At 31 December 2023, the alignment percentage for the Group’s revenue remained stable (21% in 2023 versus 20% in 2022), and the main contributing activities were as follows:
These activities total 96% of VINCI’s aligned revenue at 31 December 2023. This highlights the significant impact of the expertise of VINCI Energies, Cobra IS, VINCI Construction and VINCI Immobilier in the ecological transition. The remaining 4% of aligned revenue includes several activities of VINCI Autoroutes and VINCI Concessions (see tables presented in the regulatory format, pages 413 to 414), which does not however reflect the intense efforts made by the Group’s Concessions businesses to reduce their greenhouse gas emissions (see paragraph 3.2, “Acting for the climate”, page 244).
Taxonomy eligible but not Taxonomy-aligned revenue included a new activity contributing to the climate change adaptation objective. It is classified under 14.2, which was added to Delegated Regulation (EU) 2021/2139 published in 2023 covering climate change objectives and applies to several flood risk prevention and protection infrastructure projects at VINCI Construction. Their alignment will be reviewed in 2024. As for other eligible activities of VINCI Construction and Cobra IS, their alignment could not be assessed as the transposition of some substantial contribution and “do no significant harm” (DNSH) criteria was too complex outside Europe. As a result, VINCI Construction’s hydraulic activities, classified under 5.1 and 5.3, did not qualify as aligned. These feature highly impactful projects such as the Thames Tideway Tunnel in London, a system for intercepting and storing sewage waste and rainwater, or the Sambangalou hydroelectric dam in Senegal, classified under 4.5, which will produce renewable energy.
When an activity was eligible for multiple objectives, its alignment potential was reviewed for all of them, and the activity was included only under the most relevant objective, to avoid being counted more than once. For example, the construction of new buildings, which meets the eligibility criteria of two objectives (climate change mitigation and circular economy), was classified as contributing to the change mitigation objective under 7.1.
The table below breaks down the eligibility and alignment of Group revenue by objective for an overall perspective. Construction revenue therefore appears twice: under 7.1 as contributing to the climate change mitigation objective and under 3.1 as contributing to the circular economy objective.
| non-inclus | Percentage of revenue / Total revenue | |
|---|---|---|
| Aligned by objective | Eligible by objective | |
| Climate change mitigation | 21% | 41% |
| Climate change adaptation | 0% | 0% |
| Sustainable use and protection of water and marine resources | 0% | |
| Circular economy | 30% | |
| Pollution prevention and control | 0% | |
| Protection and restoration of biodiversity and ecosystems | 0% | |
As mentioned above, two new activities contributing to the circular economy objective 3.4 Maintenance of roads and motorways and 3.5 Use of concrete in civil engineering do not appear in the 41% of eligible Group revenue.
The Group’s Taxonomy aligned eligible revenue is broken down by activity in the regulatory format on pages 413 to 415 (EU Taxonomy reporting tables supplementing this Report of the Board of Directors).
At 31 December 2023, 43% of VINCI’s CapEx was eligible for and 22% was aligned to the first two objectives of the EU Taxonomy.
The analysis of the water, circular economy, pollution and biodiversity objectives identified additional eligible activities but that do not contribute significantly to the Group’s eligibility percentage. Their alignment will be examined in 2024, in line with the regulation.
