We are a global operator of essential infrastructure
In 2022, we updated our Materiality Study and added the double materiality approach, identifying issues impacting the group to the extent they affect Redeia’s value proposal, results, situation, and evolution (inside-out perspective) and their impact on the environment, people, society and the environment (outside-inside perspective).
Our materiality matrix: the four most relevant issues
Our materiality survey has allowed us to detect 13 material issues, four of which are more relevant.
Redeia is a key agent in a fair green transition by integrating renewable energy into the electricity system. We develop the necessary electricity transmission, interconnection and storage infrastructures and take part in the development of innovative technologies to increase operational capacity and the security of the new energy model. The model will become more dynamic as new challenges appear, such as greater volatility in renewable generation compared to traditional generation, ever more open participation with the surge of new players, and a strong increase in the electrification of the economy and therefore, in the demand.
The performance of our businesses requires innovation processes and developing and applying technologies to obtain efficiencies and improvements in the business operation to ensure the services we offer.
Our innovation model must address these needs, including not only the development of new solutions but also the monitoring and adaptation of adequate innovations and technologies.
Social listening is a crucial aspect of our approach to territory. We work to obtain a social licence to operate by telling our story of value creation, publicising our commitments to society and the benefits we bring (positive footprint), and focusing on the communities and territories where we operate.
We listen to the needs and characteristics of the territories, facilitating participation mechanisms, responding with transparency to the information requested and supporting social and environmental protection projects with social innovation.
Achieving the goal of keeping global warming within 1.51C is only possible by developing ambitious strategies to address climate change through a commitment to carbon neutrality.
At Redeia, we take a proactive approach toward mitigating the problem, with projects to reduce and offset our scope 1, 2 and 3 emissions and achieve our goals to reduce and adapt to the adverse effects of climate change in our facilities.
The Materiality Study was conducted in line with recommendations from the main international sustainability opinion leaders, among them:
- Directive (EU) 2022/2464 as regards corporate sustainability reporting (CSRD)
- European Sustainability Reporting Standards (ESRS)
- IQNet SR10 on Social Responsibility Management Systems
- Social Responsibility Guide ISO 26000
- Global Reporting Initiative (GRI)
- SASB (sector materiality map)
- AA1000AS Assurance standard (Materiality principle)