Green Bond 
Allocation and 
Impact Report
September | 2023

At Smurfit Kappa,
as one of the leading global 
providers of sustainable 
packaging, we are proud to 
create, protect and care.

Smurfit Kappa Green Bond Allocation and Impact Report  |  1
Table of Contents
Leading in Sustainability –  Delivering for all Stakeholders
2
Executive Summary
3
A Circular Business, Naturally 
4
Sustainable Finance at Smurfit Kappa 
5
Green Bond Allocation Report
6
Green Bond Impact Report 
10
Notes to Green Bond Impact Report 
11
Assurance Report of the Independent Auditor
18
Glossary 
20
Impact Metrics: Commitments and Calculation Methodology
22
Planet
A greener, bluer planet
Climate Change/Forest/Water/Waste
The circular economy is at the core of our business.  
We use renewable, recyclable, recycled and 
biodegradable materials to create new products.
Impactful  
Business
Delivering for all 
stakeholders
Innovation/Governance and  
Human Rights/Sustainable 
Sourcing
As a global group, our activities 
create sustainable value for 
our shareholders, customers, 
employees, suppliers and the 
communities where we operate.
People
Empowering people  
and communities
People Values/People Strategy/ 
Communities/Health and Wellbeing
Having engaged employees is critical 
for our business. We work safely  
with talented people in a global, 
culturally diverse organisation.

2  |  Smurfit Kappa Green Bond Allocation and Impact Report
Don't take our word for it, take theirs: Some examples of our external recognitions
2.1%
reduction in water 
consumption in 2022
43.9%
relative CO2 emission 
reduction since 2005
2022
Revenue €12.8bn;
EBITDA €2.4bn; 
Return on Capital Employed 21.8%
World's 
1st
paper mill to successfully trial 
hydrogen at Saillat in France
€26m
of investments in water 
treatment projects in 2022
24%
reduction of waste to landfill 
from our paper mills since 2013
Credit Ratings
Standard & Poor’s BBB-  
(stable outlook)
Moody’s Baa3 (stable outlook) 
Fitch BBB- (positive outlook)
€994m
of investments in CO2 reduction since 
2005, including: Nettingsdorf (Austria) 
bio-boiler, Nuevo Laredo (Mexico) 
corrugated plant upgrade and Zülpich 
(Germany) move from coal to natural gas
1
3
5
2
4
6
Leading in Sustainability – 
Delivering for all Stakeholders
0
100
200
300
400
500
Others
Austria
Sweden
Colombia
Spain
Mexico
UK
Italy
Germany
France
Netherlands
325
€m
Eligible Asset Base by Country
296
270
250
235
223
216
209
174
134
401

Smurfit Kappa Green Bond Allocation and Impact Report  |  3
Executive  
Summary
Our purpose is to create innovative and 
sustainable paper-based packaging solutions 
for our customers, protect products in transit 
and precious resources for future generations 
while caring for each other, the environment 
and the planet.
In September 2021, we launched our Green Finance Framework 
in order to further integrate the circularity at the heart of 
our business model into our funding strategy, alongside our 
sustainability-linked €1,350 million Revolving Credit Facility and 
€330 million Securitisation Facilities. 
The allocations made under our Eligible Asset categories 
support UN Sustainable Development Goal 12 – ‘Responsible 
production and consumption’ and Goal 15 – ‘Life on land’, and 
the goals of the Paris Agreement. In September 2021, we issued 
our inaugural green bond of €1,000 million, which was allocated 
to refinancing our portfolio of Eligible Assets which totalled 
€2,733 million at 31 December 2022.
Significant Contribution
Allocated to Circular Economy Adapted Products, Production 
Technologies and Processes and/or Certified Eco-efficient Projects.
►	 6.8m tonnes of primarily post-consumer waste recycled in 2022
►	 76.2% recycled fibres in global production 
►	 100% recycled fibres from certified FSC, PEFC or SFI sustainable 
sources
►	 4% reduction in waste to landfill versus 2020
►	 8% reduction in water intake versus 2020
►	 127 Mm3 wastewater treated in 2022
Limited Contribution
 
Allocated to Environmentally Sustainable Management of Living Natural 
Resources and Land Use.
►	 100% of our forestry assets are FSC certified
►	 Our forests in Colombia are 100% FSC certified, of which over 30% 
are protected, natural forests supporting biodiversity
►	 9.34 million tonnes of CO2 is stored in our growing trees
►	 100% of the wood used in production is from certified sustainably 
managed forests; 56% is from FSC or PEFC certified forests and 44% 
is from FSC Controlled Wood sources (risk-assessed through our FSC 
and PEFC Chain of Custody System and verified by a third party).
EU Taxonomy
The current Taxonomy classification criteria does not yet cover the core business activities of the Group. In producing paper-based packaging solutions and having 76% of 
our raw material from recycled sources, SKG has a strong position in the circular economy. We expect to be well positioned as the scope of the EU Taxonomy is widened to 
include further activities contributing towards this environmental objective.
Eligible
Asset Base
Allocated
Amount
€2,623m
€957m
Eligible
Asset Base
Allocated
Amount
€110m
€43m

4  |  Smurfit Kappa Green Bond Allocation and Impact Report
A Circular Business,  
Naturally
With our operations influencing the whole packaged 
goods value chain, we drive positive change from 
sustainable and responsible raw material sourcing 
to minimising operational impact and lowering our 
customers’ environmental footprints.
A constituent of the FTSE 100, we operate through over 350 production 
sites located in 22 European countries, 13 countries in the Americas and 
one in Africa, and are listed on the London Stock Exchange and Euronext 
Dublin. With approximately 47,000 employees worldwide, we have the 
experience and expertise to create new opportunities for our customers, 
with our innovative packaging solutions providing the optimum choice in 
sustainable packaging supplies.
Paper mills
8 million tonnes of primarily post-consumer 
recovered paper handled each year
1
2
Products
100% renewable, recyclable 
and biodegradable
3
Collection of used boxes/products
100% used packaging reclaimed
4
Recovered  
and virgin fibres
88% of the paper collected is 
recycled in our own mills
Our Circular Business Model
Our approach to circularity 
is not just about our 
product, but the complete 
process: how we source 
the raw materials, how we 
create our products, how 
they are used and what 
happens when they reach 
the end of use.
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b
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t
y
Production of 
containerboard
Conversion into 
corrugated board 
sheets
Conversion 
into packaging 
solutions
Customers
Distribution and 
consumption
Recovered paper 
facilities
Recovered/
virgin paper 
fibres

