Sustainability Report

Our emissions data is compiled annually using verified internal records.

Scope 1 includes fuel use from fleet and on-site operations; Scope 2 reflects electricity consumption reported on a location-based basis, with market-based adjustments where REGOs are held. Scope 3 is being developed through Gemisoft Green, our internal tool calculating emissions from waste freighting on a project-by-project basis.

The most emission-intensive process was loading and unloading, responsible for around 56% of Scope 1 emissions, followed by sorting (22%) and shredding (16%). The hub with the highest emissions was Hull, and the most emission-intensive month was October, reflecting peak operational activity.

Our reduction focus is therefore on improving efficiency and electrification of loading, handling, and shredding equipment at high-activity hubs.

To strenghten data-driven emissions management through the development of Gemisoft Green and hub-level dashboards, enabling informed, sustainable decisions across Geminor's operations and partnerships.

Measured by:

• Verified Scope 1 and Scope 2 coverage at all hubs
• Hub-level emissions dashboards in Gemisoft Green
• Year-on-year reduction in emissions intensity per tonne processed

• Scope 1 emissions decreased from 1,511 tCO₂e (2022) to 642 tCO₂e (2024). This reduction is primarily due to a change in calculation methodology in 2024, which shifted from invoice-based fuel estimates to direct diesel consumption tracking. While this improves data accuracy, it limits direct comparability with previous years. Operational efficiencies may also have contributed, but their specific impact cannot be isolated from the methodological change.
• Scope 2 (Market-Based) emissions increased by 32% in 2024, rising from 456.5 tCO₂e (2023) to 603.4 tCO₂e. This reflects expanded operations, particularly at our Hull hub, and higher electricity demand. The increase aligns with our growth in tonnage handled and operational scale.
• Emissions intensity (tCO₂e/MNOK) improved from 1.07 (2022) to 0.42 (2024), a 61% reduction. This improvement is influenced by:
  • The methodological change in Scope 1 calculations, which reduced the reported emissions baseline.
  • Increased revenue (3,000 MNOK in 2024 vs. 1,942 MNOK in 2022), which dilutes emissions per unit of economic output.
  • Investments in hub infrastructure (e.g., electric machinery at Storøy, high-density baling at Hull), which may have contributed to operational efficiencies.

• Our Scope 1 emissions total 642.4 tCO₂e in 2024, marking the first year we’ve captured such detailed, activity-level data.
• Loading/Unloading remains the largest emissions source at 56%, driven by the operational demands of waste handling.
• Shredding accounts for 22% of emissions, a key area where we are strategically focusing improvements to enhance processing efficiency

• Market-based Drivers: In 2024, the UK Hub (Geminor UK Ltd) and the Danish Hub (GWT DK ApS) represented the highest market-based emissions, significantly impacting our total Scope 2 footprint.
• Location-based Efficiency: Location-based figures remain lower than market-based figures. This is largely due to our operations in regions with low-carbon power systems, such as Norway, where high hydropower availability results in minimal grid intensity.

Our indirect emissions are dominated by waste transport across the value chain, with the majority of tonnage moved by road and sea and a small share historically carried by rail. As a waste trading business, these emissions are strongly influenced by logistics choices, transport distances and recovery destinations rather than our own operations.

Following changes to CSRD requirements, our approach has shifted toward aligning with RED III and partner expectations. As a minimum, this requires the ability to provide reliable input data for emissions calculations, including:

• Distance travelled
• Transport mode
• Vehicle and fuel type used

This data forms the basis for credible emissions reporting and informed decision-making across the value chain.

To improve how value chain emissions are managed and understood, we are focusing on:

• Using Gemisoft to maintain strong traceability of transport routes and logistics choices
• Prioritising case-specific data over generic Scope 3 factors
• Working with selected partners to improve primary data quality over time
• Linking waste quality, logistics and recovery routes to climate impact
• Exploring opportunities to increase lower-emission transport options where viable
• Strengthening value chain due diligence, including compliance, transparency and welfare standards

All waste volumes are captured and traced digitally through Gemisoft, Geminor’s internal logistics and reporting system.

Every tonne collected, transported, and treated is recorded with its recovery route, enabling consistent KPIs for energy recovery, recycling, and landfill across markets. This ensures traceable, auditable data reflecting actual operational outcomes rather than estimates.

• Maximize recovery at the highest viable treatment level - in accordance with the waste hierarchy
• Maintain full regulatory compliance across all waste streams and shipments, in particular recognising the changes to POPs measurements in transboundary shipments of waste.
• Improve waste quality insight to support ETS and carbon cost navigation - develop our digital database in 2025 to support this.
• Increase recycling where material quality and markets allow
• Minimize landfill, particularly for non-recoverable residues

Geminor’s strategy is to grow responsibly within its core fractions; RDF, SRF, biomass, hazardous waste, and waste wood, where quality and regulatory compliance are critical. The primary objective is to identify waste quality risks and opportunities across these streams, with a strong focus in 2025 on ETS-related challenges for waste-to-energy and their implications for fuel quality, fossil carbon, and costs. While post-consumer recycled fractions represent a smaller share of volumes, they remain strategically important to Geminor’s circular value chain.

• Stable Diversion: Over the past four years, our diversion rate has remained consistently high, with total volume peaking in 2023 at over 2.2M tonnes.
• Growth in Energy Recovery: Since 2021, the volume of waste diverted into energy recovery has grown significantly, reflecting the availability of waste in the EU and UK for export to the Nordics to meet regional heating demands.

• Fuel Quality & Demand: RDF (64%) and SRF (10%) dominate our volumes. We are seeing a shift in the market where RDF quality demands and technical knowledge requirements are now mirroring those of high-spec SRF.
• Market Maturity: Waste Wood remains our lead recycled fraction (33%), driven by a highly mature recycling infrastructure.
• The Plastic Gap: While Plastic and Rubber make up 24% of recycling, they remain a tiny fraction of total waste handled; a result of a difficult secondary market struggling to compete with virgin plastic prices.
• Biomass: Continues to be a stable pillar of our energy recovery portfolio, providing reliable renewable heat and power.
• The "Others" category (4%), mostly glass and metals, is a key focus area. We are investigating these residual streams to ensure valuable materials aren't being "wasted" when they could be recovered.

• Significant Landfill Reduction: Landfill volumes dropped drastically from 98,463 tonnes in 2023 to just 8,898 tonnes in 2024.
• Recovery Breakthrough: We achieved a significant shift in 2024, with energy recovery reaching 237,512 tonnes—a major increase compared to previous years.
• Basel & "PIC" Compliance: Every cross-border shipment follows the Prior Informed Consent (PIC) procedure, requiring written authorization from all states of dispatch, transit, and destination before movement begins.
• The "OECD Plus" Standard: We operate under "OECD Decision" rules, ensuring hazardous waste only moves between countries with equivalent environmental standards for recovery.
• Financial Security: As required by the Basel Convention, all shipments are covered by mandatory financial guarantees to protect against environmental risks during transit.Landfill Trends: While landfill remains a necessary route for specific residues (32,645 tonnes in 2024), our strategic focus is to continue transitioning these volumes toward high-efficiency energy recovery.