2.2 Climate change

In this section, we provide disclosures on our material impacts, risks, and opportunities relating to climate change. At PostNL, we recognise that addressing climate change is essential to our long-term success while maintaining our commitment to responsible business practices. We are dedicated to reducing our environmental impact through measures such as our transition plan and environmental policy. This section outlines our approach to managing climate-related challenges.

2.2.1 Our strategy

With the help of our Double materiality assessment, we assessed and identified the most material sustainability matters. For further information on how our material topics relate to our value chain, please see Our value chain and material topics section within the General disclosures.

Identifying our most material impacts helps us to prioritise our actions to prevent and mitigate identified sustainability matters. For climate change, we identified (potential) material impacts, risks or opportunities on the following topics:

• Climate change mitigation
• Energy

More on how we address these material topics can be found in Our policies and in Our performance later in this Climate change section.

Climate risk analysis

At PostNL, we conduct climate-related scenario analysis to identify and assess both physical and transition risks across short-, medium-, and long-term horizons. This analysis aligns with the 1.5°C and 2°C pathways outlined in the Paris Agreement to explore transition risks, while physical risks are assessed based on higher emission scenarios, including Network for Greening the Financial System (NGFS) 3°, reflecting more severe warming scenarios. These approaches ensure that we address a wide range of plausible risks and uncertainties.

Scenario analysis framework

Our resilience analysis incorporates climate-related scenario analysis, allowing us to evaluate risks and opportunities. Our scenario analysis integrates localised geospatial data and macro-level trends. This allows us to assess physical risks with precision, such as evaluating critical infrastructure against extreme weather or flooding, while simultaneously accounting for national policy changes and energy market shifts. The scenarios also provide insights into opportunities, such as fleet electrification and biofuel adoption, ensuring our strategy aligns with global and regional climate trajectories.

Use of climate scenarios

Our climate scenario analysis employs models aligned with the Paris Agreement, including the IEA’s Net Zero Emissions by 2050 scenario and NGFS climate pathways for transition risks, and higher-emission RCP 4.5 and RCP 8.5 scenarios for physical risks. By examining diverse global warming scenarios, we assess how varying trajectories could impact our operations and long-term strategy. Specifically:

• Transition risks: Assessed using 1.5°C and 2°C pathways (e.g., IEA’s Net Zero Emissions by 2050).
• Physical risks: Evaluated using high-emission scenarios (e.g., RCP 4.5 and RCP 8.5), which reflect more acute physical impacts.

Time horizons

• Short term: one year or less, 2025
• Medium term: two to five years, 2026-2030
• Long term: over 5 years, 2031 and later.

Critical assumptions

Our analysis is built on the following assumptions about the transition to a low-carbon, resilient economy:

1. Macroeconomic trends: We expect rising carbon prices, shifting trade patterns, and stronger incentives for renewable energy.
2. Energy consumption and mix: A gradual shift from fossil fuels to renewables, particularly solar and wind. For PostNL, this means fleet electrification and renewable-powered facilities.
3. Technological deployment: Advancements in sustainable transport, battery efficiency, and biofuels will drive industry change.

Four-step climate risk assessment

Our climate risk assessment process, embedded within our Enterprise Risk Management (ERM) framework, follows these four key steps:

1. Risk long-list identification: Defining a comprehensive list of potential risks, including chronic and acute climate impacts.
2. Structured assessment: Internal specialists evaluate the likelihood and severity of risks through workshops and voting. The magnitude and likelihood of risks are assessed based on their potential financial and operational impacts, as well as the exposure of assets and business activities to transition events.
3. Executive review: The EC prioritises climate risks within the broader business risk portfolio.
4. Action plan development: We develop targeted initiatives to bridge gaps between risk exposure and risk appetite, focusing on fleet electrification and renewable energy investments.

This iterative process ensures our strategy adapts to new data, regulatory changes, and technological advancements, enabling informed decisions to reduce GHG emissions and mitigate adverse impacts. No significant physical and regulatory climate change-related risks were identified during 2024.

Results of the analysis

1. Physical risksChronic risks: Long-term risks like temperature rise and sea level change are unlikely to affect operations before 2050.Acute risks: Storms and flooding may cause temporary disruptions, mitigated through business continuity plans and geospatial analysis. Financial planning accounts for disruption costs and resilience measures, which will evolve with new data.
2. Transition risks
   Two key climate-related transition risks were identified, both driven by regulations and shifting preferences:1. Financial impact: Higher costs from carbon taxes (2+ years) and potential revenue loss due to competitor outperformance or customer exclusion.2. Volume loss: Import restrictions for non-EU customers linked to CO₂ and circularity targets may affect demand.The resilience analysis highlights that these risks require strategic adaptation in the short-, medium-, and long-term. In the short term (to 2030), PostNL will prioritise the decarbonisation of its fleet through electrification and adoption of renewable fuels. Beyond 2030, we aim to integrate circular business models into our processes and value chain to further enhance sustainability.
3. Scenario insights
   Paris-aligned scenarios (e.g., IEA Net Zero 2050, NGFS pathways) highlight regulatory, economic, and technological shifts. High-emission scenarios (RCP 4.5, RCP 8.5) inform physical risk analysis, focusing on extreme weather impacts.

Identifying assets and activities incompatible with a climate-neutral economy

PostNL has not identified any assets or business activities that are incompatible with a transition to a climate-neutral economy or that require significant efforts to achieve compatibility (e.g., due to locked-in GHG emissions or Taxonomy-alignment challenges).

Evaluating GHG emission sources

To identify current and future sources of GHG emissions, we screen our operations and value chain comprehensively, covering:

• Scope 1 (direct emissions): e.g., fuel combustion
• Scope 2 (indirect emissions): e.g., purchased electricity and district heating
• Scope 3 (value chain emissions): e.g., third-party logistics, employee commuting, and production of goods/services.

