Ferrari
ESRS disclosure: ESRS E1 \ DR E1-1 \ Paragraph 16 b
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- 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 explanation of your company's capacity to modify or adapt its strategy and business model in response to climate change over the short, medium, and long term. This should include an assessment of your ability to maintain access to finance at a reasonable cost of capital, the potential to redeploy, upgrade, or decommission existing assets, the capability to shift your products and services portfolio, and the initiatives to reskill your workforce. This disclosure should align with the resilience analysis results as required under paragraph 19 (c) and should address the anticipated financial effects from significant physical and transition risks, as well as potential climate-related opportunities, in accordance with Disclosure Requirement E1-9 and ESRS 2 SBM-3.
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Question Id: E1.SBM-3_07
Ferrari's decarbonization strategy is aligned with the trajectory 'well below 2°C' and entails a reduction of at least 90 percent of Scope 1 and 2 (market-based method) absolute CO2eq emissions and a reduction of at least 40 percent of Scope 3 emissions per car, with respect to 2021. The strategy includes launching a full electric Ferrari by 2025 and achieving a well-diversified product portfolio by 2026, composed of 55 percent hybrid, 5 percent full electric, and 40 percent ICE in terms of the number of models. By 2030, an offering composed of 20 percent ICE, 40 percent hybrid, and 40 percent full electric is expected. The strategy reflects the principle of flexibility, as the e-building houses the production of internal combustion engines, hybrid engines, and electric motors, capable of delivering Ferrari’s signature driving thrills. Together with the electrification journey, solutions to reduce the otherwise growing emissions of raw materials mainly related to the battery module and looking into recycled aluminum are being explored. The transition to a climate-neutral economy could be slowed down by locked-in GHG emissions. For 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. Plans are being developed to reduce emissions from downstream ICEs, and in particular, various technologies, including alternative fuels, are being evaluated.
Report Date: 4Q2024Relevance: 65%