Carbon footprint report 2023 : greenhouse gas emissions resulting from EIB Group internal operations.
Date: 2024-09-04
Institutions: European Investment Bank
Subjects: EU Member State, EU environmental policy, European Investment Bank, adaptation to climate change, comparative analysis, data processing, ecological footprint, energy use, environmental monitoring, greenhouse gas, reduction of gas emissions, renewable energy

Carbon Footprint Report 2023

Greenhouse gas emissions resulting
from EIB Group internal operations

Carbon Footprint Report 2023

Greenhouse gas emissions resulting
from EIB Group internal operations

Carbon Footprint Report 2023

© European Investment Bank, 2024.
All rights reserved
All questions on rights and licensing should be addressed to publications@eib.org.

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About this report

This report provides a detailed and comprehensive breakdown of the European Investment Bank (EIB) Group’s 
greenhouse gas emissions arising in 2023 from the EIB Group’s head office operations in the Kirchberg district of the 
city of Luxembourg. It also provides a comparative analysis of performance in relation to data from the previous year 
and from the baseline year of 2018.

This report has been prepared following a review of internal and external documentation, interviews with key EIB 
Group personnel and an interrogation of source data and data collection systems. All data collected and analysed in 
this report follow the World Resources Institute Greenhouse Gas Protocol principles of relevance, completeness, 
consistency, transparency and accuracy.

In line with reporting best practice, two emissions totals are disclosed — gross emissions and net emissions. The 
reporting primarily focuses on net emissions, which classify consumption from renewable energy as zero direct 
emissions. For tracking our performance in regard to carbon emission targets, the gross emissions are used to 
support and measure improvements in energy consumption and energy efficiency. To calculate gross emissions, 
national average conversion factors — an approach that better enables benchmarking — are used, independently 
of the EIB Group's market initiatives (such as renewable energy certificates of origin).

In 2023, we conducted an in-depth review of our greenhouse gas emission inventory to improve calculation 
methodologies and data accuracy and correct errors. We also expanded our operational reporting boundary by 
accounting for the upstream emissions of any type of energy consumed and account for their full lifecycle emissions. 
This has resulted in a restatement of our 2022 gross emissions but did not trigger a re-baselining or update of our 
carbon reduction target compared with base year emissions (2018). However, to allow for meaningful comparison, 
the detailed analysis by emission category looks at performance in 2023 with respect to the restated 2018 gross 
emissions. Details on the changes performed and the impact thereof can be found in Appendices I and II. 

For analysis purposes, the EIB Group’s carbon footprint is broken down into two main categories: mobility and 
buildings. The items included in each category in 2023 are as follows:

Buildings

Natural gas

Mobility

Company cars

Fugitive emissions

Air travel

Electricity

Employee commuting

Rental cars

Rail

Hotel stays1 

Steam

Courier

Water

Waste

Paper consumption

Data centres

The sum of both categories is equal to the EIB Group’s total carbon footprint.

1. 

 For conciseness reasons, emissions from hotel stays are not part of the total carbon footprint and are reported separately.

The EIB Group

The EIB Group is the European Union’s long-term financing institution. It provides finance and technical assistance 
to achieve sustainable and inclusive development through two complementary entities, the European Investment 
Bank (EIB or Bank) and the European Investment Fund (EIF).

The European Investment Bank — the EU bank — is owned by the EU Member States. The EIB is the world’s largest 
multilateral borrower and lender. The finance and assistance the EIB provides support the European Union’s values 
and objectives as laid down in EU policies. The EIB also operates globally as a multilateral development bank 
following the establishment in 2022 of a dedicated arm called EIB Global.

The European Investment Fund is dedicated to achieving EU objectives, notably with the aim of providing better 
access to finance for small and medium-sized enterprises and mid-caps through the design, promotion and 
implementation of risk-capital and risk-sharing instruments, including support for entrepreneurship, growth, 
innovation, research and employment.

The EIB Group’s environmental management system and climate 
programme

The EIB Group aims to lead by example in managing its environmental performance and disclosing the impact of its 
internal operations.2 The EIB Group implements an environmental management system in accordance with the 
European Union’s Eco-Management and Audit Scheme (EMAS) Regulation.3 EMAS provides all EIB Group services 
responsible for internal operations with a robust framework to implement programmes and initiatives, but also to 
monitor, evaluate, report and continually improve its internal environmental performance in a holistic manner.

As the EU climate bank, in 2020 the EIB Group endorsed the Climate Bank Roadmap 2021-20254 to support the 
European Union’s increased ambition of reducing greenhouse gas emissions to at least 55% below 1990 levels by 
2030. As well as setting ambitious Paris Agreement-aligned requirements and eligibility criteria for its projects and 
counterparties, the EIB Group has also committed to leading by example with its internal operations. Therefore, the 
Corporate Climate Programme aims to support the objectives of the Climate Bank Roadmap 2021-2025 by defining 
a carbon emissions-abatement pathway using a science-based methodology to guarantee the long-term alignment 
of its internal operations with a global temperature rise limit of 1.5° Celsius. The Corporate Climate Programme’s 
action plan to reduce the EIB Group’s internal environmental and carbon footprint is structured around three key 
areas of intervention:

• 

the way we travel;

• 

the way we work;

• 

the way we do business.

2. 

3. 
4. 

 Internal operations refer to all activities related to the way in which the EIB Group is structured to facilitate core business activities, for example workspace, human resource policies, security 
and safety services, business travel, IT and data management.
 Regulation (EU) 1221/2009, updated by Regulations (EU) 2017/1505 and (EU) 2018/2026.
 See Appendix III for detailed explanations on the carbon reduction pathway. The objective can also be found in the Climate Bank Roadmap 2021-2025, pages 64 and 65.

CONTENTS

  1 

 EXECUTIVE SUMMARY

1 

 2 

3 

4 

2023 PERFORMANCE RESULTS: KEY HIGHLIGHTS

EIB GROUP ACTIONS AND INITIATIVES

2023 PERFORMANCE: KEY DRIVERS

COMPENSATION OF NET RESIDUAL EMISSIONS

  5 

 CARBON FOOTPRINT

 5 

6 

11 

2023 PERFORMANCE SUMMARY

MOBILITY EMISSIONS

BUILDING EMISSIONS

  18 

  20 

  23 

ENVIRONMENTAL INDICATORS
 18 

EMISSIONS BY SCOPE

19 

NET EMISSIONS BY TYPE

APPENDIX I: ORGANISATIONAL AND OPERATIONAL BOUNDARY
 20 

ORGANISATIONAL BOUNDARY

 20 

 22 

OPERATIONAL BOUNDARY

REPORTING PERIOD COVERED

 APPENDIX II: METHODOLOGY

 23 

EMISSIONS SOURCES AND ACTIVITY DATA

 24 

 26 

 29 

 30 

 31 

 33 

EMISSIONS FACTORS

EMISSIONS INVENTORY CALCULATION

DATA QUALITY AND COMPLETENESS

CHANGES IN SCOPE AND METHODOLOGY AND THEIR IMPACT ON REPORTING

IMPACT OF METHODOLOGICAL CHANGES

EXCLUSIONS

  34 

 APPENDIX III: CARBON EMISSION REDUCTION TARGET 2018-2025

  35 

 APPENDIX IV: GRI STANDARD INDICATORS
 35 

GRI STANDARD 302-4: REDUCTION OF ENERGY CONSUMPTION

 35 

 36 

GRI STANDARD 305: REDUCTION OF GREENHOUSE GAS EMISSIONS

GRI STANDARD 306: WASTE BY TYPE AND DISPOSAL METHOD

  42 

 APPENDIX V: GLOSSARY OF EIB GROUP BUILDINGS

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EXECUTIVE SUMMARY

2023 performance results: key highlights

In 2023, the EIB Group continued to decouple the growth of its greenhouse gas emissions from 
growth in staff numbers. Between 2023 and the 2018 baseline year, the EIB Group reduced its 
annual gross emissions by 18.4% and its net emissions per employee (intensity) by 39%.

GROSS EMISSIONS 
(tCO2E)

NET EMISSIONS 
(tCO2E)

TOTAL 
EMPLOYEES5 

INTENSITY PER 
EMPLOYEE (tCO2E)

2023

vs. 2022 (restated)

vs. baseline 2018 

22 251

+1.3%

-18.4%

17 393 

+3.4%

-22.4%

4 971

+7.0%

+27.6%

3.5

-3.3%

-39.2%

Between 2022 and 2023, the EIB Group’s carbon emissions (both gross and net) remained fairly stable despite a staff 
increase of 7%. By mid-2022, social restrictions linked to the COVID-19 pandemic had been lifted and resulted in a 
partial return to the office coupled with homeworking as a well as a resumption in business travel, following years 
of significant disruption. This resulted in a notable increase in emissions in 2022 compared to 2020 and 2021. 
However, in 2023, gross emissions did not go back to pre-COVID levels, with gross emissions showing a stabilisation 
at significantly lower levels than those observed before the pandemic, suggesting that new ways of travelling and 
working have partially been embedded. However, this stabilisation may also demonstrate that further greenhouse 
gas emission reductions in the aftermath of the COVID-19 crisis will remain challenging.

In terms of medium-term progress, while the number of employees increased by 28% between 2018 and 2023, gross 
emissions decreased in absolute terms by 18% over the same period.

In line with its committed emission abatement pathway 2018-2025, the EIB Group achieved an absolute gross 
emission reduction of 30.0%6 compared to the base year 2018. This reduction means it remains on track to meet its 
carbon emission reduction targets for 2025 (see Appendix III).

)
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2
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(

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G

30 000

25 000

20 000

15 000

10 000

5 000

0

7

6

5

4

3

2

1

0

2018

2019

2020

2021

2022 (restated)

2023

25000

Total gross emissions

Net emissions intensity

Baseline

Figure 1: The EIB Group gross emissions and net intensity emissions and trends in tCO2e

5. 
6. 

