and results of operations.”

Annual report 2025A · The company itself

“Changes to laws, regulations, policies or standards regarding renewable fuels or the feedstocks used to produce our renewable fuels, elimination or 22 reduction of incentives, as well as the cost of conforming with such updated laws, regulations, policies or standards could negatively impact the results of operations of our Renewable Fuels segment.”

Annual report 2025A · The company itself

“APS is, or may become, subject to numerous environmental laws and regulations affecting many aspects of its present and future operations, including air emissions of conventional pollutants and GHGs, water quality, discharges of wastewater and waste streams originating from fly ash and bottom ash handling facilities, solid waste, hazardous waste, and coal combustion products, which consist of bottom ash, fly ash, and air pollution control wastes. These laws and regulations can result in increased capital, operating, and other costs, particularly with regard to enforcement efforts focused on power plant emissions obligations. They could also impact the overall business environment in Arizona and affect APS’s customer and sales growth rates.”

Annual report 2025A · The company itself

“Due to current or potential future regulations or legislation coupled with trends in natural gas and coal prices, or other clean energy rules or initiatives, the economics or feasibility of continuing to own certain resources, particularly coal facilities, may deteriorate, warranting early retirement of those plants, which may result in asset impairments. APS would seek recovery in rates for the book value of any remaining investments in the plants as well as other costs related to early retirement but cannot predict whether it would obtain such recovery.”

Annual report 2025A · The company itself

“In expressing concerns about the environmental and climate-related impacts from continued extraction, transportation, delivery and combustion of fossil fuels, environmental advocacy groups and other third parties have in recent years undertaken greater efforts to oppose the permitting, construction, and operation of fossil fuel infrastructure projects. These efforts may increase in scope and frequency depending on a number of variables, including the future course of Federal environmental regulation and the increasing financial resources devoted to these opposition activities.”

Annual report 2025A · The company itself

“APS’s sources of energy by type used to supply energy to Native Load customers during 2025 were approximately as follows: APS has a diverse portfolio of existing and planned resources, including biomass, biogas, coal, energy storage, geothermal, natural gas, solar, and wind. APS has an aspirational goal to be carbon-neutral by 2050, meaning that for any GHG emissions still produced by generation resources in 2050, APS will aim to offset these emissions elsewhere. In 2025, the share of APS’s energy supply derived from clean resources was approximately 58%, which includes energy from nuclear, renewables, and DSM as well as PPAs with clean resources.”

Annual report 2025A · The company itself

“Current laws and regulations as well as changes to those laws and regulations, including via judicial decisions and executive orders, create strategic challenges in acquiring an appropriate generation portfolio and fuel diversification mix. APS is required by the ACC to meet certain energy resource portfolio requirements, including those related to renewables development and energy efficiency measures, in addition to specific competitive resource procurement requirements.”

Annual report 2025A · The company itself

“Stor efterfrågan på utsläppsfria lösningar för sjöfarten Marine Under 2024 såg vi en ökande efterfrågan på bränslecellslösningar inom marinsegmentet. Utvecklingen drivs av både frivilliga åtaganden från företag och regleringar för sänkta utsläpp inom sjöfarten.”

Annual report 2024A · The company itself

“Tillgången till tankstationer för vätgasdrivna fordon har varit en flaskhals för marknaden. Antalet stationer ökar nu snabbt, men från låga volymer. Enligt International Energy Agency (IEA) rapport Global Hydrogen Review 2024 finns det omkring 1 200 tankstationer i världen för vätgas varav 750 i Asien, knappt 300 i Europa och cirka 100 i USA. EU:s förordning om infrastruktur för alternativa bränslen har som mål att tankstationer för vätgas ska etableras var 200:e kilometer längs viktiga vägar och i städer till 2030, framför allt för att kunna serva den växande flottan av tunga lastbilar.”

Annual report 2024A · The company itself

“(PPL, LG&E and KU) EPA Deregulatory Initiative On March 12, 2025, the EPA announced a plan to reconsider 31 environmental rules including the Section 111 performance standards and emissions limits for greenhouse gases, the endangerment finding for greenhouse gases, the Good Neighbor Plan, the Mercury and Air Toxics Standards, revisions to the fine particulate matter standard, the ELGs, and the CCRs Rule. Supplementing previous Executive Orders directing various regulatory changes, on April 9, 2025, President Trump issued an Executive Order and Presidential Memorandum directing review of existing rules, repeal of unlawful rules, and initiation of a zero-based budgeting process by which certain rules would automatically expire unless extended.”

Annual report 2025A · The company itself

“Ett centralt framsteg var att fastställa vårt första klimatmål enligt Science Based Targets-initiativet (SBTi). Målet innebär att minska växthusgasutsläpp inom Scope 1 och 2 med 42 procent fram till 2030, med 2023 som basår och medför en övergång till 100 procent förnybar el i de egna verksamhetslokalerna.”

Annual report 2024A · The company itself

“The enacted legislation established the production tax credit (PTC) for electricity generation using nuclear energy, which began January 1, 2024 and is available through 2032. PSEG Power’s nuclear plants are eligible to benefit from the PTC. The expected PTC rate is up to $15 per megawatt hour (MWh) subject to adjustment based upon a facility’s gross receipts and meeting prevailing wage rules.”

Annual report unknown yearA · The company itself

“Table of Contents In August 2022, the IRA was signed into law expanding incentives promoting carbon-free generation. The enacted legislation established a PTC for electricity generation using nuclear energy which begins January 1, 2024 and continues through 2032.”

Annual report unknown yearA · The company itself

“HENT har lång erfarenhet av BREEAM, förnybar energi, minskning av växthusgaser och komplexa energibedömningar, vilket tillsammans gör att vi kan och kommer att leverera de goda hållbara projekten.””

Annual report 2024A · The company itself

“Construction & Services Infrastruktur, särskilt samhällskritiska byggnader, spelar en central roll i omställningen till ett mer hållbart samhälle. Övergången kräver omprövning av utformningen, driften och syftet med kritisk infrastruktur. Genom att förändra hur allt från energisystem och transportnät till sjukvård och utbildningsanläggningar designas, konstrueras och drivs kan vi avsevärt minska miljöpåverkan.”

Annual report 2024A · The company itself

“Nu befäster Ratos sina ambitioner med nya hållbarhetsmål samt anslutning till SBTi. Knightec och Semcon går samman Ratosägda Knightec och Semcon, två branschledande konsultbolag, går samman och bildar strategiska partnern Knightec Group för utveckling av morgondagens produkter och digitala tjänster.”

Annual report 2024A · The company itself

“Hållbar strategi Hållbarhet i både affärsidé och daglig verksamhet är kärnan i lönsamma bolag. Under 2024 antog vi nya mål inom klimatpåverkan och jämställdhet och anslöt oss till Science Based Targets initiative (SBTi). Nu sätter vi vetenskapligt förankrade och ambitiösa mål för att minska vårt koldioxidavtryck, samtidigt som vi främjar jämställdhet mellan könen i hela vår organisation genom att målsätta andelen kvinnor och män på ledande positioner.”

Annual report 2024A · The company itself

“Mått och mål Under 2024 anslöt sig Ratos till Science-Based Targets (SBTi). Ratos styrelse antog nya hållbarhetsmål inom klimat och jämställdhet. Inom ramen för klimatmålen sätter Ratos såväl kortsiktiga (till år 2030) som långsiktiga (till år 2050) mål för reduktion av koldioxidutsläpp.”

Annual report 2024A · The company itself

“Viktiga händelser 202410 Om Ratos Affärsområden Rapporter Övrigt Om Ratos Industry Tekniska konsulter är avgörande för att navigera komplexiteten i hållbarhets övergångar. Deras expertis hjälper organisationer att implementera praktiska, effektiva och kostnadseffektiva lösningar som både gynnar klimatet och driver ekonomiskt, socialt och operativt värde.”

Annual report 2024A · The company itself

“The effects of climate change may lead to increased costs for us and our clients to adapt to the demands and expectations of lowering our carbon footprint, including with respect to setting carbon reduction targets, implementing renewable energy, retrofitting properties to be more energy efficient and implementing longer-term low-carbon solutions.”

Annual report 2025A · The company itself

“Our sustainability strategies and efforts to comply with the various federal, state and international laws and regulations related to climate change could result in significant capital expenditures to improve our existing properties, properties we may acquire, and other business practices.”

Annual report 2025A · The company itself

“These risks could adversely affect our reputation, financial condition or results of operations. The structure of our leasing contracts and operating model presents challenges in partnering with clients to implement necessary decarbonization initiatives.”

Annual report 2025A · The company itself

“The expansion and complexity of laws and regulations like the Online Safety Acts in the United Kingdom (the “UK”) and Australia, the EU ePrivacy Directive, the EU Digital Services Act (the “DSA”), and others across the globe will increase our compliance costs and require changes to our processes and operations. The DSA imposes significant content moderation, notice, transparency, advertising, and child safety obligations, in addition to advertising restrictions and other requirements to protect consumers and their rights online, especially if a platform is determined to be a Very Large Online Platform.”

Annual report 2025A · The company itself

“Further, there are regulations aimed at limiting minors’ access to online content, including adult content, or otherwise governing their treatment by online platforms, such as the Online Safety Acts in the UK and Australia, the Social Media Minimum Age law in Australia, and the Digital Majority Act in France. These regulations have prevented and could continue to prevent us from making our services available to certain users in certain jurisdictions, increase our costs of operations, and introduce technological challenges (such as requiring development and implementation of age collection and age or identity verification systems and parental controls), all of which could adversely affect our business, results of operations, financial condition, and prospects.”

Annual report 2025A · The company itself

“Våra kunder engagerar sig allt mer när det gäller att sätta upp ambitiösa hållbarhetsmål. Nästan allt vi gör för våra kunder idag präglas i hög grad av den hållbarhetsomställning som vi alla är en del av.”

Annual report 2024A · The company itself

“Trots en svagare efterfrågan inom vissa branscher har marknaden varit relativt bra, drivet av ett behov av förändring och därmed efterfrågan på ny digital teknik, automatisering, elektrifiering av tillverkning med stort koldioxidavtryck samt att skapa hållbara försörjningskedjor. Rejlers efterfrågan drivs av denna pågående förändring, som har blivit än mer aktuell med ökat regelverk från EU.”

Annual report 2024A · The company itself

“Vi ser också en risk att inte kunna leverera i enlighet med kundernas behov i förhållande till energiomställningen, där behoven är mycket stora som en konsekvens av ökade energipriser och inflation.”

Annual report 2024A · The company itself

“Åtgärder för att begränsa klimatförändringarna För att nå vårt mål om nettonoll år 2050 har vi identifierat och arbetar aktivt med följande utfasningsmekanismer för fossila bränslen. Läs mer om de åtgärder och resurser som är kopplade till dessa mekanismer under E1-3. • Definiera vår nettonollstrategi och mål Validerade vetenskapsbaserade mål på kort och lång sikt för nettonoll år 2050. • Minska koldioxidutsläppen från vår egen verksamhet Slutföra våra övergripande klimathandlingsplaner för alla affärssegment och belysa stegen för att förverkliga interna mål inom varje kategori i GHG-protokollet. • Vara en katalysator för våra kunders omställning Fokusera på uppdrag som bidrar till våra kunders hållbarhetsmål och fungera som en katalysator för deras hållbara omställning inom energiomställning, industriomvandling och framtidssäkring av samhällen. • Arbeta nära vår värdekedja Stärka vårt fokus på engagemang i värdekedjan och dialog med leverantörerna för att minska utsläppen.”

Annual report 2024A · The company itself

“De ekonomiska aktiviteterna i tabellen till höger har identifierats som tillämpliga för Rejlers, vilket innebär att 9,6% av Rejlers omsättning är omfattas av taxonomin.”

Annual report 2024A · The company itself

“Omställningsplan för begränsning av klimatförändringarna E1-1 Rejlers omställningsplan för begränsning av klimatförändringarna Rejlers övergripande strategiska mål är att bidra till att skapa ett hållbart samhälle genom vår affärsverksamhet. En förutsättning för framgångsrikt värdeskapande och tillväxt är ett starkt fokus på hållbarhet, både i vår egen verksamhet och i det arbete vi gör för våra kunder. Genom att prioritera hållbarhetsfokuserade projekt inom energiomställning, industriomvandling och framtidssäkring av samhällen, fungerar vi som en katalysator för våra kunders omställning och fokuserar våra ansträngningar där vi kan ha störst inverkan.”

Annual report 2024A · The company itself

“We are engaged in 84 landfill gas-to-energy and other renewable energy projects. The production of renewable fuel through certain of these projects is incentivized by the federal Renewable Fuel Standard (RFS) program, which was authorized under the Energy Policy Act of 2005 and expanded through the Energy Independence and Security Act of 2007. Oil refiners and importers are required through the RFS program to blend specified volumes of renewable transportation fuels with gasoline or buy credits, known as renewable identification numbers (RINs), from renewable fuel producers.”

Annual report 2025A · The company itself

“Over the last decade, regulations have been adopted mandating changes in the composition of fuels for motor vehicles. The renewable fuel standards that the EPA sets annually affect the type of fuel our motor vehicle fleet uses.”

Annual report 2025A · The company itself

“Complying with laws and regulations governing the collection, treatment, storage, transfer and disposal of material, air quality and emissions of greenhouse gases, water quality and the remediation of contamination associated with the release of hazardous substances is costly. Laws and regulations often require us to, among other things, enhance or replace our equipment and to modify landfill operations or initiate final closure of a landfill.”

Annual report 2025A · The company itself

“Marknaden bromsade dock in under det tredje kvartalet Förändringen mot hållbara produkter, från fossilbaserade, är högt prioriterad i samhället och blir viktigare för varje dag. Tillsammans med ett växande behov av konkurrenskraftiga förpackningslösningar innebär det att massamarknaden har goda förutsättningar att uppvisa långsiktig tillväxt.”

Annual report 2024A · The company itself

“Efterfrågan drivs delvis av kommande EU-lagstiftning som innebär ett ökat tryck för att minska plastanvändningen i samhället. Lagstiftningen, som kommer att vara fullt implementerad senast 2030, innebär att alla förpackningar ska ha en cirkulär design som möjliggör återanvändning eller återvinning och bestå av återvinningsbart material med en begränsad mängd plast.”

Annual report 2024A · The company itself

“Koldioxid tas upp av skogen och lagras därmed i de produkter som tillverkas av den. Nya produkter som ersätter fossilbaserad råvara med biobaserad utgör därmed en betydande potential för både Rottneros och branschen som helhet.”

