Boskalis Sustainability Report 2020


stakeholders such as governments and financial institutions as one way of identifying and overcoming the obstacles that currently prevent the implementation of climate-adaptive solutions. So far, the workgroup has identified a variety of adaptation themes where Boskalis can add value, such as Soft Coastal Defenses, Polders & Pumping Schemes, Small Island States and Ecosystem Restoration. During the course of 2020, the group identified a range of tangible projects across these themes that deliver both social, business and environmental value. The project propositions explore innovative value propositions such as yearly fees for protection. They also introduce the possibility of new revenue streams such as carbon credits and include ways to improve biodiversity, local stakeholder engagement and living conditions. They also involve key decision- makers and look at ways to lower investment thresholds. DELIVERY OF CLIMATE-ADAPTIVE PROJECTS Boskalis is responding to the urgent need for new land at the water’s edge by delivering projects together with our clients using a state-of- the-art fleet of dredging vessels, talented and dedicated professionals and specialized equipment. In addition to a number of more detailed project cases presented on page 32, examples of our projects in 2020 that respond to this include: ‚ A landmark project in Pulau Tekong, Singapore to create the first, protective polder in Southeast Asia, supporting the island state in its economic growth; ‚ Upgrading the existing coastal defense on Germany’s East Frisian island Wangerooge, in the North Sea; ‚ The construction of the Dutch nature islands the Marker Wadden, that also provide a major boost to the ecological quality of the Markermeer lake; ‚ Reinforcing the Houtrib dike in the Netherlands between Lelystad and Enkhuizen to protect against potential flooding – this dike serves as flood protection for much of the Netherlands; ‚ In 2021 we will continue to explore the financing potential of climate adaptation solutions so we can continue to offer our clients financially viable sustainable solutions to the social and environmental challenges created by climate change.

Ambition Safeguarding people, nature and assets from the impacts of climate change through our projects and services Scope Activities related to adaptive measures against climate change (extreme weather, flooding or rising seas), including coastal protection, development of polders and dike-related projects Target Share our knowledge and explore new types of climate- change-adaptation project financing, to expand our capabilities and service offering to deliver profitable adaptation projects

2020 Performance ‚ These activities accounted for 7% of our Group revenue ‚ See project examples on page 32

Sea levels are rising and extreme weather conditions increasingly impact people and assets, especially in coastal regions. Over one billion people live in flood-prone areas, their livelihoods threatened by rising sea levels and extreme weather conditions. Boskalis is a frontrunner in responding to this threat. With our activities in coastal defense and riverbank protection as well as the construction of polders, we can draw on more than a century of experience to provide innovative, sustainable solutions to contribute to SDG 13, Climate Action, and help protect the world’s vulnerable areas from this accelerating threat. CHALLENGES FOR CLIMATE ADAPTATION Despite climate change rising up the global agenda, partly as a result of initiatives like the UN’s Climate Change Conventions in Katowice (2018) and Madrid (2019), there are significant hurdles ‚ Adaptive measures often lack sufficient revenue-generating capacity and return on investment for external financiers; ‚ Multilaterals and governments are unfamiliar with the development and integration of adaptation measures; ‚ Unpredictable climate change scenarios create long-term uncertainties; ‚ There is a lack of institutional frameworks for developing privately initiated adaptation measures. BOSKALIS CLIMATE ADAPTATION WORKGROUP In 2020, we formed an internal climate adaptation workgroup to address such challenges and to identify and accelerate opportunities that would both add commercial value for our business, and create sustainable protective measures for the environment and communities living in coastal areas. The workgroup combines disciplines such as legal, finance, commercial, technical and environmental, and proactively engages in dialog with external to be overcome before climate-adaptive solutions can be implemented and, importantly, scaled up. For example:


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