Orano - Annual Activity Report 2024 165 SUSTAINABILITY STATEMENT 4 Environmental information 2024 Proportion of OpEx/Total OpEx Taxonomy-aligned per objective (%) Taxonomy-eligible per objective (%) CCM Climate change mitigation Exemption Exemption CCA Climate change adaptation Exemption Exemption WTR Water and marine resources Exemption Exemption CE Circular economy Exemption Exemption PPC Pollution Prevention and Control Exemption Exemption BIO Biodiversity and ecosystems Exemption Exemption Outlook and voluntary position Orano’s main activities related to the fuel cycle are not mentioned in the framework applicable at December 31, 2024. However, the group’s entire activities, in Mining, Front End and Back End of the cycle, participate in the value chain of nuclear power generation, which is a source of reliable, controllable and decarbonized energy necessary for the energy transition. These activities are therefore essential for the operation of the nuclear sector, itself eligible for the Taxonomy according to the European Union amending delegated act 2022/1214. 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 the production of nuclear energy, Orano considers that the share of its turnover that should be considered eligible and aligned would be 98.5% for the 2024 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. (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 electricity production, 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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