To qualify as sustainable, an activity must contribute substantially to one of the six environmental objectives shown below, “do no significant harm” to the other five objectives (DNSH principle) and meet minimum safeguards in the following areas: human rights (including labour and consumer rights), bribery and corruption, taxation and fair competition. The Taxonomy Regulation has been supplemented by two delegated acts. The first, approved in April 2021, lays down the technical screening criteria for the first two objectives. The second, approved in July 2021, specifies the content, methodology and presentation of information.
Six environmental objectives of the EU Taxonomy
Objectives in 2022
Climate change mitigation
Climate change adaptation
Sustainable use of water and marine resources
Circular economy
Pollution prevention and control
Protection and restoration of ecosystems
For the first two objectives of the EU Taxonomy relating to climate change, a given economic activity is eligible under the EU Taxonomy if it is already low carbon (based on its “own performance”), if it contributes to reaching a net-zero emissions target by 2050 (“transitional activity”), or if it enables other activities to reduce their CO₂ emissions (“enabling activity”). To be aligned with the EU Taxonomy, an economic activity must be eligible, meet the technical screening criteria, comply with the minimum safeguards stipulated in the regulation and not cause significant harm to any of the other five objectives.
The Group’s first assessment to determine the alignment of its activities was based on a detailed analysis, taking into account existing processes, reporting systems and conservative management assumptions. The significant elements of this methodology – assumptions and interpretations, methodological clarifications and limitations – are described in the “Note on the methods used in workforce-related, social and environmental reporting”, pages 282 to 286.
The Group will revise this methodology and the corresponding figures in line with regulatory changes, in particular with the publication in 2023 of the delegated acts on the other four environmental objectives.
3.1.2.1 Eligibility and alignment of VINCI’s revenue at 31 December 2022
A first estimate shows that 42% of VINCI’s revenue is eligible and 20% is aligned with the first two objectives of the EU Taxonomy:
| EU Taxonomy activities | Eligible revenue | Eligible revenue (%) | Aligned revenue | Aligned revenue (%) | Aligned revenue / Eligible revenue |
|---|---|---|---|---|---|
| 4.9 Transmission and distribution of electricity | 4.9 Transmission and distribution of electricity Eligible revenue 4,329 |
4.9 Transmission and distribution of electricity Eligible revenue (%)8% |
4.9 Transmission and distribution of electricity Aligned revenue 3,464 |
4.9 Transmission and distribution of electricity Aligned revenue (%)6% |
4.9 Transmission and distribution of electricity Aligned revenue / Eligible revenue 80% |
| 6.14 Infrastructure for rail transport | 6.14 Infrastructure for rail transport Eligible revenue 3,788 |
6.14 Infrastructure for rail transport Eligible revenue (%)7% |
6.14 Infrastructure for rail transport Aligned revenue 3,395 |
6.14 Infrastructure for rail transport Aligned revenue (%)6% |
6.14 Infrastructure for rail transport Aligned revenue / Eligible revenue 90% |
| 7.3 Installation, maintenance and repair of energy efficiency equipment | 7.3 Installation, maintenance and repair of energy efficiency equipment Eligible revenue 1,565 |
7.3 Installation, maintenance and repair of energy efficiency equipment Eligible revenue (%)3% |
7.3 Installation, maintenance and repair of energy efficiency equipment Aligned revenue 1,564 |
7.3 Installation, maintenance and repair of energy efficiency equipment Aligned revenue (%)3% |
7.3 Installation, maintenance and repair of energy efficiency equipment Aligned revenue / Eligible revenue 100% |
| 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings | 7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings Eligible revenue 280 |
7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings Eligible revenue (%)0% |
7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings Aligned revenue 280 |
7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings Aligned revenue (%)0% |
7.5 Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings Aligned revenue / Eligible revenue 100% |
| 9.3 Professional services related to energy performance of buildings | 9.3 Professional services related to energy performance of buildings Eligible revenue 223 |
