Ferrari's ambition to minimize its impact on the global environment is outlined in the Environmental Practice, which is inspired by the guiding principles set forth in the Code of Conduct and defines Ferrari’s main ambition to fostering a corporate culture dedicated to environmental protection. The Practice applies to the entire Ferrari Group.

Ferrari considers environmental protection to be a decisive aspect to be promoted in its overall approach to business and it aims to continuously improve the environmental performance of its operations and comply with the provisions contained in applicable laws and regulations. For this reason, Ferrari aims to: reduce greenhouse gas emissions across the product life cycles, minimize water use, promote the reuse of waste materials in the production process, monitor emissions into the atmosphere and the sewage system, and contribute to the protection of biodiversity in areas impacted by its production process.

The Environmental practice sets out key principles: compliance with applicable regulatory and legal requirements, periodic and systematic establishment of improvement objectives and their monitoring and measurement through KPIs, the development of products that meet customers’ needs while ensuring respect for the environment, and the adoption of the best available technologies for the efficiency of production processes and the reduction of emissions and environmental impacts. The practice promotes, among others, the improvement of energy efficiency and the use of renewable energy aimed at mitigating climate change. In particular, it enshrines the Company’s commitment to monitor and reduce greenhouse gas emissions produced throughout the entire product life cycle, as well as reducing energy consumption. In line with the Environmental Practice commitments, we have developed the decarbonization strategy, which is reported in our 2022-2026 Strategic Plan. The practice covers the following IROs: “Energy consumption and related GHG emissions for upstream activities (e.g. raw material purchased and inbound logistics) (Scope 3) with negative impact on climate change”, “Energy consumption and related GHG emissions for downstream activities (e.g. outbound logistics, vehicles usage and use of sold products) (Scope 3) with negative impact on climate change”, “Energy consumption and related GHG emissions (Scope 1 / Scope 2) with negative impact on climate change and the community (e.g. Maranello)”, “Difficulties in targeting Ferrari Carbon Footprint strategy related to Scope 3 Indirect Emissions with main focus on Upstream”, “Energy efficiency - Using renewable energy at a reduced cost plus investing in low carbon technologies that could result in lower carbon footprint, lower energy consumption and lower energy costs”.

The monitoring and management of the environmental performance of our production plants is assigned to a team that reports to our Chief Technologies & Infrastructures Officer. Their effort is aimed at minimizing the impact of our activities on the environment, particularly in relation to the energy consumption of our production facilities.

We defined our environmental targets, included in our 2022-2026 Strategic Plan, aligned with the Transport Science-Based Target setting Guidance of 2015 aligned with the trajectory “well below 2°C”. The GHG emission reduction targets and the related action plan were reviewed by the Board of Directors.

Below our emissions targets:

a. carbon neutrality in our own operations already starting from 2021, through high-quality projects with climate and social contributions (decreasing by at least 90 percent our Scope 1 and 2 (market-based method) absolute CO2eq emissions - CO2, CH4, N2O and HFCs - by 2030 versus 2021); b. reduction of at least 40 percent of our Scope 3 emissions (CO2, CH4, N2O) per car, focusing mainly on materials and vehicle use phase. In particular, we aim to reduce upstream emissions by 30 percent per car and downstream emissions by 50 percent per car by 2030 versus 2021.

Following the former guidance provided by the SBTi for the transport sector, we chose 2021 as the base year for our emission targets as it was more representative of the actual Company situation (2020 figures were influenced by the effects of Covid-19). In 2022, we set targets considering the journey to electrification of our plants, including the phase-out of our trigenerator, and the assumptions of the product mix presented during our 2022 Capital Markets Day (CMD), and there was no other specific assumption regarding the evolution of the external context. The targets in the table below are obtained by transforming the CMD 2022 intensity targets into absolute targets based on the 2024 deliveries (13,752). Given that we plan to develop our new business plan in 2025, we are currently reviewing these targets.