We also analyse future emissions by assessing business growth, supply chain shifts, operational changes, and climate-related impacts like land-use changes and black carbon. This long-term approach anticipates emissions changes over time and ensures alignment with strategic goals.

Exclusions from the analysis

While our analysis is comprehensive, it excludes certain indirect or less material impacts. For example, specific upstream supply chain emissions (scope 3, purchased goods and services) are not yet fully assessed due to data limitations. These exclusions will be revisited in future analyses and disclosed in subsequent annual reports as data availability improves.

Areas of uncertainty

The resilience analysis identifies key areas of uncertainty:

1. Physical risks: Potential hotspots for flooding or extreme weather remain a focus for ongoing evaluation, using geospatial data for critical infrastructure.
2. Transition risks: Uncertainty around the pace of regulatory changes, societal preferences, and technological advancements could impact future planning.

These uncertainties are addressed through flexible action plans, ensuring that strategy and investment decisions can adapt to emerging risks. Current and planned mitigation actions, such as fleet electrification and infrastructure upgrades, align with PostNL’s broader strategy to minimise exposure to these risks.

Financial effects and mitigation actions

1. Anticipated financial effects
   • Physical risks are expected to have limited financial impacts due to robust mitigation measures, such as geospatial risk assessments and operational redundancy plans.
   • Transition risks include investments in fleet electrification, renewable energy sourcing, and compliance with regulatory changes. These costs are integrated into our financial planning cycles.
2. Mitigation actions
   • Fleet decarbonisation: Accelerated adoption of electric vehicles and biofuels.
   • Renewable energy: Transitioning facilities to solar and wind energy.
   • Stakeholder engagement: Ongoing collaboration with regulators, suppliers, and customers to align strategies with evolving requirements.

Conclusion

Our climate-related scenario enables us to remain resilient against both physical and transition risks. By integrating geospatial data, regulatory frameworks, and technological insights, we position ourselves to mitigate risks and capitalise on opportunities in a low-carbon, climate-resilient future. Ongoing assessments and adaptive strategies will ensure that our operations remain aligned with global sustainability trajectories.

Transition plan

In our approach to sustainability, climate change, liveability, and circularity are inseparable. This means that each initiative within our transition plan is designed to address these three key-material themes holistically. For example, by electrifying our fleet and using renewable fuels, we reduce CO₂e emissions and lessen our negative impact on air quality. At the same time, investments in reusable packaging not only reduce waste but also contribute to lower carbon emissions in the supply chain.

Linking these themes ensures that our sustainability efforts are comprehensive and address the broader environmental challenges we face as a society. This holistic approach ensures measurable, transparent progress, guided by science-based targets and supported by ongoing investments in cleaner technologies. Below we describe how we focus on these themes and the key actions taken within our transition plan to address them. These actions are explained in detail later in this section.

Climate change: Net zero by 2040

We are committed to cutting carbon emissions in line with the Science Based Targets initiative (SBTi) and the Paris Agreement, aiming for net-zero by 2040 with a maximum of 10% of our carbon emissions remaining. To achieve this, we are committed to reducing our CO₂e emissions scope 1 and 2 by 90% and scope 3 by 45% in 2030 compared to our base year 2021. Additionally we will reduce all scope 1,2 and 3 CO₂e emissions by 90% in 2040 compared to our base year 2021 (the base year is related to our SBTi target submission, which stipulates that it must be within two years of the submission date. In our case, this was 2023). These gross targets span scopes 1, 2, and 3, covering both our direct emissions (from our own operations and energy use) and indirect emissions (from our value chain).

Key actions within our transition plan include:

• Energy-efficient infrastructure: We are building energy-efficient sorting centres, installing solar panels, and transitioning to an all-electric vehicle fleet.
• Renewable fuels: Using biogas and HVO100 for non-electric vehicles, cutting emissions by up to 90% compared to conventional fuel.
• Efficient transport operations: Optimising routes, reducing kilometres, and integrating return logistics to minimise CO₂e emissions.

Liveability: Reduce air pollution and minimise congestion

Beyond reducing carbon emissions, we focus on cutting air pollution to improve urban liveability. By 2030, we aim for emission-free delivery in the last-mile (i.e. from the final sorting centre to the consumer or an alternative pick-up point), reducing CO₂e, NO_x, and particulate matter from the combustion engines. We are making progress through:

• Zero-emission vehicles – Deploying light electric freight vehicles (LEFVs) for cleaner, quieter cities.
• Alternative delivery points – Expanding PostNL points and parcel lockers to cut delivery kilometres and emissions in urban areas.
• Biodiversity integration – Implementing green roofs, insect hotels, and nesting boxes at facilities to support local ecosystems.

Circularity: Towards zero waste by 2040

We aim for zero waste by 2040, focusing on the circular use of materials in our processes. We are making progress through:

• Extending equipment lifespan – Replacing cargo bike parts instead of full replacements.
• Reusable packaging – Partnering to reduce single-use cardboard.
• Reusable pallet boxes – Cutting daily single-use plastic wrap in international sorting centres.
• Circular procurement – Sourcing recycled or sustainably produced materials, with suppliers adhering to international climate, biodiversity, and waste guidelines.

In our sustainability approach, climate, liveability, and circularity are interconnected. Each initiative in our transition plan addresses these themes holistically—for example, fleet electrification cuts CO₂e and improves air quality, while reusable packaging reduces waste and emissions. Our progress is measurable and science-based.

Decarbonisation levers

By utilising decarbonisation levers, PostNL cannot only reduce its carbon footprint but also comply with stricter regulations and meet the growing demand for sustainable logistics solutions from customers and partners. The table below shows our identified decarbonisation levers.

