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Contents 
To our stakeholders 
Governance 
Strategy 
Risk Management 
Metrics and Targets 
© Global Switch. All rights reserved 2023.

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To our stakeholders
Global Switch (“the Company”) 
recognises the urgent need to 
address climate change and its 
potential impact on our business 
and the broader economy.  
As a leading provider of large scale, multi-
customer data centres, we understand the crucial 
role we play in promoting sustainable practices 
and mitigating climate-related risks. 
Embracing the Task Force on Climate-related Financial 
Disclosures (TCFD) framework, we are committed to 
transparently disclosing our climate-related financial 
information. By aligning with the TCFD's 
recommendations on governance, strategy, risk 
management, metrics and targets, we aim to foster a 
comprehensive understanding of our climate-related 
risks and opportunities. Through proactive disclosure, 
Global Switch strives to contribute to a low-carbon 
future while ensuring the resilience and long-term 
success of our business.

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Governance 
Climate-related risks and 
opportunities 
Board Oversight 
Global Switch’s Board of Directors is comprised of a 
Chairman, two Executive Directors (our Chief Executive 
Officer (CEO) and Chief Financial Officer (CFO)), three 
Non-Executive Directors and one Independent Non-
Executive Director. 
The Board is informed on Environmental, Social and 
Governance (ESG) issues – including climate-related 
business risk and opportunities – through their regular 
interactions with senior management and through 
board papers presented in board meetings, which are 
held on a regular basis.  
The CEO of Global Switch has oversight, monitors and 
oversees progress of the Company’s ESG goals and 
targets and informs the Board. The Board considers 
climate-related issues during board meetings and 
through board reports, when reviewing and guiding 
strategy, major plans of action, risk management 
policies, annual budgets and business plans, as well as 
when setting the Company’s performance objectives, 
monitoring implementation and performance, and 
overseeing major capital expenditures, acquisitions and 
divestitures. 
Management Oversight 
At an Executive level, the Company operates an 
Executive Committee (ExCo). ExCo also acts as the 
Company’s ESG Steering Committee and is comprised 
of leads of functions across the business including: the 
Chief Design Officer (CDO) (ESG Committee Chair), CEO, 
CFO, Chief Operating Officer (COO), Chief Legal Officer, 
Chief Commercial Officer and Executive Regional 
Directors.  
ExCo meets regularly to discuss business-related ESG 
issues, including climate change-related risks and 
opportunities. ExCo assesses those risks and 
opportunities, monitors progress, and prepares 
updates and proposals to the Board relating to the 
strategy, goals and targets for the management of ESG 
matters. Progress on ESG matters is reported by the 
ESG Chair to ExCo through monthly reporting. ExCo 
discusses, prepares and reviews the annual ESG Report 
prior to its submission to the Board for approval and 
publication. 
Global Switch maintains a set of comprehensive 
internal control and risk management procedures to 
address various strategic and operational risks that can 
arise in our business, including health and safety, 
financial project management and data centre 
operations. Such risk management policies use the 
precautionary principle and contain procedures for the 
level of relevant risk reporting identified in our 
operations. The COO is responsible for the oversight of 
risk management and internal control systems whereas 
the CDO is responsible for climate-related financial

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risks and broader ESG risks including alignment with 
TCFD recommendations for businesses.  
The below illustration sets out the ESG governance 
structure with ExCo’s role in assessing and managing 
climate-related risks and opportunities. The Board has 
the highest level of accountability and oversight on ESG 
matters.  The ESG Steering Committee is formed of 
members of ExCo.  
We have implemented a comprehensive risk 
management framework for our global data centres 
through our Critical Environments Programme (CEP), 
which is managed by a dedicated Critical Environments 
team. The CEP covers a wide range of risks, including 
climate-related risks on an individual data centre basis.  
The Executive Regional Directors as well as the 
Managing Directors of the data centres who are 
responsible for the operation of their respective data 
centre(s) report on Power Usage Effectiveness (PUE), 
Water Usage Effectiveness (WUE), waste, procurement 
targets and health and safety issues through a monthly 
management report submitted to all members of ExCo. 
For new developments and redevelopments, the 
Project Control Group (PCG) (led by the Delivery team 
with representation from Investment, Engineering and 
the Client Group (which is in turn led by the data 
centre(s)’ Managing Director with representation of the 
site Operations team)) reports monthly to the Project 
Steering Group (PSG) on the performance of a project. 
This reporting discloses progress on ESG matters in 
terms of PUE, WUE and other climate-related risks, 
procurement and health and safety. Strategy