 In this report, the number of employees refers to staff headcount.
 This reduction percentage is determined as best as possible by applying the 2018 scope of activities and calculation methodologies to the latest year’s data. Determining this percentage 
reduction includes an element of uncertainty, given the evolving nature of the data collected and emissions methodologies employed over the years (see Appendix II).

EXECUTIVE SUMMARY

1

 
 
EIB Group actions and initiatives

The EIB Group has been reporting on its environmental impact since 2007 and obtained the certification of its 
environmental management system under EMAS in 2018. In 2021, the Corporate Climate Programme stepped 
up the efforts made to reduce corporate carbon emissions by introducing a multi-annual programme approach. 

Across the EIB Group, numerous actions and initiatives to reduce corporate carbon emissions have been 
implemented. Initiatives specific to 20237 include the following:

Buildings

Construction of a net-zero emission building (ongoing)

Adjustment of temperature settings in the office to 21°C in winter and 25°C in summer (started in 2022, continued in 2023)

Roll-out of a new workplace design policy and real estate strategy to optimise the use of space and the number of workstations per staff

Optimisation of the metering system in own buildings to improve monitoring and analysing (electricity, thermal and water)

Retrofit of LED lamps with dimmable sensors in offices and in common area in the main EIB Group building.

Roll out of smart building technology connecting the building management system and energy software with location real-time 
activity

Adjustment of temperature conditions in information technology (IT)/server rooms

Technology

Deployment of the Microsoft 365 cloud-based solution and progressive decommissioning of redundant IT applications to modernise and 
simplify IT architecture and make data storage more energy efficient

Introduction of print awareness tool

Selection of more energy-efficient computer devices to be deployed in 2024

Amendment to the end-of-life IT asset policy to extend the IT equipment lifetime

Reducing consumption and waste

Implementation of guidelines for green and reduced packaging for IT equipment purchased

Donation of 1 000+ computers to schools and charities to ensure technology has a second life and to reduce both waste and 
production of more IT

Staff mobility

Maintenance and expansion of high quality bicycle parking facilities, safe access and repair stations

Study on business travel habits for potential business travel improvements

Staff training and awareness raising

Launch of a training course for all staff on sustainable use of buildings and on soft mobility habits called “Climate, how can I 
contribute?”

Quarterly Climate Forum to allow for exchange of knowledge, action plans and best practices among directorates

First Climate Fresk workshops organised at the EIB

Three-week My Little Planet ecological challenge and other awareness-raising games during the EIB Group Games

Organisation of bike repair workshops and repair cafés for staff

Performance reporting 

Implementation of a new robust automated data collection package to streamline reporting

7. 

 For past initiatives, please refer to the previous Carbon Footprint Reports and EMAS Environmental Statements.

2

EIB GROUP 2023 CARBON FOOTPRINT REPORT2023 performance: key drivers

“In 2023, efforts to curb emissions related to buildings had a positive impact on emissions 
(-11%), while mobility emissions grew (+8%), in line with the number of staff without going 
back to pre-COVID levels.”

Drivers for the increase of greenhouse gas emissions

473

55

7

-2

-9

-33

-351

-471

-515

Heat

22 251

)
e
2
O
C
t
(

s
n
o
i
s
s
i

m
E

24 000

23 000

22 000

21 962

1 136

21 000

20 000

19 000

2022

Business 
travel: air

Commuting

Data centre

Paper

Other

Fugitive 
emissions

Minibus

Electricity

Working 
from home

Heat

2023

Figure 2: Drivers for the variation between the 2022 and 2023 gross carbon emissions 

Strong improvements for emissions related to buildings

Significant efforts have been made to reduce the utility consumption of buildings through efficiency measures on 
technical installations, workspace optimisation and the procurement of energy-efficient equipment. This resulted 
in a notable decline in the gross emissions of purchased electricity (-8.0%) and of purchased steam (-25.7%). 
Although small in absolute terms, emissions from water consumption also slightly declined in 2023 as compared to 
2022 (-11%). 

Organisational growth keeps pressure on absolute emissions
A significant portion of the carbon footprint is closely correlated with the organisational growth in line with the 
number of employees. The EIB Group can influence but does not have direct control over the way staff use its 
infrastructure and services, or their mobility choices for personal and business reasons. Business travel remains the 
largest contributor to total emissions. With the increase in staff, data centres also require more capacity and power 
to function, although their efficiency has significantly improved.

Homeworking vs. commuting — a zero-sum game
Homeworking and commuting emissions follow the patterns of actual presence in the office and tend to balance 
each other out, reflecting the frequency of office attendance. Typically, an employee generates about 4.5 kg CO2e8  
per day when working from home. This figure closely matches the combined emissions from their daily commute 
(3.8 kg CO2e) and their share of office utilities like heating and electricity, regardless of the season. 

8. 

 This result is highly dependent on the underlying consumption and behaviour assumptions described in Appendix I and will be refined over the future reporting cycles.

EXECUTIVE SUMMARY

3

 
One of the lasting effects of the COVID-19 pandemic for all businesses will be the reshaping of homeworking 
practices. The EIB Group is no exception, with a significant number of its employees now working from home on a 
part-time basis. This change is leading to altered working patterns and emissions. Notably, the emissions associated 
with working from home, previously disregarded because of their minimal impact, have now become an important 
aspect of the EIB Group’s carbon footprint reporting.

Compensation of net residual emissions

The EIB Group remains strongly committed to reducing its own corporate carbon footprint. Despite the results 
achieved so far, we know there is more to do. As part of its operating model, the EIB Group has to use energy and 
needs to travel in order to conduct its business. This is why the EIB Group has systematically implemented carbon 
compensation since 2014 and disclosed the origin and quantity of third-party carbon credits purchased in the 
corresponding carbon footprint reports. 

The EIB Group will procure high-quality carbon credits in support of climate projects with high social and economic 
co-benefits as a climate contribution for its 2023 net residual emissions in 2024. The results will be communicated as 
soon as completed. 

In some cases, we also obtained certified carbon credits beyond our value chain through the purchase of goods and 
services from our suppliers. For example, Lufthansa Group offset 393 tCO2e in flight-related greenhouse gas 
emissions from its participating airlines in 2023 on behalf of the EIB Group, making a contribution to climate 
protection projects that are internationally certified based on the Gold Standard or, in case of technology-based 
projects, VCS or Puro.earth.

DHL Group also offset 33 tCO2e in greenhouse gas emissions generated by transportation and logistics related to EIB 
Group shipments in 2023 via registered climate protection projects across the world.

4

EIB GROUP 2023 CARBON FOOTPRINT REPORTCARBON FOOTPRINT

2023 performance summary

NET EMISSIONS (tCO2E)

TOTAL EMPLOYEES

NET INTENSITY PER EMPLOYEE (tCO2E)

2023

vs. 2022 
(restated)

vs. baseline  
2018

17 393

+3.4%

-22.4%

4 971

+7.0%

+27.6%

3.5

-3.3%

-39.2%

In 2023, we note that the overall increase in net emissions (+3.4%) is lower than the increase in the number of 
employees (+7.0%). This is explained by an increase in mobility emissions (+7.0%) commensurate with the increase in 
number of employees, while net emissions linked to buildings have fallen sharply (-22.4%).

In 2023, the EIB Group’s net emissions intensity decreased by 3.3%, from 3.62 tCO2e in 2022 to 3.50 tCO2e per 
employee in 2023.

25 000

25 000

20 000

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15 000

10 000

5 000

0

8

6

4

2

0

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p
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(
t
C
O
2
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)

l

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022
(restated)

2023

Scope 1 net emissions
Net emissions per employee

Scope 2 net emissions

Scope 3 net emissions

Figure 3: EIB Group net emissions over time (tCO2e) — total emissions and relative emissions per employee9 

9. 

 Greenhouse gas emissions in 2022 were restated as compared to those reported in the Carbon Footprint Report 2022 in an effort to improve data accuracy, refine the methodology and 
reflect the increased perimeter chosen to report 2023 emissions. Therefore, emissions reported in 2022 and 2023 have a broader reporting scope than the emissions reported in the years 
before 2022, which makes then not directly comparable with the previous years.

CARBON FOOTPRINT

5

 
 
 
 
 
 
Since 2019, in addition to presenting aggregated results by scope in accordance with the Greenhouse Gas Protocol, 
we have also distinguished between mobility and building-related emissions to support the communication of their 
comparative weight within total emissions. 

As for similar financial and professional services organisations, the EIB Group’s building-related emissions are 
restricted to office-based consumption and the principal determinant of its overall footprint is its mobility emissions. 

On a gross basis, building-related energy consumption accounts for 30% of overall emissions. However, on a net 
basis, emissions relating to building usage account for 10% of the overall carbon footprint thanks to all EIB Group-
purchased electricity being covered by green guarantees of origin or certified as “renewable” by the electricity 
provider. Like in the past, business travel remains the largest contributor to total emissions on both a net and a gross 
basis.

100

80

60

40

20

0

70%

30%

Gross

90%

10%

Net

Buildings

Mobility

Figure 4: Percentage breakdown of net and gross emissions in 2023 (tCO2e)

Mobility emissions

Mobility emissions, made up of business travel (in various transport modes), company cars, staff commuting and 
homeworking,10 accounted for 90% of total net emissions in 2023.

DISTANCE TRAVELLED 
(THOUSAND KILOMETRES)

GROSS EMISSIONS (tCO2E)

2023

vs. 2022 (restated)

vs. baseline 2018 (restated)

105 682

+21%

 -14.2%

15 610

+7.6%

-10.5%

In 2023, mobility emissions increased by 7.6% as compared to 2022, mainly driven by air travel. 

10. 

 Working from home is categorised as an optional reporting category under “commuting” under the Greenhouse Gas (GHG) Protocol Scope 3 methodology.

