Vice president’s statement

Dear colleagues,

I am pleased to present Nornickel’s second Climate Change Report, covering the year 2024, in which we detail the results of our efforts to address climate change.

The climate agenda remains a key element of Nornickel’s development strategy. On the one hand, our assets are concentrated in the Arctic zone, where monitoring climate‑related risks is of particular importance. On the other hand, We see strong market potential for our metals, driven by transport electrification, growth in renewables, and the advancement of hydrogen technologies.

We remain committed to reducing our own climate impact. In the reporting year, despite a slight increase in production, we managed to keep gross greenhouse gas emissions at 7.5Including a GHG emissions provision for the Sulphur Project at Nadezhda Metallurgical Plant and excluding GHG emissions generated from heat and electricity supplies to the public. mln t – one of the lowest levels among major metals companies. In 2024, renewable electricity accounted for 54% of total consumption across the Group. Spending on our energy efficiency programme and other climate‑related initiatives totalled RUB 4.8 billion.

In addition to the geotechnical monitoring system deployed at the Norilsk site, last year we partnered with Fedorovsky Polar State University to develop a background monitoring system for permafrost soils. Background monitoring will enable us, over time, to better assess trends in permafrost degradation outside urban areas – where a significant portion of our linear infrastructure is located. In addition, in 2024, we also collaborated with the Institute for Economic Forecasting of the Russian Academy of Sciences to update our proprietary scenarios for global economic and climate development. Based on these scenarios, we revised our forecasts for demand and prices for our metals. Our analysis has shown that under any scenario – whether one of accelerated decarbonisation or of a global retreat from such efforts – our basket of metals ensures the long‑term resilience of our financial position.

I would like to thank Nornickel employees and partners involved in our joint climate‑related efforts for their valuable contributions, and I trust that this active cooperation will continue into the future.

With best regards,
Stanislav Seleznev,
Vice President for Ecology and Industrial Safety at MMC Norilsk Nickel