Sustainability

Integrated in investment decisions

Sustainability is an integrated part of Hydro Rein's investments decisions and operations. Supported by UN Sustainable Development Goals and a materiality-based strategy, we are developing our projects through thorough environmental and social due diligence, within robust corporate governance frameworks and business conduct.

Hydro Rein is focused on three core pillars in our sustainability approach: 1 society, 2 environment, and 3 climate. For each of these pillars, we have specific ambitions on local communities, our people, responsible supply chain, biodiversity, greenhouse gas reductions and greenhouse gas footprint.

In society, Hydro Rein aims to make a positive difference in local communities and for the people. Firstly, we are committed to creating a positive social impact through the development of projects in consultation with local communities. For our employees, we aim to ensure a safe, diverse, and inclusive workspace, which includes specific targets such as maintaining gender balance within the direct workforce (including in leadership positions) and ensuring no fatality or life changing injuries.

For the environment, we aim to reduce our overall footprint. Our focus is on protecting, restoring, and promoting sustainable use of the ecosystem and halting biodiversity loss. We also work on ensuring transparency and promoting sustainability in the value chain. To halt biodiversity loss, Hydro Rein is committed to impose action plans to mitigate adverse impact in all our projects. The goal is no net loss for natural habitats and net gain for critical habitats.

Related to climate, Hydro Rein is committed to reducing greenhouse gas emissions through our strategic ambition of decarbonizing industrials through the development and provision of renewable energy. As part of that, Hydro Rein has an ambition to have 3 GW gross renewable capacity under construction or operation by 2026, and to identify and reduce our own GHG emissions. which includes systematic engagement with key suppliers to reduce supply chain emissions and promote circularity.

Biodiversity prioritized from screening

To meet Hydro Reins ambitious biodiversity targets, we apply the biodiversity mitigation hierarchy with avoidance as a fundamental principle from the very beginning including screening of potential sites, through development, construction, operation, and decommissioning.

We work with our project partners and qualified specialists to perform thorough nature investigations as part of permitting, in addition to investigations performed to meet our own nature targets, such as Collision Risk Modelling, Critical Habitat and Ecosystem Services Assessments and to define our project specific biodiversity strategies.

Respecting and promoting human rights

As a global renewable energy company, we must consider our impact on society and human rights. We have a responsibility to respect human rights throughout our value chain, through construction to closure of sites, in own operations, in local communities, in the supply chain and downstream in our value chain. Addressing any adverse impact on human rights along our value chain is central to achieving our ambition.

Our approach is based on key frameworks that define human rights principles for business, including the UN Guiding Principles on Business and Human Rights and the OECD Due Diligence Guidelines for Responsible Business Conduct. Our statement with respect to the Norwegian Transparency Act is published in Norsk Hydro ASA's annual report, commencing at page 120 "Modern Slavery Statement and statement under the Norwegian Transparency Act" and is available at Hydro.com: Hydro Annual Report 2023.

If you have questions on how Hydro Rein is managing actual or potential human rights impacts across its organization and supply chain, please contact us: rein@hydro.com

Recognizing and respecting indigenous people

As part of our commitment towards society and local communities, Hydro Rein respects the rights of indigenous people and traditional communities and acts in alignment with the UN Declaration on the Rights of Indigenous Peoples as well as the ILO Convention 169 in engagement with indigenous people and traditional communities.

We recognize their rights to self-determination, to lands which they traditionally occupy, to their customs, traditions, and institutions, and to free, prior, and informed consent.

Ensuring robust governance and business conduct

In Hydro Rein, we are committed to strong governance through robust frameworks for transparency, accountability, and the promotion of ethical business conduct within our organization, our supply chain, and joint ventures to mitigate legal and reputational risks and ensure stakeholder trust.

Our Code of Conduct is built on our company values and provides the framework for what we consider responsible business conduct. Hydro Rein's Code of Conduct creates the foundation that supports our efforts to do the right things and to always act with integrity throughout our global organization wherever we operate and conduct business on behalf of Hydro Rein.