The CO2NetZero Programme

Since 2021, we have been steering GHG emissions in our own operations through the CO2NetZero Programme. The programme consists of a dual strategy of reducing GHG emissions to the greatest extent and as swiftly as possible, and gradually moving from carbon avoidance to carbon removal to compensate the remaining emissions in scope.¹ The action plan for the Programme is encapsulated in the motto “Do our best, remove the rest."

We focus on reducing GHG emissions within our own operations by setting science-based targets that are aligned with a 1.5°C-compatible pathway. We have set near-term targets for Scope 1, Scope 2, Scope 3 – category 6 (business air travel):

• Reduce absolute Scope 1 GHG emissions of own operations by 53% (base year 2018)
• Maintain 100% renewable electricity use for our operations²
• Reduce absolute GHG emissions from business air travel by at least 50% in 2024, and by at least 60% in 2025, 2026 and 2027 (in each case relative to base year 2018)

In addition, we continue to purchase and retire carbon avoidance and carbon removal certificates to compensate our remaining operational emissions in scope,¹ linearly increasing the carbon removal share from 0% in 2020 to 100% in 2030.

Carbon Steering Levy

We place a linearly increasing internal price on carbon (Carbon Steering Levy), which serves as an overarching element of the CO2NetZero Programme. The Carbon Steering Levy incentivises concrete actions on emissions reduction. It is also expected to generate the funds required to cover the rising cost of carbon certificates used for compensating emissions. Higher costs are expected due to the increasing share of carbon removal certificates, which are more expensive than those for carbon avoidance.

In 2025, the Carbon Steering Levy is set at USD 145 per tonne of CO₂e – up from USD 134 in 2024.

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¹ _{Scope 1, Scope 2 and selected Scope 3 categories (category 3 – fuel- and energy-related activities, category 5 – waste generated in operations, category 6 – business travel, and copy paper and water in category 1 – purchased goods and services).}

² _{This is a “renewable electricity procurement target” to actively source renewable electricity at a rate that is consistent with well below 2°C global warming scenarios. This is considered by the Science Based Targets initiative (SBTi) to be an acceptable alternative to Scope 2 emission reduction targets per the SBTi Corporate Net-Zero Standard.}