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Implementation of the Recommendations Made by the Task Force on Climate-related Financial Disclosures (TCFD)




We began the process of integrating sustainability risks into the company’s risk management system in 2020. In this context, we have incorporated the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) into our reporting process in order to shed special light on the climate-related risks of our business. Implementing the recommendations of the TCFD provides us with a better understanding of the risks that are relevant to our company.

Implementation of the TCFD Recommendations at Vonovia

Implementation of the TCFD Recommendations at Vonovia

Content of the recommendations

Implementation at Vonovia

Further Information


Organizational structure of the company regarding climate-related risks and opportunities

Overall, Management Board bears responsibility for sustainability and climate protection as well as climate-related risks and opportunities; it decides on strategy and targets

2021 Sustainability Report:Environment and Climate

Managing Opportunities and Risks

2021 Annual Report:The CompanyCorporate StructureSustainability Management at VonoviaManagement SystemEnvironmental IssuesOpportunities and Risks

Sustainability Committee – comprising the entire Management Board and representatives of the central functional departments Sustainability/Strategy, Controlling, Communication, Investor Relations and Accounting – determines the strategy and targets and monitors progress

The central department Sustainability/Strategy, within the executive division of the CEO, coordinates and drives the measures and their implementation

Climate-related risks are calculated and collated on a half-yearly basis as part of the company-wide risk management process; the process is coordinated by Controlling, with the Management Board taking the final decision on risk assessment

Energy efficiency modernization in the existing portfolio in Germany is the responsibility of the CRO (Regions and Portfolio Management); for Austria, the CDO is responsible, for Sweden, the CEO of Victoriahem

Technical implementation and use of new technologies by Value-add unit

Non-financial indicator Sustainability Performance Index (SPI) includes carbon intensity of the building portfolio


Actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning

Climate protection and carbon reduction is a fundamental part of the corporate strategy as a key driver for long-term business success

2021 Sustainability Report:Environment and Climate

Sustainable Construction and Refurbishment

2021 Annual Report:StrategySustainability Management at VonoviaEnvironmental IssuesRisk Assessment Based on Sustainability Aspects

Binding climate path defined on the basis of various scenarios in partnership with scientific institutions

Comprehensive modernization measures to increase energy efficiency as well as use of neighborhood solutions with renewable energies (fuel switch)

Currently, transitory rather than physical risks are expected, e.g., through legislation in Germany (carbon pricing) and the European Union, as well as through the lack of economic viability of energy-efficient modernization and the development of renewable energy generation (balance between investments, apportionment opportunities and affordability for tenants)

Particularly promising opportunities to generate energy for tenants to use for heating and electricity

Risk management

How the organization identifies, assesses, and manages climate-related risks

2021 Sustainability Report:

Managing Opportunities and Risks

2021 Annual Report:Risk Assessment Based on Sustainability AspectsOpportunities and Risks

Climate risks integrated into company-wide risk management process, assessment of all risks by management every six months

Physical risks will be assessed in the future on the basis of regularly updated risk maps

No material risks for building portfolio of Vonovia currently identified

Metrics and targets

Metrics and targets used to assess and manage relevant climate-related risks and opportunities

Comprehensive and complete carbon footprint report for building portfolio and business operations according to GHG emissions protocol and IW.2050

2021 Sustainability Report:Environment and ClimateSustainable Construction and Development

Environmental Key Figures

2021 Annual Report:StrategyManagement SystemEnvironmental IssuesForecast Report

CO2e in portfolio (in Germany) 2021: 871,290 tons (Scope 1, 2, 3*)

Expansion of renewable energies with photovoltaic systems: 451 systems with 16.8 MWp nominal output


Virtually climate-neutral portfolio by 2045 (<5kg CO2e/m² of rental area)

Reduction of carbon intensity from current 38.4 kg to <25 kg CO2e/m² of rental area by 2030

Installation of PV systems with nominal output of >200 MWp on 17,000 roofs by 2030

Reduction of the average primary energy demand in new buildings to 31 kWh/m² by 2025

  1. *Scope 3.3: “Fuel- and energy-related emissions upstream”.

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