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Sustainable finance

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

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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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“At EnBW, we have been voluntarily reporting on our taxonomy-aligned business activities since the 2020 financial year and have gradually enhanced taxonomy reporting. With our taxonomy-aligned share of capital expenditure at around 82 %, we are demonstrating that we are consistently investing in the energy transition with our sustainable corporate strategy and thus playing a key role in the decarbonization of our economic system.”

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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.”

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Activities examined for the EU Taxonomy Regulation

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In the 2021 financial year, we were already able to demonstrate taxonomy alignment for our activities in the areas of e-mobility, power grids, water supply and power generation from renewable energy sources. In addition to the business activities from the previous year, we reported taxonomy alignment for the first time for the activities involving gas grids, district heating, electricity generation from gas and combined heat and power in the 2022 financial year. The existing business transactions for each activity were analyzed and evaluated with respect to being taxonomy-aligned.

Following the start of electricity generation from gas and combined heat and power, the Complementary Climate Delegated Act of February 2022 also applied for the first time. Gas activities are therefore deemed to play an important role as a transitional activity, making an important contribution to meeting the EU’s climate and environmental objectives. The planned fuel switch plants meet the requirements for the construction and operation of electricity generation plants and combined heat and power plants.

Based on the available documentation for the six environmental objectives of the EU taxonomy (delegated acts for environmental objectives 1 and 2 and drafts for environmental objectives 3 to 6), we carried out an in-depth examination of the contributions made by our business activities. We believe that our main contribution is in the area of climate change mitigation and the contribution made by EnBW’s activities to the other five environmental objectives will thus not be examined further.

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
2022
2021
Adjusted EBITDA                                                                             
2022
3,285.7 / 100.0
2021
2,959.3 / 100.0
of which environmentally sustainable
2022
2,149.9 / 73.7
2021
1,853.1 / 62.6
Capex
2022
3,129.1 / 100.0
2021
2,676.9 / 100.0
of which environmentally sustainable
2022
2,574.4 / 82.3
2021
1,826.5 / 68.2
Capex inkl. IFRS 11 I IAS 28
2022
3,251.9 / 100.0
2021
2,963.6 / 100.0
of which environmentally sustainable
2022
2,692.3 / 82.8
2021
2,108.9 / 71.2
Revenue
2022
56,002.6 / 100.0
2021
32,147.9 / 100.0
of which environmentally sustainable
2022
7,566.1 / 13.5
2021
4,698.4 / 14.6
Opex
2022
1,493.2 / 100.0
2021
1,142.8 / 100.0
of which environmentally sustainable
2022
342.6 / 22.9
2021
335.0 / 29.3

in € million / in %

Proportion of taxonomy-aligned adjusted EBITDA in the segments
2022
2021
Adjusted EBITDA Smart Infrastructure for Customers
2022
510.2 / 100.0
2021
323.1 / 100.0
of which environmentally sustainable
2022
-50.6 / -9.9
2021
-34.4 / -10.6
Adjusted EBITDA System Critical Infrastructure
2022
1,046.0 / 100.0
2021
1,288.5 / 100.0
of which environmentally sustainable
2022
781.2 / 74.7
2021
916.8 / 71.2
Adjusted EBITDA Sustainable Generation Infrastructure
2022
1,934.8 / 100.0
2021
1,535.1 / 100.0
of which environmentally sustainable
2022
1,689.3 / 87.3
2021
970.7 / 63.2

in € million / in %

Proportion of taxonomy-aligned expanded capex in the segments
2022
2021
Expanded capex Smart Infrastructure for Customers
2022
404.9 / 100.0
2021
296.9 / 100.0
of which environmentally sustainable
2022
174.1 / 43.0
2021
107.2 / 36.1
Expanded capex System Critical Infrastructure
2022
1.979.7 / 100.0
2021
1,711.5 / 100.0
of which environmentally sustainable
2022
1,900.3 / 96.00
2021
1,396.4 / 81.6
Expanded capex Sustainable Generation Infrastructure
2022
821.4 / 100.0
2021
897.8 / 100.0
of which environmentally sustainable
2022
617.9 / 75.2
2021
605.3 / 67.4

in € million / in %

Environmentally sustainable activities of EnBW in relation to the Group as a whole in 2022:

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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