Investments and funding of the transition plan

Our sustainability actions depend on financial resources, ensuring we meet climate targets while balancing financial feasibility. The current financial pressures mean that we need to carefully balance our sustainability ambitions with financial feasibility, ensuring that we make the most effective use of available resources while staying committed to our long-term climate goals. We align our environmental and financial strategic plans to fund emission-reduction initiatives. Achieving emission-free last-mile delivery by 2030 requires significant investment in infrastructure, vehicles, power supply, and delivery partner engagement. In 2021, PostNL announced that we would invest around €80 million in climate-related investments during 2022-2024. This investment has been used to support fleet electrification and sustainable fuels. We recognise that our financial performance impacts the available capital for future investments.

While these investments are key to our Climate Transition Plan, its financing is not directly linked to activities under the EU Taxonomy or investments in the financial statements. For example, investments in fleet electrification—such as leasing electric vehicles— classify as CapEx under the EU Taxonomy and new leases in the financial statements, while the climate investments are based on lease payments. An overview of payments related to climate investments can be found in our Green Bond Report, which provides transparency on how we allocate funds to support sustainable initiatives.

Green Bond

Our Green Bond programme funds climate-related initiatives, including emission-free logistics and innovative technologies, supporting our commitment to SDG 8 (Decent Work & Economic Growth) and SDG 13 (Climate Action). It is a key enabler, which broadens our investor base and accelerates our sustainability journey.

Since 2019, we have invested €237 million, as detailed in our 2023 Green Bond Report published on our website:

• €44 million in clean transportation – Fully electric vehicles, our first electric truck, and a fast-charging station in Nieuwegein.
• €191 million in sustainable buildings & energy efficiency – 28 sustainable buildings, including solar panels and heat pump installations.
• €2 million in renewable energy innovation – Battery installations to optimise solar energy use.

Locked-in GHG emissions

Based on the expertise of our internal, logistic sustainability experts, we have assessed potential locked-in GHG emissions from our key assets and products, which include a dependency on both progress in reducing emissions within our supply chain and technological advancements, particularly in zero-emission long-haul transport. The most significant transition risk we have identified is related to air transport, the hardest sector to decarbonise. We are exploring Sustainable Aviation Fuel (SAF), which cuts GHG emissions by 50–80% over its lifecycle but remains costly and not fully emission-free, limiting short-term scalability. An EFRAG survey suggests that most conventional assets in the postal sector could be decarbonised through alternative fuels, reducing the risk of long-term emissions lock-in.

EU Taxonomy

PostNL reports on the EU Taxonomy but has no specific plan or objective to increase alignment. Our decarbonisation efforts focus on fleet electrification. Although we do invest in electric vehicles (cars, vans and trucks) alignment will not be achieved due to the tire-requirements of the EU-taxonomy criteria. PostNL expects its alignment with the provisions of Commission Delegated Regulation (EU) 2021/2139 to evolve over time, including the consideration of key performance indicators, such as taxonomy-aligned revenue, capex, and capex plans, as required by Article 8 of Regulation (EU) 2020/852. However, the activities that are currently aligned with the EU Taxonomy are not part of our ongoing transition plan, as they already meet the sustainability criteria set out in the regulation. PostNL is not excluded from the EU Paris-aligned, and reports in alignment of the EU Paris-aligned Benchmarks.

Relation with strategic plan

PostNL’s transition plan is fully integrated into our planning and control cycle, embedding sustainability in decision-making. This supports effective capital allocation, risk management, and progress tracking, ensuring climate goals align with core operations and strategy. Reducing GHG emissions is central, including emission-free last-mile delivery by 2030 and alignment with national and EU policies. We invest in fleet electrification, renewable energy, and logistics optimisation. Performance indicators track progress, identifying risks and opportunities in a dynamic environment. The transition plan stems from our strategic plan, approved by the EC, with science-based targets validated by the BoM.

Progress

The progress of the transition plan is monitored through our strategic planning process and reported on in our annual report. Quantitative and qualitative progress of our transition plan can be found in the Our performance section later in this chapter.

2.2.2 Our governance

For more information on how climate-related considerations are factored into the remuneration of our BoM, please see pages 144-154 in the Remuneration report chapter.

2.2.3 Our policies

PostNL has the following policies in place to prevent, mitigate and remediate actual and potential impacts, to address risks and to pursue opportunities.

• Our environmental policy explains how we address our impacts, risks and opportunities.
• Our procurement policy defines the standards we expect from our suppliers, requiring them to uphold ethical, legal, and social responsibilities as a minimum. In addition, we expect suppliers to operate sustainably and to comply with applicable local and international laws and regulations. The policy is built on our business principles and provides a clear, comprehensive framework for suppliers and subcontractors to follow. For more information on procurement, see Procurement policy later in the environmental disclosures.

Environmental policy

Our environmental policy defines the strategies and key actions we have implemented to prevent, mitigate, and remediate actual and potential environmental impacts. It addresses risks and capitalises on opportunities related to climate change mitigation, energy efficiency, pollution reduction, and the circular economy. PostNL is committed to reducing its environmental footprint by transitioning to emission-free logistics and maximising the use of renewable energy across its operations, supporting our goal of reaching net zero by 2040. This reflects our ambition to position the company as a leader in sustainable logistics, drive circular economy principles, and contribute to biodiversity conservation.

How our policy addresses climate related IROs

Our primary focus is on combatting climate change by significantly reducing our carbon emissions, and have aligned targets with the SBTi and the Paris Agreement, which aim to limit global warming to 1.5°C. More information on our alignment with SBTi targets can be found in Our performance later in this section.

Climate change mitigation

PostNL’s policies take a comprehensive approach to addressing climate change, focusing on managing greenhouse gas (GHG) emissions, removals, and transition risks across various time horizons within our operations and throughout our upstream and downstream value chain. Our commitment to achieving net-zero carbon emissions by 2040 aligns with the Science Based Targets initiative (SBTi) and the Paris Agreement’s 1.5°C objective. To this end, we are targeting a 90% scope 1 and 2 and 45% scope 3 reduction in gross CO₂e emissions by 2030 and a 90% reduction in scope 1, 2 and 3 emissions by 2040, from a 2021 baseline.

