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Transform the Norm

CDP Europe Report

February 2023

DISCLOSURE INSIGHT ACTION

A race against time for

corporate decarbonization

From stroll to sprint

CDP & Capgemini Invent report | July 2023

DISCLOSURE INSIGHT ACTION

2 3

Foreword

In recent years, extreme weather events and soaring energy prices

have highlighted the inescapable need for companies to adapt for

both climatic and economic reasons. These issues are converging and

coincide with the same goal: reducing greenhouse gas emissions to

protect Europe’s energy sovereignty and mitigate climate change to

ensure a sustainable future for all.

Today, Europe’s sovereignty is threatened by the geopolitical agenda that

triggers volatility over energy market prices and double-digit inflation on

many essential materials (e.g., steel, aluminum, copper). These historic

challenges, both on the social and economic levels, call for emergency

actions from companies and governments. Social, economic, and

political dimensions are intertwined, and companies have a key role to

play along with the public sector to contribute to the paradigm shift.

The latest Assessment Report of the Intergovernmental Panel on Climate

Change (IPCC) emphasizes the urgent need to take concrete actions to

decrease global emissions by 45% by 2030 compared to 2010 levels in

order to keep global warming below 1.5°C.

Nevertheless, the path to overcome these challenges is clear. The IPCC

and all independent initiatives, such as the Science Based Targets

initiative (SBTi) and CDP, among many others, promote the need for public

and private actors to set emissions reduction targets. Such targets must

look to both short- and long-term horizons to enable organizations to

monitor their decarbonization journey.

In this way, these independent initiatives play a critical role in providing

transparent and reliable information to companies to monitor their

progress in reducing their environmental impacts. Moreover, such

information enables citizens to understand these imperative issues.

Beyond the denition of a roadmap, solutions are well known to

implement them. Levers, such as energy efciency measures to reduce

both energy bills and consumption, the deployment of renewable energy

sources at a large scale, the adoption of contractual instruments to

promote them (GOs, RECs, CPPA), and the rise of new technologies, such

as low-carbon hydrogen and process electrication, are all effective in

the ght against climate change. These levers are actionable through the

modication of our attitudes as consumers and citizens. However, they

require an evolution of public policies and innovation to be deployed on

a massive scale in record time. If we do not want to miss this window of

opportunity, we must (re)invent the economy to get the future you want!

Roshan Gya, CEO Capgemini Invent

Contents

Important notice

The contents of this report may be used by anyone provided acknowledgment is given to CDP and provided that no liability is

accepted by CDP or Capgemini Invent as authors. This does not represent a license to repackage or resell any of the data reported

to CDP or the contributing authors and presented in this report. If you intend to repackage or resell any of the contents of this

report, you need to obtain express permission from CDP before doing so. CDP and Capgemini Invent have prepared the data and

analysis in this report based on responses to the CDP 2019 and 2022 questionnaires. No representation or warranty (express or

implied) is given by CDP as to the accuracy or completeness of the information and opinions contained in this report. You should

not act upon the information contained in this publication without obtaining specic professional advice. To the extent permitted by

law, CDP does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting,

or refraining to act, in reliance on the information contained in this report or for any decision based on it. All information and views

expressed herein by CDP and Capgemini Invent are based on their judgment at the time of this report and are subject to change

without notice due to economic, political, industry and rm-specic factors. Guest commentaries where included in this report

reflect the views of their respective authors; their inclusion is not an endorsement of them. CDP, Capgemini Invent, their afliated

member rms or companies, or their respective shareholders, members, partners, principals, directors, ofcers and/or employees,

may have a position in the securities of the companies discussed herein. The securities of the companies mentioned in this

document may not be eligible for sale in some states or countries, nor suitable for all types of investors; their value and the income

they produce may fluctuate and/or be adversely affected by exchange rates. ‘CDP’ refers to CDP Europe (Worldwide) gGmbH, a

charitable limited liability company registered under number HRB119156 B at local court of Charlottenburg in Germany.

Foreword

Executive summary

About this report

Sectoral decarbonization maturity and targets

Reducing scope 1 and 2 emissions and hedging

against energy prices

Scope 3 is the main challenge

Beyond the

denition of a

roadmap, solutions

exist and must be

implemented



Executive summary

A persistent gap between transparency

and action

Though the number of European companies disclosing

to CDP has grown signicantly (+56% between 2019 and

2022), 23% of companies still lacked emissions reduction

targets in 2022.

Though science-based targets (SBTs)

are now mainstream, companies with a

disproportionately high emissions impact

still lack them

In 2022, 47% of companies had absolute emissions

reduction targets approved by the SBTi, compared to only

14% in 2019 – a more than 5-fold increase. However,

these targets only covered 13% of the total GHG emissions

disclosed by companies to CDP in 2022, suggesting that

many high-impact companies must still step up, and that

scope 3 remains a challenge. In high impact sectors, too

many companies rely on intensity targets.

Net-zero targets remain in their nascent

stage despite rapid momentum

Just 8% of companies reported having net-zero targets

approved by the SBTi, with a further 14% pending

validation. However, this means that nearly 1 in 4

companies are set to have science-based net-zero targets

in just 18 months since it became possible to set such

targets – a positive signal of corporate long-term vision.

Energy efciency remains the most

impactful emissions reduction lever

Overall, companies have made progress in reducing their

operational impacts – largely through energy efciency.

Reported scope 1 and 2 emissions among the group

dropped in most sectors by an average of 14% between

2019 and 2022 – despite revenues increasing 8%.

Businesses relying on electricity have more opportunities

to decarbonize their energy mix and protect themselves

from price fluctuations than others.

Representing over 90% of corporate emissions,

scope 3 is the key – but actions to tackle

are lacking

The overwhelming majority (92%) of emissions

disclosed by European companies in 2022 were Scope

3, with the use of sold products (64%) and purchased

goods and services (19%) the key hotspots. Despite

this, actions taken to reduce these customer - and

supplier-related emissions only covered an average

of 37% of total emissions from these categories.

Companies must engage with their entire value chain

and establish a credible climate transition plan, moving

from contemplation to decisive actions. This report

presents an inventory of high-potential and accessible

decarbonization levers for specic sectors.

1 4

2 5

This report was written by Capgemini Invent in partnership with

CDP, leveraging Capgemini Invent knowledge and expertise on

decarbonization, quantitative analysis from CDP’s 2019 and 2022

public datasets, and qualitative outputs from interviews with 7

selected companies from varied sectors: Bayer, Deutsche Bahn,

DP-DHL, Proximus, Sano, STMicroelectronics, Thales.

