EDF

EDF has established a formal Group-wide objective to achieve Net Zero Emissions by 2050. The target covers all business activities, geographical regions and greenhouse-gas emission scopes. EDF intends to reduce its direct and indirect emissions by at least 90% relative to the applicable target baselines and neutralise only the remaining residual emissions through high-integrity carbon sinks. Moody’s assessed EDF’s emissions trajectory as compatible with a 1.5°C warming pathway. However, EDF does not currently have an SBTi-validated net-zero target. Its SBTi-validated near-term target remains listed as “Targets set” and classified as “well-below 2°C”, while its former SBTi net-zero commitment is recorded as removed because the commitment expired before validation. This does not mean EDF abandoned its corporate net-zero target; it means the SBTi commitment did not progress to a validated SBTi net-zero target within the required period. The comprehensive Scope 1, 3 boundary and external 1.5°C assessment support a strong score, but the 2050 target year and absence of current SBTi net-zero validation prevent the highest score.

EDF discloses quantified short- and medium-term absolute emissions targets with defined baselines and annual progress reporting. For Scope 1, EDF targets: a 65% reduction by 2027; a 70% reduction by 2030; an 80% reduction by 2035; all relative to the 2017 baseline of 51.3 MtCO₂e. In 2025, Scope 1 emissions were 15.0 MtCO₂e, representing a 71% reduction from 2017. For Scope 3, EDF targets: a 30% reduction by 2027; a 35% reduction by 2030; a 45% reduction by 2035; relative to the 2019 baseline of 119.4 MtCO₂e. Scope 3 emissions reached 68.0 MtCO₂e in 2025, or 43% below the 2019 baseline. EDF’s older near-term target remains SBTi-validated at a well-below 2°C level. However, the reviewed evidence does not show that EDF’s newer and strengthened interim targets have been revalidated by SBTi as aligned with a 1.5°C pathway. Moody’s separate assessment supports the ambition of the trajectory, but it is not equivalent to SBTi validation. Therefore, the metric remains at 4/5.

EDF reports a comprehensive greenhouse-gas inventory covering Scope 1, location-based and market-based Scope 2, and Scope 3 emissions. In 2025, EDF reported: Scope 1 emissions of 15.0 MtCO₂e; location-based Scope 2 emissions of 0.35 MtCO₂e; market-based Scope 2 emissions of 0.33 MtCO₂e; Scope 3 emissions of 68.0 MtCO₂e. Scope 3 reporting includes nuclear-fuel purchases, purchased goods and services, capital goods, upstream fuel and energy emissions, purchased electricity for resale, gas sold to customers, minority investments and other relevant categories. The carbon-footprint boundary includes EDF’s principal controlled entities. For Scope 3, EDF also includes its attributable share of emissions from certain non-operated minority investments. The company discloses its emissions factors, data sources, organisational scope and calculation approach, providing a high level of transparency and completeness.

EDF has set a quantified target to commission up to 6 GW of gross renewable capacity per year on average between 2024 and 2035. The company commissioned approximately 3.0 GW in 2025 and reported a gross wind and solar development pipeline of approximately 95.5 GW. At the end of 2025, EDF power solutions had approximately 1.0 GW of gross operating offshore-wind capacity in France, equivalent to 1,005 MW across: Saint-Nazaire: 480 MW; Fécamp: 500 MW; Provence Grand Large: 25 MW. EDF also had Calvados under construction and several projects in development, including Dunkirk, Centre Manche and Méditerranée Grand Large. The combination of a dated and quantified renewable-capacity objective, a substantial project pipeline and multiple identifiable offshore-wind projects meets the highest scoring threshold.

EDF reported a carbon intensity of 26.5 gCO₂/kWh for electricity and heat generation in 2025, compared with: 30 gCO₂/kWh in 2024; 37 gCO₂/kWh in 2023. EDF’s targets are: 30 gCO₂/kWh by 2030; 22 gCO₂/kWh by 2035; approximately zero by 2050. The indicator is calculated using Scope 1 CO₂ emissions from EDF’s electricity and heat generation facilities divided by the associated generation output. EDF notes that the 2025 result was partly supported by favourable market and demand conditions that reduced the use of fossil-fuel generation. Consequently, maintaining intensity below 30 gCO₂/kWh cannot be guaranteed under every short-term operating scenario. Nevertheless, the reported level is substantially below the methodology’s strongest-performance threshold and is supported by a clear multi-year trend.