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Strategy 
Impacts of climate-related risks 
and opportunities  
An assessment of the management of the climate-
related risks and opportunities material to the business 
was initiated by Global Switch in 2022 and completed 
in accordance with the TCFD recommendations and 
guidance in early 2023. 
For the assessment, physical and transition risks and 
opportunities were considered over three time-
horizons. This assessment took into account the useful 
life of the Company’s assets, the geographical location 
of the assets and the fact that climate-related issues 
often manifest themselves over the medium and longer 
terms (short-term horizon: between now and 2030, 
medium-term horizon: 2030-2040, long-term time 
horizon: beyond 2040). 
A description of risks and opportunities that could be 
significant to the Company, based on likelihood and 
impact to the business, is shown below together with 
the time horizon these are likely to occur.

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Transitional Risks 
Market 
Policy and Legal 
Risk Description  
Time Horizon 
Customer requests for carbon disclosure 
Medium (2030-2040) to Long (2040-2050) 
Customers move over to liquid cooling IT 
Medium (2030-2040) to Long (2040-2050) 
Customer demand for lower PUE and higher efficiencies 
Short (2020-2030) to Long (2040-2050) 
Increased cost of renewable power 
Short (2020-2030) to Long (2040-2050) 
Increased cost of infrastructure because of regional restriction 
Medium (2030-2040) to Long (2040-2050) 
Availability of local grid power/infrastructure 
Short (2020-2030) to Long (2040-2050) 
Supply and demand price volatility due to climate impacts 
Medium (2030-2040) to Long (2040-2050) 
Risk Description  
Time Horizon 
Renewable Energy Certificate (REC) phase-out in lieu of other forms of renewable energy purchase 
Medium (2030-2040) to Long (2040-2050) 
Where governments have a Net Zero target to reach by a specific date, energy use by data centres is restricted in 
order to cut carbon emissions 
Medium (2030-2040) to Long (2040-2050) 
Introduction of regulations on waste heat export 
Short (2020-2030) to Long (2040-2050) 
Greater regulation on the energy efficiency of data centres 
Medium (2030-2040) to Long (2040-2050) 
Enhanced emissions-reporting obligations and transition to carbon accounting systems with provision of 
additional resources internally  
Medium (2030-2040) to Long (2040-2050) 
Activities such as construction, refurbishment and demolition contributing significantly to carbon emissions, with 
options to cut carbon possibly resulting in higher costs 
Short (2020-2030) to Long (2040-2050) 
Litigation risk of failure to adapt, mitigate or disclose to meet legislation 
Medium (2030-2040) to Long (2040-2050)

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Reputation 
Technology 
Physical Risks 
Risk Description  
Time Horizon 
Reputational damage of a social license to operate 
Medium (2030-2040) to Long (2040-2050) 
Risk Description  
Time Horizon 
Lithium and other green transition minerals scarcity 
Medium (2030-2040) to Long (2040-2050) 
Adiabatic coolers/cooling tower water use 
Medium (2030-2040) to Long (2040-2050) 
Limiting the use of diesel generators for back-up power  
Medium (2030-2040) to Long (2040-2050) 
F-gases restriction for data centre equipment - SF6 
Short (2020-2030) to Long (2040-2050) 
F-gases restriction for data centre equipment - refrigerants 
Short (2020-2030) to Long (2040-2050) 
Technology advancements provided to combat climate change 
Short (2020-2030) to Long (2040-2050) 
Risk Description  
Time Horizon 
Temperature extremes 
Short (2020-2030) to Long (2040-2050) 
Drought 
Short (2020-2030) to Long (2040-2050) 
Wildfire 
Short (2020-2030) to Long (2040-2050) 
Water stress 
Short (2020-2030) to Long (2040-2050) 
Coastal flooding 
Medium (2030-2040) to Long (2040-2050) 
Fluvial flooding 
Short (2020-2030) to Long (2040-2050) 
Tropical cyclone 
Medium (2030-2040) to Long (2040-2050)

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Opportunities 
Market 
Policy and Legal 
Technology 
 
 
Opportunity Description  
Time Horizon 
Regulation on waste heat export 
Short (2020-2030) to Long (2040-2050) 
Development of adaptive capacity to respond to climate change 
Short (2020-2030) to Long (2040-2050) 
Opportunity Description  
Time Horizon 
Heat rejection plant - consider alternative water sources to reduce impact on water scarsity 
Short (2020-2030) to Long (2040-2050) 
Shift in energy sources towards low emission options 
Short (2020-2030) to Long (2040-2050) 
Savings generated from resource efficiency in energy, water, transport and waste management 
Short (2020-2030) to Long (2040-2050) 
Opportunity Description  
Time Horizon 
Customers moving to liquid cooling IT 
Medium (2030-2040) to Long (2040-2050) 
Seeking opportunities for lower-carbon operations 
Medium (2030-2040) to Long (2040-2050) 
Providing products and services with lower emissions to improve competitiveness 
Short (2020-2030) to Long (2040-2050)

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Business Strategy 
Operations 
Global Switch operates large scale data centres 
globally. The identified climate risks and opportunities 
have a significant impact on the operations of these 
data centres. To address the risks, the Company is 
implementing a strategy to reduce carbon emissions, 
aiming to minimise exposure to climate risks and 
leverage the opportunities of the transition to low 
carbon data centres. This includes our target to 
purchase 100% renewable electricity across all Global 
Switch data centres by 2030. The transition to long-
term energy agreements with renewable energy 
generators under Power Purchase Agreements (PPAs) 
will improve certainty in energy pricing and reduce 
reliance on unbundled RECs which are subject to 
market pricing. Taking a step further, Global Switch is 
also working towards setting near-term Science-Based 
Targets for our Scope 1, 2 and 3 emissions as well as a 
net zero carbon target. The Company also conducts 
regular technology reviews to drive our adoption of 
cost-effective energy-efficient technologies. 
Products and Services 
Global Switch recognises the opportunity to provide 
products and services with lower emissions, which can 
improve competitiveness. The Company has set a goal 
to use low impact switch gear and refrigerant gases at 
our data centres and to phase out diesel for standby 
generators. We plan to set a Sustainability Supply Chain 
Policy to address material selection and align with 
improved low-emission products and services 
requirements. By undertaking Whole Life Cycle 
Assessments for new developments and 
redevelopments, the Company can achieve carbon 
savings by selecting alternative materials and 
processes. Regular reviews and alignment of policies 
with market developments and expectations ensure 
that we remain competitive in offering low-emission 
products and services. 
Supply Chain and/or Value Chain 
The risk of supply and demand price volatility due to 
climate impacts can result in increased costs and 
potential disruptions. Global Switch plans to address 
this risk by setting a Sustainability Supply Chain Policy 
that considers material selection, alternative sourcing 
options and procurement timelines to minimise 
disruption. By considering alternative materials and 
locally sourced materials as well as assessing the 
impact of extreme weather events on material 
availability, we aim to mitigate potential supply chain 
risks and maintain smooth operations. 
Adaptation and Mitigation Activities 
Global Switch recognises the importance of developing 
adaptive capacity to respond to climate change. 
Conducting TCFD assessments and local climatic risk 
mitigation reviews helps identify risks and 
opportunities for individual data centres. By capturing 
these findings in a Risk Mitigation Register (RMR), we

