Redeia contributes 14.5 euros to society for every euro in net profit obtained. These figures are reflected in its first Annual Impact Measurement and Management Report 2022, positioning Redeia among the first Spanish companies to carry out a voluntary transparency assessment of the impact and contribution of the company's activities on people and the environment.
"Redeia has an ambitious goal in mind: to generate a positive net impact and contribute to a real social transformation. We can only understand our business when it involves the creation of shared social value with our stakeholders. And in this report, we are accountable for achieving this: far from mere greenwashing, we measure, monetise and disclose our real impact", explains Beatriz Corredor, Redeia's Chairwoman.
“The global impact assessment conducted by Redeia in this report enables us to get a thorough and holistic view of the effects of our activities. This will enable us to prioritise long-term projects and investments to ensure triple sustainability: business, social and environmental", further explains Eva Pagán, Corporate Director of Sustainability and Research at Redeia.
In the 2022 study, Redeia measures its economic, social and environmental impacts in terms of the entire value chain: supply chain, proprietary operations, the environment and society. Specifically, Redeia thoroughly analyses a catalogue of 21 impacts, including, but not limited to: access, availability and guaranteed electricity supply and connectivity; social development; occupational health and safety; or the company’s carbon footprint. Finally, an economic value is assigned to each impact, a monetisation that facilitates decision-making and understanding the scope of the company's activity.
In conclusion, the group's main contribution is to promote environmental development by guaranteeing access to electricity and digital inclusion for both households and companies. This pillar constitutes its greatest contribution to social value, equivalent to 11.6 times the company's net profit.
The second most significant positive impact is the powerful driving effect on economic activity, employment and tax contribution. This is followed by its contribution to innovation and intellectual capital development and to the decarbonisation of the economy, mainly in terms of greenhouse gas emissions avoided and offset.
In terms of the Sustainable Development Goals (SDGs), Redeia's most relevant impacts are on SDGs 7 and 9, 'Affordable and Clean Energy' and 'Industry, Innovation and Infrastructure', respectively. Its contribution is also considerable in SDG 8 'Decent work and economic growth'.
A study based on world-leading methodologies
In order to measure its impact, Redeia has adopted methodologies and frameworks created by institutions of renowned national prestige, such as the Chair of Social Impact at Comillas Pontifical University, and by renowned international institutions, such as the Harvard Business School, the World Business Council for Sustainable Development (WBSCD) and the Capitals Coalition.
This first Redeia impact report lays the methodological foundations and leads the way towards continuous follow-up and monitoring in order to be able to more accurately quantify the effects of Redeia's activity in the communities in which it operates; to generate a relationship based on transparency and sustainability with its stakeholders and thereby strengthening the positive link with its employees, the environment and society.
Redeia aims to further develop the robustness of its impact assessment, to integrate new information available in the report and to move forward in line with future regulatory developments and best practices at a national and international level.