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Sustainable finance

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With our sustainable financial instruments, we contribute to the achievement of global sustainability goals.

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

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The EU Green Deal aims to reduce net greenhouse gas emissions to zero. A key element of the EU Green Deal is the EU taxonomy, a classification system used to define “environmentally sustainable” business activities. The key performance indicators relating to taxonomy-eligible business activities have to be published for the 2021 financial year. In line with our sustainable corporate strategy, we voluntarily disclosed information on our taxonomy-aligned business activities even before the official reporting obligation and published our experiences in two case studies.

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We have been reporting our taxonomy-compliant business activities in full since the 2021 financial year. With our taxonomy-compliant share of investment expenditure (extended capex) of around 87 %, we show that we are consistently investing in the energy transition through our sustainable corporate strategy and thus making an important contribution to the decarbonisation of our economic system.

Thomas Kusterer, CFO

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To implement the taxonomy requirements across the Group, we already launched a project in the 2020 financial year. We established a steering committee to work together with the relevant specialist departments in determining the environmentally sustainable revenue, capex and opex, as well as the adjusted EBITDA, related to the Group’s taxonomy-eligible activities.

As of the 2021 financial year, we started applying the EU taxonomy in full to the EnBW business portfolio before the legal obligation began. In doing so, the delegated acts supplementing Article 8 of the Taxonomy Regulation from 6 July 2021 and the associated technical screening criteria for the objectives of climate change mitigation and climate change adaptation from 4 June 2021 were applied. There has been a legal obligation to apply the EU taxonomy since the 2022 financial year. With the 2023 financial year, the reporting obligation was extended to include the other four EU environmental targets. However, EnBW's business activities continue to contribute to the first environmental target “climate protection”.

Activities examined for the EU Taxonomy Regulation

Smart Infrastructure for Customers

  • E-mobility

System Critical Infrastructure

  • Electricity distribution grids
  • Electricity transmission grids
  • Water grids
  • Water supply
  • Gas distribution grids
  • Gas transmission grids

Sustainable Generation Infrastructure

  • Onshore wind
  • Offshore wind
  • Solar
  • Run-of-river
  • Biomass
  • Pumped storage
  • District heating
  • Electricity generation from gas
  • Combined heat and power
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Taxonomy conformity was demonstrated for the business activities shown in the chart. The existing business transactions for each activity were analyzed and evaluated with respect to being taxonomy-aligned.

Based on the available documentation for the six environmental objectives of the EU taxonomy, we carried out an examination of the contributions made by our business activities. We believe that our main contribution is in the area of climate change mitigation, which means that no contribution of EnBW's activities to the other five environmental targets is not reported.

Climate change mitigation
Climate change adaption
Sustainable use and protection of water and marine resources
Transition to a circular economy
Pollution prevention and control
Protection and restoration of biodiversity and ecosystems
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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.
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The following proportions were determined:

KPIs for the taxonomy-aligned business activities of the EnBW Group
2023
2022
Adjusted EBITDA                                                                             
2023
6,365.2 / 100.0
2022
3,967.1 / 100.0
of which environmentally sustainable
2023
3,062.8 / 48.1
2022
2,419.9 / 61.0
Capex
2023
4,865.7 / 100.0
2022
3,155.2 / 100.0
of which environmentally sustainable
2023
4,191.2 / 86.1
2022
2,600.5 / 82.4
Capex inkl. IFRS 11 I IAS 28
2023
5,044.8 / 100.0
2022
3,278.0 / 100.0
of which environmentally sustainable
2023
4,365.0 / 86.5
2022
2,718.4 / 82.9
Revenue
2023
44,430.7 / 100.0
2022
56,002.6 / 100.0
of which environmentally sustainable
2023
7,222.6 / 16.3
2022
7,566.1 / 13.5
Opex
2023
1,586.1 / 100.0
2022
1,493.2 / 100.0
of which environmentally sustainable
2023
367.3 / 23.2
2022
342.6 / 22.9

in € million / in %

Proportion of taxonomy-aligned adjusted EBITDA in the segments
2023
2022
Adjusted EBITDA Smart Infrastructure for Customers
2023
239.5 / 100.0
2022
498.4 / 100.0
of which environmentally sustainable
2023
-27.0 / -11.3
2022
-50.6 / -10.2
Adjusted EBITDA System Critical Infrastructure
2023
1,772.0 / 100.0
2022
1,057.8 / 100.0
of which environmentally sustainable
2023
1,350.0 / 76.2
2022
781.2 / 73.9
Adjusted EBITDA Sustainable Generation Infrastructure
2023
4,647.6 / 100.0
2022
2,612.2 / 100.0
of which environmentally sustainable
2023
1,739.8 / 37.4
2022
1,689.3 / 64.6

in € million / in %

Proportion of taxonomy-aligned expanded capex in the segments
2023
2022
Expanded capex Smart Infrastructure for Customers
2023
458.2 / 100.0
2022
404.9 / 100.0
of which environmentally sustainable
2023
183.3 / 40.0
2022
174.1 / 43.0
Expanded capex System Critical Infrastructure
2023
2.754.5 / 100.0
2022
2,005.8 / 100.0
of which environmentally sustainable
2023
2,664.2 / 96.7
2022
1,926.4 / 96.0
Expanded capex Sustainable Generation Infrastructure
2023
1,755.2 / 100.0
2022
821.4 / 100.0
of which environmentally sustainable
2023
1,517.5 / 86.5
2022
617.9 / 75.2

in € million / in %

Environmentally sustainable activities of EnBW in relation to the Group as a whole in 2023:

Environmentally sustainable revenue
0 million
This corresponds to a share of 0%
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%

The current progress report on implementation is available here:

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