9.3 Professional services related to energy performance of buildings Eligible revenue (%)0% |
9.3 Professional services related to energy performance of buildings Aligned revenue 223 |
9.3 Professional services related to energy performance of buildings Aligned revenue (%)0% |
9.3 Professional services related to energy performance of buildings Aligned revenue / Eligible revenue 100% |
| 7.1 Construction of new buildings | 7.1 Construction of new buildings Eligible revenue 6,359 |
7.1 Construction of new buildings Eligible revenue (%)11% |
7.1 Construction of new buildings Aligned revenue 739 |
7.1 Construction of new buildings Aligned revenue (%)1% |
7.1 Construction of new buildings Aligned revenue / Eligible revenue 12% |
| 7.2 Renovation of existing buildings | 7.2 Renovation of existing buildings Eligible revenue 1,138 |
7.2 Renovation of existing buildings Eligible revenue (%)2% |
7.2 Renovation of existing buildings Aligned revenue 186 |
7.2 Renovation of existing buildings Aligned revenue (%)0% |
7.2 Renovation of existing buildings Aligned revenue / Eligible revenue 16% |
| 5.9 Material recovery from non-hazardous waste | 5.9 Material recovery from non-hazardous waste Eligible revenue 1,853 |
5.9 Material recovery from non-hazardous waste Eligible revenue (%)3% |
5.9 Material recovery from non-hazardous waste Aligned revenue 482 |
5.9 Material recovery from non-hazardous waste Aligned revenue (%)1% |
5.9 Material recovery from non-hazardous waste Aligned revenue / Eligible revenue 26% |
| 4.28 Electricity generation from nuclear energy in existing installations | 4.28 Electricity generation from nuclear energy in existing installations Eligible revenue 550 |
4.28 Electricity generation from nuclear energy in existing installations Eligible revenue (%)1% |
4.28 Electricity generation from nuclear energy in existing installations Aligned revenue 454 |
4.28 Electricity generation from nuclear energy in existing installations Aligned revenue (%)1% |
4.28 Electricity generation from nuclear energy in existing installations Aligned revenue / Eligible revenue 82% |
| Other eligible activities | Other eligible activities Eligible revenue 3,254 |
Other eligible activities Eligible revenue (%)6% |
Other eligible activities Aligned revenue 417 |
Other eligible activities Aligned revenue (%)1% |
Other eligible activities Aligned revenue / Eligible revenue 13% |
| Taxonomy-eligible activities | Taxonomy-eligible activities Eligible revenue 23,338 |
Taxonomy-eligible activities Eligible revenue (%)42% |
Taxonomy-eligible activities Aligned revenue 11,204 |
Taxonomy-eligible activities Aligned revenue (%)20% |
Taxonomy-eligible activities Aligned revenue / Eligible revenue 48% |
| Non-eligible activities | Non-eligible activities Eligible revenue 32,817 |
Non-eligible activities Eligible revenue (%)58% |
Non-eligible activities Aligned revenue
|
Non-eligible activities Aligned revenue (%)
|
Non-eligible activities Aligned revenue / Eligible revenue
|
| Total VINCI consolidated revenue (*) | Total VINCI consolidated revenue (*) Eligible revenue 56,155 |
Total VINCI consolidated revenue (*) Eligible revenue (%)100% |
Total VINCI consolidated revenue (*) Aligned revenue
|
Total VINCI consolidated revenue (*) Aligned revenue (%)
|
Total VINCI consolidated revenue (*) Aligned revenue / Eligible revenue
|
(*) Excluding Cobra IS.
At 31 December 2022, the main activities that contributed to the alignment of Group revenue included:
- VINCI Energies’ electricity transmission and distribution activities (classified under 4.9) in Europe, which automatically qualify as making a substantial contribution to one of the environmental objectives, but also in New Zealand and Canada, where Group customers distribute electricity generated from renewable sources.
- Activities classified under 6.14, which include VINCI Construction’s major projects to build electrified above-ground rail infrastructure such as High Speed 2 (HS2) in the United Kingdom, the Lyon–Turin (TELT) rail tunnel project and the Grand Paris projects. VINCI Energies is involved in some of these projects. In addition, this subset includes VINCI Railways activities, namely the maintenance of the South Europe Atlantic high-speed rail line, and most activities of VINCI Construction’s subsidiary ETF (Networks France Division), which essentially covers railway maintenance projects in France.
- VINCI Energies activities classified under 7.3, 7.5 and 9.3, all dealing with the energy performance of buildings, are required to meet only a small number of DNSH criteria. As a result, they are deemed 100% aligned.