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can implement appropriate actions to improve 
operations, reduce downtime and increase resilience. 
These adaptation and mitigation activities align with 
our business strategy of ensuring the long-term 
sustainability and resilience of our operations. 
Investment in Research and Development:  
Global Switch actively undertakes technology reviews 
as well as research and development to ensure we are 
selecting energy-saving, resource efficient and cost-
effective products. The Company aims to improve 
energy efficiency by setting targets for PUE and WUE 
for new developments and redevelopments and Global 
Switch is a signatory in Europe for the Climate Neutral 
Data Centre Pact, which has pre-set PUE and WUE 
targets. Collaboration with vendors to obtain 
Environmental Product Declarations (EPDs) helps drive 
down embodied carbon in assets. By continually 
updating our Reference Design Templates and 
investigating new technologies such as liquid cooling, 
we aim to stay at the forefront of technological 
advancements in the industry.  
Finance Planning 
Revenue 
The financial implications of the identified climate risks 
and opportunities are incorporated into Global Switch's 
planning. Our strategy to reduce carbon emissions, 
purchase renewable electricity and provide low-
emission products and services aligns with market 
trends and customer demands, and can lead to 
increased revenue as part of a value-added offering. 
Operating Expenses 
Global Switch's financial planning considers the impact 
of climate risks and opportunities on operating 
expenses. The Company aims to improve resource 
efficiency in energy, water, transport and waste 
management to generate operational savings. By 
regularly reviewing and optimising mechanical, 
electrical and plumbing (MEP) technology, 
implementing waste heat export opportunities and 
setting targets for PUE and WUE, we can reduce 
operating expenses and improve cost efficiency. 
CAPEX 
Climate risks and opportunities influence Global 
Switch's capital expenditure (CAPEX) planning.  An 
example of this is our redevelopment programme 
which seeks to increase power density and upgrade 
infrastructure to improve energy efficiency. Our 
commitment to reducing carbon emissions and 
transitioning to renewable energy sources may result in 
increased capital costs to adopt improved technologies 
in the short term, but these investments can lead to 
long-term operational savings and improved energy 
efficiency, aligning with Global Switch’s sustainability 
goals and financial planning. 
Acquisitions or Divestments 
Climate risks and opportunities may influence Global 
Switch's decision regarding acquisitions or divestments. 
As we focus on sustainability and low-emission 
operations, we evaluate potential acquisitions or 
divestments based on their alignment with these goals. 
Assessing the climate risks associated with specific 
locations and considering factors like flood and 
extreme temperature risks are crucial in determining 
the suitability of those acquisitions or divestments. 
Access to Capital 
Global Switch recognises that climate risks and 
opportunities can impact access to capital. The 
Company successfully issued a Green Bond for €700 
million in 2020, the proceeds of which were allocated 
to new developments and redevelopments, promoting 
low energy design and sustainable development 
through Building Research Establishment 
Environmental Assessment Methodology (BREEAM) 
and Leadership in Energy and Environmental Design 
(LEED) assessments. We have in place a Green Bond 
Framework for future Green Bonds to be issued. By 
proactively addressing climate-related risks, such as 
carbon pricing and reputational damage, and 
capitalising on opportunities such as resource efficiency 
and low-emission operations, and public disclosure 
using the GRI framework and EcoVadis, the Company 
enhances its attractiveness to capital providers. We 
believe that aligning our business strategy with 
sustainability goals and demonstrating a commitment 
to climate risk management can improve access to 
capital. 
Liabilities 
The identified climate risks, such as the threat of 
litigation and reputational damage, can result in 
potential liabilities for Global Switch. To manage these 
risks, the Company has implemented strategies to 
ensure legal obligations are met, required information 
is disclosed and reporting processes are in place. By 
adhering to reporting frameworks such as the GHG 
Protocol, the GRI and TCFD, we have aligned with 
current and emerging legislation requirements with the

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aim of minimising potential liabilities associated with 
climate-related risks. 
Summary 
In summary, Global Switch recognises the impact of 
climate risks and opportunities on our business, 
strategy and financial planning. The Company has 
implemented a range of actions and strategies to 
mitigate risks, capitalise on opportunities, reduce 
carbon emissions, ensure compliance with legislation, 
improve resource efficiency, shift to renewable energy 
sources, provide low-emission products and services, 
and enhance adaptive capacity. These actions aim to 
mitigate financial risks, increase revenue and position 
Global Switch as a sustainable and resilient data centre 
owner, operator and developer. 
Resilience 
In developing a resilient climate risk strategy, Global 
Switch used the S&P Global Climanomics hazard 
modelling which reflects the climate-related change in 
the level of hazard exposure of an asset over time, 
relative to a historical baseline. Each hazard is 
associated with a specific metric, which defines how 
the hazard is measured and expressed. The data for all 
of the hazard metrics come from a variety of climate 
models and other data sources. S&P Global 
Climanomics incorporates scenarios based on the 
Representative Concentration Pathways (RCPs) from 
the International Panel on Climate Change (IPCC). Four 
RCPs are included in the IPCC AR5: RCP8.5, RCP6, 
RCP4.5 and RCP2.6. The pathways are labelled by the 
total radiative forcing of the emissions assumptions 
(cumulative measure of human emissions of GHGs from 
all sources expressed in watts per square metre) in 
2100.  
The RCPs given in the climate modelling by 
Climanomics and used by Global Switch represent a 
broad range of climate outcomes. 
RCP8.5 “High Emissions” 
This scenario assumes that no major global effort to 
limit greenhouse gas emissions will go into effect. RCP 
8.5 is characterised by increasing greenhouse gas 
emissions over time representative for scenarios in the 
scientific literature on potential climate scenarios that 
lead to high greenhouse gas concentration levels. It is 
estimated that end-of-century increases in global mean 
surface temperature will be in the range of 3.2 to 5.4°C. 
RCP6.0 “Moderate-High Emissions” 
This scenario assumes a high greenhouse gas emission 
rate with radiative forcing stabilisation after 2100. It is 
estimated that end-of-century increases in global mean 
surface temperature will be in the range of 2.0 to 3.7°C. 
RCP4.5 “Low Emissions” 
This scenario implies coordinated action to limit 
greenhouse gas emissions to achieve a global 
temperature warming limit of approximately 2 degrees 
Celsius. It is a stabilisation scenario where total 
radiative forcing is stabilised before 2100 by 
employment of a range of technologies and strategies 
for reducing greenhouse gas emissions. Within this 
scenario itself, it is estimated that end-of-century 
increases in global mean surface temperature will be in 
the range of 1.7 to 3.2°C. If the current pledges and 
voluntary agreements of the Paris Agreement were 
implemented in full, the implied warming is 
approximately 3.0 degrees Celsius. 
RCP2.6 “Very Low Emissions” 
This scenario assumes that emissions peak early and 
then fall due to the active removal of greenhouse gases 
from the atmosphere. It is estimated that end-of-
century increases in global mean surface temperature 
will be in the range of 0.9 to 2.3°C. 
The modelling was carried out for all our data centres 
over three time horizons (short-term horizon: between 
now and 2030, medium-term horizon: 2031-2040, long-
term time horizon: 2041-2050). We modelled the 
climate-related physical risks (temperature extremes, 
drought, water stress, wildfire, coastal flooding, fluvial 
flooding and tropical cyclone) as well transitional risks 
(carbon pricing, litigation, reputational damage, new 
technology and markets) and opportunities (resource 
efficiency, energy source, products and services, 
markets and resilience).

