2024 Universal Registration Document

2.2.2 Climate strategy (policy, objectives and action plan)

Acting for the climate requires a transformation of the Group’s activities by optimising its energy consumption and promoting widespread use of renewables to reduce its dependence on fossil fuels. This also means rethinking the way its projects are conceived and designed so as to develop more resilient, low-carbon and energy-efficient buildings and infrastructure. In addition, new solutions need to be created that will transform mobility, housing and lifestyles to help its customers and end users reduce their carbon footprint. A detailed description of VINCI’s environmental ambition is accessible to all its stakeholders on the Group’s website. It addresses the impacts, risks and opportunities (IROs) presented in paragraph 2.2.1, “Identification of material impacts, risks and opportunities”, page XXX. VINCI’s deployment of its climate strategy, whether with regard to mitigation or adaptation, is not limited by resource availability.

2.2.2.1 Climate change mitigation and energy

Transition plan

Since 2007, VINCI has maintained a proactive approach to reducing and monitoring its greenhouse gas (GHG) emissions, in line with the “Accelerate the environmental transition” commitment from its Manifesto. This approach, which applies to all greenhouse gases covered by the Kyoto Protocol (see paragraph 5.3.3, “Greenhouse gas emissions reduction plan and performance”, of the methodology note, page 274), is fully aligned with the Group’s growth strategy, which involves investing in the energy sector, especially renewables (see “The Group’s business model” in the institutional section of this Universal Registration Document, pages XXX and XXX, and section 1, “General information”, of this Sustainability report, pages XXX to XXX). With the vote to adopt VINCI’s environmental strategy at the Shareholders’ General Meeting of 8 April 2021, the Group further strengthened its engagement. The Board of Directors will review the climate transition plan and progress made annually, at the same time it validates the Group’s Sustainability report. The effective implementation of the transition plan hinges on the engagement of VINCI’s Executive Committee, on which the Group’s business lines and Environment Department are all represented.

VINCI’s strategy to reduce 100% of its greenhouse gas emissions aligns with the Paris Agreement goal to limit global warming to well below 2°C by the end of the century. The Group aims to:

• reduce its direct emissions (Scopes 1 and 2) by 40% by 2030 (from 2018 levels);
• reduce indirect upstream and downstream emissions (Scope 3) by 20% by 2030 (from 2019 levels). This reduction covers all of the emissions categories, upstream and downstream, classified by the GHG Protocol and goes beyond the recommendations of the Science Based Targets initiative (SBTi) by also including emissions from motorway traffic (see paragraph 5.3.3.3, “Scope 3 greenhouse gas emissions”, of the methodology note, page 274).

These commitments were certified in February 2022 by the SBTi and align the Group’s emissions reduction with the well below 2°C scenario, while guaranteeing its methodological framework. The two baseline years are the most recent periods for which the available data is sufficiently reliable to serve as the basis for target-setting. VINCI’s targets correspond to a level of ambition that was approved by the SBTi at the time the Group’s commitment was made. As alignment with a 1.5°C scenario is not an obligation and the Paris Agreement does not apply at the level of an individual business organisation, VINCI chose to set ambitious but realistic objectives. In accordance with SBTi guidance, its targets will be revised at least every five years. Moreover, the nature of the Group’s activities does not exclude VINCI from Paris-aligned benchmarks. Each of VINCI’s business lines has incorporated the Group’s emissions reduction targets into their environmental policies, while adjusting them to address their specific situations. As a minimum, the business lines are aligned with the Group’s target of a 40% reduction in emissions for Scopes 1 and 2. Some have chosen to go even further. VINCI Autoroutes aims to reduce its Scope 1 and 2 emissions by 50% over the same period. VINCI Concessions met its previous target of a 50% reduction in 2023 and has therefore raised its target to a 66% reduction in Scope 1 and 2 emissions by 2030, compared with 2018 levels.

In addition to these absolute targets for 2030, VINCI aims to contribute to global net zero by 2050. However, the Group has not yet set a quantified and certified target for this deadline.

The Group has identified key areas for reducing direct emissions (Scopes 1 and 2) and indirect emissions (Scope 3). In these areas, its own initiatives combine with those of external stakeholders involved in the decarbonisation of its value chain. VINCI strives to accelerate these external efforts and strengthen its role as a driver of the low-carbon transition. Scope 3 emissions reduction will remain largely dependent on external factors, such as the electrification of mobility infrastructure and the decarbonisation of building materials and energy equipment. The Group does not foresee any significant risks, impacts or opportunities resulting from the implementation of the climate transition plan that would affect ecosystem preservation or social issues.