/23

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TransformtheNormCDPEuropeReportFebruary2023DISCLOSUREINSIGHTACTIONAraceagainsttimeforcorporatedecarbonizationFromstrolltosprintCDP&CapgeminiInventreportJuly2023DISCLOSUREINSIGHTACTION23ForewordInrecentyears,extremeweathereventsandsoaringenergypriceshavehighlightedtheinescapableneedforcompaniestoadaptforbothclimaticandeconomicreasons.Theseissuesareconvergingandcoincidewiththesamegoal:reducinggreenhousegasemissionstoprotectEurope’senergysovereigntyandmitigateclimatechangetoensureasustainablefutureforall.Today,Europe’ssovereigntyisthreatenedbythegeopoliticalagendathattriggersvolatilityoverenergymarketpricesanddouble-digitinflationonmanyessentialmaterials(e.g.,steel,aluminum,copper).Thesehistoricchallenges,bothonthesocialandeconomiclevels,callforemergencyactionsfromcompaniesandgovernments.Social,economic,andpoliticaldimensionsareintertwined,andcompanieshaveakeyroletoplayalongwiththepublicsectortocontributetotheparadigmshift.ThelatestAssessmentReportoftheIntergovernmentalPanelonClimateChange(IPCC)emphasizestheurgentneedtotakeconcreteactionstodecreaseglobalemissionsby45%by2030comparedto2010levelsinordertokeepglobalwarmingbelow1.5°C.Nevertheless,thepathtoovercomethesechallengesisclear.TheIPCCandallindependentinitiatives,suchastheScienceBasedTargetsinitiative(SBTi)andCDP,amongmanyothers,promotetheneedforpublicandprivateactorstosetemissionsreductiontargets.Suchtargetsmustlooktobothshort-andlong-termhorizonstoenableorganizationstomonitortheirdecarbonizationjourney.Inthisway,theseindependentinitiativesplayacriticalroleinprovidingtransparentandreliableinformationtocompaniestomonitortheirprogressinreducingtheirenvironmentalimpacts.Moreover,suchinformationenablescitizenstounderstandtheseimperativeissues.Beyondthedefinitionofaroadmap,solutionsarewellknowntoimplementthem.Levers,suchasenergyefficiencymeasurestoreducebothenergybillsandconsumption,thedeploymentofrenewableenergysourcesatalargescale,theadoptionofcontractualinstrumentstopromotethem(GOs,RECs,CPPA),andtheriseofnewtechnologies,suchaslow-carbonhydrogenandprocesselectrification,arealleffectiveinthefightagainstclimatechange.Theseleversareactionablethroughthemodificationofourattitudesasconsumersandcitizens.However,theyrequireanevolutionofpublicpoliciesandinnovationtobedeployedonamassivescaleinrecordtime.Ifwedonotwanttomissthiswindowofopportunity,wemust(re)inventtheeconomytogetthefutureyouwant!RoshanGya,CEOCapgeminiInventContentsImportantnoticeThecontentsofthisreportmaybeusedbyanyoneprovidedacknowledgmentisgiventoCDPandprovidedthatnoliabilityisacceptedbyCDPorCapgeminiInventasauthors.ThisdoesnotrepresentalicensetorepackageorresellanyofthedatareportedtoCDPorthecontributingauthorsandpresentedinthisreport.Ifyouintendtorepackageorresellanyofthecontentsofthisreport,youneedtoobtainexpresspermissionfromCDPbeforedoingso.CDPandCapgeminiInventhavepreparedthedataandanalysisinthisreportbasedonresponsestotheCDP2019and2022questionnaires.Norepresentationorwarranty(expressorimplied)isgivenbyCDPastotheaccuracyorcompletenessoftheinformationandopinionscontainedinthisreport.Youshouldnotactupontheinformationcontainedinthispublicationwithoutobtainingspecificprofessionaladvice.Totheextentpermittedbylaw,CDPdoesnotacceptorassumeanyliability,responsibilityordutyofcareforanyconsequencesofyouoranyoneelseacting,orrefrainingtoact,inrelianceontheinformationcontainedinthisreportorforanydecisionbasedonit.AllinformationandviewsexpressedhereinbyCDPandCapgeminiInventarebasedontheirjudgmentatthetimeofthisreportandaresubjecttochangewithoutnoticeduetoeconomic,political,industryandfirm-specificfactors.Guestcommentarieswhereincludedinthisreportreflecttheviewsoftheirrespectiveauthors;theirinclusionisnotanendorsementofthem.CDP,CapgeminiInvent,theiraffiliatedmemberfirmsorcompanies,ortheirrespectiveshareholders,members,partners,principals,directors,officersand/oremployees,mayhaveapositioninthesecuritiesofthecompaniesdiscussedherein.Thesecuritiesofthecompaniesmentionedinthisdocumentmaynotbeeligibleforsaleinsomestatesorcountries,norsuitableforalltypesofinvestors;theirvalueandtheincometheyproducemayfluctuateand/orbeadverselyaffectedbyexchangerates.‘CDP’referstoCDPEurope(Worldwide)gGmbH,acharitablelimitedliabilitycompanyregisteredundernumberHRB119156BatlocalcourtofCharlottenburginGermany.©2023CDP.Allrightsreserved.ForewordExecutivesummaryAboutthisreportSectoraldecarbonizationmaturityandtargetsReducingscope1and2emissionsandhedgingagainstenergypricesScope3isthemainchallenge030406091929Beyondthedefinitionofaroadmap,solutionsexistandmustbeimplemented54ExecutivesummaryApersistentgapbetweentransparencyandactionThoughthenumberofEuropeancompaniesdisclosingtoCDPhasgrownsignificantly(+56%between2019and2022),23%ofcompaniesstilllackedemissionsreductiontargetsin2022.Thoughscience-basedtargets(SBTs)arenowmainstream,companieswithadisproportionatelyhighemissionsimpactstilllackthemIn2022,47%ofcompanieshadabsoluteemissionsreductiontargetsapprovedbytheSBTi,comparedtoonly14%in2019–amorethan5-foldincrease.However,thesetargetsonlycovered13%ofthetotalGHGemissionsdisclosedbycompaniestoCDPin2022,suggestingthatmanyhigh-impactcompaniesmuststillstepup,andthatscope3remainsachallenge.Inhighimpactsectors,toomanycompaniesrelyonintensitytargets.Net-zerotargetsremainintheirnascentstagedespiterapidmomentumJust8%ofcompaniesreportedhavingnet-zerotargetsapprovedbytheSBTi,withafurther14%pendingvalidation.However,thismeansthatnearly1in4companiesaresettohavescience-basednet-zerotargetsinjust18monthssinceitbecamepossibletosetsuchtargets–apositivesignalofcorporatelong-termvision.EnergyefficiencyremainsthemostimpactfulemissionsreductionleverOverall,companieshavemadeprogressinreducingtheiroperationalimpacts–largelythroughenergyefficiency.Reportedscope1and2emissionsamongthegroupdroppedinmostsectorsbyanaverageof14%between2019and2022–despiterevenuesincreasing8%.Businessesrelyingonelectricityhavemoreopportunitiestodecarbonizetheirenergymixandprotectthemselvesfrompricefluctuationsthanothers.Representingover90%ofcorporateemissions,scope3isthekey–butactionstotacklearelackingTheoverwhelmingmajority(92%)ofemissionsdisclosedbyEuropeancompaniesin2022wereScope3,withtheuseofsoldproducts(64%)andpurchasedgoodsandservices(19%)thekeyhotspots.Despitethis,actionstakentoreducethesecustomer-andsupplier-relatedemissionsonlycoveredanaverageof37%oftotalemissionsfromthesecategories.Companiesmustengagewiththeirentirevaluechainandestablishacredibleclimatetransitionplan,movingfromcontemplationtodecisiveactions.Thisreportpresentsaninventoryofhigh-potentialandaccessibledecarbonizationleversforspecificsectors.14253ThisreportwaswrittenbyCapgeminiInventinpartnershipwithCDP,leveragingCapgeminiInventknowledgeandexpertiseondecarbonization,quantitativeanalysisfromCDP’s2019and2022publicdatasets,andqualitativeoutputsfrominterviewswith7selectedcompaniesfromvariedsectors:Bayer,DeutscheBahn,DP-DHL,Proximus,Sanofi,STMicroelectronics,Thales.Theanalysiscoversthe17sectorslistedbelowandisareworkofCDPsectorizationtoderiveasampleofcompaniessuitableforadetailedanalysis:1.Apparel2.Biotech,HealthcareandPharma3.Cement&concrete4.Chemicals5.Construction6.Electric&electronicmanufacturing7.Financialservices8.Food&beverageprocessing9.Lightmanufacturing10.Media,telecommunications&DataCenters11.Metals&mining12.Othermaterials(materialsforpackaging,architecture,etc.)13.PaperandPulp14.Poweredmachinery15.TransportOEMS16.Transportservices&logistics17.Wholesale,retail&distributionAstheanalysisincludescorporateexposuretoenergypricefluctuationsandtherelatedpotentialimpactonoperatingcosts,allenergysectorswereexcluded.In2022,843Europeancompaniesinthe17abovesectorsdisclosedpubliclytotheCDP’sclimatechangequestionnaire.Thisrepresentsanincreaseof303companies(+56%)overthe3-yearperiod.Theincreasecanbeattributedtotheintensifiedpressure–bothregulatoryandmarket-based-oncompaniestomeasureandmanagetheirclimateimpacts.76AboutthisreportThesampleforthisreportincludescompaniesthatrepresentapproximately75-80%ofthetotalmarketcapitalizationofEuropeancompanies.Thisreportfocusesonthetrendsobservedfrom2019,askingwhethercompaniesarebetterconsideringclimatechangeintheirstrategies,whichsectorsaremostadvanced,andwhichconcreteactionstheyhaveimplementedtomitigatetheirGHGemissionsacrosstheirentirevaluechain.Thereportaimstoprovideanswersfirstbyanalyzingsectormaturityandcommitmentsregardingemissionsreduction.Secondly,itproposesadeepdiveintosectorenergyconsumptionandtargetstoreducescope2-relatedemissions.Finally,thereportcoversthechallengesofaddressingscope3emissions.Inadditiontothisanalysis,thereportpresentskeyleverstodecarbonizescope3intheshorttermforselectedsectors.TheseleverswerecollectedandbenchmarkedbyCapgeminiInventthroughsupporttoitsclientsondecarbonizationtopics.84375%In2022,843Europeancompaniesinthe17sectorsdisclosedpubliclytoCDP’sclimatechangequestionnaireofEuropeancompaniesbymarketvaluedisclosingtoCDPin202298Sectoraldecarbonizationmaturityandtargets1Thisreportusesdatafrom1,495companiesdisclosingtoCDPin2022onclimatechange(1,495),forests(183),andwatersecurity(311),headquarteredinoneoftheEUMemberStates,EuropeanFreeTradeAssociationAreacountries,andtheUnitedKingdom.Itincludescompaniesdisclosingtoinvestors,inadditiontocompaniesself-selectingtodisclose.ItexcludescompaniesdisclosingonlytocorporatecustomersthroughCDPsupplychain.SeehereforafulllistofcompaniesOuranalysisrevealsthatalthoughsomefastprogresshasbeenmadebyleadingcompanies,particularlyonscience-basedtargetsetting,themajorityneedtotakemoredecisiveactiontoaddresstheirscope3emissions–andfast.Withtheurgentneedforaligncorporatedecarbonizationwiththe1.5Climit,companiesneedtosetoutclearclimatetransitionplansnowthatwilldeliverthereductionsweneedtokeepoureconomyandsocietysafe.MaxfieldWeissCDPEuropeExecutiveDirector11101.SectoraldecarbonizationmaturityandtargetsTheMedia,Telecommunications,andDataCenterssectorhasshownthemostprogressondisclosuregrowth(83%)andcompaniesscoringA(+67%)since2019From2019to2022,thenumberofcompaniesdisclosingtotheCDProsein16outof17sectors,excludingtheTransportOEMssector.EuropeancompaniesdisclosingpubliclytotheCDPgrewbyover300,a56%increasecomparedto2019.Additionally,15outof17sectorssawgrowthinthenumberofcompaniesscoringA,excludingMetals&MiningandTransportOEMssectors.Thehard-to-abatesectorgroupconsistsofenergy-andemission-intensivecompanieswithenergyintensitiesbetween1,000and4,000MWhpermillionEURofturnover.Theirmanufacturingprocessesarecarbon-intensiveandprimarilyrelyonfossilfuels,leadingtolowerperformanceonemissionsandengagement.Theirlargecarbonfootprintandthelackofreadilyavailablesolutionstoexpectshort-timeresultsimpactthembothontheemissionandengagementaxes.Themedium-maturitymanufacturingsectorgroupincludes8outofthe17industries.Inthisgroup,manufacturingprocessesrequireasmallerproportionofenergy(energyintensitiesbetween100and800MWhpermillionEURofturnover)anddecarbonizationstrategiesareincreasinglywellframedandalreadyunderway.Media,Telecommunications&Datacenters,andFood&Beverageprocessingareleadersintermsofdecarbonizationmaturity.CompaniesdisclosingtotheCDPinthesesectorsoftenhaveapprovedscience-basedtargetsthatincludescope3.Theyhavehighsharesofrenewablesintheirenergymixandhaveinplaceconcreteactionstodecarbonizetheiroperationsandvaluechainaccordingtosteepemissionsreductiontrajectories.TheMedia,Telecommunication&DataCenterssectorunderwentthemostprogressofallsectors,bothintermsofthenumberofcompaniesdisclosingtotheCDP(inabsoluteterms)andbenefittingfromthehighestincreaseinthenumberofAListcompanies.TheCement&Concrete(25%)andPaper&Pulp(21%)sectorshadthehighestproportionofAListcompaniesin2022.Toassessthecompanies’maturityonreducingemissions,twomaindimensionswereincluded:EmissionsandenergyefficiencyandEngagement.Asthequalityofreportingonscope3emissionswasinconsistentfromonesectortoanotherin2022,scope3wasnotincludedintheemissionsandenergyefficiencydimension.Mappingthesesectorsacrosstheirperformanceonengagementandemissions/energyefficiencyreveals4mainmaturitygroupsin2022.Figure1ThenumberofcompaniesdisclosingtoCDProsein16outof17sectorsbetween2019and2022Figure2Sectoralcomparisonofemissionsandenergyefficienciesandclimateengagementsin2022Graphbasedon493outof843companiesdisclosingtoCDP’sclimatechangequestionnairein2019and2022forthe17sectorsstudied.EngagementscoresarebasedonCDPcompanyscores,thenumberoftargetsthatareeitherSBTi-approvedorbeingrevisedbytheSBTipercompany,thenumberoftargetsthatincludescope3percompany,theshareofthetotalemissionsofthesectorcompaniesarecommittedtoreduce,andcommitmentstoRE100/EV100/EP100(withalighterweight).Emissionandenergyefficiencyscoresincludeturnoverenergyintensity,turnoveremissionsintensity,andshareofrenewablesinthetotalenergyconsumption.Sampleincludes912EuropeancompaniespubliclydisclosingtoCDP’sClimateChangequestionnairein2019and/or2022forthe17sectorsstudied.Ofthe912companies,471disclosedtoCDPbothin2019and2022.135companieswereratedAin2022inEurope,103ofthemareincludedinoursample.FinancialservicesWholesale,retail&distributionMedia,telecommunications&datacentrersLightmanufacturingPoweredmachineryElectric&electronicmanufacturingConstructionFood&beverageprocessingBiotech,healthcare&pharmaChemicalsTransportservices&logisticsMetals&miningPaperandpulpApparelTransportOEMsOthermaterialsCement&concrete160140120100806040200NumberofcompaniespersectorNumberofAListers1614121086420AdditionalnumberofcompaniesdisclosingtoCDPin2022comparedto2019NumberofcompaniesdisclosingtoCDPin2019NumberofAListersin2022NumberofAListersin2019+56%Anincreaseof303companies(+56%)overthe3-yearperiod2.001.801.601.401.201.00.80.60.40.200EmissionsandenergyefficiencyEngagementFinancialservicesMedia,telecommunications&datacentrersFood&beverageprocessingElectric&electronicmanufacturingPoweredmachineryLightmanufacturingBiotech,healthcare&pharmaTransportOEMsApparelConstructionWholesale,retail&distributionPaperandpulpChemicalsCement&concreteMetals&miningTransportservices&logisticsHard-to-abatesectorsOthermaterialsMediummaturitymanufacturingsectorsSpecialcaseoffinanceTOP20.20.40.60.801.001.201.401.601.802.000.500.400.300.200.100.00-0.10-0.20-0.30-0.40-0.200.000.200.400.600.80ChangeinemissionsandenergyefficiencyovertheperiodChangeinengagementovertheperiod13ThelastsectorisFinancialServices,positionedamongthetopsectorsontheemissionsandenergyefficiencyaxisbutlaggingontheengagementdimension.Theengagementscorecanbepartlyexplainedbytheonlyrecentdevelopmentandavailabilityofscience-basedmethodologiesforemissiontargetsforthissector.Moreover,scope3emissionsintheFinancialsectorareestimatedtobeupto700timeshigherthanscopes1&2combined.Sincethisanalysisexcludesscope3,theexceptionallyhighscoreontheemissionsandenergyefficiencyaxiscanbeconsideredirrelevanttoassessthedecarbonizationperformanceofthissector.Onemajortrendemergedbetween2019and2022:companiesprogressedinsettingemissionsreductiontargets,butfewimplementedimpactfulinitiativestoreduceenergyandcarbonintensity.MappingthesesectorsacrosstheirevolutiononEngagementandEmissionsandenergyefficiencybetween2019and2022reveals4maintrends.4sectorscombinedpledgesandactionsandmovedforwardonbothaxes.2sectorsmovedfrompledgestoactionsresortingtorenewablesandreducingtheirscope1&2emissions.5sectorsmostlymadepledgesandsetupdecarbonizationtargets.Thisgroupincludes3hard-to-abatesectors(TransportServices&Logistics,Paper&PulpandCement&Concrete)thatprogressedmarkedlyintheirengagementoverthepast3years.6sectorsstagnatedand/orwentbackwards.Thisgroupincludes3hard-to-abatesectors(MetalsandMining,OtherMaterialsandChemicals)astheymadelittleimprovementonenergyoremissionsintensitiesorontheshareofrenewablesintheirenergymix.TheChemicalssector,forinstance,hasincreaseditsenergyintensityovertheperiod(1330MWhpermillionEURofturnoverin2022versus920MWhpermillionEURofturnoverin2019).Financialservicesarealsoincludedinthiscategory,partlyduetothelateravailabilityofsectoralscience-basedmethodologies.Figure3Sectoraldecarbonizationmaturitychangesbetween2019and20221.SectoraldecarbonizationmaturityandtargetsSampleincludescompaniesdisclosingtoCDP’sclimatechangequestionnairein2019and/or2022forthe17sectorsstudied:371companiesin2019and493companiesin2022.Intotal,forboth2019and2022,415wereremovedbecauseofmissingturnoverdata,64companieswereremovedbecauseofmissingdataonscope2emissionslocation-based,and40companieswereremovedbecauseofmissingdataontheirtotalenergyconsumptionornotdisclosedCDPscore.1TheSBTimethodologyforfinancialinstitutionswaslaunchedin2021.2CDP(2020)TimetoGreenFinance1264%ofcompanieshavesetabsoluteemissionsreductiontargets66sectorsstagnatedorregressedsince2019Food&beverageprocessingLightmanufacturingPoweredmachineryTransportservices&logisticsCement&concretePaper&pulpApparelConstructionTransportOEMsElectric&electronicmanufacturingMedia,telecommunications&datacentrersImprovementonenergysourcing&emissionsSignificantimprovementonbothaxisEngagementinthedecarbonizationjourneyOthermaterialsFinancialservicesBiotech,healthcare&pharmaChemicalsWholesale,retail&distributionMetals&miningStagnationand/orretroversion151477%ofcompaniessetemissionsreductiontargetstoestablishacompassfortheirdecarbonizationjourney-64%ofthemusingabsolutetargetsCompaniescansetabsoluteorintensityemissionsreductiontargets(orboth).Overall,in2022,23%ofallcompanieshadnoemissionsreductiontargets.Ontheotherhand,morethan95%ofcompaniesscoringAwithCDPin2022hadatleastonedecarbonizationtargetin2022,eitheranintensityoranabsolutetarget.Intensitytargets,expressedintonsofCO2equivalent(tCO2e)perunitproducedorperEuroofturnovergenerated,committoarelativeemissionsreductionratherthananetoverallreduction.In2022,mosthard-to-abatesectorsfavoredintensitytargetsoverabsolutetargets.Sampleincludesthe843EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022forthe17sectorsstudied.Thisgraphincludesallabsoluteandintensitytargets,withalltimehorizons.SBTi-approvedtargetsareconsideredasthemostreliable,robust,andachievablebythecompanies.Thisappliestobothabsoluteandintensitytargets.Sampleincludesthe912EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2019and/or2022forthe17sectorsstudied.Intotal,540companiesdisclosedtoCDPin2019and843disclosedin2022.Withinthescopeofthisreport,64companiesscoredAin2019,versus103in2022.Thisgraphincludesallnear-andlong-termabsolutetargets.Figure4In2022,maturesectorstendedtouseabsolutetargets,whereaslessmaturesectorspreferredintensitytargetsFigure5In2022,47%EuropeancompanieshadatleastoneabsoluteSBTi-approvedtargettoreduceemissions1.Sectoraldecarbonizationmaturityandtargets50%100%0%10%60%20%70%30%80%40%90%AllcompaniesdisclosingtoCDPAListcompaniesCement&concretePaperandpulpMetals&miningOthermaterialsConstructionChemicalsTransportservices&logisticsLightmanufacturingElectric&electronicmanufacturingPoweredmachineryWholesale,retail&distributionTransportOEMsFinancialservicesApparelBiotech,healthcare&pharmaFood&beverageprocessingMedia,telecommunications&datacenterersCompaniesusingonlyintensitytargetsCompaniesusingonlyabsolutetargetsCompaniesusingbothabsoluteandintensitytargetsCompanieswithouttargetsIndeed,in2022,25%ofthecompaniesinthehard-to-abatesectorsdisclosedonlyintensitytargets,versus10%ofthecompaniesintheothersectors.Thisstrategyenablesthemtosecuretheirtrajectoryintheeventofincreasedactivity,astheirproductionandrevenuearehighlycarbonsensitive.In2022,394(47%)EuropeancompanieshadatleastoneabsoluteSBTi-approvedtargettoreduceemissions,comparedto73(14%)in2019,a5.4-foldincrease.SuchsectorsasFinancialServices(from1%to22%),LightManufacturing(from3%to46%),andTransportOEMs(from0%to57%)experiencedthehighestgrowthincompaniessettingabsoluteSBTi-approvedtargetsfrom2019to2022.TheFoodandBeverageandMediaandTelecommunicationssectors,thetoptwosectors,had79%and63%ofcompanieswithabsoluteSBTi-approvedtargets,respectively.50%100%0%10%60%20%70%30%80%40%90%AllcompaniesdisclosingtoCDPAListcompaniesFood&beverageprocessingApparelOthermaterialsMedia,telecommunications&datacenterersElectric&electronicmanufacturingTransportOEMsChemicalsConstructionPaperandpulpPoweredmachineryWholesale,retail&distributionTransportservices&logisticsLightmanufacturingBiotech,healthcare&pharmaMetals&miningFinancialservicesCement&concreteCompanieswithSBTi-approvedabsolutetargetsCompanieswithoutanyabsolutetargetCompanieswithabsolutetargetsnotvalidatedbytheSBTi1716Ontheotherhand,36%ofcompanieshavenoabsoluteemissionsreductiontarget,especiallyhard-to-abatesectors(CementandConcreteandMetalsandMining)and17%haveanabsolutetargetthatisnotSBTiapproved.Absolutetargetsonlycover13%ofthetotalemissionsdisclosedbyEuropeancompaniestoCDPA45%decreaseinemissionsby2030comparedto2010levels3isneededtokeepglobalwarmingbelow1.5°C.Currentcorporatetargetsarefarfromsufficient.Companiesmustthereforerapidlyreinforcetheircommitmenttobuildnet-zeroemissionsbusinessmodelsinthelongtermthatcoveralloftheirvaluechainimpacts.Despitetheincreasingnumberofcompaniessettingtargets,absolutetargetstobeachievedby2030onlycovered13%ofthetotaldisclosedemissionsin2022,and21%for2050targets.Overall,manyhigh-impactcompanieshavenotyetsetambitioustargets,andabsolutetargetscoveringScope3arestillnotwidespread.TheFoodandBeverageprocessing,Media,Telecommunications,andDataCenters,PoweredMachinery,andBiotech,Healthcare,andPharmasectorshavethehighestuseofabsolutetargets.However,theycoverlessthan30%oftheemissionsdisclosedin2022,farfromsufficienttoovercomethedecarbonizationchallenge.ThePoweredMachinerysectoristhelargestemitter;however,itisalsooneoftheFigure6In2022,absolutetargetscoveredbetween3%and28%ofthetotaldisclosedemissionspersectorFigure7In2022,Net-zerotargetswerestillanicheaffair1.Sectoraldecarbonizationmaturityandtargets3IPCC(March2023)AR6SynthesisReportSampleincludes725EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022for13sectors(outofthe17sectorsstudied).Allthe103AListersin2022arealsoincludedinthesampleof725companies.Ofthe843companiespubliclydisclosingtoCDP’sClimateChangereportin2022,64wereremovedbecauseofmissingdataonscope1&2emissions,and54companieswereremovedaspartofCementandConcrete,MetalsandMining,PaperandPulp,andOtherMaterials.The4sectorswerenotconsideredinthisanalysisasmorethan25%oftheircompaniesusedonlyintensitytargetsin2022.However,the2022AListcompaniesbelongingtoCementandConcreteandPaperandPulpsectorswerekeptinthesample(therewerenoAListcompaniesbelongingtoMetalsandMiningorOtherMaterialssectorsin2022).Thisgraphincludesallabsolutetargetswithtimehorizonsearlierorequalto2030.Sampleincludesthe843EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022forthe17sectorsstudied.Withinthescopeofthisreport,103companieswerenominatedasAListcompaniesin2022.TheFinancialServicessectorwaswithdrawnasthesectorialguidanceisnotavailableyet,meaningthatcompaniesinthissectorcannothaveSBTi-approvednet-zerotargets.45%77%A45%decreaseinemissionsisneededtokeepglobalwarmingtobelow1.5°CofCDPrespondentshadnotsetnet-zerotargetsin202250%100%0%10%60%20%70%30%80%40%90%AListersApparelCement&concreteMedia,telecommunications&datacenterersChemicalsFood&beverageprocessingTransportOEMsTransportservices&logisticsElectric&electronicmanufacturingPoweredmachineryWholesale,retail&distributionConstructionBiotech,healthcare&pharmaMetals&miningLightmanufacturingOthermaterialsPaperandpulpCompanieswithSBTi-approvedNet-zerotargetsCompanieswithnoNet-zerotargetCompanieswithNet-zerotargetsnotvalidatedbytheSBTiAllcompaniesdisclosingtoCDP3,0002,5002,0001,5001,0005000Scopes1,2and3emissionsinMtO2eScope1,2and3emissionsnotcoveredbytheabsolutedecarbonizationtargetstobeachievedby20203(inMtCO2e)Scope1,2and3emissionscoveredbytheabsolutedecarbonizationtargetstobeachievedby20203(inMtCO2e)Percentagesthatareunder13%whichistheaverageabatementtargetofallcompaniesdisclosingtoCDPPoweredmachineryElectric&electronicmanufacturingLightmanufacturingTransportOEMsWholesale,retail&distributionChemicalsFood&beverageprocessingConstructionTransportservices&logisticsMedia,telecommunications&datacentrersBiotech,healthcare&pharmaFinancialservicesApparel20%11%13%3%16%7%28%8%11%21%20%8%9%%sectorswhoseabsolutetargetscoverthelargestshareofdisclosedemissions.TheMetalsandMiningsector,thefourthtopemitter,usesintensityratherthanabsolutetargets.Net-zerotargetsarecrucialastheyprovidelong-termguidanceforcompaniesontheirdecarbonizationjourneyandsetclear,validatedobjectivesforrealisticstrategiestoreachthesegoals.In2022,77%ofCDPrespondentshadnotyetsetnet-zerotargets.14%hadtargetspendingvalidationbytheSBTiand8%hadalreadyhadtargetsapproved.However,thisrepresentsnearly1in4companiespotentiallyhavingnet-zerotargetsoncethosependingvalidationareincluded–fastmomentuminthe18monthssincethelaunchoftheSBTiNet-ZeroStandard.22%ofCDPAListcompaniesreportedanSBTi-approvednet-zerotargetin2022.Overall,theMedia,Telecommunications,andDataCenterssectorisoneofthebest-in-classsectors.Itranksamongthemostmatureaccordingtothedecarbonizationmaturitymatrixandhassetabsolutereductiontargetscovering21%ofthesector'sdisclosedemissions,with20%ofcompanieshavingnet-zerotargets.Furthermore,thesectormadesignificanteffortsinenergysourcingmodelsbetween2019and2022(detailsinChapter2).1918PascalRoquet,CorporateEnvironmentandHealthDirectoratSTMicroelectronics,explainsthechallengesrelatedtoreducingGHGemissionsintheElectricandElectronicManufacturingsectorwhilstmeetingthegrowingglobaldemandforsemiconductors."Thisgrowthraiseschallengesintermsofenvironmentalprotection:indeed,thesemiconductorindustrygeneratesperfluorocarbons(PFCs),essentialgasesintheproductionofmicrochipswhichhaveasignificantGlobalWarmingPotential(GWP).STMicroelectronicsset-upsustainabilityasaguidingprinciple25yearsago,whichledustosetPCFseradicationasakeyprioritytomeetourGHGemissionsreductiontargets.Todoso,PFCsabatementsystems(ThermalProcessUnits,TPU)havebeendeployedwithinourchipproductionplants.Toputitsimply:onceusedintheproductionprocesses,thePFCsareheatedtoextremehightemperaturetocrackthemolecules,andthenarewashedwith«scrubbers»beforebeingreleasedintotheatmosphere.EventhoughthenaturalgasorelectricityusedtoburnthosePFCsisalsogeneratingCO2emissions,thebenefitfortheplanetlinkedtotheoverallemissionsreductionishuge,consideringthemuchlowerGWPofnaturalgasand/orelectricity.Thiscontinuouseffortofdecarbonizationbyimplementingthosetypesofequipment,engaginginsignificantinvestmentswithinallourmanufacturingplants,andeveniftheyare“invisible”tothepublic,thisisoneofourkeyproofsofengagementtowardstheplanet.WehavereducedthosePFCemissionsperuitofproductionby83%since1994.Wearenowacceleratingthiseffort:weaimtohalveourscope1&2emissionsby2025versus2018,andthistargethasbeenapprovedbytheSBTiasbeingcompliantwitha1.5°Cscenario.Itthereforesupportsourcommitmenttobecomecarbonneutralin2027."Electric&ElectronicmanufacturingsectorReducingscope1and2emissionsandhedgingagainstenergyprices2182120Figure813outof17sectorssuccessfullyreducedtheirscope1&2emissionswhileincreasingtheirturnoverbetween2019and2022Figure9In2022,renewablescoveredlessthanonethirdoftheenergyconsumptionof12outof17sectors2.Reducingscope1and2emissionsandhedgingagainstenergypricesOnaverage,companiesinoursamplesuccessfullyreducedtheirscope1&2emissionsby14%whileincreasingtheirturnoverby8%between2019and2022.Thisdemonstratesthatemissionsreductiondidnotcomeattheexpenseofcompetitiveness.Duringthisperiod,mostsectorshaveexperiencedadecreaseinlocation-basedemissionsduetoenergyefficiencymeasuresandanincreasingrateofrenewableenergysourcing.TheuseofcontractualinstrumentslikeRenewableEnergyCertificates(RECs)andGuaranteesofOrigin(GOs)alsocontributedtothereductionofscope2emissions.EachRECandGOcertifiesthat1MWhofrenewableelectricityhasbeenproducedbyaqualifiedrenewableenergyresource(typicallygrid-connected)forthepurposeofelectricutilitycompliancetrackingforrenewableenergyregulatoryquotas(i.e.,renewableportfoliostandardorcleanenergystandard).However,thesemarkettoolsdonotalwaysleadtoadditionalrenewableelectricitygenerationinfrastructure,astheyoftenconcernpre-existingassets(i.e.,oldgenerationutility,suchashydraulicinfrastructures).High-qualityalternativesexistfromrenewablesourcingsuchason-sitegenerationpowerplantandCorporatePowerPurchaseAgreements(CPPA),whichfostertheimplementationofconcreterenewableenergyconsumptionactions(cf.Figure10formoredetails).In2022,mostsectorsprimarilyconsumednon-renewableenergy,exceptingPaperandPulpandMedia,TelecommunicationandDataCenterssectors.ThePaperandPulpsectorreliesmostlyonbiomass–suchaswastesfromwoodpreparationorpulpandpapermanufacturingprocesses–tosupplypartoftheirenergyneedswithrenewablesources.AsfortheLightManufacturingsector,playersburnthebyproductsoftheirproductionprocesses,suchaswoodchips,blackliquor,andcorkdust,butalsopurchasebiogasorbioethanolfortheirindustrialprocesses.Sampleincludes349EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2019and2022forthe17sectorsstudied.Ofthe471companiespubliclydisclosingtotheCDP’sClimateChangereportinboth2019and2022,100wereremovedbecauseofmissingturnoverdataand22wereremovedbecauseofmissingdataonscope1&2emissions.Thesampleofcompaniesisidenticalforthe2yearsstudied..14%Onaverage,companiesinoursamplesuccessfullyreducedtheirscope1&2emissionsby14%Media,telecommunications&datacentrersMedia,telecommunications&datacentrersTransportservices&logisticsConstructionFinancialservicesMetals&miningWholesale,retail&distributionPoweredmachineryLightmanufacturingFood&beverageprocessingElectric&electronicmanufacturingCement&concreteOthermaterialsChemicalsTransportOEMsBiotech,healthcare&pharmaAllcompaniesdisclosingtoCDP40%20%0-20%-40%-60%-80%100%90%80%70%60%50%40%30%20%10%0PaperandpulpApparelVariationofScope1&2emissions-locationbasedVariationofScope1&2emissions-marketbasedVariationofturnoverOthernon-renewablefuelsGasOilCoalElectricityfromnon-renewablesourcesSelf-generatedrenewableenergyFuelfromrenewablesources(mostlysustainablebiomass)ElectricityfromrenewablesourcesConsumptionofnon-renewableenergyConsumptionofrenewablesTheevolutionofmarket-basedemissionsassociatedtoPaper&PulpandChemicalssectorsarenottheresultofanadditionalabatementonlocation-basedemissions.ThismaybedueeithertoasignificantreductionoftheuseofRECsandGOsovertheperiod,ortotheuseofRECsandGOswhichareassociatedtohigheremissionsfactorsthanthelocalnetwork.Thissecondcasemayoccurwhentheactivityofasectorisconcentratedinregionssuppliedbyoldnuclear,wheretheemissionsfactorsassociatedtothelocalgridareparticularlylow33%RenewablescoveredlessthanathirdoftheenergyusedinthevastmajorityofsectorsPaperandpulpFinancialservicesLightmanufacturingApparelElectric&electronicmanufacturingTransportOEMsPoweredmachineryBiotech,healthcare&pharmaMetals&miningConstructionChemicalsCement&concreteWholesale,retail&distributionOthermaterialsTransportservices&logisticsTotalshareofelectricity20%16%85%77%35%72%69%25%37%57%47%34%23%11%22%19%11%4%Food&beverageprocessing2223TheMedia,Telecommunications,andDataCenterssectorinitiatedamajorshifttowardsrenewablesin2019.Between2019and2022,theMedia,Telecommunications,andDataCenterssectorhasincreaseditsconsumptionofrenewableelectricityby+37%comparedto2019,andin2022,renewablesrepresented59%ofthesector’senergyconsumption.Whencombinedwithenergyefficiencymeasures,thischangeofmix(Figure11)isthereasonthesectordecreaseditsscopes1&2emissionsby-45%overtheperiod(Figure8).Otherindustriesarelaggingintermsoflow-carbonenergysourcingduetotheinadequatematurityofalternativesourcing,suchashydrogenorrenewableelectricity,insomeareas.ThisisthecaseforTransportServicesandLogisticsandWholesale,Retail,andDistribution,where90%ofenergyconsumptionswerecoveredbynon-renewablefuelsin2022,andespeciallyoilforthetransportofgoods.ThisalsoappliestotheChemicalssector,whichishighlydependentongasforchemicalreactions–suchastoproduceammonia–anddryingprocesses.Technologiestosubstitutethesefossilfuelswithrenewablesources,suchastheuseofgreenhydrogen,areemerging,butwilltaketimetoscaleup.2.Reducingscope1and2emissionsandhedgingagainstenergypricesAndreasGehlhaar,HeadofSustainabilityandEnvironmentatDeutscheBahn,shareshisinsightsontheelectrificationandrenewableenergysourcingoftheTransportServicesandLogisticssector.DeutscheBahnwillbeclimateneutralby2040atthelatest.Toachievethis,weareutilizingthreecriticallevers:theshiftto100%renewablepower,theendofdieselandthestartoftheheattransition.Togettofullygreentractioncurrent,wearecontinuouslyincreasingourshareofrenewablesinthetractioncurrentmix.In2022,itwasalreadyaround65percent.By2025,wewillutilize100%renewablepowerinallourdepots,officebuildingsandstationsinGermany.Andby2038atthelatest,weaimtoswitchourtractioncurrentmixexclusivelytoelectricityfromrenewablesources.OneofthekeyinstrumentsweareusingandwishtodevelopfurthertoshifttorenewablesarePowerPurchaseAgreements(PPAs)–i.e.,long-termelectricitysupplycontractssigneddirectlywithrenewabledevelopers.Withthe15-yearagreementtopurchaseenergysuppliedbytheAmrumbank-WestoffshorewindfarmoffHelgoland,forinstance,about190GWhofadditionalpowerwillbepurchasedeachyearfrom2025.ThisquantityalonecorrespondstotheelectricityneedsforalmostsixdaysofelectricrailoperationsthroughoutGermany.Theagreementwillalsosaveupto153,000tofCO2eachyearincomparisontoelectricitysuppliedbycoalpower.AspartofourmissiontotransformDeutscheBahnintoaclimateneutralcompany,weplantoendalluseoffossilfuels.Already,around90%ofourpassengerandfreighttransportrunsonelectricity,primarilyongreenelectricity.Inaddition,weareadoptingatechnology-openapproachwithalternativedrivesandfuelsandworktogetherwithpartners:Intheareaofalternativedrives,wearecurrentlytestinganinnovativehydrogensystemconsistingofarefuelingstation,trainandmaintenanceinfrastructureinpartnershipwithSiemensMobility.Lastyear,wesuccessfullytestedAlstom'sfirstbatterytraininpassengerserviceandgainedexperienceinoperationandmaintenance.Regardingalternativefuels,ourfocusisonbiofuelssuchashydrotreatedvegetableoil(HVO).Thisisproducedexclusivelyfrombiologicalresidualandwastematerialsandproducesaround90percentfewerGHG-emissionsthanconventionaldiesel.Sustainabilityeffortsmustgobeyondthemeredecarbonizationofoperations:webelieveaholisticapproachisnecessarytotacklenotonlyclimatemattersbutalsotopromotebiodiversityorresourceprotectionasallthesetopicsareinterdependent.Thus,wearedrivingtheGreenTransformationofDBforwardinthefourenvironmentalfieldsofactionofclimateprotection,natureconservation,resourceprotectionandnoisereduction.AlthoughtheTransportservicesandLogisticssectorstillhasalongwaytogotoreachclimateneutralityandmatcha1.5°Cpath,therealsoliesagreatchanceaslongasweworktogethercollaborativelyandfollowanambitiousandholisticapproachthataddressesallfacetsofsustainability.Transportservices&Logisticssector59%90%In2022renewablesrepresented59%oftheMedia,Telecommunications&Datacenterssector’senergyconsumptionTransportservices&logisticsandWholesale,Retail&Distributionenergyconsumptionswerecoveredat90%bynon-renewablefuelsin2022.2425Companiesthatspendalotinenergybillsandhavehighenergyintensitiesareparticularlyexposedtothefluctuationsofenergymarketprices.Hard-to-abatesectorsaremostwillingtohedgeagainstfluctuationsinenergyprices,astheyallocatealargeportionoftheirOPEXtoenergybills.Indeed,in2022,between11%and24%oftheiroperationalspendingwenttowardenergybills,whileothersectorsdedicatedbetween5%and8%oftheiroperationalexpenses.Thesefigureshaveremainedstableovertheperiod.Actionstoreduceexposuretoenergypricesexist,suchasenergyefficiencyactionsorlong-termenergycontractscalledPowerPurchasedAgreements(PPAs)orGasPurchaseAgreements(GPAs).Theseenergycontractsenablecompaniestosecureafixedelectricityorgaspriceoverthelongterm(15to20years).Theyinitiallyemergedduetotheircarbonbenefitsandarenowbecomingfinanciallycompetitive,astheygivelong-termvisibilityonenergyexpenses.AndreasMuendel,responsibleforKeyOperationsatDP-DHL,andKlausHufschlag,responsibleforESGreporting&controlling,sharetheirviewsonalternativeenergysourcingfortheTransportservices&Logisticssector."TheDeutschePostDHL(DP-DHL)Groupisagloballeadingtransportationandlogisticscompany,withDHLofferingacomprehensiverangeofparcelandinternationalexpressservices,andwithDeutschePost(DP)beingEurope’sleadingpostalandparcelserviceprovider.Thegrouphascommittedtobeingnet-zeroforitslogistics-relatedemissionsby2050,andintheshortterm,toreduceitsemissionsby28.2%inabsoluteterms.Weareconfrontedwithtwomainchallenges:thedecarbonizationofheavy-dutytrucksoverlongdistances,andairplanes.TheelectrificationofTransportServicesandofLogisticsisoneofthekeyleverstodecarbonizetheindustry,howeveritappearstobemorecomplicatedthananticipatedforheavy-dutyvehiclesTheproblemisnottheweightofthevehiclesbutthedistancestobetravelled:indeed,electrificationispossibleforshortdistances,andithasbeenpartofDP-DHL’sdecarbonizationplanforquitesometime.However,theassociatednetworkandrelatedelectricityconsumptionarethemaincomplexitydriversintheequation:youneedanappropriatelysizedchargingpodnetworkwiththerightnumberofcompatiblepodsperchargingstationandchargingstationswhichareattherightdistancefromoneanother.Anotherkeychallengeforusisourrelianceonoursubcontractors:theelectrificationofDP-DHL’sheavy-roadassetsissloweddownbytheirreluctancetoshifttoelectricity-basedtechnologies.Indeed,therecentenergycrisishasincreasedtransitionrisksforthesesmallactors,thusexplainingtheircautiononthematter.Sustainablefuelsseemtobeaverypromisingalternativeintheshortterm,butweareconvincedthatthesewillonlybeinterimtechnologies.Moreover,DP-DHLdoesnotconsiderfuelcellsasascalabletechnologyforheavy-roadoperationsintheforeseeablefuture:toomanyuncertaintiessurroundhydrogenroll-outandindustrialization.Additionally,weexpectothersectorstohavepriorityonhydrogenuse–likesteelorcement–overtheTransportServicesandLogisticssector.Foraviation,SAFscouldbeagamechanger,butbeyondtheirscarceavailability,industrystandardsandregulationsaroundthemarestillmissing.Moreover,notalltypesofSAFsareequal,andthereductionofemissionsvariesfromonetoanother.Actually,weexpectCO2reductionstoincreaseoncePower-to-LiquidSAFtechnologiesbecomeavailable.Overall,SAF-relatedCO2reductionsmustbeverycloselyaccountedfor.Toaddressourairplanes’decarbonization,wealsobetonenergyefficiency:wehavebeenbuyingfactory-newairplanestoguaranteemassivefuelconsumptionefficiencygains.AcquiringbrandnewairassetssometimesrepresentsaquantumleapoftwentyyearsinR&Donenginefuelconsumptionefficiency."Transportservices&LogisticssectorFigure10In2022,themostenergy-intensivesectorswerealsotheoneswiththehighestenergy-relatedoperationalspendsSampleincludes515EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022forthe17sectorsstudied.Ofthe843companiespubliclydisclosingtoCDP’sclimatechangequestionnairein2022,292wereremovedbecauseofmissingturnover,10companieswereremovedbecauseofmissingdataonenergyconsumptions,and26companieswereadditionallyremovedbecauseofmissinginformationonenergyexpenses.6,0005,0004,0003,0002,0001,000005%10%15%20%25%30%EnergyintensityinMWh/mEURShareofenergyexpensesinoperationalspend,in%Media,telecommunications&datacentrersFood&beverageprocessingConstructionLightmanufacturingOthermaterialsPaperandpulpChemicalsCement&concreteMetals&miningTransportservices&logisticsWholesale,retail&distributionOthersectors2627Energyefficiencyandconsumptionoptimizationareadditionalleverstolimittheimpactofenergypricevolatility,whichcanbeachievedactivatingbyoptimizationofheating,ventilation,andairconditioningsystems,tonamebutafewactions.Energyefficiencygainsorlossesareassessedherethroughtheevolutionofenergyintensities(inMWhpermillionEuroofturnover)overthe2years.Themostefficientoptimizationshaveoftenbeenyearsinthemakinginthemostenergy-intensivesectors,asitisacrucialmatterofcompetitiveness.Thus,theremainingmarginforadditionalefficiencyoptimizationisnarrowinganddifficulttoleverageforthemostenergy-intensiveplayers(costlyortime-consuming).However,someHard-to-abatesectors,suchasCementandConcrete(-12%MWhconsumedpermillionEuroofturnovergeneratedin2022versus2019),MetalsandMining(-34%),andTransportServicesandLogistics(-37%),succeededinmakingeffortsonenergyefficiencymeasures.Someothersectors,suchasFinancialServicesandElectricandElectronics,havemadesignificanteffortsatenergyefficiencyovertheperiodstudied,achieving+94%and+84%respectivelyin2022whencomparedwith2019.Theseefficiencygainsledtoreductionsinscopes1&2emissionsof-27%and-13%,respectively.Figure11Effortsonefficiencycontributedtoreducinglocation-basedscopes1&2emissionsbetween2019and2022Figure12In2022,mostsectorswerenotprotectedagainstelectricitypricefluctuationsin2022Sampleincludes349EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2019and2022forthe17sectorsstudied.Ofthe471companiespubliclydisclosingtoCDP’sClimateChangereportinboth2019and2022,100wereremovedbecauseofmissingturnoverdata(turnoverisusedtocomputetheenergyefficiencyinMWh/millionEURofturnover),and22companieswereremovedbecauseofmissingdataonscope1&2location-basedemissions.Thesampleofcompaniesisidenticalforthe2yearsstudied.Sampleincludes504EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022forthe17sectorsstudied.Ofthe843companiespubliclydisclosingtoCDP’sclimatechangequestionnairein2022,292wereremovedbecauseofmissingturnover,10companieswereremovedbecauseofmissingdataonenergyconsumptions,and26companieswereremovedbecauseofmissinginformationonenergyexpenses.Moreover,9companiesweretakenoutofthesamplebecauseofmistakenreportingonenergyconsumptionsandgenerations.ElectricityservesastheprimaryenergyvectorinScope2,withelectrificationcurrentlythemosteffectiveandrapidmethodtosubstantiallydecarbonizeScopes1and2,butonlyifitutilizeslow-carbonelectricitysources.However