Stakeholders and materiality
The challenges associated with the energy transition are not restricted to Stedin but also affect our stakeholders. Based on the extent to which our stakeholders experience a positive or negative impact, we have analysed which themes are material to them in their relationship with Stedin.
To identify these themes, we performed a double materiality analysis for the first time in 2023, in anticipation of the CSRD taking effect in 2024. A detailed description of the way in which we carried out this analysis, including the principal considerations, can be found in the supplementary information. In 2024, we will supplement the double materiality analysis with elements such as a value chain assessment and a more explicit confirmation with our key external stakeholders.
The double materiality analysis provides insight into themes where Stedin has the greatest positive and negative impact on society (‘inside-out’ analysis for impact materiality purposes) and which topics (potentially) have the greatest external impact on Stedin’s operations (‘outside-in’ analysis for the purposes of financial materiality), taking into account the associated financial risks and opportunities.
The outcomes of our impact measurements on society and our environment in 2022 were part of the input for the double materiality analysis. This marks the start of our transition from measuring to pursuing a broad, long-term social impact.
Defining these themes helps Stedin focus its strategy on those topics where the impact made on and by Stedin is greatest, in order to strengthen positive impacts, reduce negative impacts and aim at long-term value creation. For example, Stedin has a positive impact on the wellbeing of consumers by providing them with reliable access to energy (material theme ‘Access to energy and supply reliability’). This is also one of Stedin’s strategic pillars. Another example is reducing our negative climate impact by aiming for a reduction of our CO2emissions, which is related to the material theme ‘Climate mitigation and adaptation’ and Stedin’s new ESG strategy.
Our value creation model shows the relationship of the material themes to our business model, our results, the long-term impact and the UN Sustainable Development Goals. The connectivity table shows the connection between material themes, strategic spearheads, risks and opportunities and KPIs. We will focus more closely on our stakeholders in the subsection entitled ‘Stakeholders and interaction with our environment’.
The table on the next page provides insight into our material themes and their link with long-term value creation.
Material themes: outcomes of double materiality analysis
Themes and subthemes | Long-term value creation | |
|---|---|---|
 | Access to energy and supply reliability a. Investing in a safe and future-proof infrastructure to facilitate the energy transition b. Financial and economic performance c. Cyber, data and information security | Energy is available to all our customers with a high level of reliability and at socially acceptable costs. Customers receive a reliable energy supply, which delivered is in a physically, digitally and socially safe way. |
 | Customer and stakeholder perception | Customers and stakeholders can develop long-term plans for aspects such as sustainability enhancement, expansion or area development. Stedin makes this possible by communicating transparently about its activities and providing grid information. |
 | Good employment practices a. Health and safety b. Training, learning and development c. Diversity and inclusivity | Our employees can make a valuable and sustainable contribution to Stedin’s activities. This is enabled by physically and socially safe and inclusive working conditions and the provision of resources and opportunities to learn and develop, supported by a diverse workforce. |
 | Climate mitigation and adaptation | Mitigation of climate change through reduced greenhouse gas emissions (both Stedin’s own emissions and those in the value chain) in line with the Paris Climate Agreement (1.5 degree scenario). In addition, Stedin considers climate risks when constructing new assets. |
 | Biodiversity in the value chain | Increasing the diversity of terrestrial and aquatic organisms. The biggest impact in Stedin’s value chain is achieved through reduced energy use and reduced extraction and processing of raw materials. |
 | Circular use of materials and waste management | Reduced depletion of raw materials through reduced use of primary (virgin) materials for our assets. We are also increasing asset reuse and are improving the recycling of raw materials. |
 | Business ethics, integrity and good governance | As a public organisation, Stedin makes ethically responsible choices and treats customers and stakeholders with integrity. We comply with laws and regulations and help to combat fraud. |