6

EIB GROUP 2023 CARBON FOOTPRINT REPORTHomeworking - 1 816 tCO2e
12%

Rail - 5 tCO2e
0%

Commuting - 2 612 tCO2e
17%

Business travel (flights) - 11 078 tCO2e
71%

Figure 5: Breakdown of 2023 gross mobility emissions by source

Business travel

DISTANCE TRAVELLED 
(THOUSAND KILOMETRES)

NUMBER OF 
BUSINESS TRIPS

GROSS EMISSIONS 
(tCO2E)

2023

vs. 2022 (restated)

vs. Baseline 2018 (restated)

103 522

+16%

N/A

12 138

+30%

-34% 
(2023 compared to 2019 as 2018 not available)

11 119

+11.4%

-22.8%

Given the EIB Group’s role as a global financier, business travel — by air, train, bus and company or rental cars — is 
an unavoidable part of its business and continues accounting for most mobility emissions (71%). However, the EIB 
Group has put in place sizeable digital and video-conferencing infrastructure to incentivise alternatives to travel 
whenever compatible with business interest. 

Air travel

DISTANCE 
TRAVELLED 
(THOUSAND 
KILOMETRES)

GROSS 
EMISSIONS 
(tCO2E)

NUMBER OF 
AIR 
BOOKINGS

AVERAGE EMISSIONS 
INTENSITY PER AIR 
TRAVEL (tCO2E)

2023

32 812

vs. 2022 (restated)

+15.7%

vs. baseline 2018 
(restated)

-28.1%

11 078 

+11%

-22.6%

12 428

+21%

N/A11 

0.89

-8.4%

N/A

% OF 
BUSINESS 
CLASS 
FLIGHTS 

44.2%

60.0%

56%

11. 

 In 2018, flight reporting was carried out on a flight-by-flight basis, while from 2022 this reporting was carried out by booking, with connections being merged. Therefore, the two figures 
are not comparable.

CARBON FOOTPRINT

7

Emissions associated with air travel increased by 11% from 9 942 tCO2e in 2022 to 11 078 tCO2e in 2023. Overall, there 
is an upward trend on all indicators: +21% in number of flights, +16% on kilometres travelled by plane and +8% on 
business class flights.

Only 17% of travel involves long-haul trips. They account for 71% of air emissions, with a smaller proportion arising 
from short-distance flights in business and economy classes (16% and 12%, respectively) and the remaining 
emissions arising from long-distance economy class flights (premium economy flights account for less than 2% of 
air travel emissions). During the COVID-19 pandemic, for health safety reasons, travelling business class was chosen 
by default including on short-distance flights. This requirement was lifted at the end of 2022, which explains the 
decrease in business class flights, back to the same proportions as before the pandemic — in 2022 60% of flights 
were in business class, while this was only 44% in 2023. Business class flights are still preferred for longer flights, as 
the average flight length is 4 206 km in business class and 1 387 km in economy class.

Business class flights account for 44% of the total number of flights and are responsible for 85% of total air travel 
emissions.

First - 27 tCO2e
0.2%

Economy - 1 587 tCO2e
14.2%

Premium economy - 41 tCO2e
0.4%

Business - 9 532 tCO2e
85.2%

Figure 6: Air travel emissions by travel class 2023

Despite this annual increase in air travel emissions, the EIB Group recorded a significant decrease in its air travel 
emissions as compared to its base year emissions (-22.6%). This confirms a behavioural shift observed after the 
COVID-19 pandemic and the increased use of digital tools for holding meetings or attending conferences.

Car travel

DISTANCE 
TRAVELLED IN 
2023
(THOUSAND 
KILOMETRES)

DISTANCE 
TRAVELLED IN 
2023 
VS. 2022 
(RESTATED)

GROSS 
EMISSIONS 2023
(tCO2E)

GROSS 
EMISSIONS 2023 
VS. 2022 
(RESTATED)

GROSS 
EMISSIONS 2023 
VS. BASELINE 
(2018 RESTATED)

Company cars

Rental cars

362

172

+14.9%

+14.7%

28.5

35.4

-7.0%

+4.6%

-63.0%

-46.3%

8

EIB GROUP 2023 CARBON FOOTPRINT REPORTAlthough they account for a small proportion of overall emissions, the inclusion of rental car emissions provides a 
more complete disclosure of emissions from car travel. The EIB Group continues to work with its suppliers to improve 
the quality of data received. We record the distance travelled in both diesel and petrol cars rather than cost data 
alone.

The previous year showed an increase in the number of kilometres driven by company vehicles (+15%), while the 
associated emissions in 2023 decreased by 7% thanks to an increasing share of hybrid/electric vehicles in the 
company fleet since late 2018. 

The emissions from the shuttles traveling between EIB Group's buildings in Luxembourg are no longer reported 
separately but embedded in the total electricity footprint following the electrification of the shuttle vehicles.

Rail travel emissions

DISTANCE 
TRAVELLED IN 
2023 
(KILOMETRES)

DISTANCE 
TRAVELLED IN 
2023 VS. 2022 
(RESTATED)

GROSS 
EMISSIONS 2023 
(tCO2E)

VS. 2022 
(RESTATED)

VS. BASELINE 
(2018)

Train

1.17m

+45.0%

5.2

+44.8%

-78.5%

Rail travel accounts for just 0.1% of total gross emissions. 

Emissions associated with rail travel increased by 45% between 2022 and 2023, from 3.6 tCO2e to 5.2 tCO2e (vs. 
24 tCO2e in 2018). This increase is consistent with the corresponding increase in the number of kilometres travelled 
by train, from 807 000 to 1.17 million km. This increase in train-related emissions is an integral part of the strategy to 
shift from carbon-intensive modes of transport (air, car) to this much lower-carbon alternative. 

Hotel stays

HOTEL NIGHTS 
BOOKED IN 2023

HOTEL NIGHTS 
BOOKED IN 2023 
VS. 2022

NET EMISSIONS 
(tCO2E)

VS. 2022

Hotel stays 

17 988

+41.1%

510

+34.7%

In 2022, emissions from hotel stays drastically increased as COVID-19 travel restrictions ended and business travel 
increased. This increase was confirmed in 2023, with an increase of 41.1% in the number of hotel nights compared to 
2022. Gross emissions similarly increased by 34.7% compared with 2022, reaching 510 tCO2e in 2023.

In 2019, the EIB Group started calculating and reporting hotel stays internally and continued to do this in 2020 and 
2021 as the impact of the pandemic became apparent. However, hotel stays are reported separately from the EIB 
Group 2023 footprint until a more precise methodology based on hotel class is adopted. Moreover, the reporting of 
overnight stays is optional in the Greenhouse Gas Protocol.

CARBON FOOTPRINT

9

Working from home and commuting emissions

DISTANCE 
TRAVELLED FOR 
COMMUTING 
(THOUSAND 
KILOMETRES)

17 492

+25%

GROSS EMISSIONS 
COMMUTING (tCO2E)

% TOTAL DAYS HOME 
WORKED

GROSS EMISSIONS 
HOMEWORKING 
(tCO2E)

2023

vs. 2022 (restated)

Baseline 2018 
(restated)

2 610

+22%

36.0%

45.6%

0.03%

1 816

-21%

0.0

12 524 12 

2 838 (car only)

Commuting and homeworking are the second and third most significant emissions sources in mobility, respectively. 
They are inversely correlated.

Commuting emissions increased by 22% in 2023, as a result of the return to the office and the increase in the number 
of employees. The assumptions underlying the calculation are based on the number of person-days in the office, an 
average return distance to work of 25 km and a transport mode split from the EIB Group staff mobility survey 
conducted in 2021 that estimated that 54% of staff commute by car, 26% by public transport, 6% by train, 6% in a 
carpool, 5% by bike and 3% on foot. 55% of staff live less than 5 km from the office, 35% of whom come to work by 
car.

Staff are encouraged to use sustainable means of transport in their daily commute, such as cycling to work or using 
public transport, through awareness-raising initiatives. To calculate homeworking emissions, we applied the average 
household energy consumption estimates produced by the UK Office of Gas and Electricity Markets (Ofgem). We 
used the methodology described in a white paper produced by EcoAct in partnership with Lloyds Banking Group 
and NatWest Group. Further details of the calculation methodology and a link to the white paper can be found in 
Appendix II.

Courier shipment emissions

CONSUMPTION

VS. 2022 
(RESTATED)

GROSS 
EMISSIONS 2023
(tCO2E)

VS. 2022 
(RESTATED)

VS. BASELINE 
2018 (RESTATED)

Courier

6 186 shipments

-1.4%

33.9

-1.4%

-45.3%

Emissions linked to courier shipments stabilised between 2022 and 2023 in spite of an increase in business activity 
and partly thanks to the roll-out of electronic signatures at the beginning of 2021. Courier emissions decreased by 
45% between 2018 (baseline year) and 2023.

12. 

 The base year emissions for commuting assumed of a 35 km return commuting distance and on the count of cars parked. They are therefore not directly comparable to 2023.

10

EIB GROUP 2023 CARBON FOOTPRINT REPORTBuilding emissions

EIB Group buildings’ gross emissions decreased by 11% in 2023 while on-site staff presence 
increased by 17%.

Building-related energy usage accounts for 30% of the EIB’s Group gross emissions, with electricity consumption 
(71%) and heat (23%) accounting for most of the building-related gross emissions.

Courier - 34 tCO2e
0.5%

Paper consumption - 60 tCO2e
0.9%

Data centres - 308 tCO2e
4.6%

Water supply - 20 tCO2e
0.3%

Waste - 11 tCO2e
0.2%

Fugitive emissions - 3 tCO2e
0.1%

Heat - 1 490 tCO2e
22.3%

Electricity - 4 749 tCO2e
71.1%

Figure 7: Breakdown of building-related gross emissions by source (tCO2e)

TOTAL ENERGY 
CONSUMPTION
(MWh)

CONSUMPTION PER 
EMPLOYEE (KWh)

GROSS EMISSIONS13 
(tCO2E)

GROSS EMISSIONS 
PER EMPLOYEE 
(tCO2E)

202314 

vs. 2022 (restated)

vs. 2018 baseline 
(restated)

28 578

-10.9%

-18.9%

5 749

-17.4%

-36.4%

6 675

-10.9%

-19.5%

1.34

-16.8%

-36.9%

Total energy consumed (consisting of the electricity from buildings and data centres as well as steam) decreased by 
10.9% in 2023. This is the result of the continuation of a voluntary energy sobriety plan initiated at the end of 2022 
in line with guidance from the European Commission (also adopted by the government of Luxembourg) to reduce 
gas consumption by 15% in the winter of 2022/2023. Efforts to reduce energy consumption were not counter-
balanced by the higher average presence in the office (from 46% in 2022 to 63% in 2023) thanks to the start of the 
implementation of a new workspace design policy aiming to optimise the number of workstations per staff member 
(including contractors).