Short term (2025–2030)
In the short term, our strategy focuses on cutting GHG emissions through fleet electrification, renewable fuels, and energy efficiency in buildings and logistics. These measures mitigate risks like carbon taxation and competition while driving innovation and operational improvements.

Medium term (2030–2040)
By 2040, we target a 90% emissions reduction, with an emphasis on decarbonisation across scopes 1, 2, and 3. Key initiatives include expanding renewable energy, sustainable procurement, and waste reduction to achieve our zero waste target by 2040. Collaboration with partners and suppliers is essential to managing risks and driving sustainability.

Long term (beyond 2040)
Our net-zero commitment encompasses addressing residual emissions through robust GHG removal strategies. This involves utilizing advanced carbon sequestration techniques to permanently neutralize any remaining emissions, ensuring that no more than 10% of emissions persist before removal. PostNL is committed to positioning itself as a leader in sustainable logistics, driving circular economy principles, and supporting biodiversity conservation.

Energy efficiency

PostNL’s policies prioritise energy efficiency across our operations. We focus on improving the energy use of our buildings and fleet, with progress measured through both absolute and relative GHG emissions.

Renewable energy deployment

PostNL is committed to expanding renewable energy use, focusing on our logistics network. While financial factors may affect the pace, we prioritise sustainable sourcing and cleaner energy to support our net-zero goals.

Waste management

PostNL’s waste management policy supports our circularity strategy, targeting net zero residual waste by 2040. Aligned with the waste hierarchy, we prioritise waste avoidance through smart logistics, digitalisation, and packaging optimisation, followed by reuse initiatives and maximising recycling. Our goal is a 90% reduction in residual waste, ensuring no more than 10% is non-recyclable or cannot be repurposed. Governance is managed by group company management and head office directors, with progress tracked through key indicators and aligned with national and international policy goals.

Scope

PostNL’s environmental policy applies to all group companies and their value chain activities. It affects employees, customers, consumers, and society, with relevant targets shared via business partners. All group policies are on our internal site, while the environmental policy is publicly available. The ESG director, mandated by the BoM, oversees implementation.

Monitoring

Because we implemented our environmental policy in 2024, no updates are expected in 2025. The policy is monitored and discussed on a quarterly and annual basis by the relevant teams and their management and with the BoM.

PostNL monitors progress of its climate change mitigation strategy by:

1. Measuring absolute GHG emissions in metric tonnes of CO₂e (scope 1, 2 and 3)
2. Measuring relative GHG emissions in metric grammes of CO₂e per transported kilometre of its own operations
3. Measuring the environmental impact of its last-mile logistics activities
4. Measuring absolute and relative changes in energy use for buildings and fleet
5. Reporting on the energy use, both absolute and relative in total and broken down, for its buildings and fleet
6. Measuring the percentage of residual waste from own operations.

PostNL uses the GHG protocol to calculate and report its environmental performance metrics.

2.2.4 Our performance

Mitigation of climate change as well as reducing our energy usage are key elements of our transition plan, aligned with our strategic objective to minimise environmental impact. We aim to realise this by, for example, electrifying our fleet and optimising our network efficiency.

Climate change mitigation

Actions

In 2024, we set key actions to advance decarbonisation, focusing on reducing GHG emissions and supporting the circular economy. For each action, we disclose allocated resources, progress, and expected outcomes in line with our policies. The table outlines scope, timing, and impacted stakeholders.

Electrification of our fleet

PostNL is committed to emissions-free logistics, fossil-fuel vehicles are being replaced with electric alternatives, prioritising last-mile delivery. By the end of 2024, 46% of our own fleet was electric, aiming for full last-mile electrification by 2030.

Key actions in 2024

• Added 330 e-vehicles to our network, slightly below target due to supplier delays.
• Installed 164 charging stations despite grid congestion challenges.
• Implemented a dynamic, algorithmic charging schedule across our Dutch operations, with potential expansion to TGN.
• 8% of delivery partner kilometres now emission-free, supported by 300 new e-vehicles.
• New routes assigned only to delivery partners using electric vehicles, with financial support for cost differences.
• Enhanced licence plate registration for better data accuracy, feeding into the zero-emission dashboard and sustainability reporting.

Investments support by the Green Bond

• €17.15 million in fleet electrification capex, €44 million in clean transport, and investments in electric vehicles including an electric large truck.
• Fast-charging station installed at Nieuwegein mail sorting centre.

Plans for 2025

• €5.3 million to support delivery partners in expanding their electric fleets and charging infrastructure.
• €10.6 million in lease additions for our own fleet to further reduce emissions in our operations.

Renewable fuels

We are replacing petrol and diesel with cleaner alternatives like biogas and HVO100, cutting carbon emissions by up to 90% and reducing fossil fuel dependence. By the end of 2024, 77% of our large trucks ran on HVO100. Additionally, Spring procured 2.9 million litres of HVO100 and blended this into the European diesel fuel network. This supports our global CO₂e reduction efforts, particularly in middle-mile transport, connecting our facilities to last-mile delivery.

Key actions in 2024

• Using 7.3 million litres of HVO100 for our own trucks reduced 18 kilotonnes of CO₂e, contributing to lowering average emissions to 128 grammes per kilometre.
• The out-of-tank solution, 2.9 million litres of HVO100, saved 8.3 kilotonnes of CO₂e in 2024 achieving 90% lower emissions in the case the same amount of diesel was used. The surplus HVO100 purchased (0,55 million litres) will be used to further reduce our scope 3 emissions in 2025.

The actions focus on the downstream value chain, affecting customers and society. The time horizon for these specific actions is 2024 to 2025, but the use of renewal fuels in parts of our operations is ongoing.

Plans for 2025

• Invest €1.3 million to increase HVO100 use in large trucks (scope 1) from 77% to 80%, further cutting fleet carbon intensity.
• Invest €200,000 to expand HVO100 use in last-mile delivery, ensuring fossil fuel vehicles run on HVO100 wherever feasible to maximise environmental benefits.

