For any investment in a solar park/project location, the sustainability is assessed in relation to three factores:
- Significant contribution to at least one environmental goal
- No significant negative impact on other environmental goals
- Comply with guidelines for socially responsible corporate conduct
Nordic Solar only invests in solar parks (economic activity), which is the Eu’s Taxonomy for environmentally sustainable investments. Investments in solar parks are considered as contributing significantly to counteracting climate change, as they are renewable energy solutions.
In connection with applications for the construction of new solar parks/investments in existing solar parks, due diligence assessments are carried out regarding sustainability. Sustainability due diligence includes, among other things:
- Screening for the authority’s requirement of EIA (Environmental Impact Assessment)
- Placement in or near environmentally sensitive/protected areas
- Distance to sensitive land use
- Possible negative impact on local stakeholders
In the situations where the authorities demand an EIA statement, it is ensured that it is prepared by a third party, in possession of the right skills and resources. If there is no requirement for a separate EIA statement, then the project is considered not to give rise to a significant negative impact on other environmental goals (it is hereby recognized that there may be a negative impact on other environmental conditions, but not of any significant nature) and is handled via the applicable environmental legislation.
The aim is for all solar parks to be assessed in terms of biodiversity and for a plan to be prepared for how the specific project location can contribute positively to the development of biodiversity in the local area.
We aim for a proactive dialogue with local the stakeholders who are experiencing a positive or negative impact from the specific solar park. This is done through a systematic mapping of, and dialogue with the stakeholders, to ensure that our projects are experienced as good neighbors and as far as possible, integrated into the local community. Due diligence for sustainability is carried out by a third party. The purpose of sustainability due diligence is to identify possible risks of significant negative impact on environmental and social conditions.
In situations where the location of the investment is in a non-EU country, the International Finance Corporation (IFC) standards for environmental and social sustainability (IFC Performance Standards) will be used as a benchmark for assessing sustainability. All investments are submitted for approval, including a description of any sustainability-related risks and how these risks will be handled. All approved investments are planned and built in accordance with current EU legal requirements regarding the environment, working environment, and labor law conditions.
Contractors and suppliers of main deliveries of components for solar parks are selected based on a screening, where sustainability is one of several parameters, so that it is ensured that current and relevant EU legal requirements are met.
Nordic Solar has a special focus on matters related to human rights in terms of manufacture of solar panels. In addition to an ongoing dialogue with main suppliers, Nordic Solar actively works via Danish and European industry organizations, to ensure increased influence.