GN Store Nord
ESRS disclosure
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- Provide a detailed account of your organization's significant operational and capital expenditures necessary for the execution of your climate change mitigation transition plan, as outlined in Disclosure Requirement E1-1. This should include an explanation and quantification of investments and funding, referencing the key performance indicators of taxonomy-aligned capital expenditures, and, where applicable, the capital expenditure plans disclosed in accordance with Commission Delegated Regulation (EU) 2021/2178.
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Question Id: E1-1_04
For these reasons, we also do not expect alignment of our economic activities with the delegated act on climate objectives to change significantly in the future. However, a small increase in CAPEX and OPEX alignment may be expected in eligible economic activities such as construction of new buildings and production facilities (CCM/CCA 7.1), building renovation measures (CCM/CCA 7.2), energy efficiency initiatives at our facilities (CCM/CCA 7.3), installation of onsite renewable energy capacity (CCM/CCA 7.6) and electrification of our car fleet (CCM/CCA 7.4) which are actions we will take to ensure we meet our near- and long-term climate targets.
Report Date: 4Q2024Relevance: 65%
- Provide a qualitative assessment of the potential locked-in greenhouse gas (GHG) emissions from your company's key assets and products. Explain whether and how these emissions could jeopardize the achievement of your GHG emission reduction targets and contribute to transition risk. Additionally, if applicable, describe your company's plans to manage its GHG-intensive and energy-intensive assets and products.
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Question Id: E1-1_07
An estimated 41,792 tCO2e are locked-in emissions from the use of GN products sold in 2024, which currently makes up 16% of our total Scope 3 emissions (see page 75). These use phase emissions could still be reduced through firmware updates in the market, but it remains difficult to quantify potential emissions reductions from such initiatives. As these emissions are a result of electricity consumption, we expect significant reduction to take place as a result of the global shift towards renewable energy as part of the transition to a net-zero economy outside GN’s direct control. Given the general duration of use of our products, we don’t expect these locked-in emissions to prevent us from reaching net-zero in 2050, regardless of the pace of the transition to renewable energy.
Report Date: 4Q2024Relevance: 85%
- Provide a detailed explanation of any objectives or plans related to capital expenditures (CapEx), capital expenditure plans (CapEx plans), and operational expenditures (OpEx) that your undertaking has formulated to align its economic activities, including revenues, CapEx, and OpEx, with the criteria set forth in Commission Delegated Regulation 2021/2139, as required under Disclosure Requirement E1-1 concerning the transition plan for climate change mitigation.
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Question Id: E1-1_08
For these reasons, we also do not expect alignment of our economic activities with the delegated act on climate objectives to change significantly in the future. However, a small increase in CAPEX and OPEX alignment may be expected in eligible economic activities such as construction of new buildings and production facilities (CCM/CCA 7.1), building renovation measures (CCM/CCA 7.2), energy efficiency initiatives at our facilities (CCM/CCA 7.3), installation of onsite renewable energy capacity (CCM/CCA 7.6) and electrification of our car fleet (CCM/CCA 7.4) which are actions we will take to ensure we meet our near- and long-term climate targets.
Report Date: 4Q2024Relevance: 80%
- Provide a disclosure of significant capital expenditures invested during the reporting period in coal-related economic activities, as required by Disclosure Requirement E1-1 – Transition plan for climate change mitigation, paragraph 14.
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Question Id: E1-1_09
Fuel consumption from coal and coal products is not listed, indicating no significant capital expenditures in coal-related activities.
Report Date: 4Q2024Relevance: 75%
- Provide a detailed disclosure of significant capital expenditures (CapEx) invested during the reporting period specifically related to gas-related economic activities, as part of the transition plan for climate change mitigation, in accordance with Disclosure Requirement E1-1.
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Question Id: E1-1_11
Fuel consumption from natural gas is listed as 2,064 MWh in 2024.
Report Date: 4Q2024Relevance: 10%
- Is the undertaking excluded from the EU Paris-aligned Benchmarks as part of the Disclosure Requirement E1-1 concerning the transition plan for climate change mitigation?
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Question Id: E1-1_12
This is further supported by the fact that GN do not currently have material climate-related financial risks (see page 29), and the fact that GN is not excluded from the Paris-aligned benchmarks.
Report Date: 4Q2024Relevance: 85%
- Provide a detailed explanation of how the transition plan for climate change mitigation is integrated into and aligned with your company's overall business strategy and financial planning.
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Question Id: E1-1_13
Moreover, our climate reduction initiatives as described on these pages, are anchored within our existing business model and financial planning. This is further supported by the fact that we do not currently have material climate-related financial risks (see page 29), and the fact that GN is not excluded from the Paris-aligned benchmarks.
Report Date: 4Q2024Relevance: 60%
- Has the transition plan for climate change mitigation been approved by the administrative, management, and supervisory bodies?
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Question Id: E1-1_14
The Board of Directors has approved the policy, targets, and incentives.
Report Date: 4Q2024Relevance: 85%
- Indicate whether and how your company's policies address the areas related to climate change mitigation and adaptation as outlined in Disclosure Requirement E1-2.
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Question Id: E1-2_01
As a globally operating manufacturing company, climate change is a material topic for GN. The company has a climate transition plan in place, consisting of an overarching policy, science-based targets, climate-related incentives for the CEO and CFO, and several decarbonization initiatives. The Board of Directors has approved the policy, targets, and incentives. GN's Environmental Policy covers the approach to climate change, including the commitment to reduce greenhouse gas (GHG) emissions in line with scientific consensus. The policy includes expectations for suppliers to provide accurate carbon data and sets out decarbonization levers and criteria for prioritizing initiatives. GN does not consider carbon offsetting as an alternative to carbon reduction and will only engage in certified carbon removal. The policy is approved by the Board of Directors, and Executive Management is accountable for implementation.
Report Date: 4Q2024Relevance: 90%
- Provide a detailed account of the climate change mitigation actions undertaken and planned, categorized by decarbonisation lever, including the incorporation of nature-based solutions, as required under Disclosure Requirement E1-3 concerning actions and resources related to climate change policies.
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Question Id: E1-3_01
GN has a climate transition plan with science-based targets and climate-related incentives for the CEO and CFO. The policy includes expectations for suppliers to provide accurate carbon data. Decarbonization levers include energy efficiency improvements, such as machinery replacement and HVAC system optimization. The policy prohibits carbon offsetting as an alternative to reduction and emphasizes certified renewable energy. Actions include increasing renewable energy consumption, implementing energy efficiency initiatives, and electrifying the fleet. The company plans to meet Scope 1 and 2 targets by focusing on renewable energy and efficiency, and Scope 3 targets by reducing air freight and using recycled materials.
Report Date: 4Q2024Relevance: 85%