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According to the results of the 
modelling, the main risks and 
opportunities are: 
Financial risks 
▪ 
Carbon pricing especially for 2041-2050 at 
RCP2.6 “Very Low Emissions” scenario where 
aggressive government policies could add higher 
costs through carbon emissions taxation 
schemes. 
▪ 
Temperature extremes could bring about very 
significant costs across all climate scenarios as 
rising temperatures will impact current and 
future heat rejection infrastructure which may 
require early replacement to keep pace with a 
rapidly changing climate. 
▪ 
Drought could bring about very significant costs 
across all climate scenarios due to lack of 
precipitation that could cause structural 
instability. 
▪ 
Coastal flooding and fluvial flooding could bring 
about higher costs after 2030 across all climate 
scenarios due to sea level rises and the 
frequency of extreme weather events. 
Financial opportunities 
▪ 
Offering low emissions products and services 
could bring in revenue across all climate 
scenarios through attracting customers with 
strict carbon targets and through making 
adoption of low emissions products and 
technologies more affordable as carbon forces 
reduce prices.  
▪ 
Locating data centres outside of water stressed 
areas or minimising the use of potable water in 
our data centres presents as a competitive 
advantage after 2030 across all climate 
scenarios, as low access to clean water could be 
placing a large strain on data centres in severely 
water stressed areas. 
The results of the modelling are influenced by high 
levels of uncertainty, but the trends they show and the 
risks they highlight are still useful as inputs to our ESG 
strategy. The findings highlight the importance of our 
commitment to set Science-Based Targets for carbon 
reduction across our Scopes 1, 2 and 3, to make 
investments in technologies that will offer resilience to 
temperature extremes and to carry out thorough 
processes for the assessment and mitigation measures 
of all relevant physical risks at data centre-level. 
Global Switch places great importance in assessing the 
climate-related business impacts and taking proactive 
action, such as using forward-looking scenario analysis. 
We therefore plan to repeat the modelling exercise 
every 2-3 years or so to extract any useful findings that 
can help us further improve the resilience and 
sustainability of our business.

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Risk Management 
Identify, assess, and manage 
climate-related risks 
Global Switch recognises the importance of risk 
management as an essential practice to achieve 
effective governance and safeguard strategic and 
operational objectives.  
The objectives of our risk policy are as follows: 
▪ 
Align our risk management system with the 
principles of ISO 31000, the International 
Standard for Risk Management. 
▪ 
Communicate and reinforce Global Switch's 
commitment to risk management in achieving 
strategic and operational goals. 
▪ 
Establish risk management as a core 
management capability and commitment to 
staff. 
▪ 
Ensure compliance with relevant local laws, 
regulations and statutory requirements. 
▪ 
Enable informed decision-making by senior 
management based on appropriate risk 
assessment. 
▪ 
Identify, assess and treat all risk threats or 
concerns through the Risk Mitigation 
Committee.

