Performance Score
This year, the company has introduced new targets for all three scopes with a reference year of 2020 (vs. 2009 in 2024). These targets have just been certified SBTi on a 1.5°C trajectory. Nevertheless, the 2030 reduction targets exclude several relevant emission categories, including capital goods, investments (around 10% of emissions) and the use of products sold, even though the company included the latter category in the calculation of scope 3 and its targets previously (13% of overall emissions in 2023). The company has set an ambitious target for 2025 on aligning its CAPEX with the taxonomy, but does not disclose the amount of investments that will make it possible to meet the actions of the action plan it has set for itself. The actions of this plan are also not detailed enough. Finally, regarding remuneration, the company is no longer as transparent as last year on the weighting of criteria.
Narrative Score
The data in Ferrovial's public reports is clear and consistent with each other. However, its climate strategy lacks credibility. Indeed, the company's involvement in airports and toll roads is not credible and is not in line with the transition to a low-carbon economy.
Trend score
Ferrovial's past and present actions demonstrate that the company has a climate ambition, but more efforts are still needed to meet the climate goals.
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