EDF demonstrates substantial absolute emissions reductions against disclosed reference years. Scope 1 emissions declined from: 51.3 MtCO₂e in 2017 to 15.0 MtCO₂e in 2025, representing a 71% reduction. Scope 3 emissions declined from: 119.4 MtCO₂e in 2019 to 68.0 MtCO₂e in 2025, representing a 43% reduction. In the latest annual comparison, total Scope 1, 3 emissions declined from approximately 90.7 MtCO₂e in 2024 to 83.4 MtCO₂e in 2025, an approximately 8% reduction. Scope 1 fell by 11%, Scope 2 by around half and Scope 3 by 7%. The reductions materially exceed the methodology’s 30% progress threshold and are disclosed against consistent baseline years.

EDF publishes quantitative EU Taxonomy indicators for turnover, capital expenditure and operating expenditure. For 2025, EDF reported: KPI Eligible Aligned Aligned amount Turnover 56% 52% €57.742 billion CapEx 65% 63% €15.781 billion OpEx 70% 66% €7.439 billion The detailed regulatory tables support the 66% OpEx alignment figure. Although a separate narrative passage in the report reportedly refers to 67%, the regulatory table and the calculation based on the disclosed numerator and denominator support 66% as the more reliable value. EDF also discloses alignment by economic activity, environmental objective, enabling activity and transitional activity. PwC and KPMG performed limited-assurance procedures over the Article 8 disclosures and reported no material errors, omissions or inconsistencies.

EDF reports detailed water-consumption, withdrawal and water-stress indicators. In 2025: total freshwater withdrawals were approximately 13 billion m³; approximately 97% of withdrawn water was returned to the natural environment; freshwater consumption for cooling thermal and nuclear generation facilities was 447 million m³; 36 million m³, or approximately 8% of consumption, occurred in high or very high water-stress areas. EDF assessed 399 thermal, nuclear and industrial sites using the World Resources Institute Aqueduct methodology and identified 76 sites in areas of high or very high water stress. The company maintains a water-intensity threshold of 0.90 L/kWh and reported a 2025 result of 0.87 L/kWh. It has also committed to reducing freshwater withdrawals for industrial uses by 10% by 2030 relative to 2023. The disclosure demonstrates strong water-risk governance and quantitative management. However, a consolidated Group-wide environmental-incident count and an explicit “zero material environmental non-compliance” performance indicator were not identified. This limits the metric to 4/5.

EDF provides extensive asset-level information for operating, construction-stage and development-stage offshore-wind projects. Key operating projects include: Saint-Nazaire: 480 MW, fully operational since 2022; Fécamp: 500 MW, fully operational since 2024; Provence Grand Large: 25 MW floating offshore-wind project, fully commissioned in 2025; Dongtai IV and V: 500 MW combined in China, with EDF holding 37.5% through the relevant joint venture. Projects under construction or development include: Calvados: approximately 448 MW; Dunkirk; Centre Manche; Méditerranée Grand Large. EDF reports project capacity, development status, commissioning information and, for selected assets, ownership structures and project-specific sustainability measures. This provides sufficient depth and breadth for the maximum score.

EDF provides substantial evidence of project-level and programme-level marine biodiversity management. At Saint-Nazaire, EDF reports: environmental monitoring conducted with local associations and specialist organisations; post-construction observations of rapid biological colonisation of foundations; the formation of new habitats around infrastructure; the use or development of lower-noise drilling techniques intended to reduce impacts on marine mammals; long-term monitoring of seabirds and other sensitive species. EDF’s wider offshore-wind environmental assessments address marine mammals, birdlife, fishery resources, water quality and oceanographic conditions. These studies involve associations, fisheries representatives, scientific organisations and local stakeholders. EDF also participates in the Marine Sentinel Areas programme, which uses environmental DNA to monitor 13 coastal areas. Sampling is conducted periodically and the related biodiversity database is updated annually. The combination of baseline assessment, construction mitigation, operational monitoring, scientific partnerships and evidence of observed ecological outcomes meets the highest threshold.