13. 

14. 

 As from 2022 restated emissions, all the energy-related gross emissions consider the full lifecycle emissions of the energy consumed: fuel generation, transmission, distribution and 
consumption. For more details, see Appendix II: Methodology.
 With the lease of the crèche building (the only EIB Group building heated with natural gas) as from end of 2022, natural gas emissions are no longer in scope of the carbon footprint as from 
2023.

CARBON FOOTPRINT

11

Electricity in offices

CONSUMPTION
(MWh)

CONSUMPTION PER 
EMPLOYEE (KWh)

GROSS EMISSIONS 
(tCO2E)

Electricity

vs. 2022 (restated)

vs. 2018 baseline 
(restated)  

16 487

-6.9%

-18.5%

3 411

-13.8%

-34.3%

4 749

-6.9%

-27.2%

GROSS EMISSIONS 
PER EMPLOYEE 
(tCO2E)

0.98

-13.8%

-41.3%

Electricity consumption in office buildings accounts for the largest proportion of building-related emissions. It 
decreased in 2023 in comparison with 2022 (-6.9%). While the crèche building was removed from the EIB Group’s 
organisational boundary in September 2022, the LHO15 building occupancy was expanded in 2022 to accommodate 
more staff. 

Since 2009, all EIB Group-purchased electricity has been from renewable sources covered by either green guarantees 
of origin or certified from renewables and is therefore reported as zero emissions on a net basis. For electricity use 
in buildings where the EIB group is the sole occupant, guarantees of origin are purchased from LEO Energy, 
equivalent to 86% of EIB Group use in 2023. As a result of shared meters in the remaining buildings, the remaining 
electricity is purchased from Enovos in the form of a green electricity contract that is independently certified every 
year as renewables (solar, wind, hydro and biomass).

BUILDING

WKI

EKI

PKI

BLB

IAK

LHO

Crèche

BHK

Total

2018

7 091

5 665

1 874

1 390

2 702

1 193

81

224

2022

6 430

5 018

1 161

1 004

2 169

1 366

8

552

2023

CHANGE FROM 
2022 TO 2023 

CHANGE FROM 
2018 TO 2023

6 031

4 328

1 479

922

1 837

1 371

0

519

 -6%

-14%

27%

-8%

-15%

0%

-100%

-6%

-7%

-15%

-24%

-21%

-34%

-32%

15%

-100%

132%

-19%

20 219

17 707

16 487

Table 1: Electricity consumption by building (MWh)

15. 

 See Appendix IV for a glossary of EIB Group buildings.

12

EIB GROUP 2023 CARBON FOOTPRINT REPORTPurchased steam 

CONSUMPTION
(MWh)

% RENEWABLE ENERGY IN 
TOTAL HEAT MIX

GROSS EMISSIONS (tCO2E)

2023

vs. 2022 (restated)

vs. 2018 baseline 
(restated)

12 091

-17.3%

-18.7%

62.0%

58.0%

55.6%

1 280

-26% 

+15.6%

EIB Group buildings are connected to the Kirchberg district heating network, which — except for one building (BLB) 
— in 2023 generated steam via a 62% biomass cogeneration and 38% fossil gas mix. The steam provided to the BLB 
building is fully generated by biomass. 

In 2023, purchased steam used for heating was the second-largest source of building-related emissions, contributing 
1 490 tCO2e, or 23% of gross building-related emissions. Emissions from steam decreased by a significant 26% 
between 2022 and 2023, mainly thanks to a decrease of 17% in consumption. 

As compared to the restated base year emissions, emissions from the steam purchased in 2023 are 16% higher in 
spite of a 19% reduction in consumption because of the higher share of direct gas combustion in the steam 
production mix (37%) in 2023 than in 2018 (21%).

Other building-related emissions

CONSUMPTION

GROSS EMISSIONS (tCO2E)

2023

vs. 2022

vs. 2018 baseline 
(restated)

2023

vs. 2022

vs. 2018 baseline 
(restated)

Paper

Water

Waste

66.1 tonnes

+14.1%

52 220 Ml16 

-1.4%

651 tonnes

+45.0%

Data centres

878 MWh

+21.7%

-55%

-20%

-41%

-3%

Fugitive emissions

0.8 kg (leaks)

-83.7%

+60%

60.2

19.7

11.5

253.0

2.6

+12.8%

-11.5%

+45%

+21.7%

-77.6%

-57.0%

-70.4%

-32.3%

+33.9%

+32.6%

Net emissions for paper, water and waste are equal to gross emissions.

Paper represents the largest other building-related emissions source on a net basis at 3.3%, with waste and water 
combined accounting for 2%. The EIB Group continues to identify initiatives to improve data availability and quality 
and reduce paper and water consumption.

For the first time, fugitive emissions from cooling equipment are being reported. Although they account for only 2% 
of total gross emissions and may be considered not material to report on, they are a compulsory Scope 1 emission 
reporting category according to the requirements of the Greenhouse Gas Protocol Standards.

16. 

 Since 2020, the way water use is measured has changed from m3 to megalitres (Ml) to align with the reporting units required by the Global Reporting Initiative.

CARBON FOOTPRINT

13

Fugitive emissions- 3 tCO2e
2%

Waste - 11 tCO2e
9%

Water supply - 22 tCO2e
17%

Paper - 60 tCO2e
46%

Courrier - 34 tCO2e
26%

Figure 8: Breakdown of other building-related net emissions by source (tCO2e)

Paper
Paper emissions increased to 60.2 tCO2e in 2023. However, the consumption and emissions linked to paper have 
drastically decreased (-55%) since the baseline year. A tonne of paper emits the equivalent of 919 kg CO2e.

The EIB Group has undertaken several measures to reduce paper consumption in recent years, such as decentralised 
printing with automatic deletion of unprinted jobs, digitalised workflows, digitalisation of internal mail and digital 
signature.

Paper consumption, from both the in-house copy centre and the decentralised office printers, increased from 58 
tonnes in 2022 to 66.1 tonnes in 2023, which can be explained by the increase in office activity due to employees 
returning to the office. No seasonal or team printing patterns have been identified.

Water
Overall  water  consumption  across  office  locations  decreased  by  1.4%  from  52  951  megalitres  in  2022  to 
52 220 megalitres in 2023. This was in spite of a higher number of days spent in the office by employees in 2023 than 
in 2022 and the resumption of on-site catering activities at the end of 2022.

With employees returning to the office in 2022, water consumption — and therefore emissions — bounced back 
after the COVID-19 years. However, water conservation measures, in particular in the EIB Group’s restaurants, have 
had a positive impact with a 20% decrease in volume of water consumed. In fact, catering, with meals cooked for 
staff in our head office, typically represents 45% of water consumption in buildings.

Waste
In 2018, waste data were improved so that they could be collected and reported for each individual campus building, 
rather than simply providing total volumes across the campus.

The total volume of waste, including hazardous and waste electrical and electronic equipment, disposed of in 2023 
increased by 12% compared with 2022.

Office refurbishment has led to an increase in waste, mainly in the form of wood, with furniture producing 
104 tonnes of waste. A further 46 tonnes came from glass office partitions. All of this was sent for recycling.

14

EIB GROUP 2023 CARBON FOOTPRINT REPORTTYPE

Mixed

Organic

Paper

Glass

Plastic

Metal

Wood

Total

Hazardous waste, electrical waste, electronic equipment, and construction waste

Table 2: Waste emissions and activity data

TREATMENT

VOLUME (TONNES)

EMISSIONS (tCO2E)

Incineration

Biomethanation

Recycled

Recycled

Recycled

Recycled

Recycled

63

131

112

64

21

34

117

542

10

3.5

1.2

2.4

1.4

0.4

0.03

2.5

11.3

0.14

4

3

2

1

0

2

e
O
C
t

s
n
o
i
s
s
i

m
E

3.5

Mixed

1.2

Organic

2.4

Paper

0.2
1.4

Glass

0.4

Plastics

0

Metal

2.5

Wood

Figure 9: Total emissions by waste type (tCO2e)

Data centres

CONSUMPTION IN 
2023 (MWh) 

CONSUMPTION 2023 
VS. 2022

GROSS EMISSIONS IN 
2023 (tCO2E)

GROSS EMISSIONS 
2023 VS. 2022

Data centres

1 069

+21.7%

25.7

+21.7%

Emissions from data centres fall under Scope 3 emissions, as the data centres are not owned or operated by the EIB 
Group but include data associated with EIB Group activities. In 2023, the electricity consumption of data centres 
increased by 21% compared with 2022. Power consumption increased overall in 2023, corresponding to the increase 
in staff headcount. Despite this growth, electrical consumption remains lower than in previous years, as the new 
hardware is more efficient.

CARBON FOOTPRINT

15

 
 
 
70 000

60 000

50 000

40 000

30 000

20 000

10 000

)
h
W

k
(

n
o
i
t
p
m
u
s
n
o
c
l
a
c
i
r
t
c
e
l
E

0

Jan-20

Dec-20

Dec-21

Dec-22

Dec-23

R12 (DC2)

H13 (DC1)

DC1 Bissen 

Figure 10: Electricity consumption of EIB Group data centres (kWh)

The energy for the EIB Group's data centres comes entirely from hydroelectricity, so the net emissions linked to the 
use of data centres are very low, as they are associated with a hydraulic emission factor.

