Nordic Gaming Company Paf Continues Annual Climate Financing – Supports Hydropower Project in Peru

The Nordic gaming company Paf has once again demonstrated its strong environmental commitment by fully climate financing its measured carbon footprint for 2024. This year’s contribution supports the development of a certified hydropower project in the Monzón district of Peru.

Paf has engaged in climate financing every year since 2017, when the company began systematically measuring its climate impact. The company now tracks over 95% of its emissions – both direct and indirect – and works actively to reduce them throughout its operations and value chain. Paf’s Net Zero 2040 target has been validated by the Science Based Targets initiative (SBTi).

“Paf is a strong company with the resources to contribute to the transition the world needs. That’s why we choose to climate finance our entire measured footprint – every year,” says Ludvig Winberg, Corporate Communication & Environmental Manager at Paf.

Climate financing – a global responsibility

Climate financing, also known as offsetting, means that Paf funds certified climate projects that reduce or remove greenhouse gas emissions. Over the years, Paf has supported projects around the world – mostly in countries that lack resources to invest in climate action, but also in places like Iceland, where advanced technology enables direct air capture of carbon dioxide.

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“This is not a substitute for reducing emissions, but a way to take responsibility for what we haven’t yet been able to reduce – while supporting global sustainable development,” says Ludvig Winberg.

The hydropower project in Peru, which Paf supports in 2024, has an installed capacity of 20.58 MW and is located along the Aucantagua River, a tributary of the Monzón River. The project is listed on the United Nations Carbon offset platform.

“The SBTi does not require companies to finance climate projects while striving towards Net-Zero, but they strongly recommend that companies with the ability to do so contribute to broader environmental efforts. We then rely on the UN platform that the projects we support are impactful and credible,” says Ludvig Winberg.