More sustainable infrastructure

PostNL is committed to building and renovating sites with minimal environmental impact, aligning with our sustainability policy. Logistics sites have a significant footprint, so we follow BREEAM certification to ensure sustainability. All locations meet BREEAM standards, complying with regulations and minimising impact on Natura 2000 areas. We conduct nitrogen impact assessments and ecological studies for sorting centre projects, implementing recommendations to support biodiversity.

All 27 parcel sorting centres are BREEAM-NL certified. Of our eight newest centres, seven are rated “Outstanding” and one “Excellent.” Our head office, also BREEAM-NL certified, is the most sustainable listed building in the Netherlands. From €191 million allocated to sustainable buildings and energy efficiency, 75% was used for refinancing and the rest for new developments. Investments include €4 million in solar panels and heat pumps to replace traditional heating and cooling systems. Our sustainability initiatives extend across PostNL-owned and leased assets, influencing employees, communities, and society. With no set end date, sustainability remains a core focus.

Network efficiency

PostNL continuously seeks opportunities to optimise operations, improving efficiency and reducing GHG emissions. Enhancing network efficiency not only lowers costs but also improves customer convenience. In 2024, we expanded delivery options beyond home addresses, reducing the need for individual last-mile deliveries and minimising emissions from customer transport. Additionally, we discontinued Sunday deliveries due to low parcel volumes, improving operational efficiency.

While the specific reduction in GHG emissions from these measures is not yet quantifiable, we track quarterly progress by reporting on CO₂ efficiency and absolute CO₂e emissions across our networks.

Key actions in 2024

• We expanded delivery options outside the home which reduces the need for individual last-mile deliveries, thus cutting emissions from customer transport.
• We discontinued Sunday deliveries to improve overall efficiency in our operations. Due to the lower volume of parcels on Sundays, delivery has become less efficient with fewer packages per route.

Plans for 2025

• We expect to optimise the use of our e-vehicles, replacing 1 million kilometres previously driven by non-electric vehicles with fully electric transport.

We are not able to quantify the forecast of the reduction of GHG emissions. The effects are measured on a quarterly basis by reporting on CO₂e efficiency and absolute CO₂e emissions per relevant network. The actions focus on the operations and downstream value chain, affecting employees, customers and consumers. These actions have an ongoing time horizon with no specific end date since this is an ongoing material topic for PostNL. PostNL has addressed all relevant sustainability matters through comprehensive action plans that effectively tackle the identified impacts, risks, and opportunities (IROs). These plans are designed to be robust yet adaptable, allowing for adjustments in response to innovations, new legislation, or significant market developments.

Targets

PostNL has committed to ambitious GHG emissions reduction targets that are aligned with the 1.5°C pathway of the Paris Agreement. for 2030 and 2040. These targets are not only designed to meet our climate goals but are also integrated into our broader environmental strategy, encompassing efforts to reduce air pollution and enhance circularity.

PostNL’s environmental targets are closely aligned with its overarching policy objectives, which focus on addressing climate change, pollution, and promoting the circular economy. The near-term and long-term targets provide a clear roadmap for achieving significant reductions in GHG emissions and waste, and address critical IROs associated with our operations.

Our climate targets directly address several key IROs:

1. Contribution to global warming through direct and indirect GHG emissions (actual and potential): By implementing initiatives such as increasing the number of electric delivery vans and boosting the use of HVO100 in our network, we are reducing our carbon footprint while addressing the environmental impact of our operations.
2. Cost and revenue risks from carbon taxes and competitive pressures: Our transition to low-carbon transportation and on-site renewable energy production positions us to mitigate rising costs associated with carbon pricing while enhancing our competitiveness and maintaining customer trust.
3. Volume risks tied to regulatory changes: Meeting CO₂e and circularity targets is central to retaining market access and ensuring compliance with evolving EU import restrictions, safeguarding our business volumes.
4. Energy efficiency and sustainable energy production: By reducing energy demand from the grid and increasing on-site renewable energy production, we are not only cutting emissions but also contributing to the broader transition toward a sustainable energy mix in the Netherlands

The baseline value for our targets is 2021, selected according to SBTi guidelines. We will update the base year for our GHG emissions reduction targets every five years from 2030 onwards.

Baseline values

• Scope 1 emissions totalled 34,646 tCO₂e in 2021.
• Scope 2 location-based 30,328 tCO₂e in 2021.
• Scope 2 market-based 171 tCO₂e in 2021
• Scope 3 emissions totalled  338,651 tCO₂e in 2021.

Near-term 2030 targets (base year 2021)

• Reduce absolute scope 1 and 2 GHG emissions (gross in tonnes CO₂e) by over 90% and absolute scope 3 GHG emissions by 45%. The target boundary includes land-related emissions and removals from bioenergy feedstock, working actively towards mitigating climate change by decreasing our direct and indirect carbon footprint.
• Renewable electricity: PostNL will continue to source 100% renewable electricity annually through 2030.
• PostNL commits to deliver all letters and parcels emission-free from the final sorting centre to the consumer or an alternative pick-up location (last-mile) in the Benelux by 2030, minimising environmental impacts, particularly in urban areas, in line with the policy's objective to mitigate pollution.
• PostNL uses the location-based method to measure its gross GHG emissions.

Long-term net-zero 2040 targets (base year 2021)

• Scope 1 and 2: PostNL commits to maintaining a minimum of 90% absolute GHG emissions reductions from 2030 through 2040.
• Scope 3: A 90% reduction in absolute scope 3 GHG emissions by 2040.

These are gross targets, meaning that they do not include GHG removals, carbon credits or avoided emissions. The progress of these targets can be found in the metrics section below. We will include the reporting of these new categories in our future Annual Reports to provide transparency about the progress against our new targets.

Methodology

PostNL has adopted a comprehensive approach to defining its climate-mitigation targets, considering a diverse range of developments in the environmental, societal, technological, market, and policy spheres. For identification, we use two climate-related scenarios from the International Energy Agency (IEA).

