EPSO-G Releases Its 2023 Sustainability Performance Report
EPSO-G (company code: 302826889), based in Vilnius, has recently published its 2023 Sustainability Performance Report. This comes with an Independent Limited Assurance Report that marks a significant step in the Group's commitment to transparency and sustainability in its operations.
Modification of GHG Emissions Calculation Methodology
In an effort to provide more precise emissions data, EPSO-G has updated its methodology for calculating greenhouse gas (GHG) emissions. This revision aligns with the International GHG Protocol's Corporate Accounting and Reporting Standard, signifying EPSO-G's commitment to accurate sustainability reporting. The recalculation focuses on the Scope 1 and Scope 2 GHG emissions values, particularly regarding the 2019 baseline (KPI1).
Details on the Emission Targets
As part of its sustainable financing strategy, EPSO-G issued a EUR 75 million sustainability-related bond on June 7, 2022. This bond stipulates ambitious sustainability performance targets aimed at reducing Scope 1 and Scope 2 GHG emissions by 30% by the year 2026. This target is based on the revised 2019 baseline values, reinforcing EPSO-G's dedication to environmental stewardship.
Key Performance Indicators and Their Impact
Within the 2023 Sustainability Performance Report, EPSO-G has provided an overview of key performance indicators (KPIs). The recalculated Scope 1 and 2 GHG emissions show a primary value of 292,336 tCO2e for the 2019 baseline. Notably, the recalculated value is now established at 205,397 tCO2e, reflecting a significant commitment to improvement.
Analysis of the KPI1 Adjustments
The Group's management emphasizes that despite these revisions, they remain steadfast in their commitment to meet the target set for 2026. The planned reductions show a clear path towards achieving lower emissions, with the intended indicator value being 106,959 tCO2e by 2026. This progressive approach is thoroughly backed by EPSO-G’s strategic planning.
Review by S&P Global
EPSO-G has also sought external validation for these changes by collaborating with S&P Global, specifically through their Shades of Green initiative. This independent assessment confirms that the revisions made to the GHG emissions calculation methodology do not have any detrimental effect on the overall opinion concerning the Group’s sustainability-linked financing framework.
Maintaining Stakeholder Trust
The management of EPSO-G assures that the adjustments in methodology will not affect the rights of their noteholders. EPSO-G has expressed confidence that their operations remain unaffected, maintaining compliance with existing agreements. The rights of noteholders remain intact, reflecting EPSO-G's commitment to transparency with all stakeholders.
Independent Audit Confirmation
PricewaterhouseCoopers has played a crucial role in verifying EPSO-G’s sustainability disclosures through an independent audit. Their confirmation of the calculations pertaining to Scope 1 and Scope 2 GHG emissions ensures that EPSO-G adheres to the required standards set for sustainability indicator disclosure.
Insights from the Performance Report
The inaugural Sustainability Performance Report delivers up-to-date insights on EPSO-G’s commitment to key sustainability-related metrics. The document serves as an essential companion to the EPSO-G Consolidated Annual Report, underscoring significant developments in sustainability practices within the Group.
EPSO-G's Corporate Structure
The EPSO-G Group consists of the holding company EPSO-G alongside five direct subsidiaries: Amber Grid, Baltpool, Energy Cells, Litgrid, and Tetas. Additionally, the Group maintains interests in GET Baltic, Baltic RCC OÜ, and TSO Holding AS, demonstrating a robust operational framework that supports their sustainability initiatives.
Frequently Asked Questions
What is EPSO-G's recent achievement in sustainability reporting?
EPSO-G published its 2023 Sustainability Performance Report, reflecting updated GHG emissions calculations and sustainability targets.
How has the GHG emissions methodology changed?
EPSO-G revised its methodology to enhance the accuracy of GHG emissions estimates according to international standards.
What are EPSO-G's emission reduction targets?
The Group aims to reduce its Scope 1 and 2 GHG emissions by 30% by 2026, based on the revised 2019 baseline.
Who conducted the independent assessment of EPSO-G’s report?
PricewaterhouseCoopers conducted an independent limited assurance review of the Sustainability Performance Report.
How does EPSO-G ensure stakeholder trust with its changes?
The management assures that revisions do not impact the rights or obligations of noteholders, maintaining transparency and trust.
