To achieve our GHG reduction targets, we use internal carbon shadow pricing, a measure designed to support our decision‑making regarding investments associated with the measures to be implemented (CapEx). This tool is used, for example, for the purchase of vehicles and owned equipment, for the refurbishment budgets of our stores, and for assessing the risks associated with energy price transitions within the scope of our climate scenario analysis.
Carbon pricing is linked to the cost of carbon taxes in Portugal and Colombia1, corresponding to an average of 41.74 euros per tonne of CO2e. In both cases, the value is defined by regulatory decree. The tax rate in Portugal is linked to the price of CO2 allowances under the EU Emissions Trading Scheme, while in Colombia the value is linked to the National Carbon Tax, which applies to the carbon‑equivalent (CO2e) content of all fossil fuels, including petroleum derivatives, fossil gas and solid fuels used for combustion.
We disclose further information on this topic in “ESRS – European Sustainability Reporting Standards”.
1 We did not consider the carbon tax currently in force in Poland, as it is regarded as significantly low and misaligned with international benchmark values (€0.09/t CO2), increasing the risk of resulting in an excessively low valuation, which would undermine the use of carbon pricing as a tool for internal risk management and efficiency.