EDF has measurable biodiversity commitments under initiatives including act4nature International and the French “Entreprises engagées pour la nature” programme. The Group has committed to restoring or preserving more than 30 natural areas with local partners between 2020 and 2030. By the end of 2025, 13 sites had been included. EDF’s biodiversity framework covers: ecological management plans; restoration and preservation of natural habitats; biodiversity requirements for new energy projects; partnerships with scientific and conservation organisations; research and monitoring programmes; value-chain considerations; employee training and awareness. EDF also refers to contributing to a nature-positive future. However, it has not established a single Group-wide nature-positive or no-net-loss target supported by a comprehensive outcome-based KPI applying consistently across all activities and the full value chain. The evidence therefore supports 4/5 rather than 5/5.

EDF has made a wind-specific commitment to reuse, recycle or recover wind-turbine blades from wind farms controlled by EDF power solutions at the end of their operating life. The company also intends to progressively integrate more easily recyclable blades into future projects. At the Calvados offshore-wind project, recyclable Siemens Gamesa blades are planned for 10 of the project’s 64 turbines. The blade technology is intended to allow the component materials to be separated and reused after decommissioning. EDF also reports broader circular-economy policies covering waste prevention, reuse, recycling, material recovery, steel, cement, minerals and nuclear materials. However, the reviewed sources do not establish: a Group-wide prohibition on sending wind-turbine blades to landfill; a quantified target for permanent-magnet recovery; a consolidated percentage target for wind-component recovery; Group-wide asset-level reporting on actual recovered material volumes. The company therefore demonstrates strong policies and project evidence, but not the full quantitative framework required for 5/5.

EDF participates in the European MAREWIND programme, which develops and tests more sustainable materials and technologies for offshore-wind infrastructure. Relevant areas include: ultra-high-performance low-CO₂ concrete for offshore foundations; self-healing anti-corrosion coatings; non-toxic anti-fouling materials; improved blade recyclability; materials intended to extend asset life and reduce maintenance requirements. EDF R&D contributed to the development and testing of new concrete formulations, while EDF facilities in Teesside were used for testing under marine conditions. This demonstrates active consideration of embodied carbon, durability and lifecycle impacts. However, EDF does not disclose: a quantified procurement target for low-carbon steel or concrete; minimum shares of near-zero-emission materials; supplier-specific procurement volumes; project-level embodied-carbon baselines and reductions; independently verified avoided embodied emissions. The evidence therefore supports an intermediate score of 3/5.

EDF operates a formal Duty of Vigilance and responsible-procurement framework covering human rights, health and safety, environmental risks, business ethics and supplier conduct. The procurement network works with approximately 130,000 active suppliers over a two-year period. In 2025, the specifically defined reporting scope recorded: 5,083 supplier assessments containing a CSR component; 681 dedicated CSR assessments; 67 CSR audits. These figures relate to the EDF entities named in the relevant reporting table and should not be interpreted as evidence that all approximately 130,000 active suppliers were assessed during the year. Assessments may be conducted during supplier qualification or contract performance. Higher-risk suppliers may be subject to additional integrity reviews, documentary assessment, on-site audits, corrective-action requirements and, where necessary, contract suspension or termination. The system is comprehensive, but EDF does not consistently disclose: the percentage of offshore-wind Tier-1 suppliers screened; the number and severity of supplier non-conformities; corrective-action closure rates; the percentage of high-risk suppliers audited; consolidated OSW-specific supplier outcomes. This supports a score of 4/5.

EDF’s 2025 Sustainability Statement and EU Taxonomy disclosures were subject to independent limited assurance by PwC and KPMG. The statutory auditors concluded that they had not identified material errors, omissions or inconsistencies concerning: EDF’s double-materiality process; the sustainability information reported under the ESRS; the information disclosed under Article 8 of the EU Taxonomy Regulation. The assurance is limited assurance rather than reasonable assurance. It assesses the compliance and reliability of the reported information and does not validate the quality, ambition or effectiveness of EDF’s sustainability strategy, transition plan, targets or action plans. EDF’s reported external ESG results include: CDP Climate A, 2025; EcoVadis 78/100 and top 5%, 2025; MSCI AA, 2025; Sustainalytics ESG Risk Rating of 18.5 and top 8%, reported as a 2026 result; Moody’s NZ-2 assessment, February 2024. The combination of independent statutory assurance, climate-trajectory assessment and several high external ESG ratings supports the maximum score, while the different dates and purposes of each assessment must be clearly distinguished.