The 'Net Zero 2050' scenario was selected for its focus on deep decarbonisation, while the 'Stated Policies' scenario provided insights into the policy trajectory based on current national commitments. We also used internal operational data (e.g., energy consumption, fleet emissions) and external sources (such as climate models from the IPCC). Assumptions included the scalability of low-carbon technologies (e.g., electric vehicles) and the tightening of future regulations at the national and EU levels.

Since 2019, our targets have been validated by the Science-Based Targets initiative (SBTi), ensuring they are science-based and compliant with EU regulations. The SBTi framework ensures our targets are both ambitious and credible.

In setting our climate targets, PostNL has carefully considered future developments, including the introduction of emission-free zones, evolving customer preferences and demand, regulatory changes, and advancements in technology. These factors have guided our strategy, leading us to prioritise emission-free logistics while simultaneously leveraging biofuels for immediate GHG emissions reductions.

In 2023, we hosted a consultation with stakeholders, including business partners, financial organisations, NGOs, government bodies, and our employee representatives, to validate our material topics and gather feedback on our broader sustainability performance. Their input helped shape the direction of our climate targets, ensuring they reflect both market expectations and regulatory requirements.

The SBTi methodology has been used to ensure best practice guidance was followed to set these targets. The target setting method used was cross-sector and absolute, while intensity based targets were set. The target is measurable, and outcome- and time oriented. Annually, PostNL reports on the GHG emissions in the Annual Report. We measure in absolute emissions, tCO₂e.

To achieve our GHG emission reduction targets, PostNL decarbonisation levers contribute to reductions across scope 1, scope 2, and scope 3 emissions.  

Scope 1: Electrification of fleet 

Our scope 1 emissions primarily stem from GHG emissions produced by our own fleet. The key decarbonisation lever here is the electrification of our fleet. By transitioning to electric vehicles (EVs), we expect to significantly reduce emissions from fuel combustion, and we aim for zero-emission delivery in the last-mile from the final sorting centre to the consumer or an alternative pick-up location by 2030. This action is expected to be sufficient to meet our scope 1 reduction targets by 2030. 

Scope 2: Maintenance of net-zero emissions 

We have reached our target to reduce 90% of our scope 2 emissions since PostNL’s scope 2 market based emissions are already reported as net zero, as we source 100% renewable electricity for our buildings and facilities. Our goal is to maintain this status by continuing to procure renewable energy for all our operations, ensuring no indirect emissions from purchased electricity.

Scope 3: Various decarbonisation levers 

For scope 3 emissions, which include upstream and downstream activities across our supply chain, several decarbonisation levers contribute to our reduction targets for 2030 and 2040.

• Switching to renewable fuels
• Network efficiency
• Sustainable infrastructure.

Each of these levers is essential for reducing emissions across our value chain, ensuring we remain on track to achieve our climate targets. See the Strategy section earlier in this chapter for more information.

Our targets are embedded within a comprehensive framework of sustainable development, contributing to the United Nations Sustainable Development Goals (SDGs). Beyond our commitment to reducing emissions, we actively address other vital sustainability dimensions, including biodiversity, waste reduction, and enhancing urban air quality.

Aligned with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), we have undertaken an assessment of climate-related risks, focusing on potential business and financial impacts. Each identified risk was thoroughly evaluated in terms of likelihood and the associated effort required to manage it. Simultaneously, we identified opportunities arising from developments such as the transition to renewable energy and the adoption of electric vehicles.

By taking this approach, we ensure our targets remain not only ambitious but also closely aligned with our strategic priorities for growth and resilience, positioning PostNL to deliver long-term value while contributing positively to society.

Target setting

The inclusions and exclusions from the GHG protocol emission targets are in line with SBTi guidance and are driven by the level of relevance for our business and the influence PostNL has on reductions in each category. Consistency is ensured through annual evaluation of applicability of emission categories to business operations. This is then compared to emission categories included in scope 1-3 targets.

We will include the reporting of these new categories in future Annual Reports to provide transparency about the progress against our new targets. 100% of our scope 1 & 2 targets are covered by our scope 1 emissions.

The generation of direct and indirect CO₂e emissions constitutes PostNL’s primary source of greenhouse gas (GHG) emissions. Additionally, we account for other GHGs, such as methane (CH₄) and nitrous oxide (N₂O), and measure our climate impact in CO₂ equivalents, ensuring all GHGs are encompassed within our targets.

To establish a reliable baseline for tracking progress, we employ a robust methodology combining internal operational data—such as energy consumption and fleet emissions—with external sources, including climate models. This approach ensures our measurements reflect external factors such as regulatory developments or technological advancements, providing a transparent and accurate depiction of our progress toward achieving our climate targets.

The baseline year and value, based on 2021, will remain unchanged unless there is a significant shift in our targets or reporting boundary. In such cases, we will explain how these changes impact the target, its achievement, and progress presentation, in line with best practices validated by the SBTi.

From 2030 onwards, we intend to update our baseline year at five-year intervals. Until then, the 2021 baseline remains the foundation for tracking progress towards our near-term targets for 2030.

When disclosing past progress toward climate targets, PostNL will ensure consistency with current reporting standards, including providing explanations for any differences in methodology or target boundaries.

New technologies

• Energy-efficient buildings: Investing in energy-efficient infrastructure, such as smart sorting centres with better insulation, LED lighting, and automated systems for heating and cooling. Installing solar panels at depots and offices further enhances energy self-sufficiency.

• Route optimisation technology: Using advanced algorithms and AI-driven route planning can minimise the number of kilometres driven by optimising delivery routes, which would directly reduce fuel consumption and emissions. This can also help avoid unnecessary trips and improve overall network efficiency. 

• Scaling up our out-of-home solutions: We are increasing the number of parcel lockers located around the Netherlands, which gives consumers the option to send and collect parcels when it is convenient for them.

