Sustainability Performance 2020

we operate. This is a dynamic and ongoing challenge with our consumption being dispersed over many different countries and regions, each with their own regulations and conditions on the ground. Our strategy therefore remains to continue explor- ing opportunities in PPAs and onsite installations while pur- chasing quality EACs to maintain carbon neutrality. In 2020, we have started negotiations on various PPAs and continued to identify opportunities to replace EACs in the coming years. Carbon offsets We act responsibly towards the emissions that we cannot reduce by sourcing offsets from carbon reduction projects else- where in the world. Our carbon credit portfolio is geared towards setting up renewable energy projects to increase the proportion of low-carbon energy throughout the world. Being in the wind industry, we deliberately chose a carbon credit portfolio that demonstrates the clear link between carbon reductions and our business. All our projects are verified either by the Verified Carbon Standard or Clean Development Mecha- nism. Our portfolio creates benefits beyond access to renew- able energy access, for instance to support education, health or local community job creation. This year, our remaining emissions were bundled with the ones of other GE Renewable Energy businesses and were balanced through the purchase of carbon credits. The majority of the credits are sourced from wind projects. The remaining consists of carbon reduction projects in solar power, reforestation and clean cookstoves. LM Wind Power and GE Renewable Energy’s 2020 Carbon Neutral Operations status will be certified against the CarbonNeutral Protocol*. The carbon accounting standards which are eligible under The CarbonNeutral Protocol require each project to undergo tests for additionality, which is then checked by an independent third-party auditor during the vali- dation process. By balancing our remaining emissions, we met our carbon neutrality commitment for the third year since 2018. * https://carbonneutral.com/pdfs/The_CarbonNeutral_Protocol_Jan_2021.pdf 24 | LM WIND POWER SUSTAINABILITY PERFORMANCE 2020