Smurfit Kappa Green Bond Allocation and Impact Report  |  5
Sustainable Finance  
at Smurfit Kappa
Sustainability-linked RCF and Securitisation Programmes Facilities Total €1,680m
Margin linked to Annualised KPIs for the following Sustainability Targets
Green Bond Portfolio | €1,000m
Using Eligible Assets from the following categories
Use of Proceeds
Contribution or Obstruction
Sustainable Development Goals
Circular economy adapted products, production technologies 
and processes and/or certified eco-efficient products
Reclamation of used fibres
Recycling of used fibres
Paper milling
Packaging conversion
Significant Contribution
Environmental sustainable management of living natural 
resources and land use
Forests and Products certified in accordance with FSC, PEFC, SFI
Limited Contribution
ISS ESG Assessment is Based on a 5 Point Scale:
Significant Obstruction
Limited Obstruction
No Net Impact
Limited Contribution
Significant Contribution
In 2020, we incorporated five key ESG 
objectives into our financing through 
converting our €1,350 million multi-bank 
Revolving Credit Facility (“RCF”) into a 
sustainability-linked loan. The margin on 
our RCF is linked to the achievement of 
five key performance indicators (“KPIs”) 
on Climate Change, Forest, Water, Waste 
and Health & Safety. All five targets 
need to be achieved in order to attain 
maximum margin benefit. This initiative 
was extended to our two securitisation 
programmes in 2021.
As part of this further integration of the sustainability 
ambitions at the core of our business model into our 
funding strategy, we developed the Smurfit Kappa 
Green Finance Framework (“the Framework”)1 in 
2021, with pre-issuance assurance carried out by ISS 
ESG2. In September 2021, we issued our inaugural 
green bond under the Framework, the proceeds 
of which were used to refinance our Portfolio of 
Eligible Assets. The vast majority of our Eligible 
Assets comprise the productive assets related to 
reclamation, recycling, paper milling and packaging 
conversion, which received the highest level of 
contribution from ISS ESG – Significant Contribution.
1	 sk_greenfinanceframework_2021.pdf (smurfitkappa.com)
2	 skg-second-party-opinion.pdf (smurfitkappa.com)
Climate 
Change
Net 
zero
Forest
>95%
Water
60%
Waste
30%
Health  
and Safety
at least 
5%
Our ambition is to have at least net zero emissions by 2050 
with a 55% reduction in relative CO2 emissions by 2030
packaging solutions sold as Chain of Custody (CoC) 
certified to customers by 2025
reduction in relative Chemical Oxygen Demand (COD) 
discharge by 2025
reduction in relative waste sent to landfill by 2025
reduction in Total Recordable Injury Rate (TRIR) annually

6  |  Smurfit Kappa Green Bond Allocation and Impact Report
Green Bond 
Allocation Report
Green Bond Proceeds – Use of Proceeds
In this report, we present the allocation of the proceeds and the 
impacts achieved by our inaugural green bond. The reporting is 
based on eligible asset values as at 31 December 2022. We have 
used the portfolio approach, but also share specific case studies 
to highlight continuous investment in our own eligible assets, 
own sustainability initiatives and our initiatives and innovations 
designed to help our customers attain their sustainability 
objectives.
For our inaugural green bond, we allocated 100% of the proceeds to the refinancing of 
our eligible green asset base. Green assets qualify without a specific look back period 
provided that at the time of the issuance and throughout the life of the instrument 
they follow the eligibility criteria outlined below:
Circular economy adapted products, production technologies and 
processes and/or certified eco-efficient products
►	 Assets and expenditures associated with the reclamation of used fibres.  
Eligible assets: audited balance sheet (net of depreciation) plant & equipment 
assets of our Recycling Depots.
►	 Assets and expenditures associated with the recycling of used fibres.  
Eligible assets: audited balance sheet (net of depreciation) plant & equipment 
assets of our Recycling Plants.
►	 Assets and expenditures associated with paper milling.  
Eligible assets are the audited balance sheet (net of depreciation) plant & 
equipment assets of our sustainably sourced Virgin and Recycling Paper Mills.
►	 Assets and expenditures associated with packaging conversion.  
Eligible assets are the audited balance sheet (net of depreciation) plant & 
equipment assets of our Corrugated and Sacks Plants.
Plant & Equipment excludes: Spare parts and construction in progress as well as the 
plant & equipment assets of our head offices, Bag-in-Box plants (due to an element 
of plastic in production), sales and distribution offices. 
Environmentally sustainable management of living natural resources and 
land use
►	 Forests and Products certified in accordance with FSC, PEFC, SFI.  
Eligible assets: audited balance sheet FSC certified forestry assets. 
Allocated Green Bond Categories
31 December 2022
96%
Circular Economy adapted products, 
production technologies and processes 
and/or certified eco-efficient products
4%
Environmentally sustainable management 
of living natural resources and land use

Smurfit Kappa Green Bond Allocation and Impact Report  |  7
Use of Proceeds Allocation Table
Portfolio of Eligible Assets
Asset values at 31 December 2022
Green Funding
ICMA GBP/LMA
Eligible Categories
Amount
€m 
Allocated Amount
€m 
ISIN
Issuance 
Date
Maturity 
Date
Amount
€m 
Circular economy adapted products, production technologies 
and processes and/or certified eco-efficient products
2,623
 957 
XS2388182573
22 Sep 2021
22 Sep 2029
 500 
XS2388183381
22 Sep 2021
22 Sep 2033
 500 
Environmentally sustainable management of living natural 
resources and land use
110
43 
Total Portfolio of Eligible Assets
2,733
1,000 
Total Green Funding
 1,000 
As at 31 Dec 2022
Percentage of Portfolio of Eligible Assets allocated to Green Finance Instruments net proceeds
37%
Amount of Portfolio of Eligible Assets Allocated (€m)
1,000 
Percentage of Net Proceeds of Green Finance Instruments allocated to Portfolio of Eligible Assets 
100%
New Eligible Green Assets added to the portfolio since 31 Dec 2019 (€m)*
1,242
New Eligible Green Assets added to the portfolio since 31 Dec 2019**
55%
Construction in progress is not included in the portfolio of Eligible Assets until it becomes operational.
* New Eligible Green Assets comprise additions to the Portfolio of Eligible Assets associated with the production of circular economy adapted products, production 
technologies and processes and/or certified eco-efficient products and reclassification from construction in progress to the Portfolio of Eligible Assets from 31 December 2019 
to 31 December 2022.
** The percentage is calculated by reference to the Portfolio of Eligible Assets associated with the production of circular economy adapted products, production technologies 
and processes and/or certified eco-efficient products as at 31 December 2019.