• Electric fleet charging management: Implementing smart charging infrastructure to manage when and how vehicles are charged can reduce energy demand during peak hours and ensure vehicles are charged using renewable energy, where possible. 

While we continue to make progress on decarbonisation of our fleet, we foresee future bottlenecks, as grid operators are increasingly denying permission to expand connections in depots and other buildings because of growing congestion on the electricity grid. This could make our transition to emission-free delivery more complex. 

Decarbonisation levers and their contribution to our GHG reduction targets

The estimated contribution of each decarbonisation lever is based on the distribution of emissions in our 2021 base year and may evolve over time as technology and market conditions change.

Scope 1:

• 55% reduction through fleet electrification
• 40% reduction via renewable fuels
• 5% reduction through network efficiency improvements

Scope 2:

• 100% reduction through energy efficiency and using Guarantees of Origin as a market based instrument

Scope 3:

• 63% reduction through a combination of electrification, renewable fuels, and network efficiency
• 30% reduction via sustainable and circular procurement & waste management
• The remaining 7% will rely on innovation to achieve additional emission reductions

The balance between electrification and renewable fuels will shift over time, depending on technological advancements. operational feasibility and financial position of PostNL.

Resources in relation to climate change

PostNL’s ability to implement its sustainability actions, including adjustments to supply and demand and significant investments such as R&D, is highly dependent on the availability and allocation of resources.

Green Bond programme

A key enabler of our sustainability strategy is our Green Bond programme, which involved issuing €300 million in Green Bonds to finance green projects in alignment with the four pillars of the Green Bond Principles 2018 (GBP), administered by the International Capital Market Association (ICMA). More information about the Green Bond can be found in the Strategy section, specifically the Green Bond paragraph. This initiative ensures the necessary investments to support our sustainability goals, including emission-free deliveries and other environmental projects.

Sustainability-Linked Financing Framework

The Sustainability-Linked Financing Framework, published in 2024, underscores our commitment to sustainability and accelerates our transition towards becoming a truly sustainable e-commerce logistics service provider. This framework lays the foundation for a Sustainability-Linked Financing programme, designed to provide the financial resources required to achieve PostNL’s strategic objectives, including our emission-free delivery ambitions.

While we are well-positioned to pursue our sustainability targets, access to affordable capital and maintaining sufficient financial resources remain critical. Any increase in financing costs or reduced access to capital could impact the pace of implementing the technologies and infrastructure essential for achieving our sustainability goals. We actively monitor our financial position and market conditions to ensure we can fully execute our commitments and maintain our progress towards becoming a sustainable logistics provider.

For more information on the Sustainability-Linked Financing Framework, please see the Our strategy and business model section in the General disclosures.

Metrics

PostNL CO₂ efficiency and emission-free last-mile delivery as indicated
2023 - 2024

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Our CO₂ efficiency was 128 grammes per kilometre in 2024 (2023: 136), which is behind our target for the year (126 grammes per kilometre). The share of emission-free last-mile delivery of mail and parcels was 28% in 2024 (2023: 24%). More information about our CO₂ efficiency and emission-free delivery can be found on pages 50-51 in the Environmental value chapter.

Scope 1

Our gross scope 1 emissions fell by 1,120 tonnes (5%) in 2024 compared to 2023, driven by lower emissions across all transport activities. Since 2020, we have sourced natural gas through market-based Guarantees of Origin for biogas. Nominal gas usage declined in 2024 due to various business factors, detailed in the Energy efficiency of buildings section in this chapter. Key contributors to our scope 1 reduction included fewer kilometres driven, increased use of HVO100 over diesel, and more kilometres covered by small electric trucks. Fugitive emissions from coolant evaporation in buildings and vehicles are included in scope 1, amounting to 1,176 tonnes.

Scope 2

Our gross location based scope 2 CO₂e emissions are mainly comprised of electricity use and for a small part consists of district heating. Nominal electricity consumption decreased in 2024 to 66 million kWh (2023: 67 million kWh). Supporting our ongoing transition to an electric vehicle fleet, we expanded our charging infrastructure during 2024. The rise in kilometres driven by electric vehicles contributed to higher electricity usage for our fleet; however, this was offset by a reduction in electricity consumption from our buildings. Our location-based scope 2 emissions totalled 18,857 tCO₂e in 2024 (2023: 27,176 tCO₂e). Lower emissions are a result of less electricity use but also the increased electricity generation from our solar panels.

Our gross market-based scope 2 CO₂e emissions decreased to 80 tonnes in 2024 (2023: 189). This reduction is solely due to district heating, which is used by only a few buildings, one of which was vacated. We stimulate the use of electricity from green and renewable sources in our buildings, and use the market-based instrument of purchasing Guarantees of Origin to ensure our electricity consumption is based on renewable energy. The percentage of contractual instruments for electricity consumption is 100%. In addition to electricity, PostNL operates a small number of facilities that utilise district heating supplied by a local heating grid.

Scope 3

Our total gross scope 3 emissions fell by 8% in 2024, a reduction of 24,309 tonnes CO₂e. Most emissions came from outsourced road and air transport, purchased goods & services, capital goods, and employee commuting. Austerity measures led to lower spending, reducing emissions from purchased goods & services, while decreased investment in buildings and equipment lowered emissions from capital goods.

Employee commuting emissions dropped by 1,403 tonnes CO₂e, driven by headcount reductions and higher absenteeism, resulting in fewer commutes. International truck transport benefited from the market-based “HVO100 out of the tank” solution, cutting 8,319 tonnes of gross CO₂e. This intervention ensures only PostNL can claim the emissions reduction. Business air travel emissions rose from 278 to 460 tonnes CO₂e due to Cross Border Solutions’ expansion, requiring more international meetings with customers and staff.