We defined our environmental targets, included in our 2022-2026 Strategic Plan, aligned with the Transport Science-Based Target setting Guidance of 2015 aligned with the trajectory “well below 2°C”. The GHG emission reduction targets and the related action plan were reviewed by the Board of Directors.

Below our emissions targets:

a. carbon neutrality in our own operations already starting from 2021, through high-quality projects with climate and social contributions (decreasing by at least 90 percent our Scope 1 and 2 (market-based method) absolute CO2eq emissions - CO2, CH4, N2O and HFCs - by 2030 versus 2021); b. reduction of at least 40 percent of our Scope 3 emissions (CO2, CH4, N2O) per car, focusing mainly on materials and vehicle use phase. In particular, we aim to reduce upstream emissions by 30 percent per car and downstream emissions by 50 percent per car by 2030 versus 2021.

Following the former guidance provided by the SBTi for the transport sector, we chose 2021 as the base year for our emission targets as it was more representative of the actual Company situation (2020 figures were influenced by the effects of Covid-19). In 2022, we set targets considering the journey to electrification of our plants, including the phase-out of our trigenerator, and the assumptions of the product mix presented during our 2022 Capital Markets Day (CMD), and there was no other specific assumption regarding the evolution of the external context. The targets in the table below are obtained by transforming the CMD 2022 intensity targets into absolute targets based on the 2024 deliveries (13,752). Given that we plan to develop our new business plan in 2025, we are currently reviewing these targets.

We defined our environmental targets, included in our 2022-2026 Strategic Plan, aligned with the Transport Science-Based Target setting Guidance of 2015 aligned with the trajectory “well below 2°C”. The GHG emission reduction targets and the related action plan were reviewed by the Board of Directors.

Below our emissions targets:

a. carbon neutrality in our own operations already starting from 2021, through high-quality projects with climate and social contributions (decreasing by at least 90 percent our Scope 1 and 2 (market-based method) absolute CO2eq emissions - CO2, CH4, N2O and HFCs - by 2030 versus 2021); b. reduction of at least 40 percent of our Scope 3 emissions (CO2, CH4, N2O) per car, focusing mainly on materials and vehicle use phase. In particular, we aim to reduce upstream emissions by 30 percent per car and downstream emissions by 50 percent per car by 2030 versus 2021.

Following the former guidance provided by the SBTi for the transport sector, we chose 2021 as the base year for our emission targets as it was more representative of the actual Company situation (2020 figures were influenced by the effects of Covid-19). In 2022, we set targets considering the journey to electrification of our plants, including the phase-out of our trigenerator, and the assumptions of the product mix presented during our 2022 Capital Markets Day (CMD), and there was no other specific assumption regarding the evolution of the external context. The targets in the table below are obtained by transforming the CMD 2022 intensity targets into absolute targets based on the 2024 deliveries (13,752). Given that we plan to develop our new business plan in 2025, we are currently reviewing these targets.

We defined our environmental targets, included in our 2022-2026 Strategic Plan, aligned with the Transport Science-Based Target setting Guidance of 2015 aligned with the trajectory “well below 2°C”. The GHG emission reduction targets and the related action plan were reviewed by the Board of Directors.

Below our emissions targets:

a. carbon neutrality in our own operations already starting from 2021, through high-quality projects with climate and social contributions (decreasing by at least 90 percent our Scope 1 and 2 (market-based method) absolute CO2eq emissions - CO2, CH4, N2O and HFCs - by 2030 versus 2021); b. reduction of at least 40 percent of our Scope 3 emissions (CO2, CH4, N2O) per car, focusing mainly on materials and vehicle use phase. In particular, we aim to reduce upstream emissions by 30 percent per car and downstream emissions by 50 percent per car by 2030 versus 2021.