16

EIB GROUP 2023 CARBON FOOTPRINT REPORT 
 
 
Case study: Continued commitment of the EIB Group to cut its building-related 
energy use

The EIB Group is committed to reducing its corporate carbon footprint. To ensure we remain in line with the 
greenhouse gas emissions reduction pathway to 2025, the Group assessed actions to take when it comes to 
cutting building-related energy consumption.

New energy efficiency measures 

The EIB Group implemented a comprehensive programme in 2023 to cut its energy use and greenhouse gas 
emissions through new energy efficiency measures. These measures have been implemented and include 
the following:

• installing smart meters and sensors to monitor and control energy consumption;
• upgrading lighting and HVAC systems to improve efficiency and comfort;
• optimising building design and insulation to reduce heat loss and gain;
• raising awareness among employees on how to save energy at work and at home.

Workplace transformation

The EIB Group adopted a hybrid workplace strategy in 2023, giving its employees the flexibility to work from 
home or the office, based on their preferences and tasks. It has invested in digital tools and platforms to 
enable seamless collaboration and communication across teams and locations. 

The Group has also redesigned its office spaces to offer a variety of work modes, such as focus, collaboration, 
learning and socialising. The workplace transformation aims to enhance employee engagement, productivity 
and well-being, as well as lower travel costs and emissions. 

This transformation will enable the EIB Group to consolidate its staff around its main campus, which will 
reduce its real estate portfolio of rented buildings.

Main achieved results

The various energy-saving measures and initiatives led to electricity and heating savings of 5 200 MWh in 
2023 when compared with the average electricity and heating consumption from 2018 to 2022 and adjusted 
for differences in weather conditions. These savings account for 15.1% of the EIB Group’s average equivalent 
gas consumption during the same period.

As a result of the energy efficiency measures, the EIB Group reduced its electricity consumption in 2023 by 
8% and its heat consumption by 17% compared to 2022.

CARBON FOOTPRINT

17

ENVIRONMENTAL INDICATORS

Emissions by scope

EMISSIONS 
SOURCE

Scope 1 Natural gas

Company cars

Fugitive emissions

2023 2022 

(restated) 2022 2021 2020 2019 2018 

(restated) 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

0

19 

 3 

3

21

12

3

21

12

30

10

32

20

58

N/A

N/A

N/A

N/A

24

52

2

24

51

N/A

28

62

28

70

24

58

0

69

297

75

399

96

433

103

329

112

464

107

743

99

833

100

Scope 2 Purchased steam

2 972 

3 192

1 893

2 372

2 689

3 495

4 345

4 226

5 344

5 245

5 717

5 693

6 765

6 876

7 061

7 111

7 367

7 454

6 085

Cold supply

1 280 

1 734

261

861

731

653

1 107

660

743

798

421

354

485

459

390

502

490

374

249

Scope 3 Business travel (flights)

11 078 

9 942 11 393

1 313

3 084 18 228 14 313 18 905 17 736 15 972 14 724 13 677 11 163

9 168 12 131

11 413 10 858 13 489 12 407

Minibus (including 
internal mail)17 

Commuting

Courier

Rental cars

Water

Waste

Paper consumption 

Data centres

Homeworking

Rail

Upstream emissions 
— Electricity 

Upstream emissions 
— Steam 

Upstream emissions 
Natural gas 

Upstream emissions 
— Energy from 
company cars

0

33

33

28

17

54

60

60

46

38

32

27

56

52

141

130

130

270

270

 2 612 

2 140

1 354

617

758

2 755

2 838

2 838

2 874

2 735

2 638

2 701

2 042

6 190

6 369

6 369

4 407

4 363

3 749

62

52

70

17

130

189

-

72

45

62

10

109

277

-

74

92

58

11

107

290

-

70

-

50

11

105

405

-

70

-

47

13

73

422

-

70

-

50

10

106

-

-

-

-

-

–6

83

-

-

-

-

-

–2

115

-

-

-

-

-

–4

146

-

-

-

-

-

0

120

-

-

-

-

-

–1

227

-

-

-

-

-

0

200

-

-

34 

 35 

20 

 11 

 60 

33

34

22

8

53

 308 

253

34

37

31

8

43

96

33

6

17

8

31

37

13

45

6

37

177

152

 1 816 

2 287

2 156

2 204

1 876

61

58

69

15

98

139

-

 5 

4

 1 778 

1 909

210

270

0

 9 

1

10

62

66

70

17

130

291

0

24

2 180

185

4

16

Totals

Total Scope 1

 20 

36

24

41

42

78

78

75

91

98

82

69

372

495

536

441

570

842

933

Total Scope 2

Total Scope 3

 4 251 

4 926

2 154

3 232

3 420

4 148

5 452

4 886

6 087

6 042

6 137

6 047

7 249

7 335

7 451

7 613

7 857

7 857

6 366

17 978 17 000

15 174

4 434

6 025 21 476 20 258 22 319 21 231 19 375 18 035 17 030 13 496 15 488 18 755 18 055 15 515 18 348 16 626

Total gross emissions

22 251 21 962 17 353

7 708

9 487 25 702 25 787 27 280 27 408 25 515 24 254 23 146 21 118 23 317 26 741 26 109 23 943 27 047 23 926

Electricity (green tariff)

-4 858 

-5 146

-1990 –2 549 –2 841 –3 634

-6582 –4 226 –5 344 –5 245 –5 717 –5 693 –6 765 –6 876 –7 061 –7 111 –7 367 –7 392 –5 993

Purchased steam 
(biomass)

Courier

 -   

 -   

0

0

0

–770

–651

–574

–577

-

-

-

-

-

-34

–33

–37

–61

–62

–72

–74

–70

–70

–70

-

0

-

0

-

0

-

0

-

0

-

0

Total net emissions

17 393 16 815 15 329

4 356

5 958 21 434 19 205 22 415 21 993 20 197 18 468 17 383 14 283 16 441 19 681 18 998 16 576 19 656 17 932

Annual variation

+3.4% 186% 252% –25.9% -72.2% -4.4%

1.9% 8.9% 9.4% 6.0% 21.7% -13.1% -16.5% 3.6% 14.6% -15.7% 9.6%

-

Intensity Employees

4 971 

4 647 4 475 18 

4 412

4 092

3 964

3 896

3 896

3 682

3 290

2 913

2 556

2 369

2 185

2 175

2 079

1 906

1 769

1 501

Net emissions per 
employee

 3.50

3.62

3.43

0.99

1.46

5.41

4.93

5.75

5.97

6.14

6.34

6.8

6.03

7.52

9.05

9.14

8.7

11.11

11.95

Table 3: EIB Group historic emissions by scope (tCO2e)

17.  Following the shuttle electrification, the associated emissions are embedded in the purchased electricity emissions.
18. 

 In the carbon footprint 2022, the number full-time equivalent employees was taken as intensity reference. To remain consistent with historic intensity ratios calculated with 
staff headcount, we are reverting to headcount for the 2022 restated and 2023 intensity ratios.

18

EIB GROUP 2023 CARBON FOOTPRINT REPORTDue to the restatement of 2022 emissions to reflect methodological improvements and the expansion of reporting 
boundaries (see Appendices I and II), the total gross and net emissions of EIB Group since 2007 are not exactly 
comparable except for the years 2018 (restated), 2022 and 2023.

Emissions by type

To provide further transparency on the EIB Group’s carbon impact, a series of emissions intensities is presented to 
illustrate emissions per employee and to demonstrate that while the EIB Group’s carbon footprint has increased in 
absolute terms, this is to be expected given the substantial growth in business over the last ten years. However, by 
looking at emissions intensity per employee, the EIB Group’s relative impact has considerably reduced, compared 
with both 2012 and the baseline year of 2018.

12

10

8

6

4

2

0

l

e
e
y
o
p
m
e
r
e
p
)
e
2
O
C
t
(

s
n
o
i
s
s
i

m
e
s
s
o
r
G

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Total gross/Headcount

Energy

Mobility

Figure 11: Gross emissions intensities (tCO2e) per employee — mobility and energy

8

6

4

2

0

l

e
e
y
o
p
m
e
r
e
p
)
e
2
O
C
t
(

s
n
o
i
s
s
i

m
e
t
e
N

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

Total net/Headcount

Energy

Mobility

Target

Figure 12. Net emissions intensities (tCO2e) per employee — mobility and energy

ENVIRONMENTAL INDICATORS

19

 
 
 
 
 
 
 
 
APPENDIX I: ORGANISATIONAL AND 
OPERATIONAL BOUNDARY

Organisational boundary

The organisational boundary defines the businesses and operations that constitute the company for the purpose of 
accounting for and reporting greenhouse gas emissions. Companies can choose to report either the emissions from 
operations over which they have financial or operational control (the control approach) or from operations according 
to their share of equity in the operation (the equity share approach).

The EIB Group defines its carbon footprint using the operational control approach. Therefore, it includes the Group’s 
head office operations in the Kirchberg district of the city of Luxembourg, where several office facilities are located. 
The crèche building has been leased since September 2022 and is therefore no longer part of the organisational 
reporting boundary as from 2023. The organisational boundary also includes all its employees, be they based in 
Luxembourg or in external representation offices.

However, the office spaces of external representation offices are not included in the organisational boundary at this 
stage because the data provided for these sites are either inaccurate or challenging to collect in a timely manner. 
Further efforts will be made in subsequent reporting years to measure and monitor their environmental impact with 
a view to including them within the organisational boundary in the future.

Operational boundary

Defining the operational boundary involves identifying the emissions associated with operations and categorising 
them as either direct or indirect emissions. Companies choose the scope of accounting and reporting for indirect 
emissions.

The following definitions are used for categorising emissions.

Direct greenhouse gas emissions
•  Scope 1:  Emissions released straight into the atmosphere from sources owned or controlled by the reporting 

entity.

Indirect greenhouse gas emissions
Indirect emissions result from an organisation’s activities involving sources owned or controlled by another entity. 
These are classified as follows.

