Orano - Annual Activity Report 2025 170 4 SUSTAINABILITY STATEMENT Environmental information The group believes that its nuclear cycle activities could be considered enabling by nature, despite their explicit absence in the taxonomy. This voluntary position is also based on: ● the scientific assessment published on July 2, 2021, by the groups of experts appointed by the European Commission to review the positive conclusions of the Joint Research Center (JRC) on the environmental impact of nuclear energy (1); ● the IPCC (2) which includes the share of nuclear in the trajectories based on the target of 1.5 °C; ● the International Energy Agency (3), which cites nuclear energy (where applicable) among the low-carbon power generation methods used in their scenarios to limit global warming; ● the amending Delegated Regulation (EU) 2022/1214 of March 9, 2022, on fossil gas and nuclear activities; and finally ● the recognition by the Member States and the European Parliament in February 2024 of the “strategic” nature of the projects relating to nuclear energy to decarbonize the EU, integrated into a single list of “net-zero” technologies, which will benefit from the provisions of Net Zero Industry Act (NZIA). Unlike the taxonomy, this recognition also covers the fuel cycle, and thus the activities of Orano. On this basis and excluding the medical and engineering activities, which are not related to nuclear power generation, Orano considers that the share of its turnover that should be considered eligible and aligned would be 98% for the 2025 financial year. The indicators relating to the CapEx and OpEx ratios, calculated according to this voluntary position, would also be much higher than those presented above. 4.2.2 Limiting our footprint on freshwater [E3] 4.2.2.1 IRO related to water resources For its materiality analysis and the identification of Impacts, Risks and Opportunities (IRO), Orano relied on its existing mapping (risks, vigilance), the knowledge of its experts and existing studies (impact studies, specific studies, etc.) as well as interviews with 150 stakeholders, as described in Section 4.1.5.2 Double materiality analysis methodology. For the water sub-topic, the group relied on impact studies, including a water component carried out at the front end of new significant industrial operations in France and internationally. In France, the environmental authorization process provides for public consultation. Orano supplements these analyses with the “Aqueduct Water Risk Atlas” tool developed by the World Resources Institute (WRI) to assess water risk. Although it operates a desalination plant in Namibia and has authorization to discharge waste into the sea at certain facilities, the materiality analysis does not identify the seawater and marine resources topic as material (see Section 4.1.5.4 Information on non-material topics). (1) In order to determine whether the production of nuclear energy complies with the ‘Do No Significant Harm to environmental objectives’ criterion set out in the EU Taxonomy Regulation (2020/852), the JRC report stated that the center had not found “any science-based evidence that nuclear energy does more harm to human health or to the environment than other power generation technologies already included in the Taxonomy.” (2) “In power generation, the shares of nuclear and fossil fuels with carbon dioxide capture and storage (CCS) are modelled to increase in most 1.5 °C pathways with no or limited overshoot.” SR15 C.2.2. (3) “A massive additional push for clean electrification that requires a doubling of solar PV and wind deployment relative to the APS; a major expansion of other low-emissions generation, including the use of nuclear power where acceptable.” Executive summary 2021 IEA report.
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