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EU Taxonomy Regulation

Identification and Categorization of Economic Activities Eligible for Taxonomy

In accordance with the EU Taxonomy Regulation, we disclose the share of our taxonomy-eligible and taxonomy-aligned turnover, capital expenditure and operating expenses.

Vonovia has identified taxonomy-eligible activities under EU environmental objective 1 (climate change mitigation, CCM) in its business model. Some of these activities would also be taxonomy-eligible under EU environmental objective 4 (transition to a circular economy, CE). In order to avoid double counting, Vonovia allocates these in full to EU environmental objective 1. With regard to EU environmental objective 2 (climate change adaptation, CCA), we do not report any taxonomy-eligible activities, because we do not generate any turnover from eligible activities and do not allocate any separate CapEx (or OpEx) to this EU environmental objective in order to prevent double counting.

The new EU environmental objectives result, to a small extent, in additional taxonomy eligibility for Vonovia under EU environmental objective 4. EU environmental objectives 3 (sustainable use and protection of water and marine resources, WTR), 5 (pollution prevention and control, PPC) and 6 (protection and restoration of biodiversity and ecosystems, BIO) do not result in any further taxonomy eligibility. Accordingly, we have identified the following activities as being taxonomy-eligible:

EU Taxonomy Criteria

EU Taxonomy Criteria

Activities undertaken by Vonovia


Capital Expendi­tures

Operating Expenses

CCM 7.1/CE 3.1

Construction of new buildings

Turnover from Development to sell


CCM 7.2/CE 3.2

Renovation of existing buildings

Investments for energy modernizations (7.2), Investments for refurbishments without energy-related effects (e.g., vacant apartment renovation) (3.2)


CCM 7.3

Installation, maintenance and repair of energy efficiency equipment

Investments for measures that are not covered by 7.2 (e.g., heating modernization, insulation, window replacement)


CCM 7.4

Installation, maintenance and repair of charging stations for electric vehicles in buildings (and parking spaces attached to buildings)

Investments for charging stations and wallboxes


CCM 7.5

Installation, maintenance and repair of instruments and devices for measuring, regulation and controlling energy performance of buildings

Investments for metering technology and smart metering


CCM 7.6

Installation, maintenance and repair of renewable energy technologies

Investments for photovoltaic facilities


CCM 7.7

Acquisition and ownership of buildings

Turnover from rental income and recurring sales, investments for acquisitions, Development to hold and capitalized internal expenses without energy-related effects (e.g., major maintenance measures and vacant apartment renovations), operating expenses for non-capitalized maintenance (e.g., minor maintenance)




CCM 4.1

Electricity generation using solar photovoltaic technology

Turnover from the sale of self-generated electricity to tenants and/or feed-in to the grid


CCM 3.3

Manufacture of low carbon technologies for transport

Investments for fleet


CE 1.2

Manufacture of electrical and electronic equipment

Investments for IT hardware equipment and other electronic operating and business equipment


As in the previous year, turnover from the condominium administration business, energy sales from energy trading activities, and multimedia are not taxonomy-eligible. The Care segment is no longer reported under turnover for the 2023 fiscal year, but rather separately as a discontinued operation.

Vonovia is not affected by any economic activities related to energy generation from fossil gas or nuclear energy. As a result, Vonovia does not submit the specific reporting forms for these activities.