Annual report 2024A · The company itself

“Förutsättningarna i vår bransch förändras I ett långsiktigt perspektiv är det uppenbart att förutsättningar i vår bransch förändrats tydligt under de senaste åren, inte minst genom att konkurrensen om vedråvaran har ökat. Bakom detta ligger bland annat samhällets självklara fokus på att motverka den globala uppvärmningen, vilket påverkar benägenheten att avverka.”

Annual report 2024A · The company itself

“Förändringen mot hållbara produkter, från fossilbaserade blir viktigare för varje dag. Långsiktig hållbarhet och att nå målet om en fossilfri produktion är också centrala delar för utvecklingen av Rottneros strategiska position som en växande, effektiv och ledande nischaktör.”

Annual report 2024A · The company itself

“Vi arbetar aktivt för att minska vår miljöpåverkan, med målet att nå en fossilfri produktion år 2030 och kontinuerligt minska utsläppen till luft och vatten.”

Annual report 2024A · The company itself

“The industry outlook continues to progress positively with large EU and European national missions moving forward to the next tendering phase where Rovsing remains a key-supplier supporting the ambitions of all major European prime contractors.”

Annual report 2025A · The company itself

“Looking to the future, the capabilities of the Copernicus space component will be enhanced by six new satellites (CO2M, LSTM, CHIME, ROSE-L, CIMR and CRISTAL), currently being developed by ESA and built by European industry. Rovsing has already secured multiple contracts and is working on 4 out of 6 satellites with different primes (LSTM, ROSE- L, CIMR and CRISTAL).”

Annual report 2025A · The company itself

“Lack of contract opportunities due to fully allocated return quota Liquidity problems due to late payment by customers For each ESA programme, a ratio applies to the aggregate contract amount permitted in each participating member state. There is a risk that other Danish businesses are awarded large contracts under a programme that it can reduce Rovsing’s contract opportunities under that programme.”

Annual report 2025A · The company itself

“However, it is not expected that the return rules will be fully abolished or that ESA will apply the return rule more arbitrarily in the future, but there is no If Denmark terminates its membership or reduces its contribution considerably, a very substantial part of Rovsing’s market will cease to exist, and this will have a very significant impact on the guarantee of that. There is a risk that changed political priorities may materially affect the member states’ funding of ESA programmes, which in that case will affect the Company’s prospective income and have a materially adverse impact on results.”

Annual report 2025A · The company itself

“In addition, various state, regional and foreign government or regulatory agencies have enacted, or may enact, environmental regulations or policies, such as requiring the use of low sulfur fuels (e.g., IMO Sulfur Limit) or the carbon intensity indicator regulation ("CII"), that have or could increase our direct cost to operate in certain markets, increase our cost of fuel, limit the supply of compliant fuel, cause us to incur significant expenses to purchase and/or develop new equipment and adversely impact the cruise vacation industry. If enacted, these regulations may individually or collectively have a material adverse effect on our business and results of operations due to increased costs associated with compliance and modified itineraries in the affected regions.”

Annual report 2025A · The company itself

“Mandatory fuel restrictions may also create uncertainty related to the price and availability of certain fuel types potentially impacting operating costs and the value of our related hedging instruments.”

Annual report 2025A · The company itself

“Operating Strategies Our mission is to deliver the best vacation experiences responsibly. We continue to prioritize operating strategies that support this mission, working with our various business and community partners as we build toward a more sustainable 4 cruise industry.”

Annual report 2025A · The company itself

“Destination Net Zero is our decarbonization strategy that focuses on achieving net zero emissions by 2050 and delivering a net zero capable ship by 2035. This strategy also includes reducing our carbon intensity by 15% or greater as compared to 2024 by 2027.”

Annual report 2025A · The company itself

“Joulukuun 2025 alussa Puolassa vahvistettiin lainsäädäntö, joka kieltää turkistarhauksen pitkällä siirtymäajalla ja tarhaajille kohtuuttoman alhaisella korvaustasolla. Minkki säädettiin haitalliseksi vieraslajiksi koko EU:n alueella, minkä vuoksi tarhausta jatkavien maiden on haettava siihen poikkeuslupa. Arvioimme, että Suomen lisäksi Tanska, Kreikka, Puola ja Espanja tulevat näin tekemään.”

Annual report 2025A · The company itself

“Sekä EU-tasoisesti että Suomessa on käynnissä kansalaisaloitteita turkistarhauksen kieltämiseksi. Euroopan komissio on ilmoittanut antavansa maaliskuuhun 2026 mennessä virallisen päätöksensä aloitteesta, jossa ehdotetaan myös turkistuotteiden myynnin kieltämistä.”

Annual report 2025A · The company itself

“Pitkään jatkuneen tuotantomäärien laskun lisäksi turkistarhauksen maakohtaiset kiellot sekä minkin luokittelu haitalliseksi vieraslajiksi koko EU-alueella asettavat turkistuottajien toiminnan epävarmaan asemaan. Euroopan komission päätös lisätä minkki EU:n haitallisten vieraslajien luetteloon tarkoittaa, että minkin tarhaus EU-alueella voi jatkua vuoden 2027 elokuun jälkeen ainoastaan poikkeusluvalla.”

Annual report 2025A · The company itself

“Euroopan suurimmassa turkistuottajamaassa Puolassa tuli joulukuun 2025 alussa voimaan laki, joka kieltää turkistuotannon maassa. Lain myötä uusien turkistarhojen perustaminen kielletään ja vanhat tarhat saavat kahdeksan vuotta aikaa päättää toimintansa.”

Annual report 2025A · The company itself

“Climate changes and the reduction of carbon emissions continue to drive the global agenda. Scana is well positioned to support the offshore industry in reducing greenhouse gas emissions whilst being a key supplier to renewable energy industries and electrification of both on- and offshore industries.”

Annual report 2024A · The company itself

“A significant challenge for Scanfil relates to GHG emissions arising from purchased goods and services, categorized under Scope 3.1.”

Annual report 2025A · The company itself

“Scanfil is aware of that the transition to greener and climate-neutral operations might require some investments in the production units’ infrastructure, changes in the supply chain setup and collaboration practices with remote stakeholders. However, it’s of strategic importance to avoid that these changes would negatively impact its own workforce.”

Annual report 2025A · The company itself

“Greenhouse gas emissions in the value chain In 2025, Scanfil continued its structured and long-term program to reduce GHG emissions across the value chain. Scanfil actively encourages suppliers to establish emission reduction targets as part of its broader climate change mitigation efforts. To strengthen supplier engagement, the company requires all key and preferred suppliers to complete an Ecovadis assessment, in alignment with the Supplier Code of Conduct.”

Annual report 2025A · The company itself

“Scanfil is committed to a net zero target for 2050 and the validation of this is planned for the first half of 2026. The validation will be carried out by Science Based Targets initiative.”

Annual report 2025A · The company itself

“All Scanfil factories, except for the recently acquired unit in 2025, are ISO 14001 certified, demonstrating the Group’s commitment to a systematic environmental management. The certification reflects continuous efforts to prevent environmental impact, reduce greenhouse gas emissions and optimize the use of natural resources.”

Annual report 2025A · The company itself

“Our long-term success depends on our ability to effectively address the energy transition, which will require adapting our technology portfolio to changing customer preferences and government requirements, developing solutions to decarbonize oil and gas operations, and scaling innovative low-carbon and carbon-neutral technologies. If the energy transition landscape changes faster than anticipated or in a manner that we do not anticipate, demand for our products and services, as well as our relationships with various stakeholders, could be adversely affected.”

Annual report 2025A · The company itself

“Existing or future laws, regulations, court orders or other public- or private-sector initiatives to limit greenhouse gas emissions or relating to climate change may reduce demand for our products and services. Continuing political and social attention to the issue of climate change has resulted in both existing and proposed international agreements and national, regional, and local legislation and regulatory measures to limit GHG emissions and mitigate the effects of climate change. The implementation of these agreements, including the Paris Agreement, the Europe Climate Law, and other existing or future regulatory mandates, may adversely affect the demand for our products and services, impose taxes on us or our customers, require us or our customers to reduce GHG emissions from our technologies or operations, or accelerate the obsolescence of our products or services.”

Annual report 2025A · The company itself

“Actions to address these concerns or negative perceptions of our industry or fossil fuel products and their relationship to the environment have led to initiatives to conserve energy and promote the use of alternative energy sources, which may reduce the demand for and production of oil and gas in areas of the world where our customers operate, and thus reduce future demand for our products and services.”

Annual report 2025A · The company itself

“Under 2024 utsågs Securitas till en av de främsta klimatledarna bland den amerikanska regeringens 200 största leverantörer.”

Annual report 2024A · The company itself

“Securitas åtar sig att minska totala utsläppen av växthusgaser i scope 1, 2 och 3 med 42 procent fram till 2030, med 2022 som basår.”

Annual report 2024A · The company itself

“Negative skift i etterspørselen kan også oppstå på grunn av andre regulatoriske endringer som påvirker kjøpekraft eller byggekostnader. Et eksempel på dette er strengere miljøkrav som både kan påvirke prosjektutviklingen og tilgangen til nye utviklingstomter og råvarer.”

Annual report 2024A · The company itself

“Overgangsrisiko er knyttet til endringer i reguleringer, teknologi og markedssituasjon i forbindelse med overgangen til et lavutslippssamfunn. Bygge- og eiendomsnæringen står for betydelige utslipp i et livsløpsperspektiv, og må dermed forvente endringer i reguleringer og markedsutvikling i overgangen til et lavutslippssamfunn.”

Annual report 2024A · The company itself

“Vi opplever at konseptet møter kommunenes ønske om boligprosjekter som ivareta langt flere interesser og behov enn tidligere, blant annet strengere krav til klima og miljø, sosiale boligmodeller, og boformer som legger til rette for et enklere liv for mennesker i alle aldre og livssituasjoner.”

Annual report 2024A · The company itself

“Selvaag Bolig prioriterer å bygge arealeffektive boliger i urbane pressområder. Dette er områder der det er mulig å transformere utdaterte næringsbygg og industriområder til høyverdige bolig- og byområder med grøntareal og gode bymessige kvaliteter.”

Annual report 2024A · The company itself

“Tillväxten under året fick extra kraft från de nya amerikanska och europeiska kliniska riktlinjer som publicerades i början av 2023. Dessa är till gagn för över 100 miljoner patienter per år och är resultatet av över 40 års forskning och en samsyn i att patienter som får muskelrelaxerande läkemedel under narkos ska övervakas med den typ av teknik som Senzime är världsledande på.”

Annual report 2024A · The company itself

“Kliniska riktlinjer driver efterfrågan Anestesiförbund världen över har under de senaste åren publicerat riktlinjer om kvantitativ övervakning när ett muskelavslappnande läkemedel används. I slutet av 2022 antogs riktlinjer för hantering av neuromuskulär blockad i både USA och Europa som förespråkar användning av ny teknik som objektivt mäter neuromuskulär blockad.”

Annual report 2024A · The company itself

“Under de senaste 20 åren har tillverkare av tunga fordon mött allt striktare utsläppsregler genom att öka förbränningstrycket i sina motorer. Det högre trycket förbättrar prestanda och bränsleeffektivitet men ökar samtidigt belastningen på motorkomponenterna. Denna trend har drivit efterfrågan på CGI och kommer att fortsätta göra det.”

Annual report 2024A · The company itself

“Strängare utsläppslagstiftning välkomnas Ny utsläppslagstiftning för tunga fordon, som träder i kraft i Nordamerika 2027 och senare i Europa, förväntas öka motorernas kompressionsförhållanden med 20 % och deras effektivitet med 10 % för att uppfylla de nya standarderna. Dessa krav fortsätter att driva OEM-tillverkare mot CGI. Vi uppskattar att andelen nya tunga fordon som använder CGI kan öka från cirka 40–50 % till 80 % för att uppfylla de nya regleringarna.”

Annual report 2024A · The company itself

“Tillväxt i Asien Kinas marknad för tunga fordon är större än marknaden i Europa och Nordamerika tillsammans. Med ett växande miljöfokus anpassar Kina sin utsläppslagstiftning till de europeiska reglerna, vilket skapar tillväxtmöjligheter för CGI både inom och utanför Kina.”

Annual report 2024A · The company itself

“Årsredovisning 2024 19 Affärsutveckling Miljölagstiftning har drivit vår tillväxt under de senaste 20 åren och kommer att fortsätta göra det i framtiden. Kraven på lägre bränsleförbrukning och minskade CO 2 -utsläpp gav SinterCast möjlighet att bevisa sin teknologi samt påvisa fördelarna med CGI.”

Annual report 2024A · The company itself

“Services related to the green transition, environmental and security investments, and digitalization continued to benefit from strong demand.”

Annual report 2025A · The company itself

“Planect – a climate impact assessment tool for zoning and land use planning – continued to grow through new customer funded features.”

Annual report 2025A · The company itself

“Sustainability driven demand strengthened across business areas, supported by long term trends such as the green transition, decarbonisation, climate adaptation, biodiversity requirements, and the circular economy.”

Annual report 2025A · The company itself

“Sustainability services revenue increased to EUR 17.0 (13.0) million, exceeding the original target clearly.”

Annual report 2025A · The company itself

“Sitowise continued to seek growth from industrial and security sectors, as well as from environmental and sustainability services, where strong investment activity supported market share gains.”

Annual report 2025A · The company itself

“The mediumand long-term outlook for the Buildings business remains good e.g., due to the increasing amount of renovation debt in Finland and the sustainability and data related requirements arising from EU regulations and Finland's new Construction Act.”

Annual report 2025A · The company itself

“Growth opportunities are emerging in infrastructure, life sciences, and sustainability-related services, which are all supported by long-term trends in technical consulting.”

Annual report 2025A · The company itself

“Good demand for services related to green transition, security, and digitalization will support business performance especially in the Infra and Digital Solutions business areas.”

Annual report 2025A · The company itself

“Product development focused on further commercializing the sustainable digital products introduced in recent years.”

Annual report 2025A · The company itself

“Sustainability of current services and development of new sustainability services are managed and monitored as part of Sitowise's "The Most Sustainable" strategic pillar.”

Annual report 2025A · The company itself

“Marcus: Trots att vi ser viss tveksamhet i politiken är det väldigt få företag som har ändrat sin inriktning, utan fortsätter att ställa om till en mer hållbar profil, vilket är positivt. Omställningen kräver omfattande investeringar på företagsnivå, och där arbetar vi med våra kunder för att driva långsiktiga resultat.”

