The Group’s Taxonomy-eligible and Taxonomy-aligned CapEx is broken down by activity in the regulatory format on pages 416 to 417 (EU Taxonomy reporting tables supplementing this Report of the Board of Directors).
In addition to its Taxonomy-aligned CapEx, the Group estimates the amount of CapEx required to achieve its environmental ambition by 2030 at several hundred million euros. For example, VINCI Autoroutes’ Environmental Ambition plan includes a €61 million budget to cover the transition to LED lighting, building renovation, the installation of EV charge points for employees, coverage of salt piles, etc.
3.1.2.3 Materiality of VINCI OpEx at 31 December 2023
OpEx as defined in the Taxonomy Regulation amounted to €3,079 million at 31 December 2023, i.e. 5% of the Group’s total OpEx, which is not representative of its business model. Further analysis would not have resulted in a significant amount of eligible or aligned OpEx based on the EU Taxonomy, so the indicator is considered immaterial. The Group’s OpEx denominator is presented in the regulatory format on page 418 (EU Taxonomy reporting tables supplementing this Report of the Board of Directors).
3.1.3 Market opportunities from the environmental transition
3.1.3.1 Main market opportunities identified
Through its businesses in building and operating rail transport infrastructure, urban development and water treatment, and its expertise in the construction and maintenance of buildings and low-carbon energy supply infrastructure, VINCI plays a central role in the energy and environmental transition. The long-term prospects of VINCI’s activities and its continued market leadership will depend on its ability to recognise and anticipate these risks and opportunities that come with climate change. In addition to assessing and mitigating the climate impact of its activities, VINCI is developing its businesses and know-how to deliver solutions for its customers that address the major challenges of the environmental transition. These solutions focus on the following topical issues:
- Accelerating energy renovation (see paragraph 3.2.2.1, “Actions to reduce indirect emissions”, page 239). The energy renovation market generated more than €2 billion in revenue for VINCI in 2023 (compared with €1.1 billion in 2022) and is expected to expand further. In addition to leading renovation projects, VINCI has also implemented innovative solutions to support thermal building renovation and gives its customers the opportunity to improve their efficiency through arrangements such as energy performance contracts (EPC).
- Developing low-carbon mobility (see paragraph 3.2.2.1, “Actions to reduce indirect emissions”, page 239). VINCI develops solutions that contribute to decarbonising mobility, such as installing charge points for electric and hybrid vehicles (approximately 11,000 chargers installed by Group companies at end-2023) and supplying this equipment for the motorway network and airports it operates under concession (1,621 charge points).
- Soil unsealing and land rehabilitation (see paragraph 3.4.3, “Biodiversity preservation”, page 256). To help conserve water resources, preserve biodiversity and recreate natural environments if necessary, VINCI has developed expertise in environmental engineering, especially through solutions provided by VINCI Construction’s brand Equo Vivo.
- Supporting the transition to low-carbon energy, through an integrated offer of financing, construction, connection and maintenance of renewable energy production facilities (solar photovoltaic power plants, wind power projects, etc.). At the end of 2023, Cobra IS had a renewable energy production portfolio totalling 2 GW, including assets in operation and/or under construction. The company plans to develop an average of 1.5 GW of additional capacity per year, with the ambitious target of achieving a total of at least 12 GW for assets in operation and/or under construction by 2030. VINCI also works on the construction and maintenance of infrastructure to facilitate low-carbon electrification, including electricity transmission and distribution networks, substations that connect wind and solar farms to the grid, and electric battery plants. In addition, VINCI supports its customers in the construction and maintenance of nuclear energy generation infrastructure and is working to develop infrastructure for use of low-carbon hydrogen at its airports and on its motorways, but also through various partnerships and investments (see paragraph 3.2.2.1, “Actions to reduce indirect emissions”, page 239).
- Climate change adaptation (see paragraph 3.2.3, “Resilience of projects and structures”, page 244). VINCI provides regions with concrete solutions to address climate change, including the construction and financing of infrastructure adaptation projects (sea walls, tunnels, bridges, water desalination plants, etc.) and the eco-design of adapted buildings. Projects aimed at preventing flooding totalled more than €100 million in revenue for VINCI Construction companies in 2023. These market opportunities that could benefit the entire Group are detailed in paragraph 4.4.1, “Mapping of the Group’s major environmental risks”, of the Group’s duty of vigilance plan, page 280.
3.1.3.2 Environmental labels
VINCI aims to bring its suppliers, subcontractors, partners and customers on board to reduce their environmental impact by integrating eco-design to a greater extent in projects and through new service offerings. The number of certified projects is growing year by year, enabling the Group to widely demonstrate its expertise in the area of environmental performance. In 2023, the volume of business represented by certified projects amounted to €7.3 billion (including €5.3 billion for those having earned external certifications or labels) for more than 1,600 projects delivered or in the process of being delivered by VINCI Construction, VINCI Immobilier and VINCI Energies. Most of the certifications and labels awarded in 2023 were BREEAM®, LEED®, BEPOS-Effinergie® or E+C–.
The key projects under way in 2023 working towards these certifications include:
- The project to upgrade Roucas-Blanc water sports stadium in Marseille, the venue for the sailing competition as part of the Paris 2024 Olympic and Paralympic Games. This project addresses several environmental issues, with a target to recycle or reuse 90% of the site’s demolition materials, reduce water and energy consumption, install green roofs, and use low-carbon concrete and bio-sourced materials. Set to eventually become the new municipal water sports centre, the facility aims to achieve the Silver level under the Bâtiments Durables Méditerranéens (BDM) initiative, Effinature certification, and Energy 3 and Carbon 1 under the E+C− label.
- The To-Lyon property programme featuring a 43-storey office tower, certified NF HQE™ Exceptionnel and BREEAM® Excellent, a fourstar hotel with BREEAM® Very Good certification, 3,000 sq. metres of retail space and an underground car park.
