Climate Action Policy

Purpose

The Policy is intended to establish a framework for the Company strategy and business model in a manner consistent with our commitment to the fight against climate change.

Climate change is one of the most significant challenges currently facing humanity. Emissions of greenhouse gases, mainly from the use of fossil fuels, and the use of land have accelerated global warming in recent decades, the consequences of which are already visible. At the global level, efforts are aimed at keeping the global temperature increase for the remainder of the century below 2°C compared to pre-industrial levels and to continue efforts to further limit the temperature increase to as close to 1.5°C as possible. These are huge challenges which require immediate action together with consistent long-term action, amended as required to encompass the dynamic nature of climate change. It is a global problem, and we recognise that as an SME our ability to have a major influence in this arena is negligible when compared to the many large corporate institutions. Nonetheless we are committed and determined to do all we possibly can within our sphere of influence.

The Company views environmental performance and the fight against climate change as one of the cornerstones of Governance and Sustainability. This message is constantly imparted to all of our clients, and we commit to providing clients with the strategies, policies, action plans, and monitoring frameworks applicable to their business model, with the aim of ensuring all of our clients contribute in an appropriate, balanced manner to the fight against climate change.

Therefore, the Company undertakes to continue:

  1. To play the most effective role possible in the fight against climate change, directly and through the establishment of partnerships with our suppliers and clients;

  2. Promoting a social culture aimed at raising awareness of the magnitude of this challenge and the benefits associated with successfully responding to it; and

  3. Actively and decisively contributing to a carbon-neutral and sustainable future.

The Group shall also continue monitoring specific initiatives from sources such as the UN in the fight against climate change that allow for detecting and exploiting the opportunities that might arise from a decarbonised and more electrified economy and also increase the ability to adapt, strengthen resiliency and reduce vulnerability to climate change in accordance with the goal established in the Paris Agreement. The Group's commitment to leadership is aligned with the achievement of the objectives of the Paris Agreement and the Sustainable Development Goals (SDGs) approved by the United Nations (especially numbers seven and thirteen).

Our Principles of Conduct

To implement our commitment to climate action, the Company shall incorporate the following actions in all of its activities:

  1. Set and review short-, medium- and long-term emission mitigation targets. Where possible and practical the benchmark will be in line with the Paris Agreement targets and updates deriving from climate change science, with a goal of achieving carbon neutrality by 2045;

  2. Integrate climate change into internal strategic planning and decision-making processes;

  3. Involve all Stakeholders in a regular update of our Climate Action Plan through two-way communication based on the creation of sustainable value for them;

  4. Contribute to raising awareness in society at large about the phenomenon of climate change, its consequences and solutions, as well as the need to act quickly. To that end our Leadership Team are certified by the Carbon Literacy Project, and will utilise the tools they provide as part of our awareness programme;

  5. Promote suppliers' and clients awareness of climate change and encourage them to adopt practices consistent with those of the Company with particular emphasis towards action for reducing their carbon footprint;

  6. Publicly support the main milestones of the global climate agenda;

  7. Implement an appropriate and cost-effective environmental management system which facilitates the evaluation, analysis, management, and reduction of environmental risk

Priority Action Areas

The Company shall promote the following priority lines of action to implement and develop the main principles of conduct set out in this policy:

  1. Formalise and communicate a Climate Action Plan that specifies its commitment to achieve CO2 neutrality by 2045 and the frameworks and methodologies based on available science used to evaluate and report on the implementation of the plan;

  2. Contribute to the support of applicable legal and regulatory initiatives;

  3. Formalise agreements and work plans with clients with an emphasis on the fight against climate change;

  4. Support public policies and strategies that deal in a coordinated and consistent manner with the social problems relating to climate change;

  5. Report the results achieved and/or actions performed by the Company regarding the fight against climate change.