Annual report 2024A · The company itself

“Marcus: På den positiva sidan ser vi att näringslivet fortsätter sina gröna investeringar, vilket inkluderar många infrastrukturinvesteringar.”

Annual report 2024A · The company itself

“Finansiella institutioner bidrar till klimatförändringarna både genom sin egen verksamhet och genom utlåning och investeringar. Men vi kan också spela en avgörande roll i hållbarhetsomställningen genom att styra kapitalflöden mot miljömässigt och socialt ansvarstagande företag, projekt och initiativ.”

Annual report 2024A · The company itself

“Genom att integrera hållbarhetskriterier i våra finansierings- och investeringsprocesser hjälper vi till att hantera klimatrelaterade risker och stödja branscher i att minska sin miljöpåverkan.”

Annual report 2024A · The company itself

“Vårt Index för fossilexponering hade i slutet av 2024 minskat med 53 procent jämfört med 2019 års basvärde. Vi har alltså fortsatt att signifikant minska vårt fossila avtryck.”

Annual report 2024A · The company itself

“Vad gäller vårt Index för hållbarhetsaktiviteter hade det samtidigt ökat med 175 procent jämfört med 2021 års basvärde, vilket är i linje med vår målsättning.”

Annual report 2024A · The company itself

“Utöka erbjudandet inom sparande och investeringar i Norden och Baltikum • Förbättrade kunderbjudanden med innovativa fonder som EQT Nexus, SEB Pophouse Feeder och CIP Global Energy Transition samt grönt sparkonto.”

Annual report 2024A · The company itself

“• Lanserade flera nya artikel 9-fonder, vilket ökade kundernas intresse för investeringar. • Erbjöd utgivning av hållbarhets relaterade lån och obligationer. • Satte delmål för 2030 för sju sektorer inom ramen för Net-Zero Banking Alliance.”

Annual report 2024A · The company itself

“Ambitionen är att öka den genomsnittliga aktiviteten 6–8 gånger till 2030, jämfört med basåret 2021.”

Annual report 2024A · The company itself

“Vi har hjälpt till att bana väg för de stora samhällsskiftena, såsom elektrifiering, telekommunikation, automatisering och digitalisering. På samma sätt är vi nu en viktig del av vår tids stora skifte – hållbarhetsomställningen – där vi genom rådgivning, finansiering och investeringar stöttar våra kunder att ställa om till en hållbar framtid.”

Annual report 2024A · The company itself

“I linje med strategin minskade Olja & gas och Offshore-utlåning, medan emissioner av grön och hållbarhetslänkad finansiering ökade.”

Annual report 2024A · The company itself

“Genom att kanalisera finansiering till hållbara projekt genom produkter som gröna, sociala och hållbarhetslänkade obligationer och lån, kopplar SEB samman investerare med projekt som har en positiv inverkan på klimatet och samhället.”

Annual report 2024A · The company itself

“Över en tredjedel av SEB:s totala obligationsvolym under 2024 hänfördes till hållbara obligationer. Den största delen av detta var gröna obligationer utgivna av våra företagskunder inom industrier såsom bland annat stål, cement, sjöfart och vägtransport.”

Annual report 2024A · The company itself

“Lagstiftning och marknadskrafter på våra hemmamarknader stimulerar omställningen till en byggverksamhet med lägre utsläpp. Det skapar affärsmöjligheter för Skanska inom klimatrelaterade områden såsom ren energi och effektivitet, byggnation av infrastruktur till kollektivtrafik, renovering av och energieffektivitet i byggnader, material med lägre koldioxidutsläpp och resilienta lösningar.”

Annual report 2024A · The company itself

“Vår hållbarhetsstrategi fokuserar på områdena Ansvar, Klimat och Resiliens, där vi vet att vi har den största påverkan.”

Annual report 2024A · The company itself

“Del- eller helrenovering av byggnader och infrastruktur efterfrågas alltmer på våra marknader.”

Annual report 2024A · The company itself

“Under 2024 blev det ett lagkrav i Storbritannien att merparten av byggprojekt ska nå 10 procent ökad biologisk mångfald.”

Annual report 2024A · The company itself

“Följande koncerninstruktioner och standarder är relevanta för hållbarhet: • Instruktioner för hållbarhetsrapportering • Arbetsmiljöstandard • Hälso- och säkerhetsroadmap • Klimatplansstandard • Standard för ämnen för begränsad användning • Sanktionsinstruktioner • Instruktion för uppförandekodprogrammet • Instruktion för mångfald och inkludering Väsentlighetsanalys Hållbart värdeskapande är en drivkraft för Skanskas affärsstrategi och en avgörande framgångsfaktor för oss och våra kunder.”

Annual report 2024A · The company itself

“Exempel på risker och möjligheter i samband med klimatomställningen Lagstiftning • Ökade krav på rapportering och offentliggörande, bland annat CSRD, EU:s taxonomi • Krav på energiprestanda (EU-direktivet om byggnaders energiprestanda) • Kostnaden för koldioxid Befintliga och ökande krav gällande områden som bland annat energiprestanda, offentliggöranden och koldioxidprissättning kan, beroende på riskreducerande åtgärder, få både positiva och negativa konsekvenser kopplat till faktorer som exempelvis driftskostnader samt varumärke och anseende. • Skanska strävar efter att stärka sin position inom hållbara lösningar.”

Annual report 2024A · The company itself

“Fysiska händelser orsakade av negativa klimatförändringar, till exempel extremväder. • Ökade kostnader, projektförluster, projektförseningar och nedskrivningar på investeringar • Ökade kostnader för koldioxid (såsom klimatskatter) • Skadat anseende och oförmåga att uppfylla projektåtaganden • Böter, straffavgifter, åtal Koncernens ramverk för intern styrning inklusive Skanskas hållbarhetspolicy, standard för klimatplan och instruktioner för hållbarhetsrapportering ger en tydlig inriktning.”

Annual report 2024A · The company itself

“Vi arbetar för att nå målet med netto noll-koldioxidutsläpp i vår egen verksamhet och i värdekedjan till 2045.”

Annual report 2024A · The company itself

“Inom byggverksamheten arbetar vi tillsammans med våra kunder och använder vår kompetens och lösningar för att bidra till deras klimatambitioner.”

Annual report 2024A · The company itself

“Vi hjälper kunder på alla våra marknader att skapa och implementera klimatlösningar som har låga koldioxidutsläpp samt är cirkulära och resilienta.”

Annual report 2024A · The company itself

“SkiStar har antagit en ambitiös klimatstrategi och har därför fattat ett beslut om att bolaget ska vara klimatneutralt i hela sin egna drift senast 2030 och ska inom samma tid ha halverat klimatpåverkan i hela värdekedjan.”

Annual report 2024A · The company itself

“Med ambitiösa klimatmål och mer cirkulära system arbetar vi för att minimera vår påverkan. Vi gör det möjligt för våra gäster att göra mer hållbara val.”

Annual report 2024A · The company itself

“Inom klimat- och miljöområdet har vi implementerat vår nya kommunikationsstrategi "Tillsammans för vita vintrar", som syftar till att involvera våra gäster, medarbetare, leverantörer och samarbetspartners i arbetet för en hållbar framtid.”

Annual report 2024A · The company itself

“Increasingly stringent environmental laws, rules, regulations, and customer expectations may require us to redesign our existing products and processes, which could adversely affect our ability to cost-effectively produce our products. The semiconductor industry has been subject to increasing environmental regulations, particularly those environmental requirements that control and restrict the use, transportation, emission, discharge, storage, and disposal of certain chemicals, elements, and materials used or produced in the semiconductor manufacturing process. Public focus on climate change, sustainability, and environmental issues has also led to increased government regulation and caused certain of our customers to impose environmental standards on us as a part of doing business with them. If a focus on environmental issues persists in the future, it could result in higher costs of operations.”

Annual report 2025A · The company itself

“In addition, our commitment to environmentally sustainable practices, while undertaken in a manner designed to be as efficient and cost effective as possible, may result in increases in costs of operations for us relative to our competitors until technologies and methods are developed that will help reduce those costs or such practices become industry best practice.”

Annual report 2025A · The company itself

“Table of Contents New climate change laws and regulations could require us to change our manufacturing processes or obtain substitute materials that may cost more or be less available for our manufacturing operations. Various jurisdictions in which we do business have implemented, or in the future could implement or amend, restrictions on emissions of carbon dioxide or other greenhouse gases, limitations or restrictions on water use, regulations on energy management and waste management, and other climate change-based rules and regulations, which may increase our expenses and adversely affect our operating results.”

Annual report 2025A · The company itself

“In addition, our customers increasingly require warranties or indemnity relating to compliance with environmental regulations. The amount of expense and capital expenditures that might be required to satisfy environmental liabilities, to complete remedial actions, and to continue to comply with applicable environmental laws may have a material adverse effect on our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“The paper manufacturing industry in which we operate is energy intensive, and government initiatives, such as the European Union Green Deal, the European Union’s initiative to reach net zero emissions of greenhouse gases by 2050, could increase government regulation of greenhouse gas emissions, putting further limits on our paper manufacturing operations.”

Annual report 2025A · The company itself

“In response to growing pressure from increased environmental awareness and the need to comply with greenhouse gas emission targets, a number of northern European governments have sought to encourage the use of wood for energy generation purposes through the use of subsidies. These policies create a new source of demand for wood. This has the effect of increasing the price of wood fiber and consequently the cost of our raw materials for the production of kraftliner. If this trend continues or grows, this could lead to further raw material price increases and could have a material adverse effect on our margins.”

Annual report 2025A · The company itself

“Government and private sector initiatives related to limiting the growth of health care costs (including price regulation), coverage and payment policies, comparative effectiveness reviews of therapies, technology assessments, price transparency, health care delivery and payment structure reforms and localization or regionalization of supply, are continuing in many countries where we do business. We believe that these changes are causing the marketplace to place increased emphasis on the delivery of treatments that can reduce costs, improve efficiencies and/or increase patient access. Implementation of cost containment initiatives and health care reforms in significant markets such as the U.S., China and other markets may limit the price of, or the level at which reimbursement is provided for, our products or procedures using our products, which in turn may make it less likely that a hospital or physician will select our products to treat patients.”

Annual report 2025A · The company itself

“Additionally, there is an increase in regulatory mandates to combat and/or limit the effects of climate change through a variety of means, including regulating greenhouse gas emissions (and the establishment of enhanced internal processes or systems to track them), policies mandating or promoting the use of renewable or zero-carbon energy and sustainability initiatives, and additional taxes on fuel and energy.”

Annual report 2025A · The company itself

“Climate change and the impacts of climate change may materially adversely affect Solventum’s business, results of operations, financial condition and cash flows. The impacts of climate change may include physical risks (e.g., rising sea levels or frequency and severity of extreme weather conditions, including natural disasters), social and human effects (e.g., population dislocations, economic disruption, political and social instability or harm to health and well-being) and transition risks (e.g., regulatory or technology changes), shifts in market trends (e.g., customers increasingly prioritize purchasing products that are sustainably made) and other adverse effects.”

Annual report 2025A · The company itself

“Legal, Regulatory, Compliance, and Reputational Risks •The Company is subject to extensive government regulation that may disrupt or necessitate modifications to the Company’s operations, business plans, and strategies, or increase the Company’s operating costs. •Airport capacity constraints and air traffic control inefficiencies have limited and could continue to limit the Company’s growth. •The Company is subject to various environmental requirements and risks; the cost of compliance with more stringent environmental regulations, failure to comply with environmental regulations, or failure to otherwise manage the risks of climate change effectively could have a material adverse effect on the Company’s results of operations. •The Company is subject to risks related to its sustainability goals and disclosures, which may affect stakeholder sentiment and the Company’s reputation and brand.”

Annual report 2025A · The company itself

“The Company is subject to various environmental requirements and risks, including increased regulation, changing consumer preferences, physical, environmental, and climate risks, and risks associated with climate change; the cost of compliance with more stringent environmental regulations, failure to comply with environmental regulations, or failure to otherwise manage the risks of climate change effectively could have a material adverse effect on the Company’s results of operations.”

Annual report 2025A · The company itself

“The Company is subject to changing federal, state, local, and international laws and regulations relating to the protection of the environment, including those relating to aircraft and ground-based emissions, discharges to water systems, safe drinking water, and the management of hazardous substances and waste materials. In addition, while the Company cannot predict what requirements may be imposed in the future or the timing with respect to the same, federal, state, local, and international legislative and regulatory bodies in recent years have generally increased focus on climate change and reducing GHG, including by requiring disclosure of emissions and climate-related risks, and may continue to do so.”

Annual report 2025A · The company itself

“Future policy, legal, regulatory, or other market developments could require the Company to reduce its emissions, increase its usage of SAF and other forms of lower carbon energy, modify its supply chain practices or aspects of its operations, make capital investments to purchase specific types of equipment or technologies, secure carbon offset credits, disclose or report additional GHG information, or otherwise incur additional costs related to regulatory compliance and climate objectives.”

Annual report 2025A · The company itself

“The Company’s collateral to secure loans, including in the form of aircraft, could lose value as customer demand shifts and economies move to lower-carbon alternatives, which may increase the Company’s financing costs. In addition, major financial institutions have announced GHG emissions reductions targets for their financed activities in the aviation sector, and while these commitments may be in flux, financing restrictions related to emissions reductions targets could impact the Company’s ability to access capital on advantageous terms now or in the future.”

Annual report 2025A · The company itself

“The Company may have binding SAF purchase commitments that extend beyond various incentives currently in place, and the presidential administration may take action to revise, repeal, or otherwise modify existing SAF incentives, which could impact the Company’s operations.”

Annual report 2025A · The company itself

“Bankens overordnede målsetning innen bærekraft er å bidra til et nullutslippssamfunn innenfor planetens tålegrenser i 2050 eller tidligere.”

Annual report 2024A · The company itself

“ØSTLANDET aktiviteter Grønn omstilling (E1) Våre dyktige medarbeidere (S1) Samfunnsansvar og samfunnsengasjement (S3) Forbrukere og sluttbrukere (S4) HVORDAN JOBBER VI FOR EN MER BÆREKRAFTIG UTLÅNSPORTEFØLJE Konsernets største andel av vesentlige påvirkninger, risikoer og muligheter er knyttet til utlånsporteføljen og de kundene som mottar finansiering til sine eiendeler og aktiviteter. Derfor jobber banken med å legge til rette for at kundene skal bli mer bærekraftige gjennom vårt tilbud av ulike produkter som belønner og insentiverer tiltak for økt bærekraft.”