•  Scope 2:  Indirect  greenhouse  gas  emissions  from  the  consumption  of  purchased  electricity,  heat,  steam  or 

cooling.

•  Scope 3:  Indirect greenhouse gas emissions from other activities. A detailed standard sets out the rules for 15 

categories of Scope 3 emissions.

20

EIB GROUP 2023 CARBON FOOTPRINT REPORTThe operational boundary for the EIB Group’s carbon footprint report in 2023 includes the following:

•  Scope 1:  Transport  fuel  used  to  run  vehicles  belonging  to  the  Group.  Emissions  linked  to  refrigerant  leaks 
from  cooling  equipment  (restated  emissions  since  2022).  Natural  gas  is  no  longer  burned  in  any  EIB 
buildings as of 2023, as the crèche building has been outside the EIB Group’s organisational scope since 
September 2022.

•  Scope 2:  Purchased grid electricity (from green tariffs) and steam used for power in the EIB Group’s properties 

(lighting, air conditioning, small power, elevators, etc.).

•  Scope 3:  Fuel and electricity used by air and rail transport operators, rental cars for EIB Group business travel and 
hotels; fuel and electricity used by employee-owned vehicles for home-work journeys; courier emissions 
related to EIB Group activity; emissions related to water consumption in EIB Group buildings; emissions 
linked  to  waste  management  operations  due  to  the  incineration  or  recycling  of  waste  produced  by 
the Group; emissions generated by the use of office and publication paper purchased by the Group; 
emissions  linked  to  energy  consumption  in  external  Luxembourg-based  data  centres  that  store  the 
Group's data; and emissions linked to EIB Group staff homeworking. 

Starting with the 2022 restated emissions, upstream emissions related to the production of fuels and 
energy purchased and consumed by the EIB Group for its Scope 1 and 2 emission sources have been 
added,  namely  for  purchased  electricity,  natural  gas  consumed,  steam  purchased  and  the  fuel 
consumed in company cars. Upstream emissions from the energy consumed by Scope 3 emission 
categories such as data centres and rental cars are now also embedded in the calculations. 

In 2023, the minibus used for commuting between EIB Group buildings was replaced by an electric 
shuttle. The related emissions are therefore accounted for in the total purchased electricity emissions of 
the Group as the vehicle is charged on-site.

Emissions from our financing activities19 are reported separately in the EIB Group’s Sustainability Report 2023 and in 
the Climate Bank Roadmap Progress Report.

In pursuit of continual improvement, the EIB Group reviews its footprint boundary annually and regularly looks for 
opportunities to expand the scope of its reporting (particularly for Scope 3 emissions) to cover an increasing range 
of items as the availability of data improves.

19.  Category 3.15 of the Corporate Value Chain (Scope 3) Standard of the Greenhouse Gas Protocol Corporate Value Chain (Scope 3) Standard | GHG Protocol

APPENDIX I: ORGANISATIONAL AND OPERATIONAL BOUNDARY

21

Reporting period covered

In 2023, the EIB Group continued to report internally on a quarterly basis. The reporting period is 1 January to 
31 December 2023.

International subsidiary offices

Footprint boundary

Supply chain

Head office (WKI, EKI, PKI, BKI, LKI, IAK, LHO)

Customers

Scope 1

Company
facilities

Company
vehicles

Scope 2

Purchased
electricity, steam,
heating and cooling

Scope 3

Purchased
goods and 
services

Capital
goods

Fuel- and
energy-related 
activities

Transport and
distribution

Waste
generated
in operations

Business
travel

Employee
commuting

Leased
assets

Transport
and
distribution

Processing
of sold
products

Use
of sold
products

End-of-life
treatment of
sold products

Leased
assets

Franchises

Investments

Paper and data centres

Upstream

Downstream

Figure 13. EIB Group organisational and operational boundary

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22

EIB GROUP 2023 CARBON FOOTPRINT REPORT 
 
 
 
 
 
 
 
 
 
 
APPENDIX II: METHODOLOGY

The EIB Group carbon footprint analysis in 2023 follows the World Resources Institute Greenhouse Gas Protocol, 
consistent with the approach adopted in 2018. The Greenhouse Gas Protocol is recognised as the most widely used 
international accounting tool for government and business leaders to understand, quantify and manage greenhouse 
gas emissions. It is an international standard used by a broad range of public and private sector organisations, 
including many in the banking sector, and it is widely accepted as best practice.

To calculate the greenhouse gas emissions inventory, we identified all relevant greenhouse gas emissions sources, 
collected activity data from the relevant Group services and applied the emissions factors, calculating emissions 
from each source. These data were then aggregated to create the EIB Group’s total carbon footprint. The following 
sections describe the details of the process followed.

Emissions sources and activity data

SCOPE

Scope 1

EMISSIONS SOURCE

Owned vehicles

Natural gas

UNITS

Kilometres

kWh

RESOLUTION

Monthly by vehicle

Monthly by site (null since 2023)

Fugitive emissions — Refrigerants

Kilograms

Monthly from a yearly report, by site and type of gas

Paper consumption

Number of sheets

Scope 2

Purchased electricity

Purchased steam

Scope 3

Business travel: air

Employee commuting

Couriers

Rental cars

Water

Waste

Data centres

Working from home

Business travel: rail

Hotel stays

kWh

kWh

Monthly by site

Monthly by site

Passenger kilometres

By journey, including class and distance

FTEs20 

Shipments

Kilometres

Megalitres

Kilograms

kWh

FTEs 

Monthly, number of days in the office 
EIB Group Mobility Survey 2022

Monthly figure

Quarterly per rental car

Monthly by site

Monthly by site, type and disposal method

Monthly by paper size and type, based on printouts from 
the in-house copy centre and from the local printers for 
staff.

Monthly by data centre

Monthly number of days worked from home. UK Office 
of Gas and Electricity Markets (Ofgem) (updated in 2020) 

Passenger kilometres

By journey, including class and distance

Room nights

Monthly by country

Fuel- and energy-related emissions not 
included in Scope 1 or Scope 2 (electricity, 
steam, gas and company cars)

kWh or kilometres, as 
applicable

The input data are the same as those used to calculate direct 
emissions, namely electricity, steam and gas (per month, per 
site), kilometres travelled by company cars (per car).

Table 4: EIB Group activity data

20. 

 The model based its calculation on the proportion of EIB Group full-time equivalent employees (FTEs) working from home or present in the office, annually. See Emissions inventory calculation 
for further information.

APPENDIX II: METHODOLOGY

23

The activity data are also used as environmental impact indicators, as required by the Global Reporting Initiative 
(GRI)  reporting  framework  and  the  requirements  of  the  Eco-  and  Management  and  Audit  Scheme  (EMAS) 
environmental statement.

Emissions factors

Emissions factors are calculated ratios relating greenhouse gas emissions to a measure of activity at an 
emissions source. They are used to convert activity data to carbon emissions. Consistent with prior years, the 
emissions factors represent carbon dioxide equivalent (CO2e), wherever possible. They convert the impact of 
each of the six greenhouse gases covered by the Kyoto Protocol — carbon dioxide (CO2), methane (CH4), nitrous 
oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs) and sulphur hexafluoride (SF6) — into a 
common unit of tonnes of CO2e based on their global warming potential (GWP). This is a measure of how much 
heat the respective gas retains in the atmosphere over a given time horizon, based on the 100-year global 
warming potential coefficients of the Intergovernmental Panel on Climate Change (IPCC).  

Emission factors for all fuel and energy-related emissions are broken down into a direct factor for fuel 
combustion and a factor relating to upstream emissions from fuel production (mining, excavation, production 
and transportation).

For air travel emissions, the EIB Group opted for the application of emission factors published by the UK 
Department for Environment, Food and Rural Affairs (DEFRA) in 2022 as opposed to the most recent version 
published in 2023. The use of factors from other years is permissible based on a reasonable justification. In 
effect, the DEFRA emission factors for aviation in 2023 are significantly higher than in 2022 because they are 
calculated using the unusually low 2021 load factors, as a result of reduced travel during the COVID-19 
pandemic. Meanwhile, load factors were forecasted by Statista to be back up to 81% in 2023, which is closer to 
2019 actual levels (83%) than it is to 2021 actual levels (67%), suggesting that 2023 activity may be more 
accurately represented by 2022 emission factors than 2023 emission factors.

0.0 (for EVs) to 0.177 kgCO²/km

-14% (average)

Car manufacturer

1 397 (R449A) to 3 922 (R404)

SCOPE 

EMISSIONS 
SOURCE 

2023 EMISSION FACTOR

Natural gas

2023: Not applicable
2022: 309 gCO²e/kWh

Scope 1

Scope 2

Company 
cars 

Fugitive 
emissions

Electricity

0.180 kgCO²e/kWh

Purchased 
steam

0.116kgCO²e/kWh (non-BLB)
0 kgCO²e/kWh (BLB)

21. 

 Journal officiel du Grand-Duché de Luxembourg (public.lu)

24

VARIATION 
OF EMISSION 
FACTOR 2023 
VS. 2022

Not relevant

DATA SOURCE IN 2023

Not applicable in 2023
2022: "Règlement grand-ducal du 9 juin 2021 
concernant la performance énergétique des 
bâtiments"

0%

0% 

0%

Global Warming Potential of gases from the 
IPCC Fourth Assessment Report

"Composition du mix énergétique national 
2022” published by Luxembourg institute of 
regulation (ILR). 
2023 figures not yet published at the time of 
our estimation.

