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Annual and Sustainability Report 2020

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Annual and Sustainability Report 2020 Annual and Sustainability Report 2020 Climate progress. It's happening. Contents Overview Financial information This is Vattenfall ...........................................................................4 Financial performance ............................................................. 91 CEO’s message ............................................................................6 Consolidated accounts ...........................................................98 Important events ...................................................................... 12 Notes to the consolidated accounts ................................. 104 Parent Company accounts .................................................. 136 Strategic direction Notes to the Parent Company accounts .......................... 139 Auditor’s Report ..................................................................... 151 Business model ......................................................................... 14 Our beliefs about the future ....................................................18 Strategy ......................................................................................20 Sustainability notes Targets and target achievement ........................................... 24 Total value creation ............................................................... 156 Materiality analysis ................................................................ 156 Investments Stakeholders .......................................................................... 157 Environmental governance ................................................. 159 Green bond investor report ....................................................27 Reduce climate impact ......................................................... 160 Investment plan ........................................................................28 Protect nature and biodiversity .......................................... 160 Ensure sustainable use of resources ................................ 162 Political and competitive environment Employee health and well-being ........................................ 164 Markets and regulations .........................................................30 Human rights .......................................................................... 166 Competitive landscape ...........................................................33 Sustainable supply chain ..................................................... 167 Integrity .................................................................................... 169 Operating segments Taxes ..........................................................................................170 Operating segment overview ................................................38 GRI Index and supplementary disclosures. ......................171 Operating segments ................................................................40 Vattenfall's application of the TCFD core recommendations ................................................................. 175 Our people Combined Assurance Report ..............................................176 Auditor’s review of green bond ........................................... 177 Our people ..................................................................................62 Risks and risk management More on Vattenfall Five-year overview, sustainability data ............................. 178 Risks and risk management ...................................................64 Quarterly overview ................................................................ 180 Ten-year overview ................................................................. 181 Corporate governance Definitions and calculations of key ratios ......................... 182 Corporate Governance Report .............................................. 74 Facts about Vattenfall’s markets ........................................ 184 Board of Directors .....................................................................84 Glossary ................................................................................... 187 Executive Group Management ..............................................86 Contacts and financial calendar ......................................... 189 AGM proposal ............................................................................88 Administration report and financial statements Statutory sustainability report About the report The 2020 Annual and Sustainability Report for Vattenfall AB (publ) is submitted by the reporting and is inspired by the Integrated Reporting Framework with the ambition Board of Directors and describes the company’s overall targets and strategy as well as that the report will reflect how sustainability is embedded in the overall strategy as well the year’s results. The administration report and accounts are found on pages 4–9, as in the daily work. Vattenfall uses the Annual and Sustainability Report as its 12–13, 64–150 and are assured by our auditors. Pages 14–15, 25–26, 65–69, 79–81, ànd Communication on Progress for the UN Global Compact (UNGC). 156–171 include Vattenfall’s statutory sustainability report according to the Swedish Annual Accounts Act. Vattenfall has been reporting in accordance with the Global Further information about Vattenfall’s operations and sustainability work can be found Reporting Initiative’s (GRI) Guidelines annually since 2003 and for 2019 has applied at: vattenfall.com/sustainability. the GRI Standards, “Core” option. Vattenfall uses the GRI framework as a basis for VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2020 Humanity faces a huge climate challenge that defines our work at Vattenfall. We recognise that we play a leading role in tackling this challenge and are committed to a clear goal – to enable fossil-free living within one generation. To make it happen we will: Phase out remaining fossil-based production according to our clear roadmap Invest heavily in renewable energy as well as develop new technology to aid the energy transition Collaborate with our partners to phase out fossil fuels in sectors like industry and transport by using fossil-free electricity. We recognise that we are just one player among many and openly invite everyone to join us on the journey towards fossil-free living. VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2020 1 Positive progress for the climate is happening It’s happening on land and at sea It’s happening in your neighbourhood We live in a time of change. Driven by this need to tackle climate Heating up your home fossil free is now a reality. In Berlin, for change, the market for renewable energy generation continues to instance, Vattenfall has connected Europe’s largest power-to- grow. For instance, wind power now accounts for 14% of Europe’s heat facility to the district heating grid at its Reuter West power electricity generation. The energy industry is approaching a tip- plant, allowing it to produce and store heat generated from ping point. Today, wind and solar power are the cheapest forms excess electricity from renewable energy sources. This enables of electricity generation, and wind power has become one of the fossil-free heating for up to 360,000 homes in Berlin. most important energy sources for driving decarbonisation. Dur- ing 2020 Vattenfall commissioned 334 MW of renewable energy generation, and over 3 000 MW is under construction. Milestones 2023 → 2024 → 2025 → We provide electric charging for 750 MW of additional, flexible We reduce CO2 intensity 1 billion fossil-free kilometres hydro capacity enables more by >40% from 2017. annually. renewable generation. We generate fossil-free electricity to power 30 million homes. We provide 7 TWh of renewable energy through corporate PPAs. 2 VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2020 It’s happening at completely new places It’s happening while you do what you love At Vattenfall we are committed to electrifying society as a way to Coking coal has been an essential component in steel produc- help turn the tide on climate change. Part of this entails speeding tion for more than a thousand years. A collaboration between up the transition to electric vehicles. Together with our partners steel producer SSAB, mining company LKAB and Vattenfall has we have built one of northern Europe’s largest networks of EV now led to a joint venture: HYBRIT. The goal is to produce fossil- charging stations: InCharge. Today InCharge is established in free steel in 2026. A pilot plant was inaugurated in August where Sweden, Germany and the Netherlands and further markets will tests will be conducted on using fossil-free hydrogen gas in the soon be added. direct reduction of iron ore. If implemented at full scale, HYBRIT has the potential to reduce Sweden’s C02 emissions by 10% and Finland’s by 7%. 2026 → 2030 → 2035 → Our HYBRIT partnership We reduce CO2 intensity We are not done, more produces fossil-free steel. by nearly 70% from 2017. to come … We have completely phased out coal. We operate a bio-carbon capture and storage (bio-CCS) plant. VATTENFALL ANNUAL AND SUSTAINABILITY REPORT 2020 3 This is Vattenfall We are one of Europe’s largest producers and retailers of electricity and heat. Vattenfall’s main markets are Sweden, Germany, the Netherlands, Denmark and the UK. The Group has approximately 20,000 employees. The Parent Company Vattenfall AB is 100%-owned by the Swedish state, and its headquarters are in Solna, Sweden. Heat 1.8 "Collaborating with customers strengthens Grid 3.3 Electricity 14 6.8 million
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