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▪ 
Assign accountability to staff for risk 
management within their areas of control, 
including reporting risks across the Company. 
▪ 
Continuously review and improve our risk 
management performance to ensure efficiency, 
effectiveness and consistency. 
▪ 
Prepare data centres to deal with foreseen 
climate-related risks. 
▪ 
Minimise our impact on the local environment 
and carbon emissions. 
At group level, we have recently developed a Climate 
Impact Risks and Opportunities Register. This is 
managed by ExCo and is communicated to the Board. 
ExCo delegates the regular appraisal of risks to the 
Climate Impact Working Group, which is comprised of 
senior management from various teams. This approach 
ensures a comprehensive evaluation of climate-related 
risks right across the Company. The Climate Impact 
Risks and Opportunities Register has been developed 
based on current and emerging standards and 
regulatory frameworks, including the TCFD 
recommendations and guidance. Risks and 
opportunities assessments are carried out at both 
group and regional level.  
We have used scenario-based analysis, as well as 
reviewed the risks and opportunities at short-, 
medium- and long-term time horizons. The Register is 
reviewed regularly, updated as necessary and its 
findings are presented to the Board to inform our ESG 
strategy. 
To determine the relative significance of climate-
related risks and opportunities, we use a systematic 
approach that takes into account multiple factors. 
These factors include the potential impact of climate-
related risks on our business operations, financial 
performance and long-term sustainability, as well as 
the likelihood and timing of these risks materialising. 
We also consider the broader context of the industry 
and the evolving expectations of stakeholders, 
including customers, shareholders, bondholders and 
rating agencies, in assessing the significance of climate-
related risks. 
We have a long established and comprehensive risk 
management framework for our data centres through 
our CEP which is managed by a dedicated Critical 
Environments team. The CEP covers a wide range of 
risks, including climate-related ones. To address these 
risks, Risk Mitigation Registers have been prepared for 
each data centre and regularly updated by the local site 
team in accordance with our risk mitigation policy. This 
ensures that risks are identified, assessed, controlled 
and managed effectively across the organisation. We 
maintain a culture of risk management by continuously 
reviewing and monitoring the implementation and 
effectiveness of our risk management process. 
In addition to operational activities, project-related 
works also require risk management. Any new data 
centre requires technical due diligence to be 
completed, which will incorporate Climate Resilience 
Appraisals. Technical due diligence is conducted on 
specific sites to assess physical risks related to 
geographic location, such as flooding and drought, as 
well as other risks like transport and proximity to 
hazardous operations. Our Facility Design Policy and 
supporting documents, such as Reference Design 
Templates and Engineering Guides, inform the design 
process to address climate-related risks, extreme 
ambient temperatures, water management, flood 
defences and embedded carbon targets aligned with 
our ESG commitments for Scope 1, 2 and 3 emissions. 
At each design stage, we conduct design reviews and 
climate resilience appraisals to minimise risks identified 
during technical due diligence and ensure compliance 
with our design policies. 
To determine the relative significance of climate-
related risks at a site level, Global Switch incorporates 
various factors into the assessments for determining 
likelihood and impact. These factors include the specific 
geographic location of the site and its susceptibility to 
climate-related hazards such as flooding, drought or 
extreme temperatures. The team also considers local 
regulatory requirements related to climate change 
along with other relevant factors such as proximity to 
sensitive ecosystems or vulnerable communities. 
By considering existing and emerging regulatory 
requirements related to climate change, Global Switch 
ensures that our risk management processes align with 
evolving expectations and industry best practices. The 
Company recognises the importance of staying 
informed about regulatory changes and incorporates 
them into the risk assessment and mitigation 
strategies. We also take a holistic approach by 
considering other relevant factors, such as market 
dynamics, technological advancements and stakeholder 
expectations in assessing and prioritising climate-
related risks both at group and site levels.  
Managing climate-related risks 
Global Switch has established robust processes for 
managing climate-related risks, encompassing issues 
including policy and legal, technology, market, 
reputation and physical assets. These processes involve

