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Sustainability

Magnora accelerates the shift to greener and more available energy through developing high quality and profitable projects within wind, solar and energy storage. Every successful project provides clean, renewable energy to thousands of households.

Magnora supports the UN Sustainable Development Goals (SDGs) and has identified three goals where we contribute:

SDG 7. Ensure access to affordable, reliable, sustainable and modern energy for all. Solutions for generating more electricity is viewed as important for developing better living conditions and better opportunities for a large group of people. Magnora contributes through developing clean energy projects increasing power production, thus lowering the price and improving affordability.

SDG 9. Build resilient infrastructure, promote inclusive and sustainable industrialisation, and foster innovation. Developing new infrastructure for the production of renewable energy helps industry become more sustainable. Magnora’s projects are often located close to consumers and critical parts of the transmission grid, improving security of supply. Especially battery energy storage systems can improve grid utilisation and prevent grid overload.

SDG 13. Take urgent action to combat climate change and its impacts. By investing in and developing renewable-energy solutions that support the reduction of global emissions, Magnora makes a positive contribution to combat climate change. Magnora shares the sense of urgency and emphasises fast execution and progress in its projects.

Magnora has a sustainable purpose and business model, addressing the climate challenge and being a part of the solution. The company also emphasises how to operate sustainably and contribute effectively where the Group has or should have an impact. This involves the Board of Directors, the Senior Management and the organisation, the main stakeholder groups and the selection of main sustainability matters with respective goals, efforts, policies and activities.

Magnora has the following policy documents that support quality and compliance as well as reduce risk:

  • Code of Conduct
  • Corporate Governance document
  • Anti-corruption policy
  • Equality & Diversity policy
  • Health, Safety, Security and Environment policy
  • Human Rights policy
  • Remuneration policy for Senior Management
  • Compliance with Transparency Act
  • Modern Slavery statement
  • Due Diligence guidelines

The documents are found in the Corporate Governance section of this website.

Double materiality assessment
Comments on key sustainability matters
  • Climate change action is key driver for Magnora’s growth – fuelling the demand for solar, wind and battery projects
  • Magnora’s purpose is to accelerate the transition into more green and available energy – and successful projects will be sustainable and profitable
  • High attention on compliance in various jurisdictions and partnerships, although Magnora is not a large purchaser as it does not manage e.g. construction projects
  • As Magnora does not itself build and own power production, material physical effects are planned for in the projects rather than dealt with as an asset owner
  • Close dialogue with stakeholders in affected communities is important in the cases where projects have significant negative/positive effects
  • High attention on HSSE and own-workforce development, being a people business where every single employee makes a difference

Based on the assessment, the company has particular attention on the material topics Climate change; Business conduct; Affected communities; Own workforce. For each topic, Magnora’s annual report describes relevant impacts, opportunities, risks, goals and activities.

Further details on how Magnora follows up sustainability can be found in our annual report.