Pazar Yaklaşımı ile Değer Takdiri - DEĞERLEME ÇALIŞMASI

6. DEĞERLEME ÇALIŞMASI

6.4 Pazar Yaklaşımı ile Değer Takdiri

2010: Annual Report.Disclosure of environmental measures, -practices, and -guidelines is reported in quite a detailed and neutral way. There type of information in the 2010 report is mostly reflected in the number of segments coded as: “Description” (38), “Indicating Facts” (2), “Marginalization” (2),

“Admission” (2), “Praise” (2), “Defense” (1),“Positive Writing Style (2),

“Subjective Writing Style” (3), “Vague Writing Style” (3),“Abstraction” (2), and

“Promotion of a Systematic Vision” (1). An example of a segment coded as

“Description” is: “Starting in 1990, total greenhouse gas emissions from our ownership equity have decreased from 12.5 million metric tons (mt) CO2 equivalents (CO2e) to 5.8 million mt CO2e last year, including 0.9 million mt

CO2e from the new Qatalum power plant. This is a 54 percent decrease. We have also reduced specific greenhouse gas emissions from our primary production by more than 60 percent since 1990. Our total emissions increased in 2010 after Qatalum’s start of production. In 2011, with Qatalum coming into full production, and with our acquisition of Vale’s aluminium business in Brazil, Hydro’s total greenhouse gas emissions will increase further.”(p.54).

Hydro states that they pursue the following measures: using viable

sources, reducing energy consumption and emission in production, reducting co2 emissions and energy consumption through the use of our products, and

increasing recycling of aluminium. In relation to Energy and Climate change, Hydro reported the following information in 2010: information on their previous reduction and goals, total direct emissions (2.7 million tonnes) and ownership equity emissions (5.8), goal of 1.73 mt CO₂per tonnes aluminum for 2010 surpassed with a performance of 1.63 mt, ⅔ of electricity consumption in production is renewable energy, Hydro used 13.8kWh electricity to produce 1kg of aluminum, they use natural gas and coal (Australia) in some of their

production, reduced PAH and fluoride by 83% and 18% during the last 5 years, a new wastewater treatment plant project was initiated, and Hydro recycled 260 00 mt aluminum. In relation to waste, Hydro reported the following information: they reduced Spent Potlining (SPL), which is a hazardous waste, by 30% from 2009, and they are pursuing alternatives to landfill for SPL in all locations. In relation to biodiversity and water, Hydro reported the following information: their

reforestation of Brazil is ongoing (since 2006), actions from a previous bauxite (red mud) spilling is described, participation in initiatives for sustainable frameworks on biodiversity such as the World Business Council for Sustainable Development (WBCSD) Ecosystem Program, they follow up the impact of aquatic life in rivers near hydropower plants, rehabilitation project for fish habitat in Norwegian waters underway, and 6% of water consumption came from

water-stressed areas (admission). There is nothing about their emissions from daily operations (i.e. business travel etc.) in the text nor in the tables. There are tables for all indicators mentioned (emissions, waste, water, biodiversity) in the appendix. Hydro reports membership, inclusion and/or compliance with the following groups/frameworks/rankings NOAH, UNGC, GRI, WBCSD, Dow Jones Sustainability Indexes and FTSE4Good.

2011: Annual Report.The information reported in the 2011 report is very similar to that of the 2010 report. However, there is an increase of information this year.

There is also a slight different set-up of the environmental chapter, but this is not significant. This is reflected in the number of segments coded. There type of information in the 2011 report is mostly reflected in the number of segments coded as: “Description” (58), “Indicating Facts” (5), “Coercive Action Type 2”

(2), “Admission” (3), “Praise” (1), “Defense” (1),“Positive Writing Style (3),

“Subjective Writing Style” (3), “Vague Writing Style” (8), “Abstraction” (1), and

“Promotion of a Systematic Vision” (1).An example of a segment coded as

“Subjective Writing Style” is: “Aluminium shall not only take part in creating growth and pros- perity the next decades, but also be a part of the solution to bring- ing about growth in a way that respects the limits of nature, people and society and the limited resources that we all depend upon.”(p.7).

