In 2024, State Enterprise Navoiyuran undertook its first comprehensive assessment of climate-related risks and opportunities in accordance with IFRS S2, marking a significant milestone in the company’s sustainable development journey. This inaugural climate risk and opportunity assessment generated detailed disclosure of Scope 1 and Scope 2 greenhouse gas (GHG) emissions, establishing a baseline for future performance measurement and stakeholder reporting.
To guide decarbonization efforts, the company developed a low-carbon climate strategy rooted in scenario analysis of both physical and transition risks. Quantitative targets include reducing absolute GHG emissions by 25% from 2024 levels by 2030 and by 50% by 2050. Progress toward these targets will be monitored annually and reviewed every five years or upon significant external changes, ensuring adaptive management through corrective action plans and working groups when deviations arise.
In parallel, Navoiyuran implemented a risk-management framework aligned with ISO 45001:2018 that integrates climate considerations into operational processes. Investments in emissions-reduction technologies and energy efficiency measures totalled USD 0.81 million for alternative energy pilot projects in 2024, covering solar, wind, hydro, and geothermal installations to diminish reliance on fossil fuels. Moreover, the company secured an ESG rating from Sustainable Fitch and initiated third-party verification of its sustainability disclosures by PwC, affirming the credibility of its reporting and enhancing investor confidence.
Through these initiatives, Navoiyuran has established a transparent governance structure for climate action—anchored by Supervisory Board oversight of KPIs, budget allocation, and strategy adjustments—and is positioned to pursue further decarbonization milestones as part of its long-term sustainability agenda.
SE “Navoiyuran”’s approach to sustainable development management is based on an integrated system that covers environmental, social and governance aspects. The company is actively working to transform its business towards compliance with international standards and sustainable development practices in the uranium industry.
Navoiyuran sets ambitious goals and develops a culture of innovation and scientific research to achieve positive changes, while taking into account the principles of sustainable development. This approach not only creates long-term value, but also minimises environmental impact and promotes social development in line with industry best practices.
Since 2022, as part of the development of the sustainable development agenda, the company has begun active transformation processes. The ESG principles implementation and the Company’s strategy development Department is engaged in the following tasks:
- Developing a comprehensive ESG strategy for the enterprise;
- Identifying, assessing and managing ESG risks and opportunities across the value chain;
- Ensuring and monitoring the enterprise’s compliance with international (ISO) and national (O’zDST ISO) certification standards;
- the Company’s development strategy formation in cooperation with external consultants.
In addition, the Company continues to disclose the results of its activities in accordance with the international GRI standard. In 2022, the first sustainability report of SE “Navoiyuran” was compiled based on these standards, with plans for further application of SASB standards. In 2024, the company plans to obtain an ESG rating and, in the long term, engage an independent company to certify its sustainability reports.
The climate strategy and targets will be approved by the Supervisory Board in 2025, and the Supervisory Board will subsequently monitor progress towards achieving the targets.
At present, key performance indicators (KPIs) related to sustainable development are not integrated into the management remuneration policy.