EnBW

EnBW has extended its climate targets to include formal net-zero targets. It aims to achieve net zero for Scope 1 and Scope 2 by 2040, corresponding to at least 95% emissions reduction, and net zero for Scope 3 by 2050 at the latest, corresponding to at least 90% reduction. Residual emissions are expected to be offset through greenhouse gas removals.

EnBW has detailed interim targets. For Scope 1 and 2, it expects reductions of 70–75% by 2030, 83% by 2035, and 95% by 2040. For Scope 3, it expects reductions of 45–55% by 2030, 67% by 2035, and 90% by 2050. The report also notes that the 2035 Scope 1 and 2 target has been validated by SBTi.

EnBW covers Scope 1, Scope 2 and Scope 3 in its climate pathway. The report states that Scope 1 and 2 net-zero targets cover 100% of Scope 1 and 2 emissions, while Scope 3 targets include emissions from the use of sold products and associated upstream value chains. The report also separately tracks generation intensity, electricity sales intensity and Scope 3 fuel/use-related emissions.

EnBW is planning gross investment of up to €50bn between 2024 and 2030 to transform the energy system, including grids, wind farms, solar parks, hydrogen-ready gas power plants and customer solutions. In 2025, installed renewable energy output reached 7.4 GW, and renewables accounted for 65.6% of generation capacity.

EnBW’s 2025 CO₂ intensity was 353 g/kWh, compared with 272 g/kWh in 2024. The report explains that the 2025 KPI includes 25,665 GWh of controllable generation volumes and 8,992 thousand tonnes of CO₂ emissions from controllable electricity generation.

EnBW’s pathway is benchmarked against a 2018 base year. The report states that Scope 1 and 2 emissions are expected to fall by 95% by 2040, with interim targets of 70–75% by 2030 and 83% by 2035. For Scope 3, the pathway targets 45–55% reduction by 2030, 67% by 2035, and 90% by 2050.

EnBW provides strong quantitative EU Taxonomy disclosure. In 2025, taxonomy-aligned adjusted EBITDA was €3,602.4m / 71%, taxonomy-aligned capex was €6,739.7m / 89%, taxonomy-aligned expanded capex was €7,196.1m / 89.6%, and taxonomy-aligned revenue was €8,173.3m / 23.8%. EnBW no longer reports opex from 2025 because it considers it non-material.

EnBW reports water use mainly in conventional generation, hydropower and water supply. The report states that fossil-fuel-fired electricity and heating plants withdraw river water mainly for cooling and process water, then discharge it back after use. EnBW identifies heated cooling-water discharge as the material water-related sustainability matter. It also has a Group-wide Water Management Policy, covering water-stress analysis, monitoring, audits, wastewater management, water risk management and supply-chain water management.

EnBW’s most important current OSW asset is EnBW He Dreiht, around 90 km off Borkum. The report states that it has 960 MW offshore capacity, 64 turbines, uses 15 MW Vestas turbines, is being built without state funding, and is expected to supply around 1.1 million households from summer 2026. The first electricity flowed into the grid at the end of November 2025, and by January 2026 32 of 64 turbines had been installed. External EnBW project information also confirms that He Dreiht will have 64 turbines and 960 MW capacity, and will double EnBW’s offshore portfolio of 976 MW once fully operational.

The report has biodiversity and ecosystem disclosures, but it does not provide the same level of OSW-specific marine ecology evidence as Vattenfall’s Hollandse Kust Zuid or Iberdrola’s Baltic Eagle. For He Dreiht, the strongest disclosed evidence is project-level OSW construction and renewable generation impact rather than detailed quantified marine mammal, bird, fish or seabed monitoring. This should therefore be treated as partially disclosed / limited for OSW-specific marine ecology.

EnBW discloses biodiversity and ecosystem management under ESRS E4 and integrates environmental considerations into its Sustainability Agenda. However, Not clearly disclosed in the reviewed materials. The report appears stronger on climate transition, taxonomy and renewable expansion than on a formal nature-positive target.

EnBW reports resource use and circular economy under ESRS E5, but Not clearly disclosed in the reviewed materials. This should be treated as limited / not clearly disclosed for OSW-specific circularity.

EnBW includes carbon emissions as a relevant award criterion in procurement tenders. The report states that suppliers can be contractually required to formulate and document clear carbon reduction targets covering both direct and indirect emissions. However, Not clearly disclosed in the reviewed materials.

EnBW has strong supplier governance evidence. Central procurement uses a standardized supplier prequalification process, requiring suppliers to self-assess environmental management, occupational safety, human rights, anti-corruption, data protection and quality management. By the end of 2025, 95% of suppliers by procurement volume had acknowledged the Supplier Code of Conduct. Suppliers refusing the SCoC without comparable internal guidelines are blocked in the procurement system. EnBW also conducted international on-site audits for strategically important supply components such as transformers, modules, inverters and batteries, and enhanced LkSG risk analysis using sector/country risk and market-recognized data sources.

EnBW’s report uses ESRS and EU Taxonomy reporting. The consolidated financial statements and combined management report were audited with reasonable assurance, while the non-financial declaration / sustainability statement was audited with limited assurance by BDO, except for referenced content and EU Taxonomy disclosures. EnBW also reports strong external validation: CDP Climate A / Leadership, Moody’s Net Zero Assessment NZ-2, and SBTi validation for its 2035 Scope 1+2 target. EnBW’s official ESG ratings page confirms CDP Climate A, CDP Water B, and ISS ESG B / Prime Status.