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making informed decisions to mitigate, transfer, accept 
or control the identified risks. The Company also 
recognises the opportunities that arise from addressing 
climate-related risks, such as resource efficiency, 
energy sources, products and services, markets and 
resilience. 
Policy and legal risks: 
Global Switch closely monitors existing and emerging 
climate-related policies and regulations to ensure 
compliance and minimise policy and legal risks, and we 
actively participate in relevant industry and regulatory 
forums to stay informed about evolving requirements. 
This enables Global Switch to make proactive decisions 
regarding mitigation strategies, resource allocation and 
engagement with regulatory bodies. 
Technology risks: 
Global Switch continuously assesses emerging 
technologies and innovation to manage climate-related 
risks. This includes evaluating advancements in energy 
efficiency, renewable energy sources and carbon 
reduction solutions. By incorporating these 
technologies into operations and infrastructure design, 
we can minimise climate-related risks associated with 
outdated or inefficient technologies. 
Market risks: 
The Company analyses market trends and dynamics 
related to climate change, including shifts in customer 
demands, investor expectations and market 
opportunities. By considering market risks, we can 
make strategic decisions to position ourselves as a 
leader in providing environmentally sustainable data 
centre solutions, thereby reducing market risks and 
capitalising on emerging opportunities. 
Reputation risks 
Global Switch recognises the importance of maintaining 
a positive reputation and stakeholder confidence. We 
actively engage with customers, suppliers, employees 
and other stakeholders to understand their 
expectations and incorporate their feedback into risk 
management processes. This proactive approach helps 
us mitigate reputation risks associated with climate-
related issues, ensuring transparency and 
accountability in how we address environmental 
concerns. 
Physical risks 
Global Switch has developed comprehensive physical 
risk mitigation strategies to address climate-related 
hazards. These strategies include investing in 
infrastructure design, engineering and maintenance 
practices to enhance the resilience of our data centres 
against physical risks such as extreme weather events, 
rising sea levels and changing temperatures. We also 
carry out ongoing monitoring and regular upgrades to 
meet evolving standards and regulations. 
Prioritising climate-related risks and determining 
materiality 
Global Switch utilises a structured approach to 
prioritise climate-related risks and determine their 
materiality within the Company. The following factors 
inform this process: 
Impact and likelihood 
We evaluate climate-related risks based on their 
potential impact on business operations, financial 
performance and long-term sustainability. The

Global Switch - Task Force on Climate-Related Financial Disclosures | TCFD Report 2023 
Page 17 of 20 
likelihood and timing of risks materialising are also 
considered to assess their significance. 
Stakeholder Expectations 
Global Switch considers the expectations of 
stakeholders, including investors, customers, 
employees and regulators. This includes understanding 
their concerns, preferences and evolving standards to 
prioritise risks that align with stakeholder interests. 
Materiality determinations 
We conduct assessments to identify and evaluate the 
significance of climate-related risks. These assessments 
consider both financial and non-financial factors, such 
as regulatory requirements, market trends, 
reputational impacts and potential opportunities for 
resource efficiency and resilience. 
By integrating these considerations into the risk 
management process, Global Switch ensures that 
climate-related risks are effectively managed, while 
also capitalising on the opportunities presented by 
resource efficiency, renewable energy, emerging 
markets and enhanced resilience. 
Integrating processes  
Global Switch integrates the processes for identifying, 
assessing and managing climate-related risks into our 
overall risk management framework. This integration 
ensures that climate-related risks are treated with the 
same level of importance and rigor as other risks, 
aligning them with the Company’s broader risk 
management practices. 
Governance and leadership 
The integration starts at the governance level, where 
climate-related risks are recognised as a key 
component of the overall risk landscape. ExCo reports 
to the Board and oversees the management of climate-
related risks, ensuring their integration into the 
Company's risk management framework. Senior 
management from all teams form the Climate Impact 
Working Group, which appraises climate-related risks 
and informs the Board on their impacts and mitigation 
strategies. 
Risk identification and assessment 
The risk identification process encompasses a 
comprehensive evaluation of climate-related risks 
alongside other risks. The CEP, managed by the 
dedicated Critical Environments team, serves as the 
foundation for identifying and assessing risks. This 
includes the preparation and regular update of Risk 
Mitigation Registers (which incorporate climate-related 
risks) for each data centre. 
Risk mitigation and control 
Global Switch employs a risk mitigation policy and 
framework that encompasses climate-related risks. The 
site teams are responsible for treating and controlling 
risks identified in the Risk Mitigation Registers. This 
involves implementing measures to mitigate, transfer, 
accept or control climate-related risks, aligning them 
with the broader risk management strategies of the 
company. These include resilience measures in data 
centre design, infrastructure upgrades and the 
adoption of energy, water and carbon-efficient 
technologies. 
Monitoring and reporting 
The effectiveness of risk management processes for 
climate-related risks is continuously monitored and 
reviewed. Regular review and monitoring of the risk 
management process are conducted to ensure its 
implementation and effectiveness. The Company also 
maintains a group Climate Impact Risk Register, 
managed by the ESG Committee, which provides 
ongoing monitoring and reporting of climate-related 
risks to inform our ESG strategy and decision-making 
processes. 
Integration with strategic decision-making 
Climate-related risks are considered in strategic 
decision-making processes across the Company. By 
incorporating climate-related risks into the decision-
making framework, we ensure that these risks are 
taken into account when evaluating investment 
opportunities, new developments and other strategic 
initiatives. This integration helps to align business 
objectives with climate resilience, resource efficiency 
and sustainable practices. 
Through this integration, Global Switch establishes a 
holistic and proactive approach to managing climate-
related risks. By treating climate-related risks as an 
integral part of the overall risk management 
framework, we can effectively identify, assess and 
manage these risks in a manner consistent with our 
broader risk management practices.