Annual report 2024A · The company itself

“I SpareBank 1 Østlandet jobber vi aktivt for å harmonisere våre grønne utlånsprodukter med EUtaksonomiens klassifisering av bærekraftige aktiviteter. Det er imidlertid ikke fullstendig samsvar for alle våre utlånsprodukter.”

Annual report 2024A · The company itself

“Risiko – Økte krav kan redusere verdien av utlånsporteføljen og medføre risiko for mislighold Utlånskundene treffes av økte krav og forventninger i forbindelse med utslippsreduksjon, klimatilpasning eller bruk av fornybar energi og/eller økte karbonavgifter som svekker deres betjeningsevne og/eller reduserer panteverdier. Dette utgjør en overgangsrisiko, også med hensyn til risiko for strandede eiendeler i vår portefølje.”

Annual report 2024A · The company itself

“Bærekraft er fortsatt høyt prioritert. Banken opplever stor bevissthet fra kundene på området, selv om flere synes det er krevende å holde omstillingstakten oppe samtidig som kostnadene deres har økt.”

Annual report 2024A · The company itself

“Vi legger «Landbrukets klimaplan» til grunn for arbeidet med å redusere den negative påvirkningen knyttet til finansiering av klimautslipp fra landbruket, blant annet med tanke på hvilke tiltak som kvalifiserer for grønne landbrukslån. Dersom tiltaket er i samsvar med klimaplanen får bonden gunstige betingelser for finansiering.”

Annual report 2024A · The company itself

“I tillegg møter landbruket overgangs risiko i form av nye bærekraftsrelaterte produksjonskrav, endringer i politiske rammebetingelser, endrede forbruks vaner blant annet som følge av nye nasjonale kostholdsråd med mer.”

Annual report 2024A · The company itself

“Personmarkedsporteføljen vil se større grad av overgangs risiko i årene som kommer, spesielt dersom det norske regelverket utvikles i tråd med europeisk regelverk som for eksempel det oppdaterte bygningsenergidirektivet (Energy Performance of Buildings Directive, EPBD). Med nye krav til energieffektivisering og oppgradering av eksisterende bygningsmasse vil også privatkundene måtte gjennomføre tiltak for å sikre verdien på boligene.”

Annual report 2024A · The company itself

“Dette blir gjort med bakgrunn i det nye bygningsdirektivet fra EU. Vi ønsker å være proaktive slik at kundene sitter med god informasjon før de gjør en stor investering.”

Annual report 2024A · The company itself

“Vi skal også være en pådriver i det grønne skiftet, blant annet gjennom å stille krav og forventninger på bærekraftsområdet, spesielt til bedriftskundene våre. På denne måten bidrar vi til å omstille og utvikle bedriftene i møte med nasjonale og internasjonale forpliktelser på klimaområdet.”

Annual report 2024A · The company itself

“Konsernet har som målsetning å ha en netto nullutslipps utlånsportefølje senest innen utgangen av 2050.”

Annual report 2024A · The company itself

“For inneværende strategiperiode er bærekraft et av fire overordnede målområder.”

Annual report 2024A · The company itself

“I tråd med kravene i det nye rapporteringsdirektivet (CSRD) vil SpareBank 1 Østlandet bruke taksonomien som et styringsverktøy i omstillingsarbeidet fra og med 2025. Vi vil bruke de tekniske kriteriene og beskrivelsen av aktiviteter i taksonomien i arbeidet med våre kunder, sektorer og bransjer.”

Annual report 2024A · The company itself

“For å lykkes med dette jobbes det kontinuerlig med å markedstilpasse og tilby flere grønne finansierings produkter.”

Annual report 2024A · The company itself

“Klimarisiko skal beskrives i alle kredittsaker for boliglånskunder hvor boligens energimerke mangler eller dersom boligen har energimerke E, F eller G.”

Annual report 2024A · The company itself

“Klimarisiko er sentralt i dialog og oppfølging av bankens leverandører.”

Annual report 2024A · The company itself

“Overgangsrisikoen for bankens kunder vil øke fremover i tid dersom ikke forebyggende tiltak iverksettes av kunden for å være forberedt på ny teknologi, endrede regulatoriske rammebetingelser og et skift i markedet mot lavutslippsprodukter og –tjenester, og denne risikoen for bankens kunder vil påvirke bankens tapsrisiko. Det er derfor viktig at banken bidrar til kundenes omstilling til et lavutslippssamfunn for å unngå tap.”

Annual report 2024A · The company itself

“side 68 SPAREBANKEN VEST ÅRSRAPPORT 2024 Av eiendommene over, er 64,7 prosent av utlån forbundet med overgangsrisiko på lang sikt. Banken vurderer at denne risikoen på lang sikt er noe lavere, og det er derfor viktig for banken å forbedre datakvalitet i eiendomsporteføljen.”

Annual report 2024A · The company itself

“Regulatoriske endringer spiller også en sentral rolle. Særlig EUs bygningsdirektiv og en eventuell implementering i Norge vil ha store konsekvenser, både knyttet til Norges handlingsplaner for omstilling av eksisterende bygningsmasse og eventuelle støtteordninger fra Enova eller andre offentlige instanser.”

Annual report 2024A · The company itself

“Taksonomien er en av byggesteinene i EUs handlingsplan for bærekraftig finans, som er en del av EUs Green Deal. Hovedmålsetningene i planen er å omdirigere kapitalflyt, fremme transparens og håndtere finansiell risiko knyttet til klimaendringer. Taksonomien er et viktig verktøy for banker og investorer, da den skal sikre finansiering i tråd med de europeiske klimamålene og at definerte aktiviteter er i tråd med netto null innen 2050.”

Annual report 2024A · The company itself

“Sparebanken Vest opererer i et marked og geografisk område hvor bærekraft blir stadig viktigere for våre interessenter. Både myndigheter og kunder forventer at bankene tar sin del av ansvaret for å drive det grønne skiftet i form av finansiering av aktiviteter som tar oss mot netto null.”

Annual report 2024A · The company itself

“Banken påvirkes av ytre faktorer som stiller økende krav til de ansattes bærekraftkompetanse knyttet til regulatoriske endringer, klimarisiko og bærekraftige forretningsmodeller som vokser frem på vei mot et lavutslippssamfunn.”

Annual report 2024A · The company itself

“Det er en forventning, både fra myndigheter og marked, at bankens rådgivere og øvrig organisasjon skal bygge kompetanse på bærekraft for å være rustet for endring i rammebetingelsene.”

Annual report 2024A · The company itself

“Det er blitt lagt ned mye arbeid i kartlegging av taksonomikrav innenfor ulike bransjer.”

Annual report 2024A · The company itself

“Det var særlig fokus på opplæring for PM -rådgivere innenfor kommende relevante regulerings endringer, EUs taksonomi og bankens grønne produkter.”

Annual report 2024A · The company itself

“Bærekraft er en av våre største forretningsrisikoer og vår største forretningsmulighet. Vi skal være ett steg foran for å bygge varig konkurransekraft.”

Annual report 2024A · The company itself

“Ved innvilgelse av lån blir bedriftskunder stilt spesifikke spørsmål om hvordan de forholder seg til klimarisiko, både fysisk- og overgangsrisiko. Banken har utarbeidet vurderings skjema for bærekraft og klimarisiko som skal benyttes i dette arbeidet, og skjemaene er tilpasset aktuelle problemstillinger for hver bransje knyttet til klima, miljø, naturrisiko, sosial bærekraft, styring, personvern og informasjons sikkerhet, korrupsjon og landrisiko.”

Annual report 2024A · The company itself

“All kredittgivning skal ta hensyn til og støtte opp om bankens «Prinsipper for Samfunnsansvar» som er publisert i bærekraftbiblioteket på spv.no. Formålet er å sikre at banken bidrar positivt til klima, miljø, natur, sosiale forhold og god virksomhetsstyring, og dermed bidrar til å fremme ansvarlig og bærekraftig forretningsvirksomhet.”

Annual report 2024A · The company itself

“Alle bankens ansatte skal håndtere bærekraftsrisiko, mens bankens bærekraftsavdeling og øvrig deler av Risk Management bidrar med ekspertvurder inger, blant annet gjennom bankens risikovurderings prosess for nye produkter og tjenester. Bærekraft side 64 SPAREBANKEN VEST ÅRSRAPPORT 2024 Hvordan er prosesser for å identifisere, vurdere og håndtere klima- og bærekraftsrelatert risiko integrert i virksomhetens helhetlige risikostyring I 2022 ble bankens avdeling for bærekraft organisert under bankens risikostyringsfunksjon.”

Annual report 2024A · The company itself

“Vi skal drive bank i det mest avgjørende tiåret for å snu kode rød for verden, og samtidig være et kraftsenter som bidrar til at de løsningene Vestlandet utvikler som verden trenger, bygger varige verdier for vår region.”

Annual report 2024A · The company itself

“Dette målet har videre blitt konkretisert gjennom bankens strategiarbeid i 2022, og underbygges av konkrete mål for personmarkedet, bedriftsmarkedet og egen virksomhet, som beskrevet i kapittel 4.2.2 Bærekraftig finans 4,2.2 under Bankens omstillingsplan i tabell 1 Bankens bærekraftsmål for klimarisiko, finansierte utslipp og bærekraftig finans. Disse målene er en viktig del av realisering og implementering av bankens virksomhetsstrategi.”

Annual report 2024A · The company itself

“Målekortet for hver divisjon er et sett med KPIer med ulik vekting, som til sammen danner grunnlaget for de ansattes bonus. 2023 var det første året hvor bærekrafts-KPIer var inkludert på bankens målekort.”

Annual report 2024A · The company itself

“KPIene for kundedivisjonene er målt som antall bærekraftige produkter, da dette ivaretar både bankens dekarboniseringsplaner og påvirkningskraft overfor bankens kunder. KPIen har en 5 prosent-vekting av den ansattes samlede bonus per kalenderår for ansatte og ledere i privatmarkedsdivisjonen, og 10 prosent-vekting for bedriftsmarkedsdivisjonen.”

Annual report 2024A · The company itself

“I 2024 har banken også etablert en målbar KPI for øvrig konsern, knyttet til bankens klimaambisjoner. Dette vil være en del av bankens insentivordninger i 2025.”

Annual report 2024A · The company itself

“Utvikling av bærekraftige produkter og tjenester er vesentlig for å nå bankens klimamål, da bankens klimarisiko er sentrert i bankens nedstrøms verdikjede.”

Annual report 2024A · The company itself

“Denne vesentlige påvirkningen, risikoene og mulighetene er tatt høyde for i bankens strategi, og en av bankens strategiske byggesteiner er å «aktivt velge og utvikle kunder». Dette gjør at bankens kredittpolicyer og – rammeverk er oppdatert for å reflektere dette, slik at kredittgiving skal ta høyde for risiko og muligheter innen dette vesentlige temaet.”

Annual report 2024A · The company itself

“Banken kan redusere klimarisiko i porteføljen ved å rådgi kunder og støtte finansiering av oppgraderinger, energieffektivisering og bruk av ny teknologi. På denne måten utgjør bærekraftig finans en stor mulighet for banken ved at banken kan integrere bærekraft i forretningsstrategi for å skape langsiktig verdi og utvikle innovative finansielle produkter som fremmer bærekraft.”

Annual report 2024A · The company itself

“For alle eksisterende og nye kunder stilles det krav til at det skal utarbeides en handlingsplan, med stipulerte tidsfrister for hvordan kundene aktivt skal redusere sine klimautslipp. Dette skal gjennomgås som en del av kredittvurderingen og følges opp løpende, minimum i forbindelse med årlig engasjementsgjennomgang.”

Annual report 2024A · The company itself

“Bankens primære påvirkning for å nå egne bærekraftsmål er gjennom finansiering av grønne prosjekter og omstillingsprosjekter. For å sikre transparens, skal virksomheter rapportere nødvendige CapEx og OpEx for å nå målene sine.”

Annual report 2024A · The company itself

“Bankens mål og omstillingsplaner er laget basert på metodikk og verktøy fra Sciencebased Targets initiativ (SBTi). Målsetningene for utslippsreduksjoner vil bli sendt til SBTi for verifisering i 2025.”

Annual report 2024A · The company itself

“• Innsiktsdrevet dataplattform: Løsninger som er engasjerende og intuitive for brukeren. • Insentivmodeller: Rådgivernes bonusordninger knyttes opp mot bærekrafts-KPIer knyttet til salg av grønne lån og omstillingslån. Banken vil også videreutvikle insentivmekanismer rettet mot bankens kunder for å stimulere til økt energimerking av privatboliger. • Energimerking: Økt fokus på innhenting av energimerker for privatkunder gjennom rådgiversamtaler, spissede markedskampanjer og forbrukerkommunikasjon. • Trening og opplæring: Obligatorisk opplæring for alle ansatte som er treffsikker på produkt og kundegrupper.”

Annual report 2024A · The company itself

“Videre vil banken prioritere engasjement som oppfyller kravene i EUs taksonomi.”

Annual report 2024A · The company itself

“Sparebanken Vest jobber systematisk med EUs taksonomi og grønn omstilling av porteføljen. Som et ledd i dette, følger banken jevnlig opp grønn andel av boliglånsporteføljen. Da Bærekraft boliglånsporteføljen utgjør den største delen av bankens utlånsbalanse, er boliglånsporteføljen styrende for bankens måloppnåelse på taksonomiens KPI’er.”

Annual report 2024A · The company itself

“Banken har også knyttet det grønne obligasjonsrammeverket opp mot kriteriene i EUs taksonomi for å klassifisere grønne økonomiske aktiviteter. Det grønne obligasjonsrammeverket fastsetter kriterier for lån som kvalifiserer for finansiering ved bruk av grønne obligasjoner, og disse kriteriene er fastsatt basert på de tekniske screening kriteriene i EU taksonomien.”

Annual report 2024A · The company itself

“Lag og organisasjoner på Vestlandet blir oppfordret til å søke støtte til samfunnsnyttige tiltak, og prosjekter som bidrar til de tre satsingsområdene prioriteres. I tillegg jobbes det proaktivt med å adressere konkrete samfunnsutfordringer, enten i samarbeid med etablerte partnere, gjennom utvikling av egne samfunnsnyttige konsepter, eller ved å oppfordre utvalgte organisasjoner til å søke støtte til spesifikke prosjekter.”

