VOLTALIA
Going beyond regulation and unlocking the strategic potential of Dual Materiality

CONTEXT

In 2023, Voltalia, a major player in the renewable energy (RE) sector, wanted to renew its materiality analysis initially carried out in 2021 alongside UTOPIES. This initiative was part of a proactive approach to complying with the new European requirements of the Corporate Sustainability Reporting Directive (CSRD), as well as a desire to gain a better understanding of Voltalia’s impacts and the risks and opportunities that ESG issues pose for the company. With rapid growth and an increasing international presence, Voltalia has sought to capitalize on this analysis to better adapt its CSR strategy and policies.

MISSION

UTOPIES was called in to help Voltalia carry out an in-depth materiality analysis. The mission was structured around several key components:

• Participative workshops: Interactive sessions with Voltalia’s Executive Committee (COMEX) and key internal and external stakeholders. These workshops aimed to identify and prioritize relevant environmental, social and governance (ESG) issues.
• Quantitative Physical Risk Analysis: This phase was crucial to integrating physical risk assessment into Voltalia’s rating process. Using both internal data and public data from specific databases, a detailed score based on objective data was drafted to quantify and assess the impacts, risks and opportunities (IROs). This note was then presented to the members of the Executive Committee and to stakeholders, giving them access to this critical information when rating the issues, thus facilitating more informed decisions.
• Gap Analysis: Assessment of the gaps between Voltalia’s current reporting practices and the requirements of the Corporate Sustainability Reporting Directive (CSRD). This analysis led to specific recommendations and a roadmap for the development of reporting and regulatory alignment.

RESULTS

The work carried out by UTOPIES has led to several significant advances for Voltalia:

• Voltalia’s first double materiality analysis will be included in the 2024 sustainability report, marking a crucial step in the company’s transparency and commitment.
• A clear roadmap has been defined to achieve compliance with the CSRD by 2025, enabling the prioritization of topics internally and the organization needed to comply with the law.
• The dual materiality analysis also provided a positive impetus for CSR within Voltalia, mobilizing the Executive Committee and positively influencing the company’s overall CSR strategy at a strategic moment in its expansion.