Outsourced transport

The total emissions from outsourced transport decreased by 14,298 tonnes CO₂e to 168,350 tonnes CO₂e in 2024 (2023: 182,648 tonnes CO₂e). Several factors contributed to the decrease of around 8% in 2024. Examples include fewer kilometres driven as a result of volume developments and network efficiency, especially for our large truck transport and time-critical network, as well as several data quality improvements and growing sustainability measures at delivery partners related to renewable fuels and fleet electrification.

CO₂ credits

In 2022 and 2023, PostNL compensated all gross CO₂e emissions within the scope of its Annual Report and validated science-based targets (approved by the SBTi in 2019) through CO₂ offset credits. Prior to 2022, carbon offsets were applied selectively to scope 3 GHG categories where reduction measures were not yet feasible. For 2023, PostNL utilised CO₂ offset credits from certified projects under the Verified Carbon Standard (VCS) and Gold Standard, managed by the non-profit organisation Verra, achieving net GHG emissions of 0 tonnes across scopes 1, 2, and 3. Following an internal review in 2023, PostNL decided to discontinue the use of carbon offsets for all reported emissions as of 1 January 2024. Instead, the focus has shifted to more impactful carbon reduction measures within operations and the value chain, including investments in "HVO100 out the tank" insetting as a market-based instrument.

Science Based Target initiative-endorsed targets

PostNL is committed to achieving CO₂e reduction targets aligned with the 1.5°C trajectory of the Paris Climate Agreement, as endorsed by the SBTi. These targets include both near-term goals for 2030 and a long-term net-zero objective for 2040. More information about our targets can be found in the Targets paragraph earlier in this section.
*The target boundaries include land-related emissions and removals from bioenergy feedstocks.

Near-term 2030 targets

• Scope 1 and 2: PostNL aims to reduce absolute GHG emissions by 90% by 2030, based on a 2021 baseline*
• Renewable electricity: PostNL will continue to source 100% renewable electricity annually through 2030
• Scope 3: A 45% reduction in absolute scope 3 GHG emissions by 2030, from a 2021 base year.

Long-term net-zero 2040 targets

• Scope 1 and 2: PostNL commits to maintaining a minimum of 90% absolute GHG emissions reductions from 2030 through 2040, based on a 2021 baseline*
• Scope 3: A 90% reduction in absolute scope 3 GHG emissions by 2040, from a 2021 base year.

GHG emission intensity

Our GHG emissions intensity (total market based GHG emissions per euro million net revenue) in 2024 was 88.48 (2023: 98.98).

PostNL Biogenic emissions in tonnes CO₂e
2023 - 2024

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Biogenic emissions

The reduction of biogenic emissions in scope 1 is a result of decreased HVO100 and biogas consumption, partially due to cost-saving measures and a focus on electrification as a more sustainable solution for emission reduction. On the other hand, biogenic emissions in scope 3 have increased with the introduction of our 'HVO100 out-of-tank solution'.

Internal carbon pricing

PostNL’s internal carbon pricing scheme encompasses scope 1 and scope 2 location-based emissions, including direct emissions from our fleet and facilities. In 2024, direct scope 1 and 2 emissions totalled 24,010 tonnes CO₂e. Through targeted investments, a combined capex-related reduction of 125 tonnes CO₂e was achieved, representing 0.3% of overall scope 1 and 2 CO₂e emissions.

Integrating climate-related considerations into decision-making is fundamental to delivering on our emission reduction strategy. Since its introduction, the internal carbon pricing scheme has been instrumental in driving climate-positive investments, ensuring PostNL remains aligned with its long-term sustainability commitments. We plan to further evaluate the scheme in 2025.

Energy

Actions

Energy efficiency

Minimising the environmental impact of our sorting centres is a priority. To this end, we are installing energy-efficient LED lighting and optimising energy consumption. Additionally, our BREEAM certifications and energy monitoring processes provide a robust framework for reducing our climate impact.

Key actions

• We are generating 50% of the electricity for our parcel sorting centres ourselves via solar panels on our roofs.
• We purchase with Guarantees of Origin, which provides assurance that we only use renewable electricity (scope 2) from the Netherlands and renewable gas (scope 1) from Europe.
• We have installed a battery system for locally generated energy during the day, which is used to power sorting machines and charging electric vans during the evening /night. This also helps alleviate congestion on the energy grid.
• In 2025, we will add additional charging points at our locations (capex €2.4 million).

Network efficiency

For more information on our actions to improve network efficiency, please refer to the corresponding section in the Our performance of Climate change.

Targets

The targets for energy efficiency are related to the scope 1 and scope 2 targets and can be found in the Our performance of Climate change.

Metrics

Both CO₂ efficiency and emission-free last-mile delivery are relevant to the material topics of climate change mitigation and energy. To avoid repetition, we address the metric under the Our performance of Climate change.

PostNL Energy consumption as indicated
2023 - 2024

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Compared to 2023, our energy consumption from crude oil and petroleum products decreased in 2024, driven by the electrification of our fleet and the increased use of renewable fuels. In 2024, our electricity consumption increased compared to previous years; however, we continue to face challenges in optimising the use of our electric vehicles. To address this, a dynamic charging schedule was introduced at the end of the year.

Additionally, our charging infrastructure remains constrained by grid congestion in the Netherlands. Furthermore, the transition from diesel to HVO100 biofuel slowed in the second half of the year due to necessary cost-saving measures. To support our sustainability goals, we purchase Guarantees of Origin for renewable biomethane from fermentation installations. As a result, gas consumption is reported under "consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources."

Our large sorting centres are BREEAM-NL certified, a standard that promotes energy efficiency and low environmental impact. The use of non-renewable energy sources, such as district heating and heating oil, is limited to a small number of sites. In 2024 8,064 MWh of electricity was self generated from solar panels, of which 5,165 MWh was self-consumed accounting for approximately 7% of our total electricity consumption.

PostNL Energy consumption intensity as indicated
2023 - 2024

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Energy use decreased in 2024 compared to 2023, while revenue increased by approximately €87 million. This had a favourable impact on this indicator.