Annual report 2024A · The company itself

“En av bankens strategiske byggesteiner er å akselerere bærekraftig samfunnsutvikling i vestlandsregionen.”

Annual report 2024A · The company itself

“God rådgivning og kompetanse hos bankens ansatte reduserer bankens bærekaftsrisiko knyttet til omstilling av porteføljen, og sikrer at omstillingen skjer raskt nok til at netto nullmålet oppnås innen 2040. Dette innebærer å aktivt velge nye kunder basert på bærekraftkrav, og å rådgi og utvikle eksisterende kunder.”

Annual report 2024A · The company itself

“Dette er viktig for at banken skal nå sitt overordnede mål om netto null innen 2040, ti år før de fleste av våre konkurrenter, samt andre store selskaper og regioner.”

Annual report 2024A · The company itself

“Linjeleder skal sørge for at den enkelte får den opplæring som er nødvendig for å fylle virksomhetens målsetting, herunder bankens bærekraftsmål.”

Annual report 2024A · The company itself

“For å bidra til å begrense klimaendringene skal banken tilby grønn og bærekraftslinket finansiering for bedrifter og privatpersoner. Oversikt over styrende dokumenter på klimarisiko og finansierte utslipp • Anskaffelsesprosesser og leverandøroppfølging • Bærekraftsstrategi • Grønt obligasjonsrammeverk • Grønt produktrammeverk • HR-håndboken • ICAAP/ILAAP • Kredittpolicy • Policy for operasjonell risiko • Prinsipper for samfunnsansvar • Risikorammeverk for nye produkter og tjenester (RPT) side 70 SPAREBANKEN VEST ÅRSRAPPORT 2024 For å bidra til klimatilpasning skal banken tilby finansieringsordninger for privatkunder som ønsker å forbedre energieffektiviteten i sine hjem, som eksempelvis energilån og omstillingslån Kredittpolicy Bankens kredittrammeverk inneholder absolutte policykrav på bærekraft som gjelder alle kunder.”

Annual report 2024A · The company itself

“Banken har bærekraftige produkter til både personkunder og bedriftskunder. Den vesentlige påvirkningen er således vurdert å være konsentrert i bankens nedstrøms verdikjede, både ved at banken kan påvirke kunder gjennom rådgivning og tilgjengelige produkter, men også at banken blir påvirket gjennom regulatoriske flytt og økt etterspørsel etter bærekraftige eller bærekraftslinkede produkter.”

Annual report 2024A · The company itself

“Bærekraftig finans er sentralt i rådgivernes samtaler med kunder og potensielle kunder som tar kontakt med banken for å forstå mulighetsrommet knyttet til bærekraftig finans. Tilsvarende vurderes omstillingsfinansiering for boliglånskunder hvor boligen har lav energiklasse eller grønn finansiering dersom boligen er blant de mest energieffektive.”

Annual report 2024A · The company itself

“Bankens rammeverk sikrer fleksible finansierings løsninger for grønne aktiviteter, samtidig som det gir gode finansieringsalternativ for bransjer som ikke inngår i EUs taksonomi ved å tilrettelegge for bærekraftslinkede lån. Banken innvilget det første lånet med bærekraftslinkede betingelser høsten 2021 og har siden økt volumet av slike lån. I 2024 var 30,7 prosent av nye lån og refinansieringer innenfor bedriftsmarkedet grønne lån eller lån med bærekraftslinket struktur, som vurderes å i vesentlig grad redusere kundenes og bankens bærekraftsrisiko.”

Annual report 2024A · The company itself

“Bankens grønne utlån gir bankens beste betingelser til grønne prosjekter og finansieres gjennom grønne obligasjoner. Midlene som hentes gjennom grønne obligasjoner skal utelukkende benyttes til å finansiere grønne prosjekter.”

Annual report 2024A · The company itself

“I 2024 ble 30,7 prosent av innvilgede lån klassifisert som grønne ihht EU taksonomien, eller knyttet opp mot bærekraftsmål (bærekraftslinkede lån).”

Annual report 2024A · The company itself

“Vi tar vårt ansvar och investerar i ny teknik och har möjlighet att finansiera omställningen av våra egna anläggningar utan större direkta subventioner från samhället.”

Annual report 2024A · The company itself

“Olika inställningar till statsstöd Det har förekommit stora statliga stöd i exempelvis Tyskland och Frankrike, för att stödja omställningen inom den nationella stålindustrin. SSAB har en aktiv dialog med den svenska regeringen och EU med syfte att få till stånd konkurrens på lika villkor.”

Annual report 2024A · The company itself

“SSAB har påbörjat arbetet med att ställa om till fossilfri ståltillverkning. På grund av långa och oförutsägbara tillståndsprocesser finns det risk för att omställningen fördröjs om tillstånd inte kan erhållas i tid och stabil tillgång till fossilfri el inte kan garanteras.”

Annual report 2024A · The company itself

“Styrelsen har ägnat mycket tid åt frågor kopplade till omställningen till fossilfri ståltillverkning och har under året besökt SSABs anläggningar i Luleå och Brahestad, Finland. Bolagets väsentliga konsekvenser, risker och möjligheter på hållbarhetsområdet delges styrelsen i samband med den årliga strategi- och risköversynen och är en central del av det underlag som styrelsen beaktat vid strategiska beslut och överväganden under räkenskapsåret, som exempelvis styrelsens beslut att gå vidare med nästa steg i SSABs omställning genom att bygga ett toppmodernt stålverk i Luleå för produktion av premiumprodukter med låga CO2- utsläpp.”

Annual report 2024A · The company itself

“Changing legislation, regulations, and market trends in response to climate change and other environmental-related concerns may adversely affect the Company's business. A number of governmental bodies have adopted, revised, or proposed legislation and regulation in response to the potential effects of climate change, protection of the environment, human health and safety, and water and energy efficiency.”

Annual report 2026A · The company itself

“If environmental laws or regulations are either changed or adopted and impose significant operational restrictions and compliance requirements on the Company, they may have a material adverse effect on the Company’s business, access to credit, capital expenditures, operating results and financial condition.”

Annual report 2026A · The company itself

“Markkina-asema ja mahdollisuudet Stora Ensolla on hyvät edellytykset hyötyä vastuullisuutta suosivista maailmanlaajuisista trendeistä, kuten uusiutuvien pakkausten kysynnän kasvusta. Sääntelymuutokset ja lisääntynyt kuluttajatietoisuus tukevat edelleen kasvunäkymiä.”

Annual report 2025A · The company itself

“Makrotalouden epävakaudesta huolimatta globaalit megatrendit ohjaavat uusiutuvien materiaalien kysyntää, mikä tukee Stora Enson kasvua ja arvon luomista.”

Annual report 2025A · The company itself

“Konsernin puihin ja puupohjaisin uusiutuvissa materiaaleihin liittyvä asiantuntijuus vastaa asiakkaiden ja kuluttajien muuttuviin ilmastonmuutoslähtöisiin toiveisiin. Konsernin uusiutuvista materiaaleista valmistetut tuotteet, joilla on matala hiilijalanjälki, auttavat asiakkaita ja koko yhteiskuntaa alentamaan hiilidioksidipäästöjä, sillä ne tarjoavat vaihtoehdon fossiilisista polttoaineista ja muista uusiutumattomista materiaaleista valmistetuille tuotteille.”

Annual report 2025A · The company itself

“Tilintarkastamaton 14 Riski Kuvaus Riskinhallinta Mahdollisuudet Sääntelyn muutokset Poliittiset tai sääntelyä, kuten esimerkiksi metsiä, luonnon monimuotoisuutta, ympäristöä ja verotusta, koskevat muutokset voivat vaikuttaa Stora Enson liiketoimintoihin kaikissa maissa ja kaikilla lainkäyttöalueilla, joissa konsernilla on toimintaa.”

Annual report 2025A · The company itself

“Muutokset sääntelyssä voivat johtaa myös merkittäviin mahdollisuuksiin edistämällä vastuullisten tuotteiden markkinoiden kasvua ja luomalla kilpailuetua resurssitehokkuuden ja uusiutuvuuden kautta.”

Annual report 2025A · The company itself

“Kestävyyskysymysten kannalta suurin haaste on kehittyvä sääntely-ympäristö ja metsävaroja koskevat poliittiset päätökset, jotka voivat rajoittaa puun saatavuutta, lisätä kustannuksia ja vähentää investointimahdollisuuksia.”

Annual report 2025A · The company itself

“Skenaariotyössä kävi myös ilmi, että mahdolliset uudet säädökset ja markkinamekanismit, joiden taustalla on pyrkimys rajoittaa ilmastonmuutosta ja sen vaikutuksia yhteiskuntaan ja ympäristöön, voivat vaikuttaa Stora Enson toimintakustannuksiin rajoittamalla puunkorjuumääriä tai metsänhoitokäytäntöjä sekä kasvihuonekaasupäästökustannuksia ja energian hintoja.”

Annual report 2025A · The company itself

“Koska Stora Enson päätoiminnot sijaitsevat Euroopassa, nykyisiä tuotteita ja palveluja koskevien määräysten ja säädösten katsotaan olevan lähes varmoja keskipitkällä aikavälillä, sillä Euroopan unioni toimeenpanee EU:n Green Deal -ohjelmaa ja siihen liittyvää lainsäädäntöä. Viimeaikainen lainsäädäntö on keskittynyt erityisesti päästöjen vähentämiseen, metsäkadon torjuntaan, biologiseen monimuotoisuuteen ja kiertotalouteen, jotka kaikki ovat keskeisiä Stora Enson strategiassa.”

Annual report 2025A · The company itself

“Mahdollisuus Lyhyt, keskipitkä, pitkä aikaväli Omat toiminnot, arvoketjun alku- ja loppupää Jäte; Tuotteisiin ja palveluihin liittyvät resurssien ulosvirtaukset Sääntelymuutokset ja kuluttajien kasvava kysyntä kestävistä tuotteista tarjoavat merkittäviä mahdollisuuksia, luovat kilpailuetua kannustamalla resurssitehokkuuteen, kierrätettävyyteen ja uusiutuvuuteen sekä vauhdittavat uusiutuvien tuotteiden markkinoiden kasvua.”

Annual report 2025A · The company itself

“Metsillä on tärkeä rooli ilmastonmuutoksen torjumisessa, sillä kasvavat puut sitovat hiilidioksidia. Metsät tarjoavat myös mahdollisuuksia arvonluontiin uusilla tavoilla, esimerkiksi tuulivoimalla.”

Annual report 2025A · The company itself

“Se valmistaa rakennusteollisuudelle uusiutuvia ja vähähiilisiä puupohjaisia ratkaisuja, jotka auttavat vähentämään rakennetun ympäristön hiilidioksidipäästöjä.”

Annual report 2025A · The company itself

“Risks Suominen is involved with through business relationships in the value chain include increasing regulatory requirements, climate-related supply chain disruptions, and reputational risks linked to societal concerns regarding single-use products.”

Annual report 2025A · The company itself

“Transition risks include increasing regulatory requirements, increasing customer expectations, new investment needs and increasing energy prices.”

Annual report 2025A · The company itself

“For transition risks, the most impactful risks relate to stricter due diligence for the supply chain, the development of regulations around single-use plastics, and the market evolution for bio-based fibers.”

Annual report 2025A · The company itself

“Sweco fortsatte att stärka orderboken inom den gröna omställningen med god efterfrågan på tjänster inom segmenten energi, vatten, miljö, infrastruktur.”

Annual report 2024A · The company itself

“Hållbarhet och grön omställning Drivkrafter I Europas pågående gröna omställning är behovet att möta klimatutmaningarna den stora katalysatorn. Extremväder resulterar i stora påfrestningar på byggnader, infrastruktur och leveranskedjor vilket medför stigande behov av investeringar i klimatanpassning och resiliens. Den gröna omställningen blir därmed drivande för EU:s investeringar för en hållbar utveckling och stärkt konkurrenskraft.”

Annual report 2024A · The company itself

“Den gröna omställningen i samhället förblir en central drivkraft på samtliga av Swecos marknader och i samtliga tjänstesegment, särskilt kopplat till energi, vatten, miljö, infrastruktur och delar av industrin.”

Annual report 2024A · The company itself

“Drivkrafterna för en hållbar samhällsutveckling i Europa ökar efterfrågan på tekniska lösningar och tvärindustriella samarbeten för att skapa en resilient vatteninfrastruktur och energiförsörjning samt för att minska utsläppen från industrin.”

Annual report 2024A · The company itself

“De traditionella delarna av industrimarknaden förblev svaga, medan efterfrågan i de segment som avser den gröna omställningen var fortsatt god.”

Annual report 2024A · The company itself

“Den gröna omställningen i samhället var fortsatt en central drivkraft på samtliga av Swecos marknader och hade en positiv påverkan särskilt inom energi- och industrisegmenten.”

Annual report 2024A · The company itself

“Marknaderna för energiinvesteringar och miljötjänster var goda, delvis som en följd av tjänster kopplade till den gröna omställningen och klimatanpassningar.”

Annual report 2024A · The company itself

“Inom marknaden för industritjänster var efterfrågan i segmenten relaterade till den gröna omställningen god, medan efterfrågan inom de traditionella segmenten var svag under året men förbättrades något i slutet av året.”

Annual report 2024A · The company itself

“Energimarknaden var god på grund av en ökad efterfrågan till följd av energiomställningen.”

Annual report 2024A · The company itself

“Efterfrågan i energi- och miljösegmenten var god, driven av den pågående energiomställningen.”

Annual report 2024A · The company itself

“Efterfrågan på tjänster på energimarknaden var god, till följd av investeringar i grön energiproduktion och energiöverföring.”

Annual report 2024A · The company itself

“Efterfrågan på tjänster inom energi-, miljö-, och vattenmarknaderna var god, med energiomställningen och ny lagstiftning gällande avfallshantering som drev upp efterfrågan.”

Annual report 2024A · The company itself

“Sweco konkurrerar med sin expertis och konsulterbjudanden på en marknad som drivs av gynnsamma trender inom grön omställning, resiliens och digitalisering.”

Annual report 2024A · The company itself

“Typ av risker Förändringar på marknaden Konsekvenser/Utmaningar för Sweco Möjligheter för Sweco Regulatoriska Globala utmaningar driver på förändringar i klimatpolitik och lagstiftning och leder till nya lagar och regler som kan påverka den egna verksamheten och kunders verksamhet. De regulatoriska hållbarhetskraven för Swecos verksamhet ökar.”