Energy mix certificates from Kirchberg district 
heating plant (2023)
Emission factors for heat production from the 
annex to “Règlement Grand-Ducal du 9 Juin 
2021 concernant la performance énergétique 
des bâtiments.” 21 

EIB GROUP 2023 CARBON FOOTPRINT REPORTScope 3

Business 
travel: air

Business 
travel: rail

Employee 
commuting

Courier 
services

Water

Waste

Paper 
consumption

Upstream 
emissions of 
the fuel 
consumed by 
company cars 

0.164 to 0.656 kgCO²e/passenger km

0%

0.0045 kgCO²e/passenger km (international)

0%

Car (average unknown fuel): 0.210 kg CO²e/km -2.5%
Bus (average local bus): 0.127 kg CO²e/km
National rail: 0.044 kg CO²e/km
Light rail and tram: 0.036 kgCO²e/km

0%

0%

0%

5.473 kgCO²e/shipment

0.378 kgCO²e/m3

21.28 kgCO²e/tonne (metals, plastics, 
construction, paper, WEEE)
8.912 kgCO²e/tonne (organic composting)
1.23 kgCO²e/tonne (concrete)
0.985 kgCO²e/tonne (metal recycled)

910.48 kgCO²e/tonnes

0%

-10%

0%

-0.4%

0%

-0.4%

-1%

From 0.011 to 0.059 kgCO²2e /km

-4% in average

UK government conversion factors for 
company reporting 2022 (DEFRA)

UK government conversion factors for 
company reporting 2023 (DEFRA)

UK government conversion factors for 
company reporting 2023 (DEFRA)

EIB 2022 Go Green DHL (2023 figure not 
available at the time of estimation)

UK government conversion factors for 
company reporting 2023 (DEFRA)

UK government conversion factors for 
company reporting 2023 (DEFRA)

UK government conversion factors for 
company reporting 2023 (DEFRA)

UK government conversion factors for 
company reporting 2023 (DEFRA)

Electricity

0.108 kgCO²e/kWh

Steam 

0.016 kgCO²e/kWh

0%

-9%

International Energy Agency (IEA) 2022

UK government conversion factors for 
company reporting 2023 (DEFRA) for 
upstream emissions of the different energy 
sources

Table 5: Emission factors by source and their annual variance 

APPENDIX II: METHODOLOGY

25

Emissions inventory calculation

An inventory of greenhouse gas emissions by source was calculated by applying the emissions factors to the relevant 
activity data presented in Tables 4 and 5 above and aggregating the results to calculate the EIB Group’s absolute 
carbon footprint. A relative footprint was also calculated using employee numbers (headcount). 

The methodology used for sources of emissions requiring a more detailed explanation (as they consider assumptions 
other than the classic activity data and conversion factor) is detailed below.

Commuting and homeworking methodologies

A key point to be stressed when considering the emissions of the commuting and working from home categories is 
how interconnected they are: the more EIB Group employees work from home, the higher the emissions in the 
working from home category will be, while emissions in the commuting category will fall. Emissions in the latter 
category decrease precisely because employees who are working from home more often commute less to their 
workplace, and commuting emissions are dependent on this component.

Commuting methodology

As the COVID-19 pandemic had a significant effect on the previous count based on the number of parking spaces, 
since 2020 we have estimated commuting emissions by using the number of days EIB Group employees are in the 
office to derive the annual distance they travel via different modes of transport. The average employee commuting 
profile was derived from an internal mobility survey conducted in 2021 with 1 629 respondents (a 39% participation 
rate). This employee profile defines an average distance and a distribution of the various modes of transport: 54% of 
the respondents commute by car, 26% by public transport, 6% by train, 6% in a carpool, 5% by bike and 3% on foot. 
Based on these responses, the average return distance to work was estimated at 25 km.

Homeworking methodology

In 2020, following a review of emissions calculation methodologies for most material emissions sources and 
considering the impact of the COVID-19 pandemic restrictions on commuting habits, homeworking emissions was 
included in the operational reporting scope while the commuting emission calculation methodology was revised.

Homeworking emissions were not part of the operational scope for the calculation of emissions in the baseline year 
2018; they were considered as non-material until 2020 owing to the limited use of homeworking at the EIB Group 
before the COVID-19 pandemic. Less than 0.5% of the total days worked were home worked in 2018. Therefore, 
integrating homeworking emissions into the operational boundary of the 2023 greenhouse gas inventory remains 
consistent with the boundary of the 2018 baseline for this item.

A brief description of the methodology for calculating homeworking emissions is explained below. For an in-depth 
description of the methodology, see the white paper on homeworking emissions. 

To calculate homeworking emissions, all energy use from office equipment (equipment provided by the EIB Group 
for use while teleworking) and home heating/cooling that would not have been required in an office-working 
scenario needs to be accounted for. This is referred to as incremental energy. For all elements considered, the base-
case calculation method was used. The base case for office equipment calculations accounts for 100% of colleagues 
known to be working from home through the stated estimation methodology. The base case for heating (natural 

26

EIB GROUP 2023 CARBON FOOTPRINT REPORTgas, electricity or other combustion fuel) and cooling (air conditioning, where regionally appropriate) accounts for a 
typical home’s heating and cooling energy requirements as noted within the country of operation.

In calculating homeworking emissions, it is also necessary to determine the hours during which incremental energy 
must be calculated. A five-day, 40-hour week (eight hours per day) was assumed. From this base calculation of 
working hours, an expected 28 days (four weeks) of annual leave entitlement was deducted.

Emissions from equipment provided by the Bank to be used at home: base case
The equipment considered for this methodology was typical office equipment provided by the Bank for use at home 
by employees. When calculating the base case of office equipment emissions, the power consumption of laptops, 
secondary screens, printers and lighting needs to be accounted for. However, the power consumed by these 
different types of devices can vary considerably. For workstation power consumption, we used an average in-use 
power load per desk of 140 W, following the Chartered Institution of Building Services Engineers’ Guide F: Energy 
efficiency in buildings (2012). For the use of lighting in home offices, we assumed an allowance of 10 W for the year. 
These assumptions were then used to determine the total electrical energy used for office equipment using the 
following equations:

•  140 W × number of homeworking FTEs × WHpcm*/1 000 = workstation kWh;

•  10 W × number of homeworking FTEs × WHpcm*/1 000 = lighting kWh;

•  Workstation kWh + lighting kWh = total office electricity.

* WHpcm: Working hours per month. FTE: Full-time equivalent

After calculating the total electrical energy consumed, this was multiplied by the appropriately sourced emissions 
factors for the corresponding country’s grid average factors in line with location-based methodology to calculate 
the emissions produced.

APPENDIX II: METHODOLOGY

27

 
Heating energy emissions: base case
When calculating the base case for heating energy emissions, the homeworking tool assumes that heating cannot 
generally be restricted to a small working area and that time spent at home during the heating season requires the 
whole heating system to be active.

Using the typical domestic consumption values of the UK Office of Gas and Electricity Markets (Ofgem) (updated in 
2020), we adopted a reliable medium expectation of 12 000 kWh per year for domestic gas usage, 77% of which is 
attributable to heating. We also assumed an average of ten hours of heating per day, as suggested by UK energy 
suppliers. The calculation of heating demand is restricted to the widely recognised northern hemisphere heating 
season of October to March (six months/182 days). To calculate heating demand, we used a monthly calculation 
approach:

•  182 days × 10 hours heating = 1 820 hours;

• 

(12 000kWh × 77%)/1 820 hours = c. 5 kWh per hour.

Using 5 kWh per hour as a base, we were able to calculate incremental heating energy using the following formula:

•  160 WHpcm × 5kWh = 800kWh of incremental heating consumption per homeworking FTE per heating month;

•  800kWh × (FTE × homeworking %) = total incremental gas consumption per heating month.

Once total heating energy has been calculated, it is possible to determine emissions by multiplying the appropriately 
sourced emissions factors in line with typical heating energy usage.

28

EIB GROUP 2023 CARBON FOOTPRINT REPORTData quality and completeness

SCOPE

EMISSIONS SOURCE

ACTIVITY DATA

ASSUMPTIONS APPLIED

Scope 1

Company cars

Primary data

Fuel efficiency conversion based on manufacturer’s data

Scope 2

Purchased electricity

Primary data

Purchased steam

Primary data

Scope 3

Business travel: air

Primary data

Business travel: rail

Primary data

-

-

-

-

Employee commuting and 
homeworking

Estimated using 
homeworking and 
commuting tools

Average daily distance = 25 km *
Number of days in the office
UK Office of Gas and Electricity Markets (Ofgem) (updated in 2020)

Courier

Water

Waste

Primary data

From DHL estimated emissions per shipment

Primary data

-

Primary data

All general waste is incinerated with heat recovery

Paper consumption

Primary data

Weight of the sheets according to the type and size of paper used, by 
both local printers and the in-house copy centre

Data centres

Primary data

-

Rental cars

Primary data

Data quality differs by provider

Company cars

Primary data

The kilometres travelled by company vehicles are tracked

Hotel stays 

Secondary data

Hotel classes are not included in the DEFRA database, only country of 
destination

 Satisfactory: could be improved   

 Good: no change required

Table 6: Data quality and assumptions by source

APPENDIX II: METHODOLOGY

29

Changes in scope and methodology and their impact on reporting 

Methodological changes and reporting scope expansion since emissions were first reported in 2007 have resulted 
in some variations on the total gross emissions reported.

As part of the yearly review exercise conducted, we implemented methodological improvements, refined the 
sources of the emission factors and corrected some errors. 

As a result, to consistently track our greenhouse gas emissions over time and enable meaningful comparisons, we 
re-estimated our greenhouse gas emissions for both 2022 and 2018 (the base year) with the same reporting scope 
and methodological parameters chosen to calculate the greenhouse gas emissions in 2023. This is why our gross 
emissions for 2022 show “restated.”

In particular, we have re-estimated our base year emissions (financial year 2018) across 12 categories to ensure 
consistent estimation methods and a similar reporting scope as those from the reporting years 2022 and 2023. This 
led to a difference of 5.5% below our original base year emissions, which is not deemed significant. We have 
assessed the implications of this restatement on our science-based targets and have not identified a need to update 
the target or our base year emissions for the purpose of assessing the progress towards Paris-aligned emissions. 
However, to make consistent comparisons for each emission category with the base year emissions, we are using 
2018 re-estimated figures for each category.

