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Cameco Releases 2023 Sustainability Report

Cameco (TSX: CCO; NYSE: CCJ) released its 2023 Sustainability Report today. The report communicates the sustainability initiatives and key metrics that demonstrate Cameco’s progress to date and the continual advancement of our sustainability reporting. 

“Our vision is to energize a clean-air world. As the world seeks to decarbonize, we also want to do our part and be an active partner in the fight against climate change.  I am proud of the steps we have taken to reduce our carbon footprint, focus on environmental protection, and make our workplace more supportive and reflective of the communities where we live and work,” Cameco President and CEO Tim Gitzel said. 

“Cameco remains committed to quality reporting on sustainability matters to our investors, customers, employees, regulators, local Indigenous Peoples and communities around our operations.” 

In this report, Cameco has incorporated relevant Sustainability Accounting Standards Board (SASB) performance indicators and continued its progress toward integrating the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The report can be downloaded or read online at www.cameco.com/about/sustainability.

The 2023 Sustainability Report includes several notable highlights for Cameco: 

  • For the first time, we have included our estimated total Scope 3 emissions value and quantification method. We’ve begun engaging with key value chain partners and suppliers to learn about their energy and greenhouse gas emissions management activities and reduction opportunities. 
  • We completed the installation of a new closed-loop cooling water system at our Port Hope Conversion Facility, eliminating the need to use surface water for once-through cooling purposes, reducing energy use and water withdrawals. 
  • We developed tailored decarbonization pathways for all operationally controlled sites, including ideas collected from more than 160 decarbonization project suggestions received from across the company. 
  • In 2023, we completed physical risk assessments at all our fuel services operations, expanding on the work completed at the northern Saskatchewan operations in 2022. 
  • We provided work placements for 18 Indigenous individuals, 13 of whom were women. 
  • In 2023, about 50% of Cameco’s employees in northern Saskatchewan were Indigenous and 74% of all spend on services for our northern sites was procured from northern-owned local businesses. 

“The advantages of nuclear energy to provide carbon-free, constant and reliable power are being recognized globally in the fight against climate change and to achieve energy security.  With growing electricity demand, we believe countries around the world are looking to Cameco to provide fuel to help de-carbonize their economies,” Gitzel said. “Our joint acquisition of Westinghouse, a global provider of specialized nuclear technologies, products and services, is expected to augment our core business and expand our reach across the nuclear fuel cycle. 

“Our achievements on sustainability priorities are critical to our ability to capitalize on the growing momentum in the nuclear industry.” 

Cameco’s board of directors and executive team oversee the company’s sustainability strategy, execution, and reporting. In addition to SASB and TCFD, the report contains other key performance indicators that we believe have an important bearing on Cameco’s long-term sustainability, some of which are unique to our company and some of which are based on the GRI Standards framework that we used as the basis of our sustainability reporting prior to 2020. For the third year, we have obtained a third-party limited assurance report on selected performance indicators. 

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