Annual report 2024A · The company itself

“Efterfrågan på spetskompetens ökar inom klimatrelaterade områden såsom miljöregleringar och krav, tillståndsprocesser, klimatkartläggningar, klimatriskanalyser, klimatanpassning, redovisning enligt taxonomi och klimateffekter.”

Annual report 2024A · The company itself

“Den gröna omställningen förväntas skapa en betydande omvandling inom alla delar av samhället, vilket skapar en efterfrågan på Swecos expertkunskap och klimatrelaterade teknik.”

Annual report 2024A · The company itself

“Ta tillvara affärsmöjligheter genom att ytterligare stärka Swecos position inom den gröna omställningen och i tillväxtsegment.”

Annual report 2024A · The company itself

“Oavsett storlek eller typ av projekt har Swecos arkitekter en avgörande betydelse att verka för minskat klimatavtryck från samhällsbyggnadssektorn. Det handlar om att tillämpa en klimatanpassad och cirkulär design, föreskriva hållbara material eller effektivisera komplexa förhållanden mellan olika resurser och processer med stöd av digital teknologi.”

Annual report 2024A · The company itself

“Medstöd i sitt syfte, sin strategi och sin operativa modell är Sweco välpositionerat för att stödja sina kunder i klimatomställningen och samtidigt skapa ekonomiskt värde. Det som beskrivs som en omställnings- eller fysisk risk kan därför också utgöra en möjlighet för Sweco.”

Annual report 2024A · The company itself

“Varumärke Förutom att minska klimatavtrycket från den egna verksamheten fokuserar Sweco på att stärka sin position som föregångare i att bidra till samhällsomställning tillsammans med kunder och medarbetare.”

Annual report 2024A · The company itself

“Under 2024 belyste Sweco, via kunskapsplattformen Urban Insight, olika strategier för att stärka resiliensen inom industrier, städer och samhällen. Inom ramen för Urban Insight utvecklar och belyser Swecos experter innovativa, hållbara lösningar.”

Annual report 2024A · The company itself

“Sweco ska utforma en av Europas största batteriparker (BESS), Green Turtle, på uppdrag av energilagringsbolaget GIGA Storage Belgium. Anläggningen kommer att ha en lagringskapacitet på 2 800 MWh.”

Annual report 2024A · The company itself

“Sweco ska bistå Trafikverket med tjänster för en omfattande utbyggnad av delar av Ostkustbanan mellan Uppsala och Stockholm i syfte att möta det ökade behovet av hållbar personoch godstrafik. Ordervärdet är cirka 400 MSEK.”

Annual report 2024A · The company itself

“I Nederländerna vann Sweco ett avtal om 1100 MSEK för att stödja energioperatören Gasunie i utvecklingen av ny energiinfrastruktur för transport av vätgas, koldioxid, förnybar gas och värme.”

Annual report 2024A · The company itself

“Den 3 januari förvärvade Sweco det nederländska företaget Econsultancy som erbjuder tjänster inom områden som klimatförändringar och den gröna omställningen, med ett starkt fokus på ekologisk och miljömässig hållbarhet. Företaget har 213 experter och en årlig nettoomsättning om 188 MSEK.”

Annual report 2024A · The company itself

“Sveriges medlemskap i Nato, samt Natos och EU:s ökade samarbete och integration mellan medlemsländerna avseende försvar, ändrar delvis marknadsförutsättningarna. EU tar en större roll i att forma villkoren för försvarsindustrin, genom fler gemensamma upphandlingar och genom att driva på för en konsolidering av försvarsindustrin inom unionen.”

Annual report 2024A · The company itself

“In addition, many of the countries where we and our suppliers operate continue to enact legislation and regulatory rules that address climate change and other sustainability issues, including expanded disclosure requirements on GHG emissions and other climate-related information. Consumers, trade associations, interested non-governmental organizations and other stakeholders have increased focus and emphasis on sustainable features of products and other sustainability topics, including traceability and transparency, sustainability claims and product labeling requirements, responsible sourcing and deforestation, the use of energy and water, and the recyclability or recoverability of packaging, product, and materials. The rules and regulations and governmental oversight continue to rapidly evolve with varying degrees of complexity and scope, many that include penalties for non-compliance. Any failure on our part to comply with sustainability-related legislation, regulations and frameworks could lead to adverse consumer action, government enforcement action and private litigation.”

Annual report 2026A · The company itself

“Risks Related to Regulatory Matters Our and our customers’ operations are subject to a number of risks related to the potential threat of climate change, including evolving regulations for methane and other GHG emissions from the oil and gas sector, that could result in increased operating costs, limit the areas in which oil and natural gas production may occur, reduce demand for the products and services we provide, and reduce our or our customers’ ability to access capital. Numerous proposals have been made and could continue to be made at the international, national, regional and state levels of government to monitor and limit emissions of GHGs. As a result, our operations as well as the operations of our oil and natural gas exploration and production customers, are subject to a series of regulatory, political, litigation, and financial risks associated with the production and processing of fossil fuels and emission of GHGs.”

Annual report 2025A · The company itself

“In recent years, there has been considerable focus on the regulation of methane emissions from the oil and gas sector. In response to President Biden’s executive order calling on the EPA to revisit federal regulations regarding methane, the EPA finalized more stringent methane rules for new, modified, and reconstructed facilities, known as OOOOb, as well as standards for existing sources known as OOOOc, in December 2023.”

Annual report 2025A · The company itself

“Various states and groups of states have also adopted or are considering adopting legislation, regulations or other regulatory initiatives that are focused on areas of coverage similar to what the federal government has or may consider, including GHG cap and trade programs, carbon taxes, reporting and tracking programs, and restriction of emissions. Governmental, scientific, and public concern from sources across the world over the potential threat of climate change arising from GHG emissions has resulted in increasing political risks in the United States.”

Annual report 2025A · The company itself

“Regulations may be focused on addressing climate change and may impact the costs to produce, or demand for, oil and gas. In April 2024, the BLM finalized a rule that would limit flaring from well sites on federal lands, as well as require an operator to submit a waste minimization plan or a self-certification statement committing the operator to capturing 100% of the gas produced from a well and pay royalties on lost gas as part of the permit application process.”

Annual report 2025A · The company itself

“State laws and regulations limiting hydraulic fracturing activities could result in restrictions, delays or cancellations in drilling and completing new oil and natural gas wells by our customers, which could adversely impact our revenues by decreasing the volumes of natural gas, NGLs or crude oil through our facilities and reducing the utilization of our assets. While we do not conduct hydraulic fracturing, many of our oil and gas exploration and production customers do perform such activities. Hydraulic fracturing is typically regulated by state oil and gas commissions and many states have adopted legal requirements that have imposed new or more stringent permitting, public disclosure or well construction requirements on hydraulic fracturing activities, including in states where we or our customers conduct operations.”

Annual report 2025A · The company itself

“For example, in March 2023, the EPA issued its Good Neighbor Plan rule, which imposes emissions-related requirements on fossil fuel-fired power plants and other industrial users in 22 states, including Texas and Louisiana, which could reduce demand for our products and accelerate the transition away from oil and gas to other sources of energy.”

Annual report 2025A · The company itself

“For example, provisions of the OBBBA could affect battery cell expenses and impact costs for our consumers, negatively impacting demand. Compliance with evolving legislation, such as the OBBBA, also requires rigorous traceability of raw materials. If we or our suppliers are unable to provide sufficient documentation to verify the origin of critical minerals, our products may lose eligibility for tax credits and incentives, directly increasing the effective price for our customers and potentially reducing demand.”

Annual report 2025A · The company itself

“In addition, in jurisdictions where net metering is currently available, our customers receive bill credits from utilities for energy that their energy generation systems generate and export to the grid in excess of the electric load they use. The benefit available under net metering has been or has been proposed to be reduced, altered or eliminated in several jurisdictions, and has also been contested and may continue to be contested before the Federal Energy Regulatory Commission.”

Annual report 2025A · The company itself

“Our business operations are and will continue to be subject to complex environmental, occupational, health and safety laws and regulations at numerous jurisdictional levels in the U.S., China, Germany and other locations abroad, including laws relating to the use, handling, storage, recycling, disposal and/or human exposure to hazardous materials, product material inputs and post-consumer products and with respect to constructing, expanding and maintaining our facilities and other infrastructure. New, or changes in, environmental and climate change laws, regulations or rules could also lead to increased costs of compliance, including remediations of any discovered issues, and changes to our operations, which may be significant, and any failures to comply could result in significant expenses, delays or fines.”

Annual report 2025A · The company itself

“Much of the value of the land we own and upon which we receive royalties is based on the oil and gas reserves located there. Our revenues may be negatively affected by changes driven by trends such as decarbonization efforts. Such changes may relate to the types or sources of energy in demand, such as a shift to renewable sources of power generation (for example, wind and solar), along with ongoing changes in regulatory, investor, customer and consumer policies and preferences.”

Annual report 2025A · The company itself

“Increased regulation and stakeholder expectations related to global climate change could negatively affect our operating results. Increased worldwide public awareness and concern regarding global climate change has resulted and is likely to continue to result in more legislative and regulatory efforts, in the U.S., the European Union and in other jurisdictions in which we operate, to address the negative impacts of climate change.”

Annual report 2026A · The company itself

“Joulukuussa 2024 Tokmanni -konserni allekirjoitti 325 miljoonan euron rahoitussopimuksen, jota muutettiin vuonna 2025 sisällyttämällä siihen kestävyyteen sidottuja ehtoja, kestävyyteen liittyvien tavoitteiden muodossa. Sopimuksessa käytettävät keskeiset suorituskykymittarit (KPIt) perustuvat Tokmanni -konsernin päivitettyihin kasvihuonekaasupäästöjen vähennystavoitteisiin sekä toimittajien sitouttamiseen liittyviin tavoitteisiin, jotka ovat linjassa Science Based Targets -aloitteen (SBTi) kanssa.”

Annual report 2025A · The company itself

“Arvoketjun alkupää Siirtymäriski: puutteellisesta toiminnasta aiheutuvat kustannukset ja mainehaitta Puutteelliset ilmastotoimet voivat johtaa mainehaittaan, joka voi heikentää kykyä houkutella asiakkaita, liikekumppaneita ja sijoittajia. Yhä kiristyvän sääntelyn noudattamatta jättäminen voi johtaa sakkoihin.”

Annual report 2025A · The company itself

“Arvoketjun alkupää ja loppupää sekä oma toiminta Siirtymäriski: ilmastosääntelyn kiristymisestä aiheutuvat kustannukset Kiristyvä sääntely, kuten EUDR, CBAM, digitaalinen tuotepassi sekä muut materiaalien hankintaan ja loppukäyttöön liittyvät sääntelyvaatimukset, lisää lisäresurssien tarvetta sekä aiheuttaa muita lisäkustannuksia ja korkeampia hankintahintoja. ● Arvoketjun alkupää, oma toiminta Mahdollisuudet Toiminnan optimoinnista syntyvät kustannussäästöt ja mainehyödyt Varmistamalla, että liiketoimintamalli koetaan vastuulliseksi myös odotusten kasvaessa, Tokmanni -konserni voi säilyttää brändimielikuvansa ja vastuullisen maineensa.”

Annual report 2025A · The company itself

“Toimitusketjuja koskee yleisesti kiristyvä sääntely (EUDR, CSDDD, CBAM, ESPR) etenkin raaka-aineiden alkuperään, kestävyyteen ja laatuun liittyen. Tämä sääntely lisää kustannuksia operatiivisessa toiminnassa ja voi tuoda mukanaan myös mainehaittoja sekä vastuu- ja oikeudellisia seuraamuksia, jos tiukentuvia vaatimuksia ei kyetä noudattamaan.”

Annual report 2025A · The company itself

“Olennaiset taloudelliset riskit liittyvät tulevasta sääntelystä aiheutuviin kustannusten kasvuun sekä menetyksiin, jotka voivat syntyä sääntelyvaatimusten ja asiakkaiden kiertotalouteen liittyvien odotusten täyttämättä jättämisestä.”

Annual report 2025A · The company itself

“Environmental Regulation. The airline industry is subject to stringent federal, state, local and international environmental regulations, including those regulating emissions to air, water discharges, safe drinking water and the use and management of hazardous substances and wastes.”

Annual report 2025A · The company itself

“These include noise-related restrictions on aircraft types and operating times and state and local air quality initiatives which have resulted in, or could in the future result in, curtailments in services, increased operating costs, limits on expansion or further emission reduction requirements. Certain airports and/or governments, both domestically and internationally, either have established or are seeking to establish environmental fees and other requirements applicable to carbon emissions, local air quality pollutants and/or noise and the use of products and material such as single-use plastics.”

Annual report 2025A · The company itself

“Business—Our Approach to Corporate Citizenship and Value Creation—Environmental Sustainability Strategy, the Company has made commitments to reduce its GHG emissions by 100% by 2050 and its carbon emission intensity by 50% by 2035 compared to 2019. The Company has incurred, and expects to continue to incur, costs to achieve its climate goals—which will involve a transition to lower-carbon technologies (such as SAF)—and to comply with environmental sustainability legislation and regulation and non-binding standards and accords.”

Annual report 2025A · The company itself

“Currently, there is a premium for SAF above the cost of conventional jet fuel and this premium has recently increased in certain markets due to SAF blending mandates in Europe, the UK and other parts of the world.”

Annual report 2025A · The company itself

“At the end of 2020, the Company pledged a net zero goal to reduce its greenhouse gas ("GHG") emissions by 100% by 2050 without relying on the use of voluntary, traditional carbon offsets1. To support its net zero goal, the Company also established a mid-term target of reducing, compared to 2019, its carbon emissions intensity by 50% by 2035, which has been validated by the Science Based Targets initiative (SBTi).”

Annual report 2025A · The company itself

“The Company's key pathways to achieving its climate goals include investing in and using more SAF, reducing its conventional jet fuel consumption and working with strategic partners to advance the future of more sustainable flight. The achievement of our goals is therefore largely dependent on the significant development of and maturation in the SAF market.”

Annual report 2025A · The company itself

“For example, the ReFuelEU Aviation initiative, a European regulation, mandates jet fuel suppliers in Europe supply a target percentage of sustainable aviation fuel ("SAF") at airports inside the European Union. The SAF target percentage started at 2% in 2025 and increases to 70% by 2050. The cost of SAF can be higher than conventional jet fuel, and SAF suppliers can pass this cost along to purchasers, which can increase our operating costs, potentially significantly.”