8  |  Smurfit Kappa Green Bond Allocation and Impact Report
Green Bond Proceeds Allocation – Governance
Smurfit Kappa seeks to provide industry-leading transparency and detail to our stakeholders of every aspect of our operations. 
Independently assured since 2009 using the Global Reporting Initiative, we have been reporting on our corporate sustainability 
progress since 2007 in our annual Sustainable Development Report (“SDR”)3.
Our SDR reports in line with the recommendations of the Taskforce for Climate Related Financial Disclosures and the Sustainable Accounting Standards Board criteria. 
Sustainability is embedded across our business and included in our senior management incentives and our cost of funding under our sustainability-linked revolving credit and 
securitisation facilities.
In September 2021, we launched our Green Finance Framework which follows the International Capital Market Association (“ICMA”) 2021 Green Bond Principles4 and the Loan 
Market Association (“LMA”) 2021 Green Loan Principles5.
Use of Proceeds
Process for Project Evaluation and Selection
Management of Proceeds
Reporting
Eligibility Criteria:
Assets and expenditures associated with 
the sustainable and responsible production 
of circular paper-based packaging products 
through circular processes, including:
►	Reclamation of used fibres
►	Recycling of used fibres
►	Paper milling
►	Packaging conversion
Certified Sustainable Forests and 
Purchasing costs of responsibly sourced 
raw materials (such as wood, pulp, paper, 
recovered paper).
Forests and Products certified in 
accordance with:
►	Forest Stewardship Council (FSC) 
standards
►	Sustainable Forestry Initiative (SFI) 
►	Programme for the Endorsement of 
Forest Certification (PEFC)
Process implemented to ensure that only assets 
or expenditures (“Eligible Green Projects”) aligned 
with the eligibility criteria under our Green Finance 
Framework will be selected for Green Finance 
Instruments. 
Smurfit Kappa Green Finance Committee:
Overseen by the Chief Financial Officer.
Includes representatives from: 
►	Treasury
►	Finance 
►	Sustainability
►	Corporate Planning
Jointly responsible for designating, reviewing and 
updating the Eligible Green Project Portfolio. 
The Green Finance Committee has approved the 
final allocation of Eligible Assets allocated to the 
Green Finance Instruments net proceeds and the 
impact report prepared using category specific KPIs. 
The proceeds will be allocated and 
managed by the Smurfit Kappa Treasury 
department on a portfolio basis. 
Proceeds from Green Finance 
instruments will be allocated to the 
Eligible Green Project Portfolio, selected 
in accordance with the use of proceeds 
criteria and evaluation and selection 
process.
Smurfit Kappa will strive, over time, 
to achieve a level of allocation for the 
Eligible Green Project Portfolio which 
matches or exceeds the balance of net 
proceeds from the outstanding Green 
Finance Instruments. 
If the net proceeds of the Green Finance 
Instruments temporarily exceed the 
value of the eligible Green Project 
Portfolio, such proceeds will be held in 
accordance with Smurfit Kappa’s normal 
liquidity management policy.
Smurfit Kappa commits 
to report annually on the 
allocation and impact of our 
Green Finance Instruments 
issued under our Green 
Finance Framework until 
maturity or full allocation.
Smurfit Kappa commits to 
obtain a limited assurance 
third party audit of the 
management statement on 
the allocation of the Green 
Finance Instrument proceeds 
to the Eligible Green Project 
Portfolio. 
Smurfit Kappa commits to, 
where relevant, align our 
impact reporting with the 
latest standards and practices 
publicised by the ICMA 
such as the “Harmonised 
Framework for Impact 
Reporting”.
3	 https://www.smurfitkappa.com
4	 https://www.icmagroup.org
5	 https://lma.eu.com

Smurfit Kappa Green Bond Allocation and Impact Report  |  9
The eligible assets and expenditures relate to activities that are subject to continual 
improvement, as in the production of circular paper-based packaging products we 
take the following aspects of our fully circular approach into account:
►	 Monitoring and reducing water consumption in our manufacturing activities
►	 Decreasing the organic content of process water before it is returned to public 
water bodies
►	 Increasing onsite renewable energy generation
►	 Increasing energy efficiency in our manufacturing facilities
►	 Reducing waste (unwanted plastic, metals, glass, textiles, sand and other non-
usable materials in recovered paper bales, for example) sent to landfill
Care is taken that all selected assets and expenditures comply with official national 
and international environmental and social standards, local laws and regulations to 
the extent feasible. Furthermore, our Sustainability Guidelines and Policies define 
minimum standards for the business processes, including those financed with the 
proceeds of Green Finance Instruments. Risk management measures are applied 
in our capital allocation decisions which are supported by company-wide planning, 
reporting and controlling systems.
In our Environmental Policy Statement and Sustainable Forestry Policy, we set out 
our commitment to ensuring that the human and natural environment with which 
we interact is protected both today and into the future. Smurfit Kappa is committed 
to managing our suppliers in accordance with our sustainability objectives, which 
is set out in our Sustainable Sourcing Policy and the Supplier Code of Conduct. We 
require our suppliers to comply (as a minimum) with relevant national and international 
environmental legislation concerning sustainability issues and seek to achieve 
best practice from suppliers through the promotion of continuous improvement 
programmes.
As set out in our Social Citizenship Policy Statement, we are committed to the 
application of the principles expressed in the United Nations Guiding Principles on 
Business and Human Rights and the Fundamental Principles and Rights at Work 
developed by the International Labour Organisation in all of the countries in which the 
Group has (or will have) a presence in respect of the following: freedom of association, 
child labour, forced labour and abuse, indigenous peoples, employee respect, 
diversity and non-discrimination, fair compensation, employee development, internal 
communication, and employee recognition. Suppliers (strategic) will also be requested 
to join the UN Global Compact initiative and requested to commit, in their Code of 
Business Conduct, to our principles in the areas of human rights, labour, environment 
and anti-corruption. All policies are available on our website, www.smurfitkappa.com. 
PA P E R   |   PAC K AG I N G   |   S O L U T I O N S
Open the future
Social Citizenship Policy Statement
PAPER | PACKAGING | SOLUTIONS
Code of Conduct
Incorporating SpeakUp Policy
Excellence in products, services and relationships
Open the future
Environmental Policy
PA P E R   |   PAC K AG I N G   |   S O LU T I O N S
1 July 2018
Open the future
Sustainable 
and Responsible 
Sourcing Policy
1 MARCH 2021
PAPER | PACKAGING | SOLUTIONS
Open the future
Sustainable Forestry 
and Fibre Sourcing Policy
PA P E R  |  PAC K AG I N G  |  S O L U T I O N S
15 September 2019 
Open the future
Supplier Code 
of Conduct
1 MARCH 2021
PAPER | PACKAGING | SOLUTIONS