Hydro states that they pursue the following measures: using viable sources, reducing energy consumption and emission in production, reducing co2 emissions and energy consumption through the use of our products, and

increasing recycling of aluminium. In relation to Energy and climate change, Hydro reported the following information in 2011: total direct emissions (7.3 million tonnes) and ownership equity emissions (14.9 million tonnes), new goal of 1.52 mt CO2per tonnes aluminum for 2013, total of 1.61 tonnes CO2 per tonnes aluminum in 2011, ⅔ of electricity consumption in production is renewable energy, Hydro used 13.79kWh electricity to produce 1kg of aluminum, they are working to increase energy efficient with HAL4e technology, and they use natural gas and coal (Australia) in some of their production. In relation to resource

management, Hydro reported the following information in 2011:they acquired a bauxite mining and alumina refining operations in Pará, Brazil. This leads to significant amounts of tailing and bauxite residue (red mud). Therefore,

biodiversity and ecosystems, water management, waste and efficient resource use, emissions, and product stewardship is more important now than previously,and is now prioritized areas in their environmental strategy. In relation to Ecosystems and Biodiversity, Hydro reported the following information in 2011: information about how they previously worked with biodiversity, and their participation in the WBCSD Ecosystem Program. In relation to Land Management and Reforestation, Hydro reported the following information in 2011: information regarding how they prepare for forest rehabilitation following bauxite and topsoil removal,

reforestation plan (i.e. 2009-2040) and how this work is carried out, bauxite tailing dams will be full in 2015 and 2020 and then rehabilitation will begin at those sites, their location in a place where illegal logging happens is mentioned (indicting facts), 853 hectares land disturbed in 2011, and 4700 hectares since the start of mining, and 142 hectares rehabilitated in 2011;Hydro has been alleged to be involved in illegal logging and is under investigation.In relation to Water Management, Hydro reported the following information in 2011: 3% of their water consumption came from water-stressed areas, droughts in amazonas will be addressed as an issue, they follow up aquatic rivers near hydropower plants, they operate fish nurseries for restocking. In relation to Minimizing Waste, Hydro reported the following information in 2011: relating to bauxite and tailing residue - there is a minor run-off to the river to maintain ecological flow, it is monitored (i.e. for quality); more information on bauxite handling included; legal issues from a spillage in 2009 elaborated on (defense); 24.8 tonnes SPL (30% decrease from 2010); Quatalum aim to be SPL-to-landfill free. In relation to Emissions, Hydro reported the following information in 2011: PAH and fluoride decreased by 66% and 22% during the last 5 years; new assets in Brazil have caused an increase of SO2(29 356 mt) and NOx(9 037 mt); new wastewater treatment plant led to a reduction in chemicals needed in the process. In relation to Product Stewardship, Hydro reported the following information in 2011: they perform life-cycle assessments for all products and assess based on energy and material consumption, toxicity and recyclability. Lastly, Hydro started to upgrade hydropower plants (complete 2015), and recycled 270 000 aluminum in 2011.

Hydro reports membership, inclusion and/or compliance with the following groups/frameworks/rankings NOAH, UNGC, GRI, WBCSD, Dow Jones Sustainability Indexes and FTSE4Good.

2012: Annual report. The information reported in the 2012 report is very similar to that of the 2011 report. However, there is a slight decrease in information this year. This is reflected in the number of segments coded. The type of information in the 2011 report is mostly reflected in the number of segments coded as:

“Description” (55), “Indicating Facts” (2), “Authorization” (2), “Admission” (5),

“Positive Writing Style (4), “Subjective Writing Style” (2), “Vague Writing Style”

(5), “Abstraction” (1), and “Promotion of a Systematic Vision” (1). An example of a segment coded as “Admission” is: “Enough and clean water is a challenge in

some of the areas where Hydro operates. Local initiatives show that with simple measures, substantial water savings are achievable. Systematic mapping of our water situation in 2012 showed that in total, about 3 percent of our water input came from water-stressed areas when regarding annual renewable water supply.

