Sustainability Report 2020

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Implementation of the TCFD Recommendations

GRI

We have taken a further major step by integrating sustainability risks into risk management. This enables us to take a holistic view of the risks relevant to our company and include sustainability risks in the process of semi-annual risk assessment (see section Management of Opportunities and Risks, and chapter Opportunities and Risks in the 2020 Annual Report). In this context, we have established reporting in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in order to shed special light on the climate-related risks of our business.

Implementation of the TCFD Recommendations at Vonovia

Content of the recommendations

 

Implementation at Vonovia

 

Further information

 

 

 

 

 

Governance

Organizational structure of the company regarding climate-related risks and opportunities

 
  • Overall Board of Management bears responsibility for sustainability and climate protection as well as climate-related risks and opportunities. It decides on strategy and targets and monitors progress
  • The central Sustainability/Strategy unit, which reports to the CEO, coordinates and drives the measures and their implementation
  • Risk Management (in Controlling) collects and evaluates sustainability-related risks every six months as part of the Group risk management process. The Management Board makes the final decision on risk assessment
  • The Chief Rental Officer (CRO) is responsible for energy modernization in the portfolio
  • The Value-add unit is responsible for technically implementing and using new technologies
  • The central non-financial performance indicator Sustainability Performance Index (SPI) includes the carbon intensity of the building portfolio
  • Climate risks are part of the remuneration of the Management Board and management via the SPI

 

2020 Annual Report



2020 Sustainability Report

 

 

 

 

 

Strategy

Actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning

 
  • Climate protection and carbon reduction is a fundamental component of the corporate strategy as a key driver of long-term business success
  • Scenario-based, binding climate path defined along with scientific support
  • Average refurbishment rate of approx. 3% p.a.; increase in energy efficiency as well as use of neighborhood solutions with renewable energies
  • Risks: Currently, transitory rather than physical risks are expected, among other things via legislation in Germany (carbon pricing) and the European Union; risk of lack of economic viability of energy-efficient modernization and the development of renewable energy generation (particularly with regard to affordable housing)
  • Opportunities: Generation and marketing of green electricity by residential real estate companies

 

2020 Annual Report



2020 Sustainability Report

 

 

 

 

 

Risk management

How the organization identifies, assesses, and manages climate-related risks

 
  • Climate risks fully integrated into company-wide risk management, semi-annual assessment of all risks by management
  • Physical risks will be assessed on the basis of regularly updated risk maps in the future
  • No material risks currently identified for Vonovia’s building portfolio

 

2020 Annual Report



2020 Sustainability Report

 

 

 

 

 

Metrics and targets

Metrics and targets used to assess and manage relevant climate-related risks and opportunities

 
  • Comprehensive and complete carbon footprint for building portfolio and business operations in accordance with GHG emission protocol and Initiative Wohnen.2050
  • CO2e in 2020 portfolio: 1.02 million tons (Scope 1, 2 and 3)
  • Targets: Climate-neutral building stock by 2050; reduction of carbon intensity from current 39.5 kg to 30 kg CO2e/m2 of rentable area in Germany by 2030
  • Expansion of renewable energies with photovoltaic systems: 424 plants with 15.9 MWp nominal output and 7,324 MWh of generated energy in 2020
  • Reduction in average primary energy demand in new construction to 33 kWh/m2 by 2024

 

2020 Annual Report



2020 Sustainability Report

 

 

 

 

 

Results

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