MET is taking measurable steps. Emission intensity is down, renewables and battery storage investments are up – this is how Noubi Ben Hamida, Holding CFO of MET Group summarizes the company’s 2024 Climate Impact Report.
Why did MET Group publish a Climate Impact Report for a second time?
We continue on the path where we started with our first Climate Impact Report in 2023. Considering the very positive feedback received from our key stakeholders, we have decided to make this a recurrent exercise. The 2024 report was developed with the same spirit of transparency and highlights meaningful achievements: for instance, we dropped our carbon intensity by 12% and directed 34% of our CAPEX into renewables and electricity storage. The report illustrates how our business strategy relates to our energy transition ambition, whilst reporting on climate-related measurable results.
Have you received any reactions from external partners since the publication of the report?
Yes, we have already started engaging with several of our key banking partners, and the initial feedback has been very positive. They appreciated the report’s focus on relevant climate metrics, the clarity around risks and actions taken, and how we link these to our broader business context. The ongoing discussions are helping us better understand our partners’ expectations and will guide the next steps in developing MET Group’s ESG and climate reporting.
If you had to select 3 main messages from the 2024 report, what would they be?
- We are taking measurable and meaningful steps. For instance, emission intensity is down, renewables and battery storage investments are up, directly supporting the energy transition.
- As a key transition fuel, natural gas plays a vital role in the energy transition and our growth path.
- Balance matters – our strategy addresses the energy trilemma (decarbonization, affordability and security of supply) in a pragmatic way.
The report highlights MET’s pragmatic approach to the energy transition, recognizing the continued role of natural gas as a transition fuel. Why is gas so important?
Because it is still essential for stability and affordability while renewables scale up. Natural gas provides flexibility and helps to phase out other fossil fuels with a larger climate impact, such as coal. At the same time, we are also heavily investing in new solar and battery storage projects – over 1,000 MWp of renewables and 130 MWp of BESS are currently under development. This balance is what keeps the transition realistic.
Who is the target group of MET’s Climate Impact Report?
Primarily investors, lenders and partners – but also our own colleagues. Everyone at MET Group contributes to our ambition, and the report connects all these efforts into one clear story about how we enable Europe’s energy transition.
The first sustainability reports were published 15-20 years ago, how do you assess the evolution of the reporting process?
Over the past two decades, several ESG frameworks and sustainability standards have emerged, along with the publication of the reports. Given MET Group’s European presence, we align with EU regulations – primarily CSRD and ESRS – which consolidate earlier standards like TCFD, our current reporting baseline. By the end of the 2020’s, global ESG reporting is expected to converge around two to three dominant standards. The focus will be on measurable results and the financial impact, so they will become much more strategic and data-driven.
What do you think about the ongoing debate about mandatory sustainability/ESG reports, would this have any added value?
As with financial reporting, investor expectations are the primary driver of ESG disclosure. Mandatory ESG reporting enhances transparency and comparability across sectors, but its effectiveness depends on proportionality – ensuring that reporting drives real impact, not just compliance. At MET Group, we voluntarily disclose our climate-related performance even though it is not yet mandatory, because we see value in measuring and communicating our climate exposure, whilst preparing our practices to meet future regulatory expectations.
How do you see the outlook of sustainability reporting over the next 10 years?
It will become fully integrated with financial reporting and largely digitalized. Investors will increasingly assess financial data alongside key sustainability metrics. Companies that already make this connection – like MET Group – will have a clear advantage in demonstrating long-term value and resilience.
Is MET planning to publish longer, more comprehensive Climate Impact Reports going forward?
Not longer – just sharper. Each year we refine our data, expand Scope 3 coverage, and strengthen the link between performance and strategy. The goal is to provide clear, useful insights, not more pages. Based on the current legislative landscape, we expect formal reporting requirements from 2028, which will probably extend to broader ESG topics. We already disclose many of these separately (through our D&I Report, Code of Conduct, and other materials) which may eventually be merged into one comprehensive report as the regulations evolve.
To access the full Climate Impact Report 2024 please click here.
To read the Executive Summary please click here.