The water stressed areas where we have consolidated activities are mainly located in Germany and Southern Europe, where water supply is well regulated.”(p.19).

The set-up of the environmental chapter is similar to that of 2011. Hydro has the same statement regarding measures that they pursue as in 2010 and 2011. In relation to Energy and climate change, Hydro reported the following information in 2012: total direct emissions (7.3 million tonnes) and ownership equity

emissions (13.4 million tonnes), goal of 1.52 mt CO₂per tonnes aluminum for 2013 retained, total of 1.62 tonnes CO2 per tonnes aluminum in 2012, ⅔ of electricity consumption in production is renewable energy, Hydro used 13.88kWh electricity to produce 1kg of aluminum, they are working to increase energy efficient with HAL4e technology, and they use natural gas and coal (Australia), in addition to fuel oil, coke and diesel (Brazil) in some of their production. This year there is an elaboration of their emissions: “The greenhouse gas emissions from Hydro's current consolidated activities decreased by 2 percent in 2012, compared with 2011. The total emissions from our ownership equity - including indirect emissions from electricity generation - decreased by 11 percent. Mainly due to the closure of production at the Kurri Kurri smelter in Australia during 2012, our indirect emissions decreased by 20 percent. These emissions will decrease even further in 2013 as production in the Kurri Kurri smelter is now completely shut down. The restart of primary aluminium capacity in Neuss, Germany early in 2013, will to some degree counteract this effect.”(p.19). In relation to resource management, Hydro mostly reported the same information as in 2011. The main difference was new targets for resource management (compared to 2010 baseline):

60% reduction of landfill to waste by 2020 (excluding bauxite and alumina);

reduce water consumption in water-stressed areas by 15% by 2020; have a 1:1 opening of a mine compared to reforestation ratio by 2017. In relation to ecosystems and biodiversity, Hydro mostly reported the same information as in 2011. The main difference was: a new biodiversity strategy and targets for Paragominas mine and an aspiration of no new loss of biodiversity (participation with Cross Sector Biodiversity Initiative (CSBI). In relation to land management and reforestation, Hydro reported mostly the same information as in 2011. The

main difference was: 609 hectares land disturbed in 2012 and 444 hectares reforested in 2012; signed a letter of intent with University of Oslo (UiO), MRN and Alcoa to generate knowledge needed to preserve biodiversity in bauxite mining areas; in relation to allegations of illegal logging Hydro reached a settlement and paid 3000 BRL to a NGO working with forest preservation. In relation to water management, Hydro mostly reported the same information as in 2011. The main difference was: 3% water consumption from water-stressed areas;

initiated a study to evaluate water balance at mines in Brazil; participated with Opticap about possible seabed pollution in Grenland Fjords in Norway. In relation to minimizing waste, Hydro mostly reported the same information as in 2011. The main difference was: total tailings = 4.2 mt, bauxite = 9.2 mt, and SPL = 25 941;

5345 claims filed in relation to 2009 spillings. In relation to emissions, Hydro mostly reported the same information as in 2011. The main difference was: PAH and fluoride decreased by 61% and 22% during last 5 years; SO₂increased by 4%

and NO_xdecreased by 4%; new wastewater treatment plant had odor complaints, 1.2 million EUR invested to fix this - complains reduced by 70%; 7 minor permit breaches in 2012, and paid 2 environmental fines dating back before 2012

(explained). The information on product stewardship is the same as in 2011.

Hydro reports membership, inclusion and/or compliance with the following groups/frameworks/rankings NOAH, UNGC, GRI, WBCSD, Dow Jones Sustainability Indexes and FTSE4Good. New this year was WWF.

2013: Annual report.The information reported in the 2013 report is very similar to that of the 2012 report. However, there is an increase of information this year.

This is reflected in the number of segments coded. The type of information in the 2013 report is mostly reflected in the number of segments coded as: “Description”

(73), “Indicating Facts” (4), “Authorization” (2), “Admission” (4), “Positive Writing Style (4), “Subjective Writing Style” (3), “Vague Writing Style” (2),

“Marginalization” (1), and “Promotion of a Systematic Vision” (2). An example of a segment coded as “Promotion of a Systematic Vision” is: “Aluminium can be recycled over and over again without degradation in quality. Aluminium recycling requires 95 percent less energy than primary aluminium production.”(p.57).