Annual report 2025A · The company itself

“Also beginning in 2025, we have been required to monitor and report the non-carbon dioxide aviation effects for certain routes in the European Union. These requirements are expected to increase in the future, and may expand beyond reporting, either of which would increase our compliance costs.”

Annual report 2025A · The company itself

“In addition, the Carbon Offsetting and Reduction Scheme for International Aviation ("CORSIA"), a global, market-based emissions offset program to encourage carbon-neutral growth began a voluntary pilot phase in 2021, with mandatory participation scheduled to begin in 2027. Details regarding implementation of CORSIA continue to develop, and compliance may increase our operating costs, potentially significantly.”

Annual report 2025A · The company itself

“Governmental protection and trade protection measures, amplified by Russia's war in Ukraine and the economic sanctions imposed as a response, could also have an effect on the price and availability of raw materials as countries may, for example, enact further export ban policies to protect forests or to bolster their domestic industries, which could have a material effect on the cost and availability of raw materials for UPM. It is also uncertain how EU energy policies may affect the availability and costs of fibre and energy.”

Annual report 2025A · The company itself

“Regulations, Policies, and Standards Driving Low-Carbon Fuel Demand Governments across the world have implemented, or are considering implementing, regulations to address GHG emissions from transportation fuels by mandating or incentivizing inclusion of renewable and low-carbon fuels in the transportation fuel mix. The regulations, policies, and standards of greatest significance for our businesses are defined and discussed below under “U.S. Environmental Protection Agency (EPA) Renewable Fuel Standard (RFS) Program,” “California Low Carbon Fuel Standard (LCFS),” “Canada Low-Carbon Fuel Programs,” and “U.K. Renewable Transport Fuel Obligation (RTFO) Program” (along with similar programs in other jurisdictions in which we operate, collectively, the Renewable and Low-Carbon Fuel Programs).”

Annual report 2025A · The company itself

“Additionally, other municipal, state, and national governments across the world, including many of the jurisdictions in which we operate, have issued or are considering similar low-carbon fuel regulations, policies, and standards. While many of the Renewable and Low-Carbon Fuel Programs result in additional costs to our refining business, they have created opportunities for us to develop our low-carbon fuel businesses, and they should continue to help drive the demand for our low-carbon fuels such as renewable diesel, ethanol, and neat sustainable aviation fuel (SAF)2.”

Annual report 2025A · The company itself

“COMPLIANCE PROGRAM PRICE RISK We are exposed to market risk related to the volatility in the price of credits needed to comply with the Renewable and Low-Carbon Fuel Programs. To manage this risk, we enter into contracts to purchase these credits.”

Annual report 2025A · The company itself

“We expect that low-carbon liquid fuels will continue to be a part of the energy mix, and we have made multibillion-dollar investments to develop and grow our low-carbon fuels businesses, as described below under “OUR OPERATIONS—Renewable Diesel” and “—Ethanol.” These businesses have made us the leading producer of low-carbon transportation fuels and have helped governments across the world in achieving their greenhouse gas (GHG) emissions reduction targets.”

Annual report 2025A · The company itself

“Various factors could result in increased costs or result in delays or cancellation of our current or future renewable projects, or the loss of, or declines in the value of, our investments in projects including, but not limited to, risks relating to siting, financing, engineering and construction, permitting, interconnection requests, federal and state regulatory approvals, new legislation or regulatory changes impacting the industry, commissioning delays, import tariffs, changes to federal income tax laws, economic events or factors, environmental and community concerns, availability of or requirements for additional funding, enhanced competition, or the potential for termination of the power sales contract as a result of a failure to meet certain milestones.”

Annual report 2025A · The company itself

“The Inflation Reduction Act (IRA), enacted August 16, 2022, and the One Big Beautiful Bill Act (OBBBA) enacted July 4, 2025, both introduced significant changes to current U.S. federal tax law. For example, the OBBBA includes the enactment of several new proposals, including, but not limited to (i) a reinstatement of 100% accelerated depreciation for certain qualifying expenditures, (ii) an increase in the limit of certain interest that can be deducted by a corporation, (iii) accelerated phase-out of certain renewable energy tax credits associated with solar and wind projects, and (iv) additional requirements to qualify for enhanced renewable energy tax credits.”

Annual report 2025A · The company itself

“For example, changes to, or development of, legislation that requires the use of clean renewable and alternate fuel sources or mandate the implementation of energy conservation programs that require the implementation of new technologies, could increase our capital expenditures and/or impact our financial condition.”

Annual report 2025A · The company itself

“Some of the recent regulatory actions, such as the EPA's Good Neighbor Plan for the 2015 Ozone NAAQS, the final rule to regulated GHG emissions that would replace the ACE rule, and actions under the Regional Haze program, if not repealed, altered, or invalidated by the courts could require us to install significant additional control equipment, resulting in potentially material costs of compliance for our generation units, including capital expenditures, higher operating and fuel costs and potential production curtailments or plant retirements.”

Annual report 2025A · The company itself

“As a result of electricity produced for decades at coal-fueled power plants in Illinois, Texas and Ohio, we manage large amounts of CCR material in surface impoundments. In addition to the federal requirements under the CCR rule, CCR surface impoundments will continue to be regulated by existing state laws, regulations and permits, as well as additional legal requirements that may be imposed in the future.”

Annual report 2025A · The company itself

“Additionally, increased governmental and consumer focus on energy sustainability efforts, including desire for, or incentives related to, the development, implementation and usage of low-carbon technology, may result in decreased demand for the traditional generation technologies that we currently own and operate.”

Annual report 2025A · The company itself

“Certain financial institutions have announced policies to presently or in the future cease investing or to divest investments in companies that derive any or a specified portion of their income from, or have any or a specified portion of their operations in, coal and/or other fossil fuels.”

Annual report 2025A · The company itself

“Our nuclear fleet is eligible for the nuclear PTC provided by the IRA which provides increasing levels of support as unit revenues decline below levels established in the IRA and is further adjusted annually for inflation over the duration of the program.”

Annual report 2025A · The company itself

“We are strategically focused on meeting growing demand for electricity as we prioritize reliability and affordability while being mindful of stakeholder interest in our plans to reduce our carbon footprint.”

Annual report 2025A · The company itself

“Its solutions are designed to treat wastewater and convert biomass and waste into valuable outputs, such as CO₂-neutral energy and biocarbon, helping to decarbonise industrial processes.”

Annual report 2024A · The company itself

“Additionally, if the push to decarbonise takes longer than expected, the adoption of cleaner technologies may be delayed, reducing demand for Vow's solutions.”

Annual report 2024A · The company itself

“Circular solutions for industry decarbonisation Through pyrolysis technology, Vow provides solutions that can help industries decarbonise and reduce their CO emissions from fossil sources.”

Annual report 2024A · The company itself

“In the EU, new car registrations grew by 0.8 percent YoY, whereof BEV volumes declined by 7 percent. The total BEV penetration for the year ended at 13 percent compared to 14 percent in 2023.”

Annual report 2024A · The company itself

“In the EU, the auto market will be significantly influenced by tariffs and EU CO emission targets. European OEMs will aim to shift their product mix towards affordable BEVs and PHEVs to avoid significant penalties for non-compliance.”

Annual report 2024A · The company itself

“Failure to deliver on decarbonization transition plan Wallenius Wilhelmsen has a net-zero 2040 objective. There are several uncertainties related to achieving this objective. These, include selection of technology, customers’ willingness to pay in an economic downturn, too slow transition, external events (f.ex. Baltimore) that affect the transition plan, insufficient supply of new fuels and dropin fuels..”

Annual report 2024A · The company itself

“We achieved this by reducing the average speed in the fleet, and increased our biofuel purchases substantially in 2024. We continue to focus strongly on the long-term plan to achieve our net-zero by 2040.”

Annual report 2024A · The company itself

“We face significant costs to comply with existing and future environmental laws and regulations. Our operations are subject to extensive and evolving federal, state, and local environmental laws, regulations, and permit requirements related to, among other things, air emissions (including, but not limited to CO2, methane, mercury, SO2, NOx, ozone and other pollutants), protection of natural resources, water quality, wastewater discharges, management of hazardous and toxic substances and solid wastes and soils, and climate change.”

Annual report 2025A · The company itself

“Any of these matters, as well as any regulatory delay in adjusting rates as a result of fluctuations in energy demand or the adoption of new technologies, could adversely impact our results of operations and financial condition.”

Annual report 2025A · The company itself

“Changes in our corporate strategy to combat climate change, including mitigation and adaptation efforts and technology advancement, may materially adversely impact our results of operations and cash flows.”

Annual report 2025A · The company itself

“We have set a goal for our generation fleet to be net carbon neutral by the end of 2050. We expect to be in a position to eliminate coal as an energy source by the end of 2032.”

Annual report 2025A · The company itself

“Additionally, adverse effects upon the oil and gas industry related to the worldwide social and political environments, including uncertainty or instability resulting from climate change, changes in political leadership and environmental policies, changes in geopolitical-social views toward fossil fuels and renewable energy, concern about the environmental impact of climate change, and investors’ expectations regarding ESG matters, may also adversely affect demand for Williams’, Transco’s, and NWP’s services. Any long-term material adverse effect on the oil and gas industry could have a significant financial and operational adverse impact on Williams’, Transco’s, and NWP’s businesses.”

Annual report 2025A · The company itself

“We may be subject to increased regulations, reporting requirements, standards, or stakeholder expectations regarding climate change that may impact our business, financial condition, and operating results.”

Annual report 2026A · The company itself

“Privacy concerns, evolving regulation of cloud computing, cross-border data transfer, and other domestic or foreign laws and regulations, including those that seek to regulate access to data, may reduce the adoption of our applications, result in significant costs and compliance challenges, and adversely affect our business and operating results.”

Annual report 2026A · The company itself

“As legal challenges to the DPF remain unresolved, uncertainty may continue regarding the legal requirements for transferring personal data from Europe, an integral aspect of our business that remains governed by, and subject to, General Data Protection Regulation (“GDPR”) requirements. Failure to comply with the GDPR data processing requirements by either ourselves or our subprocessors could lead to regulatory enforcement actions, which can result in monetary penalties of up to 4% of worldwide revenue, private lawsuits, reputational damage, and loss of customers.”

Annual report 2026A · The company itself

“Merenkulun hiilineutraaliuteen tähtäävä sääntely on saanut varustamot kasvattamaan investointejaan aluksiin, jotka pystyvät käyttämään vaihtoehtoisia polttoaineita tai voidaan myöhemmin muuttaa vaihtoehtoisille polttoaineille sopiviksi tai joissa käytetään energiaa säästäviä teknologioita.”

Annual report 2024A · The company itself

“Merenkulkuja laivanrakennusalaan kohdistuu kasvavaa painetta vähentää hiilidioksidipäästöjä, mikä on seurausta esimerkiksi EU Fit for 55 -ilmastolakipaketista, IMO:n uudesta, entistä kunnianhimoisemmasta kasvihuonekaasustrategiasta, vihreästä rahoituksesta sekä loppuasiakkaiden omista kestävyystavoitteista.”

Annual report 2024A · The company itself

“Samaan tapaan energiaja sähkömarkkinoihin liittyvät poliittiset päätökset vaikuttavat suoraan ja välillisesti tulevaisuuden energiakapasiteettiin ja tuotantomuotojen jakaumaan.”

Annual report 2024A · The company itself

“Aivan keskeisimpiä ovat lainsäädäntöön liittyvät siirtymäriskit eli käytännössä tiukemmat GHGpäästömääräykset, mukaan lukien mahdolliset fossiilisten polttoaineiden kiellot.”

Annual report 2024A · The company itself

“Sen tarjooma – sisältäen moottorit, generaattorit, vaihdelaatikot, propulsiolaitteet sekä LNG-polttoainekäsittelyn, energianhallinnan ja typen oksidien vähentämisen teknologiat – tekee Marinesta asiakkaiden johtavan kumppanin meriteollisuuden hiilidioksidipäästöjen vähentämisessä etenkin polttoainejoustavuuden ja hybridiratkaisujen avulla.”

Annual report 2024A · The company itself

“Vaikka Wärtsilän tuotteista ja palveluista vain pieni osa kuuluu luokitusjärjestelmän piiriin, niillä on keskeinen rooli energiaja merenkulkualojen hiilineutraaliuspyrkimysten edistämisessä, ja Wärtsilä investoi merkittävästi tutkimusja kehitystoimintaan tukeakseen siirtymää.”

Annual report 2024A · The company itself

“Wärtsilä Energy Wärtsilä Energy johtaa muutosta kohti tulevaisuutta, jossa sähkö tuotetaan sataprosenttisesti uusiutuvalla energialla. Wärtsilä kehittää markkinoiden johtavia teknologioita, kuten joustavia voimalaitosratkaisuja, energian hallintaja varastointijärjestelmiä sekä koko elinkaaren kattavia palveluita, jotka parantavat tehokkuutta ja varmistavat suorituskyvyn.”

Annual report 2024A · The company itself

“Several trends are increasing demand for this application expertise: (i) the need for efficient transport and treatment solutions due to the increase in water scarcity and electricity costs, (ii) the increase in both the type and amount of contaminants found in the water supply, (iii) the need to increase system resilience and efficiencies due to aged infrastructure and affordability, (iv) increasing environmental regulations, and (v) the need to reduce carbon emissions generated from transporting and treating water.”

Annual report 2025A · The company itself

“Macro growth drivers include water scarcity, emerging contaminants, increasing regulation surrounding climate and energy efficiency, pressure to optimize energy efficiency and other operational costs, and demand arising from emergency response needs.”

Annual report 2025A · The company itself

“Some of our products, services and solutions enable our customers to meet increasingly stringent scarcity, efficiency, environmental and safety requirements, including laws limiting greenhouse gas (“GHG”) emissions, or improve water supply resilience and quality. Our future growth is dependent in part on the impact and timing of new or changing laws and regulations. If stricter laws or regulations are delayed, repealed, weakened, unenforced, or phased‑in slowly, demand for our products and services may decline.”

Annual report 2025A · The company itself

“•Sustainability Leadership. We strive to be a sustainability leader by integrating sustainability into our business strategy, with a strong emphasis on advancing favorable long-term financial and sustainability outcomes for our customers through our products, services and solutions. We also aim to minimize our environmental impact, promote resource conservation and support our customers and the communities we serve together.”