Following the former guidance provided by the SBTi for the transport sector, we chose 2021 as the base year for our emission targets as it was more representative of the actual Company situation (2020 figures were influenced by the effects of Covid-19). In 2022, we set targets considering the journey to electrification of our plants, including the phase-out of our trigenerator, and the assumptions of the product mix presented during our 2022 Capital Markets Day (CMD), and there was no other specific assumption regarding the evolution of the external context. The targets in the table below are obtained by transforming the CMD 2022 intensity targets into absolute targets based on the 2024 deliveries (13,752). Given that we plan to develop our new business plan in 2025, we are currently reviewing these targets.

We defined our environmental targets, included in our 2022-2026 Strategic Plan, aligned with the Transport Science-Based Target setting Guidance of 2015 aligned with the trajectory “well below 2°C”. The GHG emission reduction targets and the related action plan were reviewed by the Board of Directors.

Below our emissions targets:

a. carbon neutrality in our own operations already starting from 2021, through high-quality projects with climate and social contributions (decreasing by at least 90 percent our Scope 1 and 2 (market-based method) absolute CO2eq emissions - CO2, CH4, N2O and HFCs - by 2030 versus 2021); b. reduction of at least 40 percent of our Scope 3 emissions (CO2, CH4, N2O) per car, focusing mainly on materials and vehicle use phase. In particular, we aim to reduce upstream emissions by 30 percent per car and downstream emissions by 50 percent per car by 2030 versus 2021.

Following the former guidance provided by the SBTi for the transport sector, we chose 2021 as the base year for our emission targets as it was more representative of the actual Company situation (2020 figures were influenced by the effects of Covid-19). In 2022, we set targets considering the journey to electrification of our plants, including the phase-out of our trigenerator, and the assumptions of the product mix presented during our 2022 Capital Markets Day (CMD), and there was no other specific assumption regarding the evolution of the external context. The targets in the table below are obtained by transforming the CMD 2022 intensity targets into absolute targets based on the 2024 deliveries (13,752). Given that we plan to develop our new business plan in 2025, we are currently reviewing these targets.

In 2024, our Scope 1 GHG emissions decreased by 28% compared to 2021, mainly due to the shutdown of the trigeneration plant in Maranello.

In 2024, the GHG intensity (All Scopes location-based) is 158.9 tCO2eq/€ million, which is a 31% reduction from the base year 2021 value of 231.2 tCO2eq/€ million.

We defined our environmental targets, included in our 2022-2026 Strategic Plan, aligned with the Transport Science-Based Target setting Guidance of 2015 aligned with the trajectory “well below 2°C”. The GHG emission reduction targets and the related action plan were reviewed by the Board of Directors.

Below our emissions targets:

a. carbon neutrality in our own operations already starting from 2021, through high-quality projects with climate and social contributions (decreasing by at least 90 percent our Scope 1 and 2 (market-based method) absolute CO2eq emissions - CO2, CH4, N2O and HFCs - by 2030 versus 2021); b. reduction of at least 40 percent of our Scope 3 emissions (CO2, CH4, N2O) per car, focusing mainly on materials and vehicle use phase. In particular, we aim to reduce upstream emissions by 30 percent per car and downstream emissions by 50 percent per car by 2030 versus 2021.

Following the former guidance provided by the SBTi for the transport sector, we chose 2021 as the base year for our emission targets as it was more representative of the actual Company situation (2020 figures were influenced by the effects of Covid-19). In 2022, we set targets considering the journey to electrification of our plants, including the phase-out of our trigenerator, and the assumptions of the product mix presented during our 2022 Capital Markets Day (CMD), and there was no other specific assumption regarding the evolution of the external context. The targets in the table below are obtained by transforming the CMD 2022 intensity targets into absolute targets based on the 2024 deliveries (13,752). Given that we plan to develop our new business plan in 2025, we are currently reviewing these targets.

Our Scope 2 (location-based method) GHG emissions increased due to the gradual shift from natural gas to electricity in our production plants.