IFRS S2 disclosuresDisclosure is limited to IFRS S2 requirements. For the remaining elements, the Company continues to improve its governance, accounting, and reporting frameworks to support future disclosure.
| Section | Disclosure | Page |
|---|---|---|
| Governance Controls and procedures the entity uses to monitor and manage climate‑related risks and opportunities | 6 (а): Indicate the governance body (individual) responsible for oversight of climate‑related risk and opportunity management | Climate change governance at the end of 2024 |
| (i) How responsibilities for climate‑related risks and opportunities are reflected in the mandates, role descriptions, and other related policies applicable to that body | Climate Change Policy, Nornickel’s climate change strategy and goals | |
| (iii) How and how often the body is informed about climate‑related risks and opportunities | Climate change governance at the end of 2024 | |
| (v) How the body oversees the setting of targets related to climate‑related risks and opportunities, and monitors progress towards those targets, including whether and how related performance metrics are included in remuneration policies | Nornickel’s climate change strategy and goals | |
| 6 (b): Describe the role of executive management in the processes and procedures for the management and oversight of climate‑related risks and opportunities | Climate change governance at the end of 2024 | |
| (i) Whether the role is delegated to a specific officer or collegial governance body (committee) and how oversight is exercised over that officer or body | Climate change governance at the end of 2024 | |
| Strategy The approach the entity uses to manage climate‑related risks and opportunities | 10 (a): Describe climate‑related risks and opportunities that could reasonably be expected to affect the entity’s prospects | Climate‑related risks and opportunities, Transition risks and opportunities |
| 10 (b): Explain, for each climate‑related risk the entity has identified, whether the entity considers the risk to be a climate‑related physical risk or climate‑related transition risk | Climate‑related risks and opportunities, Transition risks and opportunities | |
| 10 (c): Specify, for each climate‑related risk and opportunity the entity has identified, over which time horizons (short, medium, or long term) the effects of each climate‑related risk and opportunity could reasonably be expected to occur | The Company assesses physical risks in a short‑term horizon up to 2028. For market risks, a general assessment has been completed for the horizons up to 2050 | |
| 13 (a): Describe the current and expected impact of climate‑related risks and opportunities on the entity’s business model and value chain | Sustainability assessment of Nornickel’s product portfolio | |
| 13 (b): Indicate which parts of the entity’s business model / value chain are characterised by climate‑related risks and opportunities | Physical risks, Sustainability assessment of Nornickel’s product portfolio | |
| 14 (a): Explain how the entity plans to achieve any climate‑related targets it has set and any targets it is required to meet by law or regulation | Nornickel’s climate change strategy and goals | |
| (ii) Current and anticipated direct mitigation and adaptation efforts | Climate change adaptation plan | |
| (v) How the entity plans to achieve any climate‑related targets, including any greenhouse gas emissions targets | Nornickel’s Key Focus Areas of Carbon Neutrality, Decarbonisation projects, Energy efficiency | |
| 14 (b): Information about how the entity is resourcing, and plans to resource, the activities disclosed in accordance with paragraph 14(a) | The Environmental and Climate Change Strategy allocates a budget for climate‑related activities Nornickel’s approach to climate change, Energy efficiency, Internal carbon price | |
| 14 (c): Provide quantitative and qualitative information about the progress of plans disclosed in previous reporting periods | Nornickel’s climate change adaptation efforts, Scope 1 and 2 GHG emissions 1 и 2, Disclosure of quantitative indicators | |
| 22 (a): Disclose information about the entity’s assessment of the climate resilience of its strategy and business model as at the reporting date | Sustainability assessment of Nornickel’s product portfolio | |
| 22 (b): Indicate how and when the climate‑related scenario analysis was carried out | Transition risks and opportunities | |
| Risk management Processes the entity uses to identify, assess, prioritise, and monitor climate‑related risks and opportunities | 25 (a): Describe the process of identifying, assessing, and prioritising climate‑related risks | Climate‑related risks and opportunities |
| (ii) Whether and how the entity uses climate‑related scenario analysis to identify climate‑related risks | Climate‑related risks and opportunities | |
| (v) How the entity monitors climate‑related risks | Physical risks, Nornickel’s climate change adaptation efforts, Partnerships and stakeholder engagement | |
| (vi) Whether and how the entity has changed the processes it uses compared with the previous reporting period | Approaches to risk identification and assessment have not changed compared to the data in the previous Climate Change Report | |
| 25 (b): Describe the processes the entity uses to identify, assess, prioritise, and monitor climate‑related opportunities, including whether the entity uses climate‑related scenario analysis to identify climate‑related opportunities | Sustainability assessment of Nornickel’s product portfolio | |
| Metrics and targets The entity’s performance in relation to sustainability/climate‑related risks and opportunities, including progress towards the objectives set by the entity or required by law or regulation | 29 (а): Disclose Scope 1, 2, and 3 greenhouse gas emissions and approaches to measurement methodology | Environmental and Climate Change Strategy, Scope 1 and 2 GHG emissions |
| 29 (e): Disclose the amount of capital expenditures, investments, and other types of financing allocated to projects associated with climate‑related risks and opportunities | Environmental and Climate Change Strategy | |
| 29 (f): Disclose information on the entity’s application of an internal carbon price mechanism | Internal carbon price | |
| 29 (g) (i): Provide a description of whether and how climate‑related considerations are factored into executive remuneration | In 2024, no relevant KPIs were set for the Company’s executives. Climate‑related metrics were part of the annual team KPIs in 2023. For more details, please see p. 59 of the Nornickel Group’s 2023 Sustainability Report | |
| 33: Disclose the quantitative and/or qualitative climate‑related goals and targets that the entity has set to monitor progress towards achieving its strategic goals, as well as the targets it is required to meet by law or regulation (including greenhouse gas emissions targets), including: | Environmental and Climate Change Strategy | |
| 33 (а): the metric used to set the target | Environmental and Climate Change Strategy | |
| 33 (d): the period over which the target applies | Environmental and Climate Change Strategy | |
| 33 (g): if the target is quantitative, whether it is an absolute target or an intensity target | Environmental and Climate Change Strategy | |
| Applicable metrics from SASB Metals & Mining Sustainability Accounting Standard as specified in the Industry‑Based Guidance on Implementing IFRS S2 Climate‑Related Disclosures: EM‑MM‑110a.1, EM‑MM‑110a.2, EM‑MM‑130a.1, EM‑MM‑140a.1, EM‑MM‑140a.2, EM‑MM‑000.A, and EM‑MM‑000.B | Disclosed in the SASB Metals & Mining Content Index appendix to the Nornickel Group’s 2024 Sustainability Report |