,electricitypricesmaybesubjecttoconsiderablemarketfluctuationsbasedonnumerousfactors,suchasthelimitedavailabilityofrenewableenergyinfrastructureproduction,increasesincarbonquotas,orgeopoliticalagendas(e.g.,conflictbetweenRussiaandUkraine).Consequently,sectorsmustestablishmechanismstoshieldthemselvesfrompricefluctuations,therebygainingindependencefromgeopoliticalandinfluences.Hard-to-abatesectors,exceptforTransportServices&Logistics,areallelectricity-intensive.However,onlythePaper&PulpsectorhassignificantlyimplementedPPAsandself-consumptionactionstocoveralargeshareofitselectricityconsumption.Thus,otherhard-to-abatesectorslargelyrelyonGOsandRECsfortheirgreenelectricitysupplyandremainexposedtoenergymarketpricevolatility.ThePPAmarketisflourishinginEuropebutwithsupplystruggles,itfacesimmensepressuretokeepupwiththeunprecedentedcorporatedemandfromallsectors.4AllinterviewedcompaniesareconsideringPPAs,particularlyamidtheenergycrisis.4CapgeminiInvent(December2022)Baromètredesachatsd’énergieverteenFranceFinancialservicesElectric&electronicmanufacturingBiotech,healthcare&pharmaWholesale,retail&distributionMedia,telecommunications&datacentrersTransportservices&logisticsMetals&miningConstructionCement&concreteOthermaterialsChemicalsTransportOEMsFood&beverageprocessingPaperandpulpPoweredmachinery100%80%60%40%20%0-20%-40%-60%-80%LightmanufacturingApparelVariationofenergyefficiency,in%VariationofScope1&2emissions-locationbased70060050040030020010005%10%15%20%25%25%EnergyintensityinMWh/mEURLongtermvisibilityonelectricityprices(self-generationandlongtermelectricitycontracts,in%oftotalelectricityconsumption)Metals&miningCement&concreteOthermaterialsLightmanufacturingChemicalsConstructionTransportservices&logisticsPoweredmachineryTransportOEMs2.Reducingscope1and2emissionsandhedgingagainstenergypricesOthersectors2928José-FranciscoVallejoCarrera,GlobalHeadofEnvironmentandEnvironmentalSustainabilityatSanofi(Biotech,Healthcare,andPharmasector),explainsSanofi’stwo-phasedstrategyforenergysourcing"Today,nearlyeveryindustryaroundtheworldhasonethingincommon:We’reallracingtowardsnet-zero.Sanofi,aglobalhealthcarecompany,hassetanambitiousclimatestrategytowardsnet-zeroGHGemissionsby2045,withcarbonneutralityby2030asanintermediatemilestone.Andbecauseallhealthcarecompaniesmustcollectivelyaccelerateoureffortstoreducesupplychainemissions,TheSustainableMarketsInitiative’s(SMI)HealthSystemsTaskforcewaslaunchedatthe26thUnitedNationsClimateChangeConference(COP26).Toacceleratethedeliveryofnet-zerohealthsystems,weannouncedlastNovember,aheadofCOP27,thelaunchofsector-firstcommitmentswithactionsandrecommendationstodelivernear-termtargetsandsupportthetransitiontonet-zero,sustainablehealthcare.AtSanofi,we’recommittedtominimizingtheenvironmentalimpactsofourproductsandactivitieswhilestrengtheningourresiliencetotheenvironmentalchallenges.Todoso,wehavesetupactionplanstoreduceouractivities'GHGemissionsby55%(comparedwith2019)acrossscopes1&2,use100%ofrenewableelectricityacrossouroperationsby2030,fosteraneco-fleet,andworkwithsupplierstoreduceGHGemissionsacrossourfullvaluechainby30%(scope3)by2030.Inaddition,weareacceleratingenergyconsumptionaswellasdesigningnewfactorieswiththelowestenvironmentalfootprints.Intheshortterm,weareminimizingenergyusagewithanenergyefficiencyprogramandmaximizingtheuseofrenewableenergies,suchastheinstallationofPVSolaronsites.InAustralia,India,andItaly,wearedeliveringatotalof8.6GWhperyearofrenewableelectricity.Duringthefirsthalfof2023,wewillstartdeliveringatotalof11GWhperyearofrenewableelectricityintwoofourFrenchsites,covering13%ofoursites’totalconsumption.Moreover,wewillgraduallytransitiontowardslongtermrenewableenergycontracts(PPAs),withtheaimtocovermostofourenergysupplyby2030.Inthemeantime,weareleveragingmarkettools,suchasRECsandGuarantiesofOrigins,adoptingtheseshort-termquick-winmethodsastemporaryandflexiblesolutionstoaccelerateourtransition.WhiletheEuropeanenergypricecrisishasnotcausedustoquestionourenergystrategyandtargets,energyefficiencyremainsakeydriverofourstrategy."Biotech,healthcare&pharmasectorScope3isthemainchallenge3303.Scope3isthemainchallenge31Companiesdonothavefullcontroloverscope3,asitdependsonsuppliers,consumers,externalstakeholders,employees,andadjacentvaluechains.Thefirstchallengeistoquantifyemissionsaccuratelyandcomprehensively.Companieshavemadeprogressonhowtoassesstheirscope3emissions,withthenumberofreportedcategoriesincreasingforallsectorsbetween2019and2022.Thisimprovementimpliesthattheirreportingismorecomprehensiveandvaluechainimpactsarebetteraddressed.Onaverage,companiesdisclosedbetween5and6scope3categoriesin2022,a28%increasecomparedto2019.AListcompaniesdidnotmakesubstantialprogresssincetheywerealreadyrelativelyadvancedonscope3in2019,disclosingemissionsfor7categoriesonaverage.Furthermore,38%ofscope3categorieswereconsidered"Relevantandcalculated"bycompaniesin2022,comparedto30%in2019.Conversely,thepercentageofScope3categoriesconsideredeither"Notrelevant"or"Notevaluated”decreasedfrom58%in2019to53%in2022.In2022,acompany’svaluechainrepresented92%oftotaldisclosedemissions,whilescopes1and2accountedfor6%and1%,respectively.Scope3emissionsconstitutedbetween60%and99%oftotalGHGemissionsfor15outof17sectorsin2022.Asscope3encompassestheentirevaluechain,onlyafewcompaniessystematicallyincludescope3intheiremissionsreductiontargets,eventhoughitrepresentsthemostsignificantemissionssourceforallofthem5.Sampleincludes702EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022for16sectors(outofthe17sectorsstudied).Allthe103AListcompaniesin2022arealsoincluded.Ofthe843companiespubliclydisclosingtoCDP’sclimatechangequestionnairein2022,131wereremovedaspartoftheFinancialServicessector.Indeed,thiswasexcludedfromtheanalysisbecauseCDPcreatedasector-specificquestionnaireduringtheperiodstudied,resultinginadifferentreportingmethodologyforthissector.However,the2022AListcompaniesbelongingtoFinancialServiceswerekeptinthesample.Sampleincludes720EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022forthe17sectorsstudied.Ofthe843companiespubliclydisclosingtoCDP’sclimatechangequestionnairein2022,123wereremovedbecauseofmissingdataonscope2location-basedemissionsand/orscope3emissions.Onlytargetswiththestatus"New","Underway"and"Revised"werekeptintheanalysis,thusexcluding"Achieved,""Expired,"and"Replaced"targets.Figure13Allsectorsimprovedonhowtoassesstheirscope3categoriesbetween2019and2022Figure14In2022,scope3emissionsrepresentedmorethan80%ofthetotaldisclosedemissionsfor14outof17sectors5Thisincludesabsoluteandintensitytargetsassociatedtoquantifiedemissionreductions,asdisclosedbycompaniesthroughCDPclimatechangequestionnairein2022.However,allcompaniesthatsubmitatargetforSBTi-validationmustcompleteascope3inventory,and96%ofSBTi-validatedtargetsincludecommitmentstoreducetheimpactofthecompany’ssupplychainwhoseimpactonemissionsisnotalwaysquantified.AListcompaniesAllcompaniesdisclosingtoCDPApparelOthermaterialsFood&beverageprocessingWholesale,retail&distributionChemicalsMedia,telecommunications&datacentrersConstructionTransportOEMsBiotech,healthcare&pharmaLightmanufacturingMetals&miningCement&conctreteTransportservices&logisitcsPaperandpulp9876543210Electric&electronicmanufacturingPoweredmachineryNumberofcategoriesreprotedpercompanyonaverageScope3categoriesreportedpercompanyin2019AdditionalScope3categoriesreportedin2022comparedto2019FinancialservicesPoweredmachineryElectric&electronicmanufacturingTransportOEMsLightmanufacturingWholesale,retail&distributionConstructionApparelFood&beverageprocessingBiotech,healthcare&pharmaMedia,telecommunications&datacentrersChemicalsOthermaterialsMetals&miningPaperandpulpTransportservices&logisticsCement&concrete100%90%80%70%60%50%40%30%20%10%0TotalScope1emissionsreportedin2022TotalScope2emissionsreportedin2022-locationbasedTotalScope3emissionsreportedin202292%Scope3representednearlyalloftheemissionsdisclosedbyEuropeancompaniesin20223233CatherineBals,SustainabilityDepartmentLeadatProximus,explainsProximus’holisticapproachtoreducetheemissionsfromscope3upstreamanddownstreamintheMedia,Telecommunications,andDataCenterssector."Proximusisatelecommunicationscompanyanddigitalserviceprovider.Wehaveanambitiousclimatestrategy,includinganet-zerotargetby2040,followinga1.5°Ctrajectory.Aswehavealreadysignificantlyreducedouremissionsfromscopes1&2(-81%in2022versusa2007baseline),ourmajorchallengetodayisaddressingourscope3.Todoso,wehavesetplanstofosterbothinternalandexternalchange.First,wewanttoencourageexternalchangeandactionfromoursuppliersandcustomers.Foroursuppliers,thismeanssettingupasupplierengagementprogramandintegratingnewrequirementsinourcontractsandRFPs,suchastheobligationforallofthemtohaveSBTi-approvedtargets.Forourcustomers,wetrytonudgethemtorepairmoreandreducethefrequencyofrenewal.Wewanttomakethemawareoftheimpactoftheirequipmentandlifestylesontheclimate.Wehavealargefleetofequipmentonleasetoourcustomers,suchasboxes,decoders,andTVsets.Tolimittheimpactoftheseleasedassets,theyarereconditionedfollowingcircularityprinciplesinourwarehouseinCourcelles,whichisalsoanadaptedworkfacility.Eachitemofleasedequipmentcanberepairedandreconditionedupto4timesinourworkshops.Moreover,asthesedevicesaremarketedunderourownname,wehaveenoughinfluenceonoursupplierstoinitiateeco-designdynamicswiththem.Thisenablesustochallengethematerialsused,facilitatereconditioning,reducesize,packaging,andpowerconsumptionofequipment.Second,weneedtopushforinternalchange.Weareworkingwithourteamstoeducatethemontheirimpactandgivethemkeyenablers.Inaddition,teamsareincentivizedtoreducethecarbonimpactoftheiractivities.Weareinvestigatinghowwecanrethinkourbusinessmodeltomovetowardsincreasingdematerializationandthusdrasticallyreduceourpurchasedgoods,whichisourscope3mainemissionshotspot.Theprimaryimpactareasaredevicesandthenetwork:forexample,werolled-outournew4G/5GnetworktogetherwithOrange,thuslimitingusageofpylonsby40%andenergyby20%.Forincompressiblepurchases,thenewrequirementsforoursuppliersshouldhelplimitourimpact.Wearedeeplyconvincedthatoneofthemainleversforquickandefficientactionatindustryleveliscollaborationbetweenpeers.Industryinitiativeshelpsavetimeandresources,sharegoodpractices,andworktogetheronoptimizingtheprocesseswealluse.Wearealsosuppliers,andwemeasurehowmuchitmightbedifficulttoanswerallclients’imperativeswhentheyarenotcoordinated.Inthatsense,industry-widestandardizationisparamount!"Media,telecommunications&datacenterssectorThe"Purchasedgoodsandservices"and"Useofsoldproducts"categoriesaccountedfor74%ofscope3emissionsdisclosedin2022,butonly37%oftheseemissionswerecoveredbycorporatedecarbonizationinitiatives.In2022,theUseofsoldproductsrepresented57%oftotalscope3emissionsdisclosedtoCDP,whilePurchasedgoodsandservicesaccountedfor17%.Othercategoriesrepresented,onaverage,2%orlessoftotaldisclosedemissionsforscope3,exceptforInvestments(12%)fortheFinancialservicessectorandProcessingofsoldproducts(7%)fortheMetals&Miningsector.Figure15In2022,the4mostintensivescope3categoriesrepresented93%ofthetotalscope3emissionsdisclosedSampleincludesthe843EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022forthe17sectorsstudied.FinancialservicesFood&beverageprocessingTransportservices&logisticsElectric&electronicmanufacturingWholesale,retail&distributionMedia,telecommunications&datacentrersConstructionMetals&miningApparelChemicalsTransportOEMsPoweredmachineryBiotech,healthcare&pharmaPaperandpulpLightmanufacturingOthermaterialsCement&concrete6,0005,0004,0003,0002,0001,0000ProcessingofsoldproductsUseofsoldproductsPurchasedgoodandservicesInvestmentsOtherScope3emissionsScope3emissions(inMtCO2e)37%Reportedactionstocutscope3hotspotscoverjust37%oftotalemissions2001801601401201008060402003435Forthefirstfoursectorsintermsofscope3emissions,theuseofsoldproductsistheprimaryhotspotintheirvaluechain,directlylinkedtotheenergyconsumedbyproductssoldonthemarket.Thesesectorsalsosupplyvariousindustrialsegments,suchasaeronautics,automotive,powertransmission,maritimeanddefense,meaningtheyaresuppliersofenergyandemission-intensivesectorsFurthermore,somecompaniesclaimthatcategoriesoftheirscope3arenotrelevantfortheirdecarbonizationjourney;although,minorscope3categoriesstillrepresentsignificantamountsofemissionsinabsoluteterms,meaningtheyneedtoconsiderthesecategoriesaswelltocontributetotheglobaldecarbonizationeffort.Forinstance,End-of-lifetreatmentofsoldproductscanbeperceivedasaminorissuefortheLightManufacturingsector,whereasitrepresentsinabsolutetermsanimportantdepositofGHGemissionscomparedtoothersectors’categories.Figure16In2022,11outofthe15scope3categoriesaccountedforonly7%ofthetotalscope3emissionsdisclosedbutsomeofthemarehotspotsforcertainsectorsSampleincludesthe843EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022forthe17sectorsstudied.SophieLePennec,HSEDirector,andRaphaëlleTissot,HSESustainablePerformanceManager,addressemissionsfromThales’twomainscope3hotspots(PurchasedGoodsandServicesandUseofSoldProducts)intheTransportOEMssector."Thalesisanaerospaceanddefensecompanywithleading-edgeexpertiseinfourareas:aeronautics,space,identityandsecurity,anddefense.Thalèshascommittedtoreachingcarbonneutralityonscopes1,2andBusinessTravelby2040,andtoreachadecreaseof15%by2030onbothPurchasedGoodsandServicesandtheUseofSoldProducts.UseofSoldProductsandPurchasedGoodsandServicesareourlargestscope3categoriesintermsofGHGemissions,sincetheyrespectivelyrepresented90%and10%ofourscope3emissionsin2021.WhenwedefinedourobjectivesonPurchasedGoodsandServices,weanticipatedthefutureadaptationsofourresponsibleprocurementstrategyandstartedtoengagewithoursuppliersearlyonintheprocess.Forinstance,wehavebeendiscussingwithoursuppliersabout(1)graduallyshiftingtocarbonfootprintmonitoringbasedonrealdataregardingtheirGHGemissions,(2)collaboratingonaroadmaptoreduceoursupplychain’scarbonfootprint,and(3)implementingaresponsibleprocurementpolicytoselectsupplierswithlowercarbonfootprints.Coordinatingallalongtheupstreamvaluechainisacomplexpart.In2022,wesuccessfullyagreedonmorethan110roadmapswithkeysuppliersamongstourmostemissiveones.TheUseofSoldProductsrequirestheinvolvementofmanystakeholderstobuildaclearandcomprehensiveviewofouremissions.Thalesexpertsarecurrentlycombiningin-houseanalyseswithmarketassumptionsandsectorpublicationstoquantifyproduct-userelatedemissions.Additionally,someofourproductsalsocontributetothedecarbonization,throughtechnologiesandinnovationrelatedtoearthobservation,weatherpredictions,airtrafficoptimizationoraeronauticsmanagement.Forexample,Thales’sPureFlytFlightmanagementwhichwillequipAirbusmainfleet,andTopSkyairtrafficcontrolsystemsforairportswillenabletoreduceaviationCO2emissionsby10%by2040.Broadlyspeaking,webelievethatactionsmustbetakenincollaborationwithoursuppliersandclientstobecredibleandmaximizeourimpactglobally.Wehavebeenworkingwithindustrypeerstoproposeaharmonizedmethodologicalapproachtoassessscope3emissionsofanaircraftoritspartsregardlessoftheirmanufacturer.Thiscross-industrydynamicisnowglobalthroughtheInternationalAerospaceEnvironmentalGroup.Alltheaerospacestakeholdersconcernedcanbenefitfromtheresultsofthiscollaboration,whichhasbeenrecognizedbySBTi,throughtherecentvalidationofourtargets.Ourobjectiveisnowtoreplicatethesameinitiativeinthedefensesector."TransportOEMSsectorFinancialservicesFood&beverageprocessingTransportservices&logisticsElectric&electronicmanufacturingWholesale,retail&distributionMedia,telecommunications&datacentrersConstructionMetals&miningApparelChemicalsTransportOEMsPoweredmachineryBiotech,healthcare&pharmaPaperandpulpLightmanufacturingOthermaterialsCement&concreteCapitalgoodsBusinesstravelEndoflifetreatmentofsoldproductsFuel-and-energy-relatedactivities(notincludedinScope1or2)EmployeecommutingDownstreamleasedassetsUpstreamtransportationanddistributionUpstreamleasedassetsFranchisesWastegeneratedinoperationsDownstreamtransportationanddistributionScope3emissions(inMtCO2e)3.Scope3isthemainchallenge57%Useofsoldproductsrepresents57%ofallscope3emissionsdisclosedtoCDP3637In2022,companiesdisclosedactionstoreducecustomer-andsupplier-relatedemissions,coveringonaverage37%oftotalemissionsfromPurchasedGoodsandServicesandUseofsoldproductscategories.Consideringthesignificanceofthesetwocategoriesincompanies'scope3,thiscoverageisinsufficient.Outofthe624companiesthatdisclosedemissionsrelatedtoPurchasedGoodsandServicesin2022,59%didnotreportanymitigationactionwithquantifiedabatementratestoreducesupplier-relatedemissions,similartothe60%ofcompaniesamongthe164thatdisclosedemissionsfromtheUseofsoldproducts.DrawingfromCapgeminiInvent'sexperience,weidentifiednumerousexistingsolutionstoreduceScope3emissions,yieldingbetween50and80leversforeachsector.Implementingtheseleversdemandsthefullmobilizationofallcompanyfunctionsanddepartmentstoengagestakeholdersateverystepofthevaluechain,fromindustry-levelcollaborationtosupplierengagement,employeeincentivization,andconsumereducation.Addingtothechallenge,addressingscope3emissionsisnotsolelyacompany'sresponsibility,unlikescopes1and2.Wepresentafewexamplesofleverstodecarbonizescope3activities,resultingfromacross-referencebetweenCDPdataandCapgeminiInventexpertise,forfiveselectedsectorsincludingthefoursectorsinterviewedandFoodandBeverageProcessingwhichisoneofthebest-in-classsectorsElectricandElectronicManufacturingdisclosedscope3emissionsthataccountedfor99%ofthetotalemissionsdisclosedbythesectorin2022.TheUseofsoldproductsrepresented94%ofthetotalscope3emissionsdisclosed,whilePurchasedGoodsandServicesrepresented4%.Figure17In2022,companiesdisclosedactionstoreducecustomer-andsupplier-relatedemissions,coveringonaverage37%oftotalemissionsfromPurchasedGoodsandServicesandUseofSoldProductscategoriesProcurementandtransportationLeverswithhighaccessibilityandmediumtohighpotential(beyond10MtCO2e/year)•Implementacarbonpriceonpurchasesamongtheparametersfortheselectionofsuppliers•Fosterthereworkofpackagingtomakeitmoresustainable•Optimizelogisticstoreducedistancestravelled•DecentralizeequipmentstoragetoreducetheneedtotransportequipmentProductdesignandR&DLeverswithhighaccessibilityandmediumtohighpotential(beyond10MtCO2e/year)•Developproductswithadvancedpowermanagementfeature•Improvematerialefficiencybyminimizingtheuseofrareearthelements•Sourcealternativerawmaterialsuchasrecycledgoldandsilver,low-carbonaluminum,oralternativemetalsinsteadofNewbusinessmodelsLeverswithhighaccessibilityandmediumtohighpotential(beyond10MtCO2e/year)•Providerepairingservicestogiveasecondlifetosemiconductors•Implementatake-backandrecyclingofferSampleincludesthe843EuropeancompaniespubliclydisclosingtoCDP’sclimatechangequestionnairein2022forthe17sectorsstudied.AListcompaniesPoweredmachineryElectric&electronicmanufacturingLightmanufacturingTransportOEMsWholesale,retail&distributionChemicalsFood&beverageprcoessingConstructionMetals&miningOthermaterialsMedia,telecommunications&datacentersBiotech,healthcare&pharmaTransportservices&logisticsCement&concretePaperandpulpApparelFinancialservices3,0002,5002,0001,5001,0005000EmissionsfromPurchasedGoods&ServicesandUseofSoldProducts(inMtCO2e)EmissionsfromPurchasedGoods&ServicesandUseofSoldProductscoveredbythesupplier-andcustomer-relatedactionsdisclosedin2022Emissionscoveredbyactionstoreducesupplier-relatedemissionsRemainingemissionsfromPurchasedgoodsandservicesEmissonscoveredbyactionstoreducecustomer-relatedemissionsRemainingemissionsfromUseofSoldProductsPercentagesinredareunder37%,whichis,onaveragetheshareofdisclosedemissionsfromPurchasedGoods&ServicesandUseofSoldProducts%49%57%51%44%41%33%49%16%9%26%2%7%39%36%36%23%15%31%3.Scope3isthemainchallengeExamplesofleverstodecarbonizescope33839TransportOEMS(focusingonroadtransportationandaviation)disclosedscope3emissionsthataccountedfor99%ofthetotalemissionsdisclosedbythesectorin2022.TheUseofsoldproductsrepresented87%ofthetotalscope3emissionsdisclosed,whilePurchasedGoodsandServicesrepresented11%.TransportServicesandLogisticsdisclosedscope3emissionsthataccountedfor49%ofthetotalemissionsdisclosedbythesectorin2022.Upstreamtransportationanddistributionrepresented45%ofthetotalscope3emissionsdisclosed,whilefuel-and-energyrelatedactivitiesrepresented18%.Media,Telecommunications,andDataCentersdisclosedscope3emissionsthataccountedfor85%ofthetotalemissionsdisclosedbythesectorin2022.PurchasedGoodsandServicesrepresented38%ofthetotalscope3emissionsdisclosed,whiletheUseofsoldproductsrepresented35%.CustomerLeverswithhighaccessibilityandmediumpotential(<50MtCO2e/year)•RaiseawarenessofsustainableflightamongB2BandB2CcustomersandproposeoffsettingalternativesProcurementLeverswithhighaccessibilityandpotentialexpected(between25and50MtCO2e/year)•Sourcereconditioneddevicesforsaletoendcustomers•Workwithsuppliersandpromotethereintegrationofe-waste•Developinnovativecommercialmodelswithsuppliers,e.g.,ESaaSCustomerLeverswithhighaccessibilityandmediumtohighpotential(beyond100MtCO2e/year)•Reducehomedeliveriesbyimplementingclick&collectandclick&magProductdesignandR&DLeverswithhighaccessibilityandmediumpotential(<50MtCO2e/year)•Improveaircraftdesigntoreducefuelconsumption•UseGreenElectricTaxiingfortakeoffandlanding•ImplementefficientairtrafficmanagementsystemsLeverswithmediumaccessibility(below150€/tCO2e)andhighpotential(around100MtCO2e/year)•Promotethedevelopmentanduseofsustainableaviationfuels(SAFs):hydrogenatedestersandfattyacids(HEFA),alcohol-to-jet,gasification/FT•DesignaircrafttobefueledwithgreenhydrogenforshortdistanceEducationofcustomersandemployeesLeverswithhighaccessibilityandpotentialexpected(between25and50MtCO2e/year)•Provideallemployeeswithreconditioneddevices•Raisecustomers'awarenessonthecarbonimpactofdigitaltechnologyandpromotethesoberuseofelectronicterminalsChoiceofvehiclesLeverswithhighaccessibilityandmediumtohighpotential(beyond100MtCO2e/year)•Implementlastmiledeliverywithalternativevehicles•Sourceanduseelectricheavyroadtransportationvehicle•UsebiofuelstopowerheavyroadvehicleLeverswithmediumaccessibility(below150€/tCO2e)andhighpotential(around100MtCO2e/year)•Acquireheavyroadtransportationvehiclemadefromresponsiblesourcing(recycledmaterialsorgreenmaterials)•Sourceoperationalanddesignefficientheavyroadtransportationvehicle•Movefromcarbon-intensivefueltoammoniaforshipping•Optimizethepropulsionsystemofvessels•Useofmethanol(advancebiofuel)forshippingtransportation•Useofhigh-capacityvehicles(duotrailers)forroadtransportationProcurementLeverswithhighaccessibilityandmediumpotential(<50MtCO2e/year)•Sourcealternativerawmaterialsuchasrecycledsteelandtitanium,low-carbonaluminumthroughinertanodeelectrolysispoweredbygreenelectricity,bio-compositesasanalternativetoconventionalcarbonfiberNewbusinessmodelsLeverswithhighaccessibilityandpotentialexpected(between25and50MtCO2e/year)•Developrepairservicestoextendlifeofelectronicequipment•Developaproduct-as-a-servicerentalserviceforelectronicterminals•CreateaninternalmarkettoreuseelectronicassetsOptimizationofflowsLeverswithhighaccessibilityandmediumtohighpotential(beyond100MtCO2e/year)•Reducetransitpackaging•Increasebackhaulspracticestoreduceemptytripsinroadtransportation•AvoidemptycontainersbydevelopingleasingforshippingtransportationLeverswithmediumaccessibility(below150€/tCO2e)andhighpotential(around100MtCO2e/year)•Consolidateloadandshareassetsthroughdigitallyenabledaggregatorsforshippingindustry•Developopenwarehousesandtransportnetworks•Developbackhaulingpracticestoreduceemptyjourneyforshippingindustry3.Scope3isthemainchallenge4041FoodandBeverageprocessingdisclosedscope3emissionsthataccountedfor91%ofthetotalemissionsdisclosedbythesectorin2022.Purchasedgoodsandservicesrepresented75%ofthetotalscope3emissionsdisclosed,whiletheUseofsoldproductsrepresented9%.Biotech,Healthcare,andPharmadisclosedscope3emissionsthataccountedfor87%ofthetotalemissionsdisclosedbythesectorin2022.Purchasedgoodsandservicesrepresented58%ofthetotalscope3emissionsdisclosed,whiletheUseofsoldproductsrepresented24%.ProductionLeverswithhighaccessibilityandpotentialexpected(between25and50MtCO2e/year)•Reduceagroindustrialfoodwaste•RecyclecookingoilintofuelProductsdesignLeverswithhighaccessibilityandhighpotential(upon80MtCO2/year)•Switchfromdesfluranetosevofluraneforanestheticdrugs•Implementecodesigntoolstoreducetheuseofplasticforlifesciencesproducts•Developmade-for-reusepersonalprotectiveequipment(PPE)itemsinthepharmaceuticalindustry•ReduceProcessMassIntensity(PMI)intheproductionprocessofmonoclonalantibodies/biologicsinthepharmaceuticalindustry•Switchfrompropellant-basedtodrypowderinhalerinthepharmaceuticalindustryEducationofcustomersLeverswithhighaccessibility(costnegative)andhighpotential(upon300MtCO2e/year)•Promotelesscarbonintensivediets•Promoteplant-basedalternativestomeatproteinsPromotethepracticeoffoodsharingCustomerEducationandProcurementLeverswithhighaccessibilityandhighpotential(upon80MtCO2/year)•EducateuponthereductionofnitrogenfertilizeroverapplicationinChinaandIndia•Educateupontherestorationoforganicsoils•Inthefertilizerindustry,educateupongrasslandandcroplandnutrientmanagement•SourceammoniaproducedwithbiomethaneSteamMethaneReformation(SMR)DistributionLeverswithhighaccessibilityandpotentialexpected(between25and50MtCO2e/year)•Partnershipswithplatformsorapplicationstoreducefoodwaste•Reducefoodwastegenerateddownstreambyretailers•Useofsustainablematerialfortakeawaypackaging•ImprovetransitretailplasticmaterialwithrecycledpaperDanielSchneiders,DirectorofClimateProgramatBayer’s,sharessomeinnovativeideasonhowtofosterchangeandreduceemissionsinthesupplychainintheBiotech,Healthcare,andPharmasector."BayerhasbeeninCDP’sAlistalmosteveryyearforthepastdecadeandiscommittedtoreduceitsscope3emissionsby90%before2030.Bayer’sscope3represented72%oftheBayer’semissionsin2022andPurchasedGoods&Servicesaloneaccountedfor48%ofthetotalcompany’semissions.Thus,addressingoursupplier-relatedemissionsiskeytoreachourdecarbonizationobjectives.Toachievesignificantreductionsinthesupplychaininthecomingyears,weareintensifyingourcollaborationwithsuppliers.Wearetryingtounderstandhowwecouldworktogethersothattheycanreducetheiremissions,inparticularthroughshiftingtorenewableenergies.WehavealsoupdatedSupplierCodeofConduct.Beginningin2023,wealsoaimtodevelopaninternalCO2pricetomanageourScope3emissions.Thisshouldcreateanincentiveinternallytopurchaseproductswithalowercarbonfootprint,sothatourcolleaguesfromtheprocurementteamscandecidewhichsuppliertochoosenotonlybasedonfinancialsandqualitativeparametersbutalsooncarbonemissions.Withthistool,wewanttogivethesignaltothemarketthatwearereadytopayabonusforlow-carbonproductsorcarbon-freeproductsinthefuture.However,accesstoemissiondatafromsuppliersisachallengeas,forinstance,theydonotnecessarilyhavededicatedprocessesorITinfrastructurestogatherandmonitordata.Additionally,withlackingstandards,dataishardtocompare.Therefore,asoftoday,acompleteandpreciseassessmentasafoundationforsteeringScope3emissionsremainscomplicated.Astheabilityofonecompanytoreducegreenhousegasemissionsalongthevaluechainonitsownisverylimited,Bayerhasjoinedvariousindustry-levelinitiatives.Togetherwithothercompanies,weaimtoascertainthelevelofgreenhousegasemissionsandclimaterisksanddevelopreductiontargetsandstrategieswithinthescopeofprogramssuchastheTogetherforSustainability(TfS)initiativeofthechemicalindustry.Bayerheadsuptheworkinggrouponreducinggreenhousegasemissionsinthesupplychain.Thegoalistostandardizethecalculationofaproduct-relatedcarbonfootprint(PCF)forthechemicalindustry.Atthesametime,anapproachisbeingdevelopedtopassonthePCFwithinthevaluechain."Biotech,healthcare&pharmasector.3.Scope3isthemainchallenge4243ThisreportillustratesthatEuropeancompanieshaveshownpromisingprogresstoengagewithclimatetransparencyandactionsince2019.Since2019,therehasbeenaremarkableincreaseinthenumberofcompaniesdisclosingtotheCDPupof56%in2022.Thisisaconcreteexampleofthetrendtowardsgreatersustainability.However,thisisonlythetipoftheiceberg,astargetssetcurrentlycoveronly21%ofthetotalemissionsbythecompaniesanalyzedinthisreport.Whilecommendableeffortshavebeenmadeinsomesectorstoreducescopes1&2,thecruxoftheissueliesinscope3,whichaccountsforanoverwhelming92%oftotalemissionsinthereportsample.Itistimeforcompaniestoshiftgearsandacceleratetheiremissionsreductioninitiativesbyactivelyinvolvingtheirentirevaluechain.Asthetitleofthisreporthighlights,theclockisindeedticking.Itisnowmorecrucialthaneverforcompaniestonotonlysetambitiousgoalsbutalsototakebold,tangibleactionstoachievethem.ConclusionCapgeminiInventandCDPwouldliketothankthecompaniesinterviewedinthisreport.ThalesSophieLePennec,HSEDirectorRaphaëlleTissot,HSESustainablePerformanceManagerBayerDanielSchneiders,DirectorofClimateProgramProximusCatherineBals,SustainabilityDepartmentLeadPhilippeDeconinck,SustainabilitySpecialistDeutscheBahnAndreasGehlhaar,HeadofSustainabilityandEnvironmentJohnHeidecker,PublicAffairsSustainabilityandEnvironmentSanofiJosé-FranciscoVallejoCarrera,GlobalHeadofEnvironment&EnvironmentalSustainabilitySTMicroelectronicsPascalRoquet,CorporateEnvironment&HealthDirectorDP-DHLAndreasMuendel,responsibleforKeyOperationsatDPDHLKlausHufschlag,responsibleforESGreporting&controllingClimateactionsoverlookbiggestemissionshotspots.ReportauthorsCDPJoshuaSnodinBeatrizVasconcelosCapgeminiInventDirection:FlorentAndrillonGroupClimateTechleader,CapgeminiArthurArrighideCasanovaVicePresident,SustainableFutures,CapgeminiInventinpartnershipwith:44CDPEuropegratefullyacknowledgesEUfundingsupportThecontentofthisreportisthesoleresponsibilityofCDPEuropeandcanundernocircumstancesberegardedasreflectingthepositionoftheEuropeanUnion.AboutCapgeminiInventAsthedigitalinnovation,designandtransformationbrandoftheCapgeminiGroup,CapgeminiInventenablesCxOstoenvisionandshapethefutureoftheirbusinesses.Locatedinnearly40studiosandmorethan60officesaroundtheworld,itcomprisesa10,000+strongteamofstrategists,datascientists,productandexperiencedesigners,brandexpertsandtechnologistswhodevelopnewdigitalservices,products,experiencesandbusinessmodelsforsustainablegrowth.CapgeminiInventisanintegralpartofCapgemini,agloballeaderinpartneringwithcompaniestotransformandmanagetheirbusinessbyharnessingthepoweroftechnology.TheGroupisguidedeverydaybyitspurposeofunleashinghumanenergythroughtechnologyforaninclusiveandsustainablefuture.Itisaresponsibleanddiverseorganizationofover360,000teammembersinmorethan50countries.Withitsstrong55-yearheritageanddeepindustryexpertise,Capgeminiistrustedbyitsclientstoaddresstheentirebreadthoftheirbusinessneeds,fromstrategyanddesigntooperations,fueledbythefastevolvingandinnovativeworldofcloud,data,AI,connectivity,software,digitalengineeringandplatforms.TheGroupreportedin2022globalrevenuesof€22billion.GetTheFutureYouWantwww.capgemini.comAuthors:GabrielleDesarnaudManagingConsultant,SustainableFutures,CapgeminiInventArnaudBuzenetManagingConsultant,SustainableFutures,CapgeminiInventAdèleBalogSeniorConsultant,SustainableFutures,CapgeminiInventQuentinMontaclairSeniorConsultant,SustainableFutures,CapgeminiInventClotildeReyConsultant,SustainableFutures,CapgeminiInventCDPEuropec/oWeWork,Kemperplatz110785Berlin,Germany@cdpwww.cdp.netMediaenquiriesmedia.europe@cdp.net

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