Annual report 2025A · The company itself

“Climate change presents both opportunities and risks for the company, impacting markets, assets, operations, and supply chains. It drives societal changes that may introduce transition risks, including shifts in market preferences, evolving legislation and technological advancements.”

Annual report 2024A · The company itself

“We pursue a strategy of sustainable value growth through reducing emissions from crop nutrition production and developing low-emission energy solutions.”

Annual report 2024A · The company itself

“Ilmastotavoitteiden toteutusta jatkettiin ja raportointi- sekä laskentavalmiuksia kehitettiin vastaamaan EU:n CSRD-direktiivin ja Rakentamislain vaatimuksia.”

Annual report 2025A · The company itself

“The European Union (the “EU”) has adopted the European Medical Device Regulation (the “EU MDR”), which created a single set of medical device regulations for products marketed in all member countries. The EU MDR took effect in May 2021, replacing the European Medical Device Directive (the “MDD”). The EU MDR imposes significant additional premarket and post-market requirements. Products currently certified per the MDD regulations must be certified to the new EU MDR regulation prior to December 2027 or December 2028, depending upon the device’s risk class.”

Annual report 2025A · The company itself

“The pact will turn the North Sea into the green power plant of Europe, reaffirming 300 GW of offshore wind capacity by 2050”

Annual report 2025A · The company itself

“Help countries and companies meet their climate targets and provide energy security and independence to them”

Annual report 2025A · The company itself

“The government subsidies will expire for one more of our Danish assets in 2026 and for two more of our UK assets in 2027.”

Annual report 2025A · The company itself

“This wave is characterised by the following key actions: · Net-zero road map: Our net-zero road map outlines our immediate priorities and actions for decarbonising our value chain and remaining operational emissions. We revise this company-wide road map on an ongoing basis to stay aligned with the latest developments and support informed decision-making. · Supplier engagement: We engage key suppliers to drive decarbonisation in their strategies and operations through three levers: science-based targets, covering electricity consumption with renewable electricity, and reporting to the Carbon Disclosure Project (CDP).”

Annual report 2025A · The company itself

“Achieving our vision depends not only on our own actions but also on external conditions, including the strength and reliability of climate and energy policies, timely grid and infrastructure development, and supply chains able to scale lower-emissions technologies. These dependencies introduce uncertainties that could slow our transition.”

Annual report 2025A · The company itself

“As part of our DMA’s financial materiality assessment, we have evaluated uncertainties in the energy transition policy and regulatory landscape. Transition risks are particularly relevant in markets where changes to investment conditions, subsidy schemes, or policy priorities can affect the viability of existing projects and the development of new ones.”

Annual report 2025A · The company itself

“We recognise that sustained political support for expanding renewable energy remains vital to the global energy transition, and uncertainty in that support poses a risk for the wider industry.”

Annual report 2025A · The company itself

“We prioritise three strategic sustainability areas to drive business value through sustainability and deliver on our aspiration – decarbonisation, biodiversity, and community impact. On decarbonisation, we focus on reducing our upstream and downstream carbon emissions to progress towards our long-term target to reach net zero by 2040, mitigate upcoming regulatory costs, and drive demand for the solutions needed to create a resilient, decarbonised energy supply.”

Annual report 2025A · The company itself

“In 2025, we became the first energy company to complete a transformation from fossil fuels to renewable energy. We have reduced scope 1-2 emissions intensity by more than 98 % since the beginning of our transformation in 2006, thereby building green energy and delivering on our decarbonisation target in parallel.”

Annual report 2025A · The company itself

“Active engagement with policymakers, industry stakeholders, and communities to support the renewable energy transition. Advocacy aligned with the 1.5 °C goal of the Paris Agreement.”

Annual report 2025A · The company itself

“Progress in this wave requires alignment and cooperation across suppliers, business partners, regulators, and industry peers to drive lower-emissions solutions forward.”

Annual report 2025A · The company itself

“Development, construction, and operation of offshore wind and adjacent technologies aligned with global-, regional-, and national- level decarbonisation goals and a 1.5 °C pathway.”

Annual report 2025A · The company itself

“Increasing focus on ESG matters has resulted in, and is expected to continue to result in, the adoption of legal and regulatory requirements related to climate change, human rights and supply chain-related matters. New laws, regulations or interpretations may be more stringent than, or conflict with, other legal or regulatory requirements, which may result in increased compliance burdens and costs or changes to our operations to satisfy such obligations.”

Annual report 2025A · The company itself

“Our current and historical manufacturing and research and development processes and facilities are subject to various foreign, federal, state and local environment protection and health and safety laws and regulations. As a result, we may become subject to liabilities for environmental contamination, and these liabilities may be substantial.”

Annual report 2025A · The company itself

“Whether capitalising on new, advanced AI-capabilities or empowering control through a reliable, EU-based and proprietary delivery infrastructure. The Agillic platform operates within a robust and fully compliant framework, where privacy and security remain uncompromising priorities.”

Annual report 2025A · The company itself

“Growing awareness of climate and other environmental or social pressures, including over-tourism, has also prompted responses by various groups, which may adversely impact the travel and hospitality industries and demand for our platform and services, whether due to the imposition of policies and regulations or changing societal attitudes towards travel. For example, both we and hosts are increasingly subject to regulatory requirements related to climate-related considerations, and any additional regulations may require increased costs or attention for compliance. Our platform and services may also be adversely impacted to the extent travel behavior or other societal expectations shift in response to climate considerations, including if we do not successfully navigate evolving stakeholder expectations regarding our own response to climate change.”

Annual report 2025A · The company itself

“Imidlertid er energiforbruk den største kilden til CO2-utslipp globalt, og reduksjon av disse utslippene utgjør en monumental utfordring. Derfor er en tosidig strategi avgjørende: overgang til renere energikilder og mer effektiv bruk av energi.”

Annual report 2024A · The company itself

“Aker Horizons’ porteføljeselskap Aker Carbon Capture (ACC) eide ved årsslutt 20 prosent i SLB Capturi, etter at ACC i 2024 solgte 80 prosent av selskapet til SLB for 4,1 milliarder kroner i kontanter.”

Annual report 2024A · The company itself

“Growing market demand for healthy and sustainable food. Delivering high quality health nutrients in a sustainable way is both good for our business and society with a reduced carbon footprint.”

Annual report 2024A · The company itself

“The energy markets continue to be impacted by the trilemma of energy security, affordability and sustainability.”

Annual report 2024A · The company itself

“Decarbonization of oil and gas operations is high on the agenda for both policy makers and operators.”

Annual report 2024A · The company itself

“the upcoming EU Deforestation Regulation (EUDR) will likely come into effect in 2026”

Annual report 2025A · The company itself

“This is an area of great attention as the upcoming EU Deforestation Regulation (EUDR) will likely come into effect in 2026. This new framework will require businesses to document that the raw materials they use are not linked to areas that have been deforested or converted.”

Annual report 2025A · The company itself

“BioMar addresses one of the world’s most pressing challenges – how to produce more protein for a growing global population without overloading the planet’s resources. To this end, BioMar invests heavily in alternative and circular raw materials, reductions of CO emissions across the value chain, enhanced traceability and responsible sourcing, and innovations that improve fish health and resource efficiency.”

Annual report 2025A · The company itself

“In addition, many countries prohibit certain types of marketing activities, such as direct to consumer advertising of medical devices. We have and may in the future be alleged to violate marketing restrictions and be ordered to stop certain marketing activities or prevented from selling our products and services.”

Annual report 2025A · The company itself

“U.S. and foreign regulators have or are considering enacting new or additional disclosure requirements or limits on the emissions of greenhouse gases from power generated by fossil fuels. Additionally, customers and consumers may demand our products, packaging and operations be more sustainable, which could affect how we manufacture and package our products, increase our costs and those of our suppliers, and result in manufacturing, transportation and supply chain disruptions if clean energy sources are unavailable in adequate amounts when required.”

Annual report 2025A · The company itself

“Many governmental and other regulatory bodies worldwide are enacting regulations to mitigate the impacts of climate change. If we or others in our supply chain are required to comply with these laws and regulations, or if we choose to take voluntary steps to reduce or mitigate our impact on the climate, we may experience increased costs for energy, production, transportation, and raw materials, increased capital expenditures, or increased insurance premiums and deductibles, each of which could adversely impact our operations.”

Annual report 2025A · The company itself

“Further, we have made several public commitments regarding our intended reduction of carbon emissions. Although we intend to meet these commitments, we may be required to expend significant resources to do so, which could increase our operational costs.”

Annual report 2025A · The company itself

“Vi är kända som ledaren inom hållbar utveckling i vår bransch Vi ska arbeta kontinuerligt för att minska den negativa påverkan vår verksamhet har på miljön. 91 procent av de klimatpåverkande utsläppen i vår värdekedja genereras av de produkter vi säljer. Att påverka våra leverantörer att minska sitt klimatavtryck är därför viktigt för oss.”

Annual report 2024A · The company itself

“Kolmannen osapuolen evästeitä ei voida käyttää datan keräämiseen ja sen myötä mainonnan ja sisältömyynnin kohdennuksiin.”

Annual report 2025A · The company itself

“Tulospalkkiokriteerit vuonna 2025 kattoivat ympäristön, sosiaalisen vastuun ja hyvän hallintotavan tavoitteet.”

Annual report 2025A · The company itself

“Smoke-Free Portfolio ▪Due to ongoing market disruption caused by illicit e-vapor products that have evaded the regulatory process, we continue to reassess our smoke-free goals and expect to provide updated goals when we have more clarity on how the legitimate e-vapor market may evolve. We remain steadfast in our commitment to our Vision and to building a portfolio of FDA-authorized smoke-free products for adult smokers and adult nicotine consumers currently using smoke-free products.”

Annual report 2025A · The company itself

“LEADING IN SUSTAINABILITY Through pioneering sustainability initiatives and high ambitions, we continue to strengthen our leading position in sustainable healthcare – helping our customers achieve their environmental goals, while reducing our own footprint. First company to introduce bioplastics in endoscopy In 2024, we became the first company to introduce bioplastics in the handles of all our endoscopes, setting a new standard for sustainable design.”

Annual report 2025A · The company itself

“(Applies to all Registrants) A significant portion of AEP’s earnings is derived from transmission investments and activities. FERC policy currently supports the expansion and updating of the transmission infrastructure within its jurisdiction.”

Annual report 2025A · The company itself

“In addition, regulation, legislation and administrative policies that are not limited in application solely to the insurance market may significantly affect the insurance industry and certain of our operations, including regulation, legislation and administrative policies related to privacy, cybersecurity, government sanctions, anti-discrimination, financial services, securities, taxation and climate change.”

Annual report 2025A · The company itself

“Solvency II governs the insurance industry’s solvency framework for the EU, including minimum capital and solvency requirements, governance requirements, risk management and public reporting standards applicable to AIG’s subsidiaries operating in the EU.”

Annual report 2025A · The company itself

“In the European Union, the EU Digital Operational Resilience Act requires covered entities, including insurance intermediaries, reinsurance intermediaries and ancillary insurance intermediaries to comply with a wide range of organizational and technical requirements to identify, manage and mitigate operational risk arising from use of network and information systems and, in particular, the use of third-party information and communication technology service providers.”

Annual report 2025A · The company itself

“SUSTAINABILITY In recent years, federal- and state-level lawmakers and regulators in the United States and in other major countries in which we operate have increased their scrutiny on financial institutions and other companies’ governance, risk oversight, disclosures, plans, policies and practices in connection with climate change and other sustainability topics, which continue to evolve and diverge across jurisdictions. There have been active and significant regulatory developments on these issues in the form of newly proposed, issued or implemented laws, rules, regulations, guidance and frameworks regarding climate change that impose, or will impose if and when effective, new requirements and expectations, including in connection with climate- related governance, risk management, disclosures, stress testing and scenario analysis.”

Annual report 2025A · The company itself

“In addition, lawmakers and regulators at the federal, state and local levels have imposed and may continue to impose new requirements or issue new guidance aimed at addressing or mitigating climate and other sustainability-related risks. Additional actions by foreign governments, regulators and international standard setters have expanded, and could substantially expand, the regulations, guidance or expectations to which we may be subject. Laws, regulations and guidance adopted in U.S. local, state, federal or foreign jurisdictions regarding these topics differ from one another and this results in us having to comply with differing or inconsistent laws, regulations and guidance across jurisdictions in which we operate.”

Annual report 2025A · The company itself

“Environmental Protection Agency, or EPA, some of the states and localities in which we operate and the governments of other countries in which we operate have also enacted or proposed certain climate-related disclosures and may adopt new regulations related to the use of fossil fuels or requiring the use of alternative fuel or renewable energy sources to power energy resources that serve our data centers. Efforts to support and enhance renewable electricity generation may increase our costs of electricity above those that would be incurred through procurement of conventionally generated electricity.”

Annual report 2025A · The company itself

“Table of Contents Furthermore, we also may face pressure from certain stakeholders, such as the communities in which we operate, who are increasingly focused on climate change and shortages of power, land and water resources, which are different pressures than those faced by our tower leasing operations. Such pressure could lead to federal, state or municipal governments imposing more stringent regulations and requirements to control the growth and development of data centers in their communities.”

Annual report 2025A · The company itself

“In addition, climate change regulation may affect the prospects of companies and other entities whose securities we hold, or our willingness to continue to hold their securities. Climate change may also influence investor sentiment with respect to Ameriprise and investments in our portfolio and those available to clients through third parties.”

Annual report 2025A · The company itself

“In addition to government requirements, certain of our customers are also imposing climate-related requirements on their suppliers, including us. Any failure, or perceived failure, to comply with these requirements may result in reduced demand for our products, reputational harm, or other adverse impacts to our business.”

Annual report 2025A · The company itself

“Our Sustainability-Linked Senior Notes initially bear interest at a rate of 1.7% per annum and are subject to an increase of an additional 30 basis points per annum from April 1, 2026 to their maturity on October 1, 2028 unless the Sustainability Performance Target (as defined in the Sustainability-Linked Senior Notes) has been satisfied. Failing to use the net proceeds under green financing arrangements that satisfies investor criteria and expectations regarding environmental impact or achieve targets related to environmental sustainability under such financing arrangements could result in reputational harm and our business and operating results could be negatively impacted.”

Annual report 2025A · The company itself

“From time to time, we may enter into “green” financing arrangements that require us to use proceeds for environmental sustainability purposes or have targets related to environmental sustainability. For example, on October 5, 2021, we issued $750 million sustainability-linked senior notes (Sustainability-Linked Senior Notes).”

Annual report 2025A · The company itself