This analysis revealed no material locked-in greenhouse gas emissions from key HOCHTIEF assets and products that may jeopardize the attainment of our emission reduction targets or drive transition risks. We deliver projects to our clients largely in the capacity of managing contractor, meaning that we have neither major assets nor products with material locked-in emissions.

The GHG emission targets were approved by the Executive Board together with the Sustainability Plan 2025 as a fundamental commitment. These greenhouse gas reduction targets based on climate scenarios are science-based and were developed with external experts in line with the 1.5 degree target in the Paris Climate Agreement on the basis of the requirements of the SBTi. However, they have not yet been externally verified. The base year of 2019 was selected due to the COVID pandemic, as our business in that year was not affected by significant external factors. By tracking our emissions in the material Scope 1, 2 and 3 categories described above on a quarterly basis in accordance with the GHG Protocol, we ensure that our targets are consistent with the limits of our greenhouse gas inventory while measuring the effectiveness of our decarbonization levers (actions). Decarbonization requires significant technological advancements, particularly in construction materials as well as machinery and equipment. We are very much dependent on our suppliers in this respect and will be working with them to help drive these advancements forward. Due to the strong interactions and cross-scope effects between the various decarbonization levers, the individual reduction contributions cannot be precisely estimated. The current status with regard to the targets directly reflects the progress of our transition plan.