Ferrari
ESRS disclosure: ESRS E1 \ DR E1-8 \ Paragraph 63 b; ESRS E1
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- Does the undertaking identify any material prior period errors as outlined in ESRS 1, section 7.5, regarding reporting errors in prior periods, and if so, what disclosures are provided in relation to these errors?
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Question Id: E1-1_01
No material prior period errors are identified or disclosed.
Report Date: 4Q2024Relevance: 75%
- Provide an explanation of how your company's greenhouse gas emission reduction targets align with the objective of limiting global warming to 1.5°C, as stipulated by the Paris Agreement, in accordance with Disclosure Requirement E1-1 regarding the transition plan for climate change mitigation.
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Question Id: E1-1_02
Our decarbonization strategy is aligned with the trajectory 'well below 2°C' and entails a reduction of at least 90 percent of our Scope 1 and 2 (market-based method) absolute CO2eq emissions and a reduction of at least 40 percent of our Scope 3 emissions per car, with respect to 2021.
Report Date: 4Q2024Relevance: 60%
- Provide a detailed account of the decarbonisation levers identified and the key actions planned within your transition plan for climate change mitigation. This should include references to your GHG emission reduction targets and climate change mitigation actions, as specified in Disclosure Requirements E1-4 and E1-3. Additionally, elucidate any changes anticipated in your product and service portfolio, as well as the adoption of new technologies within your operations or across the upstream and/or downstream value chain.
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Question Id: E1-1_03
Our decarbonization levers to reach Carbon Neutrality by 2030 include:
- Energy efficiency & use of renewable sources: Phasing out of our trigeneration plant by 2024, installation of photovoltaic panels since 2023.
- Our products: Launch of the first full electric Ferrari by 2025, engine production with 100% recycled alloy by 2026, use of recycled materials in our products ongoing.
- Carbon Avoidance: Purchase of Carbon Credits in partnership with ClimateSeed since 2022.
- Constant dialogue with partners: Introduction of Hydrotreated Vegetable Oil (HVO) fuel in our European outbound logistics on road since 2023, launch of the Green Dealer Award since 2023.
These actions are aligned with our targets to reduce Scope 1 and 2 emissions by 90% and Scope 3 emissions by 40% per car by 2030 compared to 2021.
Report Date: 4Q2024Relevance: 90%
- Provide a detailed account of your organization's significant operational and capital expenditures necessary for the execution of your climate change mitigation transition plan, as outlined in Disclosure Requirement E1-1. This should include an explanation and quantification of investments and funding, referencing the key performance indicators of taxonomy-aligned capital expenditures, and, where applicable, the capital expenditure plans disclosed in accordance with Commission Delegated Regulation (EU) 2021/2178.
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Question Id: E1-1_04
In 2024, the capital expenditure, including R&D and tooling, related to the development of our electric vehicles amounted to approximately €236 million. Given that we plan to develop our new business plan in 2025, the total expenditure for the next years is under review.
Report Date: 4Q2024Relevance: 60%
- Provide a qualitative assessment of the potential locked-in greenhouse gas (GHG) emissions from your company's key assets and products. Explain whether and how these emissions could jeopardize the achievement of your GHG emission reduction targets and contribute to transition risk. Additionally, if applicable, describe your company's plans to manage its GHG-intensive and energy-intensive assets and products.
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Question Id: E1-1_07
We are aware that the transition to a climate-neutral economy could be slowed down by locked-in GHG emissions. Regarding Scope 1 and 2, certain processes cannot be converted to electricity yet. For Scope 3 downstream, the locked-in emissions depend on how the market will evolve in the coming years, in particular on the share of BEVs (Battery Electric Vehicle). However, it is important to point out that the higher the share of BEVs, the harder it is to reach the target set for Scope 3 upstream. We are developing plans to reduce emissions from downstream ICEs, and in particular, we are evaluating various technologies, including alternative fuels.
Report Date: 4Q2024Relevance: 80%
- Provide a detailed explanation of any objectives or plans related to capital expenditures (CapEx), capital expenditure plans (CapEx plans), and operational expenditures (OpEx) that your undertaking has formulated to align its economic activities, including revenues, CapEx, and OpEx, with the criteria set forth in Commission Delegated Regulation 2021/2139, as required under Disclosure Requirement E1-1 concerning the transition plan for climate change mitigation.
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Question Id: E1-1_08
The EU Taxonomy identifies six environmental objectives, including climate change mitigation and adaptation. Taxonomy-aligned activities are those that comply with the requirements laid down in Article 3 of the Taxonomy Regulation. Our reporting requirements under Article 8 of the Taxonomy Regulation require non-financial undertakings to disclose information on the proportion of the turnover, capital expenditure, and operating expenditure of their activities related to assets or processes associated with environmentally sustainable economic activities.
Report Date: 4Q2024Relevance: 45%
- Provide a disclosure of significant capital expenditures invested during the reporting period in coal-related economic activities, as required by Disclosure Requirement E1-1 – Transition plan for climate change mitigation, paragraph 14.
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Question Id: E1-1_09
Ferrari is not involved in coal, oil, and gas-related activities.
Report Date: 4Q2024Relevance: 75%
- Provide a disclosure of the significant capital expenditures (CapEx) amounts invested during the reporting period that are associated with oil-related economic activities, as required under Disclosure Requirement E1-1 concerning the transition plan for climate change mitigation, if applicable.
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Question Id: E1-1_10
Ferrari is not involved in coal, oil, and gas-related activities.
Report Date: 4Q2024Relevance: 75%
- Is the undertaking excluded from the EU Paris-aligned Benchmarks as part of the Disclosure Requirement E1-1 concerning the transition plan for climate change mitigation?
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Question Id: E1-1_12
Ferrari is included in the EU Climate Transition Benchmarks and the EU Paris-aligned Benchmarks, however, as of today the Company is not aligned to the EU Taxonomy Regulation.
Report Date: 4Q2024Relevance: 75%
- Provide a detailed explanation of how the transition plan for climate change mitigation is integrated into and aligned with your company's overall business strategy and financial planning.
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Question Id: E1-1_13
Our decarbonization strategy defined in 2022 is aligned with the trajectory 'well below 2°C' in order to contribute to ambitions at the international, national and regional level, such as the Paris Agreement. In this context, our most significant environmental efforts are deployed through a program for the reduction of polluting and GHG emissions, both direct and indirect.
Report Date: 4Q2024Relevance: 60%