Environmentally sustainable revenue
€0 million
This corresponds to a share of 0%
We actively contribute to the public debate on sustainable finance and engage in dialogue with leading sustainability rating agencies. Our sustainable financial instruments underpin our corporate strategy to develop into a sustainable and innovative infrastructure partner.
EU taxonomy
In line with our sustainable corporate strategy, we have already supplemented our reporting to include some of the disclosures required in future by the EU Taxonomy Regulation, even though those disclosures are not yet mandatory.
The European Commission announced a clear-cut target in the Green Deal: Europe is to become the world’s first climate-neutral continent by 2050. How to go about achieving climate neutrality is one of the central questions facing companies today. A key building block here is the EU Taxonomy, a common classification system for sustainable business activities. The Taxonomy was proposed in the EU Sustainable Finance Action Plan and developed by the Technical Expert Group on Sustainable Finance (TEG). We regard it as an important and groundbreaking development.
In line with our sustainable corporate strategy, we decided to move early this year by including some of the disclosures required in future by the Taxonomy Regulation in our integrated annual report, even though those disclosures are not yet mandatory. We share our experience in implementing the taxonomy in a detailed supplementary report. In doing so, we aim to contribute to the onward implementation of the Taxonomy and support other companies in the process.Introduction of the taxonomy and the associated extended reporting requirements is intended to significantly enhance corporate reporting by linking financial and non-financial disclosures.
In summer 2020, we launched a joint implementation project with Deloitte on application of the EU taxonomy. The aim was to identify, for the environmental objective of climate change mitigation, the required disclosures on revenue, capital expenditure (capex) and operating expenditure (opex) from EnBW’s environmentally sustainable activities on the basis of Taxonomy Regulation of 18 June 2020 and the technical screening criteria in the supplementary draft delegated regulation of 20 November 2020. In addition, we identified and report supplementary disclosures on adjusted EBITDA.
Due to the complexity of the subject matter, we decided at the start of the project in August 2020 to identify the data required by the EU Taxonomy in two phases:
- Phase 1 of the project, in 2020, identified the required taxonomy data focusing on the two segments Renewable Energies and Grids. Within those segments, the following activities were analysed: Onshore wind, offshore wind, solar/PV, hydropower plants and electricity grids (distribution and transmission grids).
- Over the next few years, Phase 2 will extend the reporting to cover all Group activities and segments. This will then also include individual activities not included in Phase 1 (biomass, gas distribution grids, gas transmission grids, grid services and water).
Phase 1 of the implementation project focuses on assessing EnBW’s substantial contribution to the climate change mitigation environmental target (target 1), as our business activities have the greatest impact on this target.
In total, the EU specifies six environmental objectives. So far, however, detailed technical screening criteria are only available for two of these six objectives.
The EU Taxonomy defines business activities as being “environmentally sustainable” if they:
(1) contribute substantially to one of the six environmental objectives, verified by compliance with the technical screening criteria;
(2) do not significantly harm the five remaining EU environmental objectives; and
(3) comply with minimum safeguards with regard to labour and human rights.
In relation to the environmental objective of climate change mitigation, we determined that environmentally sustainable activities accounted for the following proportions of business activities in the two segments included in the analysis:
Environmentally sustainable revenue, opex, capex and adjusted EBITDA from business activities in the Grids segment¹
|
in € million
|
2020
|
2019
|
|---|---|---|
|
in € million
Revenue
|
||
|
in € million
Grids segment
|
2020
3,658
|
2019
3,460
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
2,506 / 69
|
2019
2,376 / 69
|
|
in € million
Opex
|
||
|
in € million
Grids segment
|
2020
1,122
|
2019
1,039
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
692 / 62
|
2019
623 / 60
|
|
in € million
Capex
|
||
|
in € million
Grids segment
|
2020
1,407
|
2019
1,231
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
975 / 69
|
2019
778 / 63
|
|
in € million
Adjusted EBITDA
|
||
|
in € million
Grids segment
|
2020
1,347
|
2019
1,355
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
987 / 73
|
2019
960 / 71
|
¹ The gas distribution grids, gas transmission grids, grid services and water activities from the Grids segment were not examined in phase 1 of the project.
Environmentally sustainable revenue, opex, capex and adjusted EBITDA from business activities in the Renewable Energies segment²
|
in € million
|
2020
|
2019
|
|---|---|---|
|
in € million
Revenue
|
||
|
in € million
Renewable Energies segment
|
2020
1,044
|
2019
653
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
1,007 / 96
|
2019
631 / 97
|
|
in € million
Opex
|
||
|
in € million
Renewable Energies segment
|
2020
193
|
2019
172
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
181 / 94
|
2019
165 / 96
|
|
in € million
Capex
|
||
|
in € million
Renewable Energies segment
|
2020
597
|
2019
1,406
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
547 / 92
|
2019
1,315 / 94
|
|
in € million
Adjusted EBITDA
|
||
|
in € million
Renewable Energies segment
|
2020
836
|
2019
499
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
824 / 99
|
2019
476 / 95
|
² The biomass activity from the Renewable Energies segment was not examined in phase 1 of the project.
The proportions in relation to all Group activities are as follows for the reporting year:
Environmentally sustainable revenue, opex, capex and adjusted EBITDA of the EnBW Group
|
in € million
|
2020
|
2019
|
|---|---|---|
|
in € million
Revenue
|
||
|
in € million
Group
|
2020
19,694
|
2019
19,436
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
3,513 / 18
|
2019
3,007 / 15
|
|
in € million
Opex
|
||
|
in € million
Group
|
2020
3,417
|
2019
3,234
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
874 / 26
|
2019
788 / 24
|
|
in € million
Capex
|
||
|
in € million
Group
|
2020
2,526
|
2019
3,168
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
1,521 / 60
|
2019
2,093 / 66
|
|
in € million
Adjusted EBITDA
|
||
|
in € million
Group
|
2020
2.781
|
2019
2.433
|
|
in € million
of which environmentally sustainable in € million / in %
|
2020
1.811 / 65
|
2019
1.436 / 59
|
Environmentally sustainable activities of EnBW in relation to the Group as a whole in 2020:
Environmentally sustainable capex
€0 million
This corresponds to a share of 0%
Environmentally sustainable opex
€0 million
This corresponds to a share of 0%
Environmentally sustainable adjusted EBITDA
€0 million
This corresponds to a share of 0%
