Climate Action Plan
At Mundys we are committed to actively support the energy transition of the transport industry. To do so, we set for ourselves ambitious targets aligned with scientific trajectories and specific actions to Implement.
The transport of people and goods is one of the activities having the greatest impact on the social and economic development of territories and communities. However, the transport sector is also one of the largest sources of greenhouse gas (GHG) emissions, due to fossil fuels that remain the dominant source of energy consumption in transport.
To reduce our scope 1 & 2, we focus on key emission targets, in line with the recommendations of SBTi (Science Based Target initiative) under the 1.5°C scenario. In particular:
- -50% by 2030 absolute reduction of direct emissions vs 2019 baseline (tCO2e) - target SBTi validated
- 77% by 2030 electricity consumption by renewable sources, reaching 100% by 2040 at the latest
Off-setting activities were not considered in the definition of the target, and the associated decarbonization action plan.
The main emissions reduction pathways to achieve those targets are:
- Company fleet vehicle replacement (e.g. EV, use of alternative fuels)
- Energy efficiency in buildings (e.g. HVAC replacement)
- Lighting efficiency (e.g. LED technology)
- Low-carbon energy generation (e.g. PV)
- Low-carbon energy consumption
To reduce our scope 3, we focus on key emission targets (covering >67% of indirect GHG emissions), in line with the recommendations of SBTi under the well-below 2°C scenario. In particular:
Upstream emissions:
- -22% by 2030 intensity reduction of emissions related to purchased materials associated with road infrastructure development, maintenance and operation vs 2019 baseline (tCO2e/mln km travelled) - target SBTi validated
- >60% by 2028 engagement of airline companies by emissions of aircrafts during lending and take-off phases (LTO) to support them in setting emission reduction plans in line with to the consumption of aircrafts during take-off and landing phase – target SBTi validated
- -50% by 2030 absolute reduction of emissions of the main companies in which Mundys holds a minority stake vs 2019 baseline (tCO2e) – target SBTi validated
Other emissions:
- -22% by 2030 intensity reduction of emissions related to the accessibility of passengers at the airports vs 2019 baseline (KgCO2e/passenger)
The main emissions reduction pathways to achieve those targets are:
- Process circularity promotion, through the reuse and recycling of materials
- Procurement of goods and services with lower life cycle emissions
- EV charging points installations for passengers and operators
- Improvement of intermodality solutions and rail accessibility to the airport terminal
- Services to improve the flow, accessibility and user-friendliness of urban mobility and adjacent infrastructures
- Promotion of green electricity and low-emission fuels use
Oversight of ESG topics, including climate change, by the Board of Directors is a good governance practice that Mundys fosters for its investee companies as well, by requiring the approval of ESG plans and targets by the BoD at all main subsidiaries. Board and Executive management Committees overseeing ESG topics, including climate change, are established within all the key subsidiaries and they are progressively expanding across the portfolio.
More on the governance of sustainability topics here
In order to foster management accountability on sustainability performance across the portfolio, Mundys promotes the adoption of significant portion of incentive remuneration (at least 10% of short-term and 20% of long-term incentives) linked to the achievement of emission reduction target and other sustainability objectives, alongside financial and operational metrics. Currently, ESG-linked remuneration schemes are in place for >90% of subsidiaries.
More on the remuneration here
Mundys cooperates with public decision-makers and partners to contribute via our industry knowledge, assets, experience and innovation capabilities to accelerate decarbonization of the transport industry, thereby contrasting climate change in line with the Paris Agreement.
More on responsible lobbying here
More on partnership here
Recognizing climate change as a strategic risk, that can negatively affect the achievement of the mission, strategic objectives and perception of the reputation of the organization, Mundys has dedicated a specific risk assessment methodology which is integrated into the Enterprise Risk Management (ERM) model.
More on the ERM here (pg. 60-65):
Mundys' climate strategy and performance are each year covered by an external certification (ISO 14064) and publicly disclosed in external documents and international recognized frameworks.
More on our annual Carbon Disclosure Project (CDP) disclosure here
More on our Integrated Annual Report here (pg. 116-121 & 159-160)