The set-up of the environmental chapter is similar to that of 2012. Hydro has the same statement regarding measures that they pursue as in previous years. In 2013 Hydro established a goal to become carbon neutral from a life-cycle perspective

by 2020. It is also the first time a table for endangered species is included in the appendix. Another first this year is Hydro’s completion of a materiality analysis.

Their most important materialities relating to the environment is: GHG and Energy Emissions, Supply Chain Management, Effluents and Waste, Biodiversity, and Water.

In relation to Energy and Climate Change, Hydro reported the following information in 2012: total direct emissions (6.9 million tonnes) and ownership equity emissions (12.6 million tonnes), goal changed to 1.58 mt CO₂per tonnes aluminum for 2013, total of 1.59 tonnes CO2 per tonnes aluminum in 2013 (they did not meet this - described neutrally); ⅔ of electricity consumption in

production is renewable energy; Hydro used 13.76kWh electricity to produce 1kg of aluminum; they are working to increase energy efficient with HAL4e

technology; they use natural gas in some of their production, but the previous statements regarding coal, fuel oil, coke and diesel is removed. There was also a new statement regarding GHG intensity of aluminum (admission): “Alumina refining and electrolysis of primary aluminium are energy and greenhouse gas (GHG) emissions intensive”(p.55). In 2013 Hydro recycled 800 000 tonnes aluminum, and developed a method to process a combination of clean and used scrap. In relation to resource management, Hydro reported the same information as in 2012. In relation to land management, reforestation, ecosystems and biodiversity, Hydro mostly reported the same information as in 2012. The main difference was: 366 hectares of land disturbed in 2013, and 177 hectares

reforested; they described a new method for reforesting in much detail; identified 38 animal species that are red listed (since 2003), identified improvement

potential in reforestation and wildlife management at Paragominas (Brazil);

cooperates with Green Municipalities and Imazon to teach 90 technicians working with illegal deforestation; illegal logging accusation of Hydro ended without any actions against the company; they reviewed their biodiversity status and potential remedial action on/for water reservoirs in Norway; they follow up on aquatic life and restock fish in 40 lakes and rivers. Information relating to water use is mostly the same, the main differences are: 4% of water consumption comes from

water-stressed areas; an investigation by Norwegian Institute of Water Research started in the Gunneklev river (vague statement). In relation to minimizing waste, Hydro mostly reported the same information as in 2012. The main difference was:

total tailings = 3.3 mt, bauxite = 5.4 mt, and SPL =30.7; 388 cases appealed to the

second level court (relating to 2009 spillings). In relation to emissions, Hydro mostly reported the same information as in 2012. The main difference was: PAH and fluoride information removed; SO2increased by 8% and NOxdecreased by 6%; 1 permit breaches in 2013, which is not elaborated on. The information on product stewardship is the same as in 2011. Hydro reports membership, inclusion and/or compliance with the following groups/frameworks/rankings NOAH, UNGC, GRI, WBCSD, Dow Jones Sustainability Indexes and FTSE4Good. New this year was WWF.

2014: Annual report.The information reported in the 2014 report is very similar to that of the 2013 report. However, there is an increase of segments coded as

“vague Writing Style” (12) paired with a slight decrease of “Description” (67) codes. This is reflected in the number of segments coded. The type of information in the 2014 report is also reflected in the number of segments coded as:

“Indicating Facts” (5), “Authorization” (1), “Admission” (3), “Positive Writing Style (2), “Subjective Writing Style” (3), “Abstraction” (2), and “Promotion of a Systematic Vision” (2). An example of a segment coded as “Positive Writing Style” and “Description” is: “We support the development of international frameworks on climate change and greenhouse gas emissions and participate actively in organisations such as the World Business Council for Sustainable Development (WBCSD) and the International Emissions Trading Association, to provide business solutions to the climate change challenge.” (p.66).