10  |  Smurfit Kappa Green Bond Allocation and Impact Report
Green Bond 
Impact Report
Based on the Approach of the Harmonised Framework for Impact Reporting – Portfolio Approach
Eligible Project Category
Signed 
Amount a/
Share 
of Total 
Portfolio 
Financing b/
Eligibility 
for Green 
Finance 
Instruments
Allocated 
Amount c/
Volume of 
used products 
collected from 
customers for 
recycling 
% recycled 
fibres from 
certified 
sustainable 
sources
% recycled 
fibres in 
global 
production
%Reduction/
(Increase) in 
waste sent 
to landfill 
intensity d/
Annual 
volume of 
wastewater 
treated in 
2022 d/
Reduction 
in water 
consumption 
d/
Reduction in 
Scope 1 and 
2 fossil CO2 
intensity d/
Forestry 
assets 
under FSC 
certified land 
management
Area of 
protected 
natural 
forest
€ million 
%
% of Signed 
Amount
€ million 
ktonnes ar
%
%
Versus 
2020
YoY
Mm3
Versus 
2020
YoY
Versus 
2020
YoY
%
hectares
Circular economy adapted products, 
production technologies and 
processes and/or certified  
eco-efficient products
2,623 
96%
100%
957
6,777
100%
76%
4%
(3%)
127
8%
2%
8%
2%
Environmentally sustainable 
management of living natural 
resources and land use
110
4%
100%
43
100%
22,700
Total Eligible Green Asset Portfolio
2,733
100%
100%
1,000
a/ Signed amount represents the amount eligible for green bond financing.
b/ This is the share of the total portfolio by eligible category.
c/ This represents the amount of green bond proceeds that has been allocated for disbursements to the portfolio by eligible category.
d/ As outlined in more detail in Appendix 2: Impact Metrics - Commitments and Calculation Methodology:
Waste-to-Landfill Intensity:
Our target is set against waste sent to landfill from our paper and board mills per produced tonne of 
paper. We focus on our paper and board mill system since a large part of the non-hazardous waste 
we generate is due to the fact that we are a significant player in the paper-recycling business. The 
recovered paper bales sent to us by recycling companies often contain unwanted plastic, metals, glass, 
textiles, sand and other non-usable materials, for which we aim to find alternative use rather than 
sending to landfill. Our converting operations send paper clippings back to our mills, delivering high-
quality recycled fibre. Recovered paper from our corrugating and converting operations comes with 
minimal auxiliary materials. We have achieved a 4% reduction in waste sent to landfill intensity since 
2020. The year on year decline in 2022 was due to the increased production at our Cali mill, which has a 
higher waste to landfill intensity than our Group average, and also the fire at our SSK mill (UK) recovered 
paper yard, which resulted in an exceptional increase of waste sent to landfill. These were partially 
mitigated by the positive impact of the improved performance out of our Forney mill (US) and Zülpich 
mill (Germany). In 2022, we announced an almost US$100 million investment in a sustainable biomass 
boiler for our Cali mill. This investment will generate a reduction of over 30% in waste-to-landfill for our 
Cali Mill once it becomes operational.
Water Processing and 
Consumption:
The data covers our paper and board 
mills discharging water produced 
through the process directly to water 
bodies. Mills that have their process 
water treated externally are not 
included. Of our eligible asset base, only 
paper and board production is taken 
into account as this contributes to 95% 
of all organic discharges and 98% of 
total water intake.
Fossil-Fuel Based CO2 
Emissions:
All CO2 emissions from our paper and 
board mills relate to the production 
of paper and board. Of our eligible 
asset base, only paper and board 
production is taken into account in 
our Group targets, given its fossil CO2 
emissions are 80% compared with 
our converting operations and its 
subsequent contribution to fossil-fuel 
CO2 emissions. Our reporting covers 
our operations from gate-to-gate.

Smurfit Kappa Green Bond Allocation and Impact Report  |  11
Notes to Green Bond 
Impact Report
Smurfit Kappa Circular Business Model alignment with EU Ambitions
We believe that Global challenges need innovative solutions, with a focus on reducing waste and carbon emissions and thinking 
end-to-end. Products and packaging need to be more recyclable, truly recycled and made from renewable sources.
We are committed to sustainability and investing to evolve our business model with 
new advancing technologies to ensure that we design our products and develop 
our processes to be innovative, fit-for-purpose and circular by nature. We design 
sustainability into every stage of our products’ life cycle and follow the guiding 
principles of waste prevention by closing loops at every stage.
We continuously invest and innovate to make our operations fully circular. Key to 
minimising waste is finding a use for our side product streams; whether doing so 
ourselves or in collaboration with regional partners and local communities. Already 
more than 50% of these side streams are recovered and recycled for reuse. Paper 
clippings from corrugating and converting operations are returned to our paper 
mills, while organic by-products such as wood bark and biogas from biological water 
treatment are used as biofuel; some water treatment sludges become soil improvers 
and waste ash can be used in the cement industry.
When it comes to the water we use, we are responsible stewards of this precious 
resource – recirculating our process waters several times, and investing in best 
practice water treatment before it is discharged back to the local water system.
We also continuously undertake investments to improve our energy efficiency, using 
more renewable energy to reduce impacts and lower costs – for example, in our paper 
mills we have achieved a 20.6% improvement in energy efficiency since 2005 and over 
50% of the energy produced is now based on renewable energy.
recycle
make
remake
use
reuse
use
take
make
dispose
pollute
The European 
Green Deal
A New Circular 
Economy  
Action Plan
Pure 
Player in the 
Transition to 
a Circular 
Economy
Innovation
Circular 
Operations
Sustainable 
Raw Materials
Recyclable & 
Biodegradable 
Product

12  |  Smurfit Kappa Green Bond Allocation and Impact Report
Circular Aspects of our Products
Impact of our Products
Direct Impact
Indirect Impact
Impact 1
Refuse
Designing packaging solutions from mono-materials helps our customers 
to refuse packaging that is difficult to recycle, is therefore not recycled and 
that is not biodegradable.
Supporting the packaging value chain to reduce packaging waste and 
uncontrolled litter. Delivering solutions to our customers that help meet the 
EU Single Use Plastics Directive requirements.
Impact 2
Reduce
Designing packaging solutions that help eliminate non-circular 
packaging materials with a higher environmental footprint. Ensuring 
that resource efficiencies are maximised and material waste is reduced 
by offering fit-for-purpose packaging solutions that optimise the use 
of packaging materials. Where possible, we produce lighter grammage 
papers which require less fibre.
We intend to use renewable energy wherever it is economically feasible. 
This will involve additional use of biomass and scaling-up methods, which 
use our organic waste to generate energy. It will also involve investments 
that reduce CO2 emissions and increase energy efficiency.
Impact 3
Reuse
Ensuring that where reusing is economically, logistically, hygienically 
and environmentally unfavourable, our recyclable packaging solutions 
offer a more sustainable alternative with less environmental impact 
than using a reusable solution.
Ensuring that we reuse resources in our production wherever possible. 
For example, using the organic by-product of our production process as 
biofuel, or reusing materials separated in the paper-making process. We 
also reuse water in our paper-making processes multiple times, before 
treating it for discharge.
Impact 4
Recycle
76% of the raw material we use consists of recycled fibres. All paper-
based packaging we produce is recyclable. 
Recycling of our packaging product delivers new corrugated products 
with the same quality, whereas the majority of plastic packaging, for 
example, is downcycled.
We continually find ways to recycle the metal, plastic, wood and other 
non-paper components separated from the recovered paper that is 
delivered to our mills.
Impact 5
Recover
Ensuring all paper-based packaging we manufacture can be recovered. 
For example, offering mono-material solutions that are easy to 
recover for our customers and consumers.
Our corrugated plants recover paper clippings and send them back to 
paper production at our mills. We close loops and create circularity in 
our energy production through recovering the high-energy value of any 
by-products, such as black liquor and biogas, and circulating heat. We also 
seek synergies with our neighbours where possible.
Impact 6
Renew
We promote sustainable forest management in our own forests and plantations as well as throughout our supply chain, and demand deliveries of 
fibrous materials to be CoC certified by an internationally accepted forest management standard, FSC, PEFC or SFI.
Impact 7
Biodegrade
Paper is made of renewable raw materials, with up to 97% fibre and starch; the rest being fillers and ashes, such as calcium carbonate. Renewable 
materials biodegrade naturally and at the end-of-life are converted to natural materials, such as CO2 and water.

