Reducing scope 1 and 2 footprint (direct operations)

BAM reports both carbon intensity (carbon emissions divided by revenue) and absolute carbon emissions in its annual report. We have set an intensity reduction target as this allows us to better measure and steer carbon reduction initiatives internally as the effect of changing activities, such as changing project portfolio, business growth and/or divestments is filtered in intensity figures. We published an externally validated (by SBTi) Science Based reduction Target in line with a maximum 1.5ºC global warming pathway in 2019 and committed to reduce scope 1 and 2 emissions by 50% by 2030 (versus 2015). We are already close to achieving this target: in 2021, our carbon intensity was 44% lower than in 2015. The reduction is similar for absolute carbon emissions (-45%) as BAM’s revenue has remained relatively constant in the past years.

As BAM’s initial Science Based reduction Target for 2030 is almost already achieved, we decided in 2022 to accelerate this target by seven years. BAM commits to:

• 50% reduction in carbon intensity in 2023 (versus 2015); (Update: Achieved with 56% reduction in 2023)
• 80% reduction in carbon intensity in 2026 (versus 2015).

BAM has a long-term ambition to become a net-zero company, but our focus lies on achieving our ambitious short and medium term targets to promote immediate action and accountability. We are focusing on reducing our carbon footprint as much as possible. We do not include the offsetting of any carbon emissions in our footprint nor do we allow any offsetting as part of meeting our CO₂ reduction targets. We are accelerating our carbon reduction initiatives, and plan to achieve our 2026 target by:

• 100% procurement of certified green electricity;
• Electrification of lease car fleet and equipment;
• Replace the use of diesel by certified sustainable biofuel (hydrotreated vegetable oil).

More details on these initiatives and the progress BAM is making can be found in our annual report.