Following on from the annual reporting of our Scope 1 and 2 as well as selected Scope 3 emissions, we devised and rolled out the HOCHTIEF Sustainability Plan 2025 Group-wide in 2022. In this plan, alongside targets for all ESG dimensions, we notably formulated our climate targets and consolidated our Group-wide commitment to climate neutrality (net zero) by 2045. The reduction targets are science-based, align with the 1.5 degree target under the Paris Climate Agreement and the requirements of the Science Based Targets initiative (SBTi), and have been formally adopted by the HOCHTIEF Executive Board.

We do not yet have internal carbon pricing. We took preliminary steps toward developing such a carbon price in the reporting year. We have developed an initial approach that has not yet been implemented but is currently being tested and analyzed. The aim is to create an effective system in the future that helps cut carbon emissions across all project phases while remaining cost-effective. Our experience in pilot projects to date shows that incorporating an internal carbon price into the subcontracting award process is a useful approach. Initial successes with taking subcontractors’ carbon footprint into account in a pilot project encourage us to take this approach further. It creates incentives for our subcontractors to develop and implement innovative and low-emission solutions.