Smurfit Kappa Green Bond Allocation and Impact Report  |  13
Circular Aspects of our Approach to Production
 
 
 
Energy
avoid consumption, 
increase recovery, 
generate 
sustainably
Raw materials
100% sustainable sources, 
alternative ﬁbres and additives
The
approach 
Rejects
up-cycle and turn side 
streams into valuable materials
Water
avoid consumption, 
increase reuse, 
isolate valuable 
components

14  |  Smurfit Kappa Green Bond Allocation and Impact Report
Continuous 
Improvement  
in Recycling Waste
Argentina
Coronel Suárez Mill in Argentina has a culture of 
continuous improvement, and in the past year 
it has focused on two highly successful waste 
reduction and recycling programmes. 
The bales of recovered paper that the mill 
processes contain many unwanted materials, 
mostly plastics, which are sent to landfill 
three times a week – 200km away. The 
repulping process also means that all rejected 
materials come with a high water content. 
When Superintendent of Maintenance, Javier 
Guarnieri and Mill Manager, Sergio Torres 
learned that at another nearby mill an out 
of order pneumatic screw press was being 
consigned to plastic waste, they saw an 
opportunity to bring this back into operation 
and joined Environmental Manager, Marina 
Povolo and Environmental Coordinator, Pamela 
Rey to the team. Using this press, water is 
squeezed out of the plastic waste, vastly 
reducing the weight of the waste sent to landfill. 
In the next five years, Colonel Suárez plans 
to repurpose plastic for energy recovery, but 
for now, this intervention has reduced waste 
to landfill by 20% or 760 tonnes in just one 
year, saving an estimated 44 tonnes of CO2 in 
avoided transportation.
“We have to be resourceful about sending waste 
to landfill because it's so far away and expensive, 
and not sustainable for us," says Pamela. "We're 
always looking for alternative ways to reduce it.”
In another initiative, the team researched how 
they could divert metal and plastic ink and 
chemical drums from landfill. Having found a 
market for the drums, their target was 5% – 
but within months they recycled 20%, around 
10 tonnes. This has saved the site €15.7k in 
charges and avoided around 9 tonnes of oil 
being needed to make new drums.
The mill is now aiming for a 25% recycling 
target, and towards this is in the process or 
reviewing its waste permit from the local 
authority.
Our Circular Approach to Waste
Project Examples:
6.8 million tonnes 
of predominantly post-consumer waste streams (old boxes) 
recycled as our key raw material to make new boxes
100% renewable
Leading integrated corrugated packaging producer with 
100% renewable, recyclable and biodegradable products
4% reduction
in waste to landfill intensity since 
2020
Transforming Waste into Reusable 
Material
Italy
Verzuolo paper mill in Piedmont, Italy, can process 1,000 tonnes of waste paper 
every day, but with the recovered paper come other materials that we can't 
use. Some 4-5% of its 'reject' - things like the plastic windows in envelopes and 
metal bindings on folders. In most European countries, some plastic material 
can be burned for energy, but not in Italy. Instead, rejects go to landfill – at 
an environmental cost of €190 per tonne for Verzuolo. Raffaele Marinucci, 
Engineering Director at Verzuolo, is leading a research project to change this. 
He saw a new flotation tank technology that could efficiently separate plastics 
from rubber waste such as used tyres and made a business case to invest in it. 
With this new technology at Verzuolo, rejects are shredded and then pulped 
and flushed in a giant water tank. Water makes up 50% of the total volume, and 
low-density plastics 20%, with 3% being ferrous metals. These materials are now 
separated out and sold on for reuse via brokers – the plastics can be melted and 
moulded into many different products, such as pallets.
What was the motivation for this project? For Raffaele it was simple: “The waste 
reject comes with an extremely high cost and a large environmental footprint. 
When we buy waste paper we also buy rubbish, so we must consider the full 
cost, including disposal of the waste. We also anticipate there will soon be 
legislation to ban sending waste to landfill. We had to think out of the box to find 
a sustainable solution.”
So far, the project has reached a recovery rate of 25% of the potential reusable 
waste. With some fine tuning, the new technology should soon be able to 
remove 19,000 tonnes of reusable materials from the waste stream each year 
and reduce the mill's waste sent to landfill by 7.5%. All for an investment of 
€4.5m – plus the time, effort and passion of Raffaele and his team.
760 
tonnes waste  
to landfill  
reduction

Smurfit Kappa Green Bond Allocation and Impact Report  |  15
Our Circular Approach to Water Stewardship
Investing in Cleaner Water in the Americas
As part of the Group's ambitious target to reduce 
COD in our water discharge, we have made significant 
investments in best-practice water treatment in the 
Americas region. Water is a medium that helps us to 
form paper from pulp – a mass of fibres. We return 
some 90% of the water back to nature after water 
treatment. The rest of the water evaporates from the 
process and some is bound in the product.
Most of the time, we return the water we use back to 
the same water body we take it from. Therefore it is 
important for us that we manage the water quality of 
our discharge. We do this by treating the water in the 
water treatment plants and we work to constantly 
improve the discharge parameter with COD being 
the most important. Since 2018, we have invested 
in building water treatment plants at our Barbosa, 
Barranquilla (Colombia), Cerro Gordo (Mexico) and 
Uberaba (Brazil) mills. All new treatment plants are now 
running, delivering towards the Group target of 60% 
reduction of COD by 2025 in comparison with the 
baseline year 2005. 
The COD reduction efficiency at the water treatment 
plants is currently at 95% in Barbosa, 87% in 
Barranquilla, 92% In Cerro Gordo and 97% in Uberaba.
Other 1.57%
Grid 3.04%
Ground 11.92%
Surface 83.47%
Project Examples:
36.9% reduction 
reduction in Chemical Oxygen Demand since 2005 
8% reduction 
of our water usage since 2020
Water Sources
All Operations
Approximately
90%
efficiency in COD 
reduction at all four 
water treatment  
plants

