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Climate Change Policy
Purpose:
To establish Cramlington Precision Forge Ltd. (CPFL)’s commitments and guidelines for addressing climate change and promoting environmental stewardship within its operations.
Scope:
This policy applies exclusively to CPFL's operations and does not extend to any subsidiaries or affiliated entities. It is designed to guide CPFL in integrating climate considerations into its business strategy, ensuring compliance with relevant regulations and international commitments, and contributing to the global effort to mitigate climate change.
References:
Code of Ethical Conduct
Risk Management Policy
Sustainability Policy
Human Rights Policy
Context:
As a key player in the precision forging and manufacturing sectors, CPFL acknowledges its role in economic development and industrial innovation. However, the nature of these industries also contributes to greenhouse gas (GHG) emissions, particularly through energy-intensive processes. In response to global climate change challenges and evolving societal expectations, CPFL is committed to reducing its environmental footprint.
CPFL recognizes climate change as one of the most significant challenges of our time. In alignment with the Paris Agreement’s goal of limiting global temperature increases to 2°C, CPFL has adopted a comprehensive net-zero carbon strategy. This includes a commitment to achieving carbon neutrality in its operations by 2050.
Strategic Guidelines:
In pursuit of CPFL's sustainability targets, the following strategic guidelines have been established to achieve net-zero carbon emissions:
GHG Emission Reduction:
Commit to absolute reductions in GHG emissions (Scope 1 and Scope 2) in line with the Paris Agreement, and actively work towards reducing value-chain emissions (Scope 3).
Protection and Reforestation:
Act as a proactive force in protecting and preserving natural ecosystems, integrating reforestation and conservation efforts into business practices.
Renewable Energy:
Expand the utilization of renewable energy sources within CPFL's operations to reduce reliance on fossil fuels and transition towards a more sustainable energy matrix.
Energy Efficiency:
Foster innovation and implement energy-efficient practices and technologies across all operations to minimize environmental impact.
Portfolio Alignment:
Align CPFL’s business portfolio with the global shift towards a low-carbon economy, ensuring sustainability and resilience in all business ventures.
Principles and Commitments:
To uphold these strategic guidelines, CPFL will adhere to the following principles and commitments:
Principle 1: Map Opportunities and Risks Related to Climate Change
Evaluate CPFL’s strategy against various climate-related scenarios, guided by the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.
Quantify and manage potential physical risks associated with climate change.
Assess risks to human health and societal impacts due to climate change.
Integrate internal carbon pricing into cost analyses and investment decision-making processes.
Principle 2: Implement Initiatives to Reduce and Neutralize Emissions
To establish Cramlington Precision Forge Ltd. (CPFL)’s commitments and guidelines for addressing climate change and promoting environmental stewardship within its operations.
Scope:
This policy applies exclusively to CPFL's operations and does not extend to any subsidiaries or affiliated entities. It is designed to guide CPFL in integrating climate considerations into its business strategy, ensuring compliance with relevant regulations and international commitments, and contributing to the global effort to mitigate climate change.
References:
Code of Ethical Conduct
Risk Management Policy
Sustainability Policy
Human Rights Policy
Context:
As a key player in the precision forging and manufacturing sectors, CPFL acknowledges its role in economic development and industrial innovation. However, the nature of these industries also contributes to greenhouse gas (GHG) emissions, particularly through energy-intensive processes. In response to global climate change challenges and evolving societal expectations, CPFL is committed to reducing its environmental footprint.
CPFL recognizes climate change as one of the most significant challenges of our time. In alignment with the Paris Agreement’s goal of limiting global temperature increases to 2°C, CPFL has adopted a comprehensive net-zero carbon strategy. This includes a commitment to achieving carbon neutrality in its operations by 2050.
Strategic Guidelines:
In pursuit of CPFL's sustainability targets, the following strategic guidelines have been established to achieve net-zero carbon emissions:
GHG Emission Reduction:
Commit to absolute reductions in GHG emissions (Scope 1 and Scope 2) in line with the Paris Agreement, and actively work towards reducing value-chain emissions (Scope 3).
Protection and Reforestation:
Act as a proactive force in protecting and preserving natural ecosystems, integrating reforestation and conservation efforts into business practices.
Renewable Energy:
Expand the utilization of renewable energy sources within CPFL's operations to reduce reliance on fossil fuels and transition towards a more sustainable energy matrix.
Energy Efficiency:
Foster innovation and implement energy-efficient practices and technologies across all operations to minimize environmental impact.
Portfolio Alignment:
Align CPFL’s business portfolio with the global shift towards a low-carbon economy, ensuring sustainability and resilience in all business ventures.
Principles and Commitments:
To uphold these strategic guidelines, CPFL will adhere to the following principles and commitments:
Principle 1: Map Opportunities and Risks Related to Climate Change
Evaluate CPFL’s strategy against various climate-related scenarios, guided by the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.
Quantify and manage potential physical risks associated with climate change.
Assess risks to human health and societal impacts due to climate change.
Integrate internal carbon pricing into cost analyses and investment decision-making processes.
Principle 2: Implement Initiatives to Reduce and Neutralize Emissions
Prioritize cost-effective initiatives to reduce emissions, utilizing tools like the Marginal Abatement Cost Curve (MACC).
Promote electrification and reduce fossil fuel consumption in CPFL’s operations.
Implement an Energy Efficiency Program across all CPFL units, incorporating energy efficiency metrics into daily operations.
Strive for energy self-sufficiency by increasing reliance on renewable sources.
Protect and restore natural ecosystems, supporting CPFL's environmental targets.
Engage with customers and suppliers to reduce emissions throughout the value chain.
Principle 3: Engage and Partner for Carbon-Neutral Solutions
Define and promote CPFL’s goals related to Scope 3 emissions, ensuring alignment with global sustainability trends.
Establish partnerships aimed at decarbonizing the industrial and manufacturing sectors, collaborating with like-minded entities to achieve shared environmental goals.
Principle 4: Monitor, Evaluate, and Report on Climate Change Strategy
Establish and monitor metrics to track the performance of CPFL’s climate strategy, incorporating these into performance reviews.
Regularly report on the progress of climate initiatives to stakeholders.
Annually disclose CPFL’s greenhouse gas emissions inventory to maintain transparency and accountability.
Encourage the identification and dissemination of projects that contribute to CPFL’s net-zero emissions targets through internal programs and initiatives.
CPFL’s Carbon Neutral Governance:
To ensure the successful implementation of CPFL’s Carbon Neutral strategy, a Low Carbon Forum will be established. This forum, coordinated by the Executive Director of Sustainability, will involve key business units and maintain alignment between CPFL’s technical teams and leadership. The forum will convene regularly to validate action plans and monitor progress toward climate-related targets.
As part of CPFL’s governance framework, the outcomes of this forum will be periodically reported to the Sustainability Committee and the Board of Directors to ensure continued alignment with the company’s sustainability goals.
General Provisions:
This Policy will be reviewed periodically, at least once every three years, or as necessary to maintain its relevance and effectiveness in response to emerging trends and regulations.
This adaptation of the Climate Change Policy reflects CPFL's commitment to environmental stewardship, aligning with global efforts to mitigate climate change while maintaining operational integrity and competitiveness.
This policy is crafted specifically for CPFL, excluding any reference to subsidiaries or affiliated entities, and tailored to ensure that the company maintains its commitment to sustainability and climate responsibility.
