Ferrovial

Ferrovial is strengthening its climate ambition with SBTi-aligned 1.5°C objectives for scopes 1 and 2 and a "net zero" target for 2050 covering all three scopes. Historical reductions in scopes 1 and 2 are consistent with a 1.5°C trajectory, and 28.5% of investments are aligned with the European taxonomy. The company now details the expected contributions of its decarbonisation levers, particularly regarding low-carbon procurement, energy efficiency and the circular economy. However, Ferrovial excludes from its objectives certain major scope 3 categories, particularly emissions related to infrastructure use (category 11), which are highly significant for its business model. Investments associated with the measures are not specified, and "locked-in" emissions persist due to the management of long-term infrastructure.
Governance and scenario planning processes exist, but management lacks climate expertise and climate-related management incentives remain limited. Supplier engagement is present but not structured around clear requirements, and no strategy is defined to reduce customer emissions. Finally, although 27% of revenue is aligned with the taxonomy, Ferrovial has not yet developed new low-carbon business models and does not plan for a gradual withdrawal from its emissions-intensive activities.