16  |  Smurfit Kappa Green Bond Allocation and Impact Report
Our Circular Approach to Reducing Fossil CO2 Emissions
8% reduction
in fossil CO2 emissions intensity since 2020.
Science-approved
Our emission 
targets have 
been approved 
by the SBTi as 
being in line 
with the goals 
of the Paris 
Agreement. 
Project Examples:
In 2022 we announced an almost US$100 
million investment in bioenergy at our Cali 
paper mill which will help us to reduce our 
Scope 1 and Scope 2 CO2 emissions by 
approximately 6%. The ambitious project 
is the latest example of the circularity that 
permeates every aspect of the company’s 
operations. Smurfit Kappa has successfully 
implemented biomass boilers at several 
other locations including the Nervión, Piteå 
and Sangüesa paper mills in Europe.
The boiler, which will be constructed at our 
paper mill in Yumbo, Colombia, will replace 
the fossil fuels currently used with different 
types of organic waste to generate cleaner 
energy. The organic waste will be comprised 
of pine and eucalyptus bark from the 
company’s own forestry plantations, waste 
from its wood treatment plant, and ashes 
and sludge generated during the paper-
manufacturing process. 
When the new boiler is operational, the mill 
will significantly reduce the site’s fossil fuel 
usage and deliver significant cost savings. 
The new boiler is expected to be operational 
by the end of 2024.
In 2022, the HYFLEXPOWER consortium 
and Smurfit Kappa announced the 
successful completion of the first stage of 
the HYFLEXPOWER project, an innovative 
research project on renewable energy. This 
project located at the Smurfit Kappa Saillat 
paper mill in France, is the first in the world to 
introduce an integrated hydrogen gas turbine 
demonstrator.
The highly innovative project involves 
significant collaboration across several 
industries, academic bodies and research 
institutes, including ENGIE Solutions, 
Siemens Energy, Centrax, Arttic, German 
Aerospace Center (DLR), and four European 
universities.
The hydrogen pilot was successfully trialled 
with a mix of 30% hydrogen and 70% natural 
gas. The aim of the HYFLEXPOWER project 
is to clearly demonstrate that renewable 
energy can be converted to hydrogen 
and serve as a flexible means of storing 
energy which can then be used to power an 
industrial turbine. 
The project officially marks the 
implementation of the world’s very first 
industrial-scale power-to-X-to-power 
demonstrator with an advanced hydrogen 
turbine. In 2023, trials will continue to 
increase the hydrogen ratio up to 100%.
In 2022, we invested USD23.5 million to upgrade our Nuevo Laredo 
sheet plant in Mexico to become a fully integrated corrugated plant. 
The investment includes a state-of-the-art corrugator and extension 
of the building. The new machine, will have the two-pronged benefits 
of reducing CO2 emissions by up to 40% and doubling production 
capacity.
The Nuevo Laredo plant is located in the Tamaulipas region in North 
eastern Mexico where Smurfit Kappa has strong partnerships in the 
industrial, electrical appliances and electronics sectors. The region 
represents 3.3% of the country’s GDP and is home to over 200 
companies which manufacture products for the US.
The investment will make significant inroads in the plant’s ambitious 
sustainability targets. Its CO2 emissions will be reduced by up to 40% 
due to significantly less transportation between Smurfit Kappa’s 
Nuevo Laredo and San Antonio plants.

Smurfit Kappa Green Bond Allocation and Impact Report  |  17
Forest Stewardship
100%
of Smurfit Kappa forestry assets FSC/PEFC 
certified
Over 30%
of our forests in Colombia are protected, natural 
forests supporting biodiversity
9.34 million tonnes 
of CO2 stored in our growing trees
A third of our Colombian forest land is 
dedicated to protecting forest sustainability, 
helping maintain the area’s rich biodiversity 
and preserving watersheds, habitats and 
ecosystems. 
To maintain forest biodiversity and 
sustainability, our principles for our commercial 
plantations that represent two thirds of our land 
use are to:
►	 conserve them, by protecting and promoting 
species, diversity, sustaining ecosystems, 
and protecting water sources and habitats;
►	 identify appropriate species and practices 
that increase plantation yields whilst 
protecting the environment; and 
►	 develop research programmes to preserve 
and enhance soil productivity.
Forest Growth and Carbon Sequestration 
Colombia
Every year the trees in our plantations sequestrate 
carbon from the atmosphere and store it in the 
growing stock. 
Our plantations in Colombia have been established on 
land that has been in low-productivity use. Since the 
start of our forestry operations in Colombia, we have 
established sustainably managed tree stock which has 
increased the CO2 sequestration capacity and carbon 
stock to a total current storage of over 9 million 
tonnes of CO2 equivalents (eq). In 2022, the biomass 
on our plantations sequestrated in total a little over 
one million tonnes of CO2 eq from the atmosphere, a 
figure similar to the CO2 eq in the wood we harvested. 
In total we have stored 9.34 million tonnes of CO2 eq 
from the atmosphere in our growing trees inventory 
which remains at this level year on year.
To calculate this, we use a methodology, developed 
in collaboration with the Ministry of Agriculture and 
Rural Development (MADR), National Centre of 
Coffee Research (CENICAFE), and several forestry 
companies to quantify the growth and carbon 
sequestration capabilities of commercial pines and 
eucalyptus species grown under tropical conditions.
Europe
The forested land area in Europe has been in a steady 
growth since 1950’s. The land area has grown during 
this time by some 30% and between 2005-2015 
by 44,000km2 (FAO), an equivalent of over 1,500 
football fields. Smurfit Kappa owns some 500ha of 
forest in Europe, and we source a large proportion of 
our timber used at our virgin paper mills from forest 
owners whose forest holdings are located in boreal or 
hemiboreal forests. 
Sustainable forest management benefits carbon 
sequestration and carbon storage in boreal forests. 
According to a recent study*, the carbon storage in 
intensively managed boreal forests grows faster than 
in those that are less managed. The study shows 
that the carbon sinks in the sustainably managed 
forests in Nordic Countries grew by 35% during 
1990-2017, where as in other, less managed boreal 
forests it remained about the same. This means 
that supporting sustainable forest management is a 
means to mitigate climate change.
* Höberg P. et al. Sustainable boreal forest management – challenges and opportunities for climate change mitigation.