The set-up of the environmental chapter is similar to that of 2013, and the information here is also similar (climate neutral goal, materiality analysis). In addition, Hydro has the same statement regarding measures that they pursue as in previous years. In relation to Energy and Climate Change, Hydro reported the following information in 2014: total direct emissions (9.6 million tonnes) and ownership equity emissions (13.03 million tonnes), goal of 1.58 mt CO₂per tonnes aluminum retained for 2014, total of 1.63 tonnes CO2 per tonnes aluminum in 2013 (they did not meet the goal - described vaguely); ⅔ of

electricity consumption in production is renewable energy; Hydro used 13.84kWh electricity to produce 1kg of aluminum (stated as a reduction from 2013, but that does not match with the 2013 report); they are working to increase energy efficient with HAL4e technology; only the use of natural gas in Quatalum plant reported. In 2014 Hydro recycled 1.1 million tonnes aluminum, and developed a

new technology that reduces aluminium in certain packaging by 16%. In relation to resource management, Hydro reported the same information as in 2013. In relation to land management, reforestation, ecosystems and biodiversity, Hydro mostly reported the same information as in 2013. Some changes in 2014 were:

added more information on reforestation, 308 hectares land disturbed and 524 hectares reforested in 2014; completed a concept study for a planned ecosystem assessment; and removed the statement to follow up aquatic life in norwegian rivers. In relation to minimizing waste, Hydro mostly reported the same

information as in 2012. The main difference was: total tailings = 3.3 mt, bauxite = 5.4 mt, and SPL =30.7; 388 cases appealed to the second level court (relating to 2009 spillings). In relation to emissions, Hydro mostly reported the same

information as in 2013. The main difference was: less info on bauxite and trailing residue; total tailings and SPL not reported anymore, only bauxite = 6.1 mt;

statement about how they treat SPL more elaborated on; began conversion to more advanced bauxite/water filtration technology; 1766 cases appealed to second level court (relating to 2009 spillings). Other emissions are removed from the report altogether. Permit breaches are not reported in the text anymore. However, there are 3 new tables, relating to spillage (1), permit breaches (3), and fines (380 MNOK) for environmental aspects, in the appendix. Information relating to water use is mostly the same as in 2013, the main differences are: the measure of water consumption that comes from water-stressed areas has changed, and is now reported as m³(3.4 million m³in 2014); the investigation by Norwegian Institute of Water Research started in the Gunnekleiv river found that the fjord is not contaminated due to Hydro’s operations.The information on product stewardship is the same as in 2013. Hydro reports membership, inclusion and/or compliance with the following groups/frameworks/rankings NOAH, UNGC, GRI, WBCSD, WWF, Dow Jones Sustainability Indexes and FTSE4Good. New this year was their inclusion on the UNGC 100 stock index.

2015: Annual report. The information reported in the 2015 report is very similar to that of the 2014 report. This is reflected in the number of segments coded.

However, there is an increase of segments coded as “Vague Writing Style” (19) paired with a slight decrease of “Description” (66) codes. The type of information in the 2015 report is also reflected in the number of segments coded as:

“Indicating Facts” (2), “Authorization” (1), “Admission” (3), “Positive Writing

Style (2), “Subjective Writing Style” (5), “Abstraction” (1), and “Promotion of a Systematic Vision” (2). An example of a segment coded as “Abstraction” is: “The ongoing loss of biodiversity and degradation of ecosystems represent long-term risks for the industry and society at large.” (p.74).

The set-up of the environmental chapter is similar to that of 2014, and the information here is also similar (climate neutral goal, and materiality analysis). In addition, Hydro has the same statement regarding measures that they pursue as in previous years. In relation to Energy and Climate Change, Hydro reported the following information in 2015: total direct emissions (7.29 million tonnes) and

Belgede İSTANBUL MALTEPE GÜLSUYU MAHALLESİ NUVO DRAGOS PROJESİ 490 ADET BAĞIMSIZ BÖLÜME İLİŞKİN DEĞERLEME RAPORU (sayfa 60-0)