OX2

Review summary

OX2 submitted a biodiversity strategy , their 2022 Annual and Sustainability Report and their 2023 Annual and Sustainability Report to the It’s Now for Nature campaign and met all the review criteria to be part of the campaign. They also shared sustainability case studies.

OX2 conducted a materiality assessment and evaluated their impacts across the value chain both upstream and downstream and direct operations for all IPBES drivers of nature loss. OX2’s highest impacts are from mining in their supply chain (upstream).
OX2’s very high impacts are terrestrial ecosystems, water, and GHG emissions; and high impacts are freshwater and marine ecosystems, non-GHG air pollution, water and soil pollution, solid waste and disturbances caused by invasive species.

OX2 has developed an overall objective to develop nature-positive solar and wind farms by 2030. OX2’s biodiversity strategy also provides details on the scope of the targets it has put in place to meet this objective and includes different milestones for 2021, 2024, 2028 and 2030.
The scope of OX2’s targets is based on their materiality assessment, where the significance of impacts associated with solar and wind farms are assessed, as well as how they can influence their impact.
OX2 developed three goals to help them reach their target:
1. Follow the mitigation hierarchy
2. Create awareness, credibility and transparency
3. Collaborate for knowledge and action

OX2’s concrete actions are linked to their goals and objective to develop nature-positive solar and wind farms by 2030.
For example, OX2 has demonstrated their actions on:
- GHG emissions: OX2 helps reduce fossil energy use by realizing renewable energy on a large scale. This also fosters technological development with increasingly greater efficiency and ever-lower costs
- Terrestrial ecosystems: Möckelö energy park, a pilot project is underway where OX2 is testing measures to strengthen the area’s natural ecosystems and biodiversity.
- Wetlands and marine ecosystem: OX2’s construction of wind farms in Sweden has taken the initiative to re-establish freshwater biodiversity and has signaled intent for large-scale cultivation of seaweed on the coast of Sweden.

The Board of Directors has overall sustainability responsibility, which includes biodiversity.
OX2’s Board of Directors approves their sustainability approach and targets through the approval of their Annual and Sustainability Report, Sustainability Policy, and other related documents.
Operational sustainability responsibility is delegated to the CEO, who has appointed the Chief Communication, Sustainability and People Officer (CCSPO) to lead the Sustainability team.