18  |  Smurfit Kappa Green Bond Allocation and Impact Report
Assurance report  
of the independent auditor
To: the Board of Directors of Smurfit Kappa Group plc and its green bond holders
Our conclusion
We have reviewed the ‘Use of Proceeds Allocation Table’ of Smurfit Kappa Group plc 
(hereafter: ‘Smurfit Kappa’) for the year ended 31 December 2022. A review is aimed 
at obtaining a limited level of assurance.
Based on the procedures performed nothing has come to our attention that causes 
us to believe that the ‘Use of Proceeds Allocation Table’ is not prepared, in all material 
respects, in accordance with the reporting criteria as disclosed on page 7 of the 
report.
Basis for our conclusion
We performed our review in accordance with Dutch law, including Dutch Standard 
3000A ’Assurance-opdrachten anders dan opdrachten tot controle of beoordeling 
van historische financiële informatie (attest-opdrachten) (assurance engagements 
other than audits or reviews of historical financial information (attestation 
engagements))'. This engagement is aimed to obtain limited assurance. Our 
responsibilities in this regard are further described in the ‘Auditor’s responsibilities’ 
section of our report. 
We are independent of Smurfit Kappa in accordance with the ‘Verordening inzake de 
onafhankelijkheid van accountants bij assurance-opdrachten’ (ViO, Code of Ethics for 
Professional Accountants, a regulation with respect to independence). Furthermore, 
we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ 
(VGBA, Dutch Code of Ethics). We believe the assurance evidence we have obtained  
is sufficient and appropriate to provide a basis for our conclusion.
Reporting Criteria
The ‘Use of Proceeds Allocation Table’ needs to be read and understood together 
with the reporting criteria. Smurfit Kappa is solely responsible for selecting and 
applying these reporting criteria, taking into account applicable law and regulations 
related to reporting.
The reporting criteria used for the preparation of the ‘Use of Proceeds Allocation 
Table’ are the Eligibility Criteria as disclosed on page 6 of this report. The Eligibility 
Criteria used for the preparation of the Use of Proceeds are the Eligibility Criteria as 
described in the Green Finance Framework of Smurfit Kappa. 
Materiality
Based on our professional judgement we determined materiality levels for each 
relevant part of the Report / the sustainability indicators and for the sustainability 
information as a whole. When evaluating our materiality levels, we have taken into 
account quantitative and qualitative considerations as well as the relevance of 
information for both stakeholders and the company.
The Board of Directors Responsibilities
The Board of Directors is responsible for the preparation of the ‘Use of Proceeds 
Allocation Table’ as included in this Report in accordance with the Eligibility Criteria.  
It is important to view the Use of Proceeds data in the context of these criteria. 
Furthermore, the Board of Directors is responsible for such internal control as it 
determines is necessary to enable the preparation of the ‘Use of Proceeds Allocation 
Table’ that is free from material misstatement, whether due to fraud or error.

Smurfit Kappa Green Bond Allocation and Impact Report  |  19
Auditor’s responsibilities
Our responsibility is to plan and perform our review in a manner that allows us to 
obtain sufficient and appropriate assurance evidence for our conclusion.
Procedures performed to obtain a limited level of assurance are aimed to determine 
the plausibility of information and vary in nature and timing, and are less in extent, 
compared to a reasonable assurance engagement. The level of assurance obtained in 
a limited assurance engagement is substantially lower than the assurance that would 
have been obtained had a reasonable assurance engagement been performed.
We apply the ‘Nadere Voorschriften Kwaliteitssystemen’ (NVKS, Regulations for 
Quality management systems) and accordingly maintain a comprehensive system of 
quality control including documented policies and procedures regarding compliance 
with ethical requirements, professional standards and applicable legal and regulatory 
requirements.
We have exercised professional judgement and have maintained professional 
skepticism throughout the review, in accordance with the Dutch Standard 3000A, 
ethical requirements and independence requirements.
Our review included among others: 
►	 Performing an analysis of the external environment and obtaining an understanding 
of relevant societal themes and issues, and the characteristics of the company;
►	 Evaluating the appropriateness of the reporting criteria used, their consistent 
application and related disclosures in the ‘Use of Proceeds Allocation Table’. 
This includes the evaluation of the results of stakeholder dialogue and the 
reasonableness of estimates made by the Board of Directors;
►	 Obtaining an understanding of the reporting processes for the ‘Use of Proceeds 
Allocation Table’, including obtaining a general understanding of internal control 
relevant to our review;
►	 Identifying areas of the ‘Use of Proceeds Allocation Table’ where a material 
misstatement, whether due to fraud or error, are most likely to occur, designing 
and performing assurance procedures responsive to these areas, and obtaining 
assurance information that is sufficient and appropriate to provide a basis for our 
conclusion. These procedures included, amongst others:
•	 Interviewing management and relevant staff at corporate level responsible for 
the strategy, policy and results;
•	
Interviewing relevant staff responsible for providing the information for, carrying 
out internal control procedures over, and consolidating the data in the ‘Use of 
Proceeds Allocation Table’; 
•	
Obtaining assurance information that the ‘Use of Proceeds Allocation Table’ 
reconciles with underlying records of the company;
•	
Reviewing, on a limited test basis, relevant internal and external documentation;
•	
Performing an analytical review of the data and trends.
►	 Evaluating the consistency of the ‘Use of Proceeds Allocation Table’ with the 
information in the report which is not included in the scope of our review; 
►	 Evaluating the presentation, structure and content of the ‘Use of Proceeds 
Allocation Table’;
►	 Considering whether the ‘Use of Proceeds Allocation Table’ as a whole, including 
the disclosures, reflects the purpose of the reporting criteria used.
Amstelveen, 14 September 2023 
KPMG Accountants N.V.
D.A.C.A.J. Landesz Campen RA

20  |  Smurfit Kappa Green Bond Allocation and Impact Report
Glossary
Carbon dioxide equivalent CO2 –eq: A measure used to compare the emissions 
from various greenhouse gases based upon their climate change potential (CCP). The 
CO2 -eq carbon dioxide equivalent for other emissions is derived by multiplying the 
amount of the emission by the associated CCP factor.
COD: Chemical Oxygen Demand (COD) is the most commonly used test to 
measure the amount of organic compounds in water (unit: mg O2 /litre). The result 
indicates the level of all organic compounds that can be oxidised by a strong oxidising 
agent.
FSC: The Forestry Stewardship Council (FSC) is an independent, non-governmental 
organisation established to promote the responsible management of the world’s 
forests through independent third-party certification.
FSC Controlled: Wood sources, risk-assessed through our FSC and PEFC CoC 
system and verified by a third party. 
Fossil CO2: Carbon dioxide emitted when burning fossil fuels for the production of 
paper. The calculation is based on international guidelines from the carbon content of 
each fuel (WRI/WBCSD GHG protocol).
Net zero: To achieve net zero emissions, we work towards achieving a state in which 
the activities at our paper and board mills in our gate-to-gate value chain result in no 
net impact on the climate from greenhouse gas emissions. The key effort for Smurfit 
Kappa is to move from fossil-based fuels to carbon neutral fuels and improve its 
energy efficiency.
Non-controversial origin: Virgin wood or wood fibre which has been verified as 
having a low probability of including wood from any of the following categories, in 
line with FSC and PEFC schemes: a) Illegally harvested wood. b) Wood harvested 
in violation of traditional and civil rights. c) Wood harvested in forests in which high 
conservation values are threatened by management activities. d) Wood harvested in 
forests being converted from natural and semi-natural forests to plantations or non-
forest use. e) Wood from forests in which genetically modified tress are planted.
Non-hazardous wastes landfill: Part of the non-hazardous wastes that are disposed 
of in either internal or external landfill in accordance with national legislation. 
Non-hazardous wastes recovery: Part of non-hazardous wastes that are reused 
or recycled or composted or used in agriculture or incinerated with energy recovery. 
The incineration facility is classified as a recovery operation if the efficiency of the 
plant complies with the definition laid down in Annex II of the Directive 2008/98/EC on 
waste
NOX: Mix of nitrogen oxides (NO and NO2 ) calculated as NO2 (nitrogen dioxide) 
coming from combustion of fuels. They can contribute to the acidification of soil and 
water. NOX emissions are measured mainly by the mills. Where NOX is not measured 
(converting plants), emissions are calculated from fuel consumption using the 
emission factors listed in the Ecoinvent database version 2.1. Ecoinvent is a life cycle 
inventory database for energy systems, materials, transports and chemicals.
PEFC: Programme for the Endorsement of Forest Certification. PEFC is an 
independent, non-governmental organisation that promotes sustainably managed 
forests through independent third-party certification.
Recovery: Recovery refers to extracting selected materials for a specific use. In the 
paper industry, this means recovery of fibres in recycled paper or the recovery of 
energy value in the final stage of the material life cycle. 
Recycling: Converting material into new materials and products. In the paper industry, 
this refers to converting recycled fibres back to paper and finding new uses for other 
raw materials produced alongside recovered paper instead of sending them to landfill. 
Reduction: This can either mean finding the most materially efficient ways to use raw 
materials or replacing a more harmful raw material with a less harmful one and thus 
reducing its harmful impact. 
Renewing: Using renewable raw materials in a sustainable manner and maintaining 
the natural ability of the material to be renewed. 
Reuse: Reuse is the action or practice of using something again, whether for its 
original purpose (conventional reuse) or to fulfil a different function (creative reuse or 
repurposing) without changing its form in between.

