Double Materiality Assessment
To identify which sustainability topics that are most relevant to us as a Group, we regularly conduct so called materiality assessments. The outcome is used to:
- Guide our strategic priorities
- Serve as the basis for setting Group targets
- Identify sustainability reporting and disclosure requirements
In 2023, we aligned our methodology with the requirements of the European Union's Corporate Sustainability Reporting Directive (CSRD), and we conducted a Double Materiality Assessment (DMA).
The DMA is essentially a strategic tool for prioritization to address main impacts, risks and opportunities as well as to stay relevant and in line with different stakeholders’ expectations.
Impacts, risks and opportunities
When conducting a DMA, we assess and identify our main impacts, risks and opportunities (IROs) throughout our value chain. We look at what positive and negative impacts we, as a Group, have on the planet and society. We also look at how the planet and society affect us in terms of financial risks and opportunities.
Basis for our Group targets
The outcome of the DMA has guided us in what targets to set for the strategy period 2025-2027 including our long-term commitments for 2030. The DMA results also define the scope of our sustainability reporting and disclosure. We review the DMA results on an annual basis and make updates when needed.
Our Double Materiality Assessment results 2024
Environment
- Climate change mitigation
- Energy
- Resource inflows, including resource use
- Resource outflows related to products and services
- Waste
Social
- Working conditions
- Equal treatment and opportunities for all
- Working conditions
- Equal treatment and opportunities for all
- Other work-related rights
- Personal safety of consumers and/or end-users
Governance
- Corporate culture
- Management of relationships with suppliers
- Corruption and bribery
Stakeholder consultation
The so called ‘materiality assessment’ for the strategy period 2022-2024 was done in 2021. It gathered insights from external and internal stakeholders to identify key strategic areas. We consulted stakeholders, including customers, employees, investors, NGOs, peers, and board members, through in-depth interviews and surveys. This process evaluated the importance of topics like our carbon footprint, gender balance, and safety and well-being.
Analysis and results
Third-party experts analyzed the input to create a materiality matrix, highlighting the significance of each topic to our success and impact. The below assessment is what guided the 2022-2024 strategy period and strategic targets.