Global Switch - Task Force on Climate-Related Financial Disclosures | TCFD Report 2023 
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Metrics and Targets 
Assessing climate-related risks 
Global Switch uses a range of metrics to measure and 
manage climate-related risks and opportunities. These 
metrics help assess our progress, inform decision-
making and align with TCFD recommendations. Some 
of the key metrics we use include: 
Carbon emissions 
Global Switch measures and discloses Scopes 1, 2 and 3 
carbon emissions in accordance with the GHG protocol. 
This includes emissions from electricity consumption, 
water consumption and other relevant sources. We are 
also in the process of setting Science-Based Targets to 
reduce emissions in line with the goals of the Paris 
Agreement. These targets align with the latest climate 
science and help guide our emissions reduction 
strategies. 
Renewable energy consumption 
We track and report the percentage of renewable 
electricity consumed across our data centres. The goal 
is to achieve 100% renewable electricity procurement 
by 2030 to become carbon neutral.

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Page 19 of 20 
Power Usage Effectiveness (PUE) 
PUE is a metric used by the data centre industry to 
evaluate the effectiveness in terms of energy in the 
delivery of infrastructure against IT services. Global 
Switch sets targets for annualised PUE for both new 
developments and redevelopments, aiming to improve 
operational efficiency and reduce energy consumption. 
The annualised PUE targets at full load are less than 1.2 
in Europe and 1.4 in Asia-Pacific for new developments. 
We are a signatory of the Climate Neutral Data Centre 
Pact, under which existing data centres commit to 
achieve a full load annualised PUE of 1.3 by 2030. 
Water Usage Effectiveness (WUE) 
WUE is a metric that measures the effectiveness of 
water consumption in data centres. Global Switch sets 
WUE targets for our European and Asia-Pacific data 
centres to minimise water usage and improve water 
management practices. Annualised WUE targets are 
currently 0.75 in Europe and 1.0 in Asia-Pacific for new 
developments. 
Risk Mitigation Register (RMR) 
Global Switch maintains a Risk Management Register to 
capture and manage climate-related risks and 
opportunities. This includes tracking identified risks, 
taking associated action and monitoring progress 
towards mitigation. 
EcoVadis assessment 
Global Switch conducts an annual company-level 
assessment through the EcoVadis online platform. This 
assessment evaluates our environmental performance, 
including carbon management, resource efficiency and 
sustainability practices. 
Climate-related opportunities  
Building sustainability certifications: Global Switch 
pursues certifications such as BREEAM and LEED to 
validate the energy efficiency and sustainability of our 
data centres. We have set a minimum new target of 
Excellent for BREEAM and Gold for LEED for new 
developments. We have certified all recent new 
development under either one of these sustainable 
assessments and are committed to undertake these 
assessments on future new developments. 
Financial impact analysis 
Global Switch conducts future climate-scenario-based 
financial assessments to quantify the potential costs 
and benefits associated with climate-related risks and 
opportunities. This analysis helps inform our strategic 
decision-making and resource allocation. 
Physical risks 
We have identified that Madrid is an area with high 
water stress and that Global Switch Madrid represents 
7.8% of total water consumption by all of our data 
centres. We are addressing this with a WUE 
optimisation project that is currently being 
implemented to reduce the WUE by around 20%. 
Capital deployment 
Global Switch successfully issued a Green Bond for 
€700 million in 2020, the proceeds of which were 
allocated to new developments and redevelopments 
which promoted low energy design and sustainable 
development and met the overall committed metrics 
for BREEAM/LEED and PUE. 
Summary 
These metrics collectively enable Global Switch to 
monitor our environmental performance, track 
progress towards sustainability goals, identify areas for 
improvement and make informed decisions to 
effectively manage climate-related risks and capitalise 
on opportunities. 
More information can be found in Global Switch’s 2022 
ESG Report on our website. 
Scope 1, Scope 2, and, if appropriate, 
Scope 3 greenhouse gas (GHG) 
emissions 
GHG emissions data can be found in Global Switch‘s 
2022 ESG Report on our website. 
Targets 
Our targets can be found in Global Switch’s 2022 ESG 
Report in the section Taking Climate Action – Our 
Commitments.

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Global Switch - Task Force on Climate-Related Financial Disclosures | TCFD Report 2023