The international mining and minerals group LKAB has high ambitions and goals in its sustainability work. When they saw the need for an in-depth CSRD analysis for biodiversity and ecosystems, they turned to Ecogain. LKAB aims to contribute to reducing global carbon dioxide emissions by an amount equivalent to Sweden's current emissions. The impacts, risks and opportunities associated with biodiversity and ecosystems are an important part of their sustainability work.
The collaboration with Ecogain has been value-creating for us and contributed to an increased knowledge and understanding of how we can work with tools to assess the impact, risks and opportunities linked to biodiversity and ecosystems in our own operations and in the value chain.
- Katarina Lundkvist, sustainability strategist at LKAB.
The challenge for LKAB was to navigate through the specific ESRS reporting requirements for biodiversity and ecosystems. In close collaboration between LKAB and Ecogain, we mapped the company's business activities. The mapping then resulted in an in-depth and effective double materiality analysis.
Analysis according to TNFD using LEAP methodology
During the project, we used the TNFD LEAP methodology as methodological support. LEAP provides a qualitative, clear and objective process for identifying and assessing different aspects of impacts and dependencies on biodiversity.
In terms of impacts and dependencies, this is highly site-specific, and in the analysis we made sure to include information about sites both in direct operations and upstream in the value chain. This provided an important dimension to the analysis and contributed in materiality assessment and prioritization to both reporting and recommendations for LKAB.
Working with TNFD and LEAP is an iterative process. Identifying and assessing a company's impacts, dependencies, business risks and opportunities is something that needs to be done regularly.
Basis for further work ahead
From the project, LKAB received a basis for continuously updating, deepening and adapting as the business or various conditions change. LKAB also received recommendations for important next steps - both for the value chain and the direct operations. This provides a solid foundation for sustainability work going forward.