Smurfit Kappa Green Bond Allocation and Impact Report  |  21
SDGs: The Sustainable Development Goals (SDGs) define global sustainable 
development priorities and aspirations for 2030 and seek to mobilise global efforts 
around a common set of goals and targets. The SDGs call for worldwide actions 
among governments, business and civil society to end poverty and create a life of 
dignity and opportunity for all, within the boundaries of the planet.
SFI: SFI Inc. (Sustainable Forest Initiative) is an independent, non-profit organisation 
dedicated to promoting sustainable forest management. Companies are certified 
Chain of Custody according to the SFI standard through independent third-party 
certification.
Total non-hazardous wastes: Sum of all non-hazardous waste whatever its 
destination. Each category of non-hazardous wastes is defined and reported.
Virgin fibre: Pulp obtained through a chemical process used to remove lignin from 
wood. As a result, the fibre can be used to produce paper. The lignin residue and other 
organic compounds are subsequently collected and used in the formation of black 
liquor.
Wastes: Wastes are classified as non-hazardous wastes or hazardous wastes, and are 
reported separately. Wood wastes and corrugated board shavings are excluded. All 
amounts of wastes are reported in mass as disposed.

22  |  Smurfit Kappa Green Bond Allocation and Impact Report
Impact Metrics –  
Commitments and Calculation Methodology
  Waste:
Commitment #1: 
Decrease the waste sent to landfill by 30% per tonne of product produced by our 
mill system compared with 2013 levels by 2025.
►	 This priority area covers non-hazardous waste (recovered and landfilled) and 
hazardous waste generated from Smurfit Kappa’s manufacturing processes.
►	 Our target is set against waste sent to landfill from our paper and board mills 
per produced tonne of paper. We focus on our paper and board mill system 
since a large part of the non-hazardous waste we generate is due to the fact 
that we are a significant player in the paper-recycling business. The recovered 
paper bales sent to us by recycling companies often contain unwanted plastic, 
metals, glass, textiles, sand and other non-usable materials. 
►	 Our converting operations send paper clippings back to our mills, delivering 
high-quality recycled fibre. Recovered paper from our corrugating and 
converting operations comes with minimal auxiliary materials, decreasing 
waste from the recycled fibre pulping process, further evidencing our circular 
approach to production.
►	 The amount of hazardous waste produced in our production processes is very 
low and depends on local activities such as construction or change of light 
bulbs on site. Therefore, we have no set target for hazardous waste.
  Water:
Commitment #1: 
Reduce the organic content of water returned to the environment from our mill 
plants (COD) by 60% compared with 2005 levels by 2025. 
Commitment #2: 
Perform environmental-impact assessments of the water use of our paper mills 
(where relevant) and develop water usage measurements. 
Commitment #3: 
At least 1% relative reduction annually of water intake by our global paper and 
board mill system with 2020 as reference year.
►	 This priority area covers the water intake and discharge to and from 
our processes. The data covers all Smurfit Kappa paper and board mills 
discharging water produced through the process directly to water bodies. Mills 
that have their process water treated externally are not included.
►	 Of our eligible asset base, only paper and board production is taken into 
account as this contributes to 95% of all organic discharges and 98% of total 
water intake.
►	 As a processor and not a consumer of water, we focus our efforts on further 
improving the quality of water we discharge, and understanding the risks 
associated with water availability and use in the areas where we operate. Our 
target is set against COD in water which is an indicator of the organic content 
in water.

Smurfit Kappa Green Bond Allocation and Impact Report  |  23
  Climate Change:
Commitment #1: 
A 55% relative reduction in Scope 1 and 2 fossil-fuel based CO2 emissions in our 
mill system compared with 2005 levels by 2030. Reach at least net zero by 2050.
Commitment #2: 
Collaboration with customers to determine carbon footprints of the packaging 
life.
►	 This priority area covers energy use, climate change and greenhouse gas 
emissions.
►	 Our reporting covers our operations from gate-to-gate.
►	 All CO2 emissions from our paper and board mills relate to the production 
of paper and board. Only paper and board production is taken into account 
in our Group targets, given its fossil CO2 emissions are 80% compared with 
our converting operations and its subsequent contribution to fossil fuel CO2 
emissions.
  Forest:
Commitment #1: 
All fibre produced and purchased is CoC certified under FSC, PEFC or SFI. 
Commitment #2: 
At least 95% of our packaging is certified as CoC certified under FSC, PEFC or 
SFI. 
Commitment #3: 
All production sites use FSC, PEFC and/or SFI CoC standards.
►	 All production sites use FSC, PEFC and/or SFI CoC standards.
►	 This strategic priority covers forest management, biodiversity, fibre sourcing 
and the communication of how we use sustainable fibres through certified 
CoC. 
►	 Our reporting encompasses all of our own operations and products.

Smurfit Kappa Group plc
Beech Hill, Clonskeagh, Dublin 4, D04 N2R2 Ireland 
+353 1 202 7000 
smurfitkappa.com
We create, protect and care
Discover more about what motivates 
us all to create solutions that protect 
what we all care about.
smurfitkappa.com/purpose