Ferrovial began its journey more than a decade ago by implementing its Climate Strategy and setting reduction targets. Such strategy has driven Ferrovial to reducing emissions by 59% in 2019 (vs 2009, base year, in terms of carbon intensity), and increasing renewable energy sourcing up to 60% globally.
From now on, Ferrovial speeds up the decarbonisation of its portfolio and operations by agreeing ambitious reduction targets: 32% in absolute terms by 2030 (regarding direct sources, i.e. Scope 1&2), and reducing 20% indirect emissions (Scope 3).
Ferrovial has been the first company of its sector, globally, in validating reduction targets according to science expectations (SBTi). Moreover, the company will be 100% renewable by 2025 and carbon neutral by 2050. Additionally, its 2030-50 Climate Strategy deepens business R&O providing a roadmap to develop further business opportunities.
Ferrovial Shadow Carbon Pricing – Ferrovial has developed a tool to quantify the climate risk of its most relevant investments in the form of “shadow pricing”, in order to accelerate the decarbonisation of its business portfolio. This tool considers variable prices for a tonne of carbon for different time horizons, regions and project types, thus quantifying the potential economic risk in the projects for which the tool is used.
Ferrovial’s initiative on carbon pricing is fully aligned with the Paris Climate Agreement and investors’ expectations, incentivising a shift in investment toward carbon abatement, as well as providing better information for making decisions on significant investments. Ferrovial’s methodology follows an evidence-based approach, drawing on the best available published data and studies, to forecast future changes in effective carbon prices.