Sustainability Strategy and Governance
The most important sustainability contribution FREYR can make is the reduction of greenhouse gas emissions through the use of our solutions, where we expect to help scale renewable energy in the power delivered to businesses and households.
This is expected to replace some of the power in the grid generated from fossil fuels In addition to contributing to the energy transition , we are also focused on mitigating the impacts of our own business, throughout our value chain, including the carbon emissions created in our value chain
Our sustainability goals and roadmaps
FREYR has a sustainability framework which contains of three elements:
- The impact from our product: Our products are alternatives to fossil-based products, offering significant CO2 abatement potential. Thus, growing our business successfully is a key sustainability goal.
- The impact from our behavior: This is an area where we set targets to reduce the negative environmental and social impact from producing our products. - Strategic partnerships: Emphasizing the importance of our strategic partners to reach our sustainability ambitions.
- Strategic partnerships: Emphasizing the importance of our strategic partners to reach our sustainability ambitions.
The impact of our behaviour
Governance of Sustainability
FREYR’s Board of Directors oversees senior management in the competent and ethical operation of the business both through the action of the Board of Directors as a whole and through specific committees. The Audit and Risk Committee (“ARC”) has the duty and responsibility to support the Board of Directors in its oversight of the Company’s policies and strategies related to ESG matters and review and oversee the preparation of the Company’s reporting on ESG matters. See all Board-approved corporate policies and mandates here.
FREYR’s senior management team is the Executive Sustainability Committee that meets four or more times per year to discuss sustainability strategy, policies and objectives for the business units. The Executive Sustainability Committee is supported by a cross functional and cross-divisional Sustainability Working Group that meets monthly. The Working Group apply knowledge from the various business units and help coordinate the implementation of FREYR’s ESG ambitions on a practical level. Some of the actions taken by the Working Group is workshops in their business units to discuss ESG risks, mitigating actions as well as improvement proposals to the company policies or processes based on experience from the implementation.
Environmental, social and governance risks and opportunities are included in the Enterprise Risk Management process, and regularly overseen by the ARC. See discussion of our corporate risks in our latest 10-K form here.