Our sustainability work is complemented by the EU taxonomy
The purpose of the Taxonomy is to shed light on how large a portion of a company’s turnover, capital expenditure (CapEx) and operating expenditure (OpEx) refers to products or services that can significantly contribute to one of the adopted environmental objectives.
Of the adopted environmental objectives, the objectives Climate change mitigation and Transition to a circular economy are the ones that NIBE Industrier, with its energy-efficient solutions, is primarily covered by.
The EU has chosen to focus on sectors that currently have the biggest impact on climate and the environment, which means that not all activities are Taxonomy-eligible. NIBE Element and NIBE Climate Solutions both have several products that are taxonomy-eligible but NIBE Stoves’ products are not.
Business area NIBE Climate Solutions
The majority of NIBE Climate Solutions’ products are Taxonomy-eligible, covered by activity 3.5 Manufacture of energy efficiency equipment for buildings. These include our heat pumps, water heaters, ventilation products and district heating products.
We have assessed that only those products that are able to meet all technical screening criteria are covered by the Taxonomy. One example is cooling and ventilation products, where a large proportion of our products are intended for commercial properties such as schools and hotels. Because these products have a higher capacity compared with products intended for non-commercial properties, they are not covered by the energy efficiency regulation referred to in activity 3.5 and are therefore disclosed under item B in the tables.
This approach has been used throughout for all products whose capacity is too high to be covered by the regulations and directives to which the Taxonomy refers. This is despite the fact that the products contribute to increased energy efficiency.
Some companies within Climate Solutions perform installation, repair and servicing of heat pumps. This activity is therefore covered by activity 7.6 Installation, maintenance and repair of renewable energy technologies. The same assessment is made in the case of companies offering heat pump leasing.
Business area NIBE Element
The activity descriptions in the Taxonomy do not always cover components, which affects the companies within NIBE Element as they manufacture components, not end-products. We only consider components to be Taxonomy-eligible in cases where the activity description specifically mentions components. An example of an activity that does not mention components is 3.1 Manufacture of renewable energy technologies, and we have therefore had to conclude that our components for wind power plants are not Taxonomy-eligible.
However, the environmental objective Climate change mitigation contains a number of other activities that mention components manufactured by NIBE Element. For example, activity 3.4 Manufacture of batteries, covering battery heaters, and 3.18 Manufacture of automotive and mobility components, covering components for fully electric vehicles, such as braking resistors.
Additionally, activity 3.5 also applies to NIBE Element because some of the companies manufacture components that are also installed in household appliances such as ovens and washing machines. However, the technical criteria for activity 3.5 are linked to the performance of the end-product and not that of the component, for example, that household appliances should fall into the highest two populated classes of energy efficiency. As many of our customers are not located within the EU and are therefore not familiar with this EU regulation, and we do not currently have information about the performance of the end-product, it is difficult for us to report which components within NIBE Element meet these criteria.
Business area NIBE Stoves
Products within NIBE Stoves are not Taxonomy-eligible.
