Sweco and the EU taxonomy
The taxonomy regulation and supplementary delegated acts are part of the EU’s green growth strategy. The taxonomy is aimed at redirecting capital flows towards a sustainable economy and has been designed as a common classification system for environmentally sustainable investments, products and services within the EU.
Recent regulatory developments
The taxonomy regulation came into force in 2021, the year Sweco first reported the proportion of the company’s net sales, capital expenditure and operating expenditure eligible under the regulation in relation to objectives for climate change mitigation and adaptation. Additional environmental objectives and economic activities were added for 2023, and Sweco is reporting the proportion of the company’s net sales and capital expenditure (CapEx) that is taxonomy-eligible and taxonomy-aligned.
The EU taxonomy
In order for an activity to be classified as sustainable, it must make a significant contribution to one or more of the EU’s six established environmental objectives, do no significant harm to any of the other five environmental objectives, and comply with the minimum social safeguards. The EU taxonomy includes the following environmental objectives:
- Climate change mitigation
- Climate change adaptation
- Sustainable use and protection of water and marine resources
- Transition to a circular economy
- Pollution prevention and control
- Protection and restoration of biodiversity and ecosystems
Proportion of taxonomy-aligned net sales
Approximately 20 per cent (15) of Sweco’s net sales was taxonomy-eligible in 2023, of which 6 per cent (4) was taxonomy-aligned and could be classified as environmentally sustainable projects. The higher eligibility is due to improved data quality and the addition of new activities. The low alignment is explained by the fact that the technical screening criteria for Do No Significant Harm (DNSH) are very strict. Since Sweco operates as a consultancy and does not have final decision-making power in its client projects, meeting DNSH criteria is deemed to be difficult to achieve. Approximately 80 per cent (85) of Sweco’s net sales was not taxonomy-eligible. Sweco’s consultancy services within the energy, industry and manufacturing sector, as well as some of the services within the construction and real estate sector were not taxonomy-eligible.
Detailed information on the taxonomy is presented in the Sustainability Report as well as this Method report (pdf).
Examples of projects with taxonomy-eligible economic activities
Climate protection for the urban area Kulturstrøget, Denmark
The urban area Kulturstrøget is a multifunctional project where climate protection, art and landscape architecture will create a new framework for urban life. Sweco will assist with landscape architecture, traffic planning and multiple engineering disciplines including rainwater management, climate adaptation and mobility.
Increase resilience against floods, Netherlands
Sweco is involved in one of the largest dike improvement projects in the Netherlands, covering 21 kilometres between the areas of Cuijk and Ravenstein. The objective is to increase resilience against floods through both technical and environmental aspects.
Sustainable solutions for Anglian Water, UK
As the largest water company in England and Wales, Anglian Water provides drinking water as well as drainage and sewage services to seven million customers. Sweco will develop a framework for quantifying and analysing the value of sustainable solutions, such as nature-based solutions, in comparison to traditional engineering solutions.
Carbon Capture and Storage plant, Sweden
Heidelberg Materials, one of the world’s largest building materials companies has commissioned Sweco to assist in the permit application process for the full-scale Carbon Capture and Storage (CCS) plant that Heidelberg Materials plans to construct in Slite, on the Gotland island, in Sweden. The project is one of Sweden’s most comprehensive climate adaptation initiatives.
Expansion of the light rail system in the city of Tampere, Finland
Sweco is part of an alliance that has been contracted to provide design services in the expansion of the light rail system in the city of Tampere in Finland. The tram system plays an important role in the city of Tampere’s efforts to reduce traffic emissions and thereby become carbon-neutral by 2030.
Availability of electricity and green fuels in 39 ports, Denmark
Sweco has been commissioned by the Danish Transport Authority to conduct an analysis of the availability of electricity and green fuels in 39 commercial ports. A multidisciplinary Sweco team with expertise in transport, logistics, ports, geotechnics, and energy will carry out a mapping of the energy infrastructure in the ports, in order to provide clarity on the need for green energy investments.
Sustainability report
Sustainability forms an integral part of Sweco’s business and strategy.
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Business ethics
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