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.

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.

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.

For HOCHTIEF, climate change has long been a fundamental and central focus in its Group-wide environmental sustainability strategy. We plan to expand this strategic focus with the aim of making all our business activities climate-neutral in the long term (for further information, please refer to HOCHTIEF’s GHG reduction targets), and with the goal of supporting our clients through our projects in successfully adapting to climate change. To this end, HOCHTIEF has gathered data on greenhouse gases for over ten years and worked continuously on methodically improving Group-wide coverage, accuracy, and tracking in order to facilitate avoiding and effectively managing GHG emissions in all activities.

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.