30

EIB GROUP 2023 CARBON FOOTPRINT REPORTImpact of methodological changes

A number of methodological changes were made to the footprint in 2023, with the aim of increasing the 
accuracy of the greenhouse gas emissions inventory. These methodological changes do not represent a 
change in ambition or a strategic shift in trajectory, but rather simply an effort to refine the data and improve 
the quality of the footprint. From a quantitative point of view, these methodological changes may result in 
varying degrees of evolution that may conceal or exacerbate the reduction efforts implemented by the Group 
as part of its decarbonisation strategy. Methodological changes since emissions were first reported in 2007 
have resulted in minor variations. For ease of reference, the history of methodological changes since 2010 is 
presented below.

SCOPE

EMISSIONS SOURCE

2023 2022 
restated

2021 2020 2019 2018 
restated

2018 2017 2016 2015 2014 2013 2012 2011 2010

Scope 1 Natural gas

Company cars

Fugitive emissions (since 2022) 

Scope 2 Electricity

Purchased steam

Scope 3 Air travel

Train travel

Minibus

Commuting

Courier (since 2013)

Rental cars (since 2016)

Water (since 2013)

Waste

Paper

Data centres (since 2014)

Working from home (since 2020)

Upstream emissions from electricity, 
steam, natural gas purchased as well 
consumed by company cars 

 Gross emissions reduced   

 Gross emissions increased

Table 7: Impact of EIB Group methodological and scope changes on gross emissions by source

APPENDIX II: METHODOLOGY

31

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The methodological changes implemented in 2022 and 2023 are detailed below. 

Electricity
To account for purchased electricity emissions at the point of production, we shifted the source of the location-
based emission factors from the International Energy Agency (IEA) to the emission factor annually published by the 
Institut luxembourgeois de régulation (ILR). This change of emission factor source had a significant impact on EIB 
Group gross emissions as the previous emission factor used was 109 gCO2e/kWh, while the emission factor from ILR 
was 180 gCO2e/kWh in 2022.

In line with the recommendations of the Greenhouse Gas Protocol, the 2022 restated emissions onwards include 
upstream emissions22 from the generation of purchased electricity, including transmission and distribution losses. 
These emissions are calculated using the same input data as for direct emissions, with a specific emission factor that 
considers all upstream stages related to raw materials. The source of this emission factor is the International Energy 
Agency (IEA, 2021). Until 2022, the IEA electricity emissions factor used did not consider trade adjustments and was 
therefore underestimating reality. The introduction of upstream emissions for electricity has increased EIB Group 
gross emissions by 1 757 tCO2e in 2023, or 7.9% of overall gross footprint.

Steam
In 2022 and 2023, corrections have been applied to steam emission calculations to guarantee an accurate assessment 
of its carbon intensity. As the steam produced comes from a mix of primary energy sources (fossil and renewable 
energies), the emission factor is calculated in proportion to each primary energy that makes up the steam network 
mix, which comprises renewable biomass and fossil fuels. Data on the network's energy mix is supplied directly by 
the supplier, LuxEnergy. The correction of errors has had a significant impact on the footprint reported, close to 
seven times (+1 473 tCO2e) the emissions originally reported for steam in 2022.

In addition, in line with the recommendations of the Greenhouse Gas Protocol, upstream emissions linked to the 
extraction, refining and transport of the raw materials needed to produce steam have been included. 

Air travel
Business travel categories were overhauled in 2022. The aim was to clarify flight and class types as per the UK 
Department for Environment, Food & Rural Affairs (DEFRA) flights classification. Only two flight types were retained: 
short haul and long haul. For each type of flight, four classes are used to characterise the trip: first class, business 
class, premium economy class and economy class. For each flight type/class combination, an emission factor is used 
to assess the impact. In sum, eight emission factors can be used to define the emissions linked to the Group's 
business travel with a reasonable degree of precision. Trips are considered long haul when they are inter-continental. 
Intra-continental and domestic trips are considered short haul.

Company cars
When assessing emissions from EIB Goup-owned vehicles, one noteworthy development is the integration of 
upstream emissions of the fuel they consume, a previously unaccounted-for component. We now incorporate 
upstream emissions using well-to-tank (WTT)23 emission factors from the Department for Environment, Food and 
Rural Affairs DEFRA for Scope 3 emissions. This refinement enables a more comprehensive assessment of the 
environmental impact of company car use, encompassing emissions from the entire lifecycle of the fuels consumed. 
The emission factor is chosen according to the type of vehicle (size, class) and engine (diesel, petrol, electric, etc.), in 
order to be as close as possible to reality. 

Commuting
Emissions from commuting include emissions from both private and public transport, and from EIB Group staff both 

22. 
23. 

 Fuel and energy-related emissions not included in Scope 1 or 2.
 These result from the extraction, transportation, refining, purification or conversion of primary fuels into fuels for direct use by end users, as well as from the distribution of these fuels.

32

EIB GROUP 2023 CARBON FOOTPRINT REPORTworking from the office and working from home (particularly in 2020 and 2021 due to the coronavirus pandemic). 
Prior to the COVID-19 pandemic, remote work was uncommon (less than 0.5% of the total workdays). However, since 
2020 and the subsequent return to post-pandemic operations, working from home has evolved into a significant 
and prevalent practice, highlighting the relevance of considering these emissions.

To ensure completeness, upstream emissions linked to commuting have also been added and included in the 
commuting category (Scope 3), for all modes of transport (private car, public transport).

Minibus
The minibuses were replaced with electric models at the end of 2022, and the related emissions have therefore been 
accounted for in the total electricity emissions since then. 

Rental cars
Rental car emissions were first reported in 2016, increasing EIB Group net emissions by 92 tCO2e (0.5% of the overall 
net footprint). The data quality was improved in 2017 by using distance travelled rather than cost data. To ensure 
completeness, upstream emissions linked to the fuel consumed by rental cars have also been calculated and 
included in the rental car category (Scope 3).

Paper
The inclusion of paper types and sizes in 2016 has required fine-tuning over the years. Furthermore, greater 
understanding of single- and double-sided printing has enabled us to improve the methodology for paper reported 
from 2016 to 2019, which was holistically updated in 2019. In 2022 and 2023, the number of sheets (instead of pages) 
was reported from both staff printers and the in-house copy centre, which resulted in better accuracy of the related 
emissions.

Data centres
If data centre emissions had been calculated using IEA factors as in the past methodology rather than being sourced 
via Luxembourg-based ILR, disregarding the upstream emissions of the electricity consumed by the data centres, 
they would have been 157 tCO2e lower than the 253 tCO2e reported.

Exclusions

For EIB Group external offices, only air travel (booked through the central system) is included within the scope of 
reporting. All other emissions sources for these offices are currently excluded because the required data are not 
available. Further efforts will be made in subsequent reporting years to measure the environmental impact of 
international subsidiary offices.  

Emissions from hotel stays are not added to the EIB Group’s total carbon footprint pending a more precise 
methodology of emissions by hotel class and not only by country of location. 

The EIB Group is committed to continually improving the quality of reported data, wherever possible, and continuing 
to fine-tune its methodology to improve the coverage and transparency of its disclosures.

APPENDIX II: METHODOLOGY

33

APPENDIX III: CARBON EMISSION 
REDUCTION TARGET 2018-2025

The European Investment Bank (EIB) Group has been calculating and reporting on its carbon footprint since 2007. It 
first met the European Union’s target of a 20-30% carbon emission reduction by 2020 from the baseline in 2007. In 
its Climate Bank Roadmap 2021-2025,24 the EIB Group defined a carbon emission reduction target to comply and 
ensure the long-term alignment of its internal activities with the goals of the Paris Agreement. 

Therefore, by 2025 the EIB Group aims to reduce absolute gross greenhouse gas emissions by about 30%, 
compared with a business-as-usual scenario in 2025. This corresponds to an absolute reduction of its annual gross 
greenhouse gas emissions of 12.4% by 2025 compared with the emissions and scope reported in 2018 (base year). 
The EIB Group’s emission reduction pathway is illustrated in Figure 14, with emissions expressed as tonnes of carbon 
dioxide equivalent (tCO2e).

Gap analysis: organisational growth vs. Paris Agreement 1.5 °C scenario

Organisation’s expected
growth 2018-2025
(16-22%)

Base year 2018

1.5°C minimum scenario
(12.4%, 2018)

Gap between the absolute
reduction target of 12.4% 
and the assumed growth
of the organisation is 30%

35 000

30 000

25 000

20 000

15 000

10 000

5 000

0

)
e
2
o
C
t
(

s
n
o
i
s
s
i

m
e
s
s
o
r
G

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

Business as usual

1.5°C scenario

Base year

Figure 14: The EIB Group’s emission reduction pathway for internal operations as first published in the EIB Group Climate Bank Roadmap 2021-2025

24. 

 EIB Group Climate Bank Roadmap 2021-2025.

34

EIB GROUP 2023 CARBON FOOTPRINT REPORT 
 
APPENDIX IV: GRI STANDARD 
INDICATORS

GRI Standard 302-4: Reduction of energy consumption

Energy savings due to conservation and efficiency improvements have resulted in a 35% decrease in the 
energy purchased by the EIB Group per employee since 2018, as shown in Table 8.

ENERGY SOURCE

2023

2022*

2018*

CHANGE WITH 
2018 (MWh)

PERCENTAGE CHANGE

Natural gas (MWh)

Electricity (MWh)

Steam (MWh)

Total (MWh)

Number of employees

Energy per employee (kWh)

0

19

130

16 487

17 707

20 219

12 091

14 622

14 872

28 578

32 348

35 221

4 971

5 749

4 647

6 961

3 896

9 040

–130

–3 732

–2 781

- 6 643

+1 075

–3 291

–100%

–18.5%

–18.7%

–18.9%

+27.6%

–36.4%

Table 8: Energy consumption per employee

*Consumption data between 2018 and 2022 have been updated following an in-depth revision.

Within existing buildings, the EIB Group continues to conduct various technical optimisations to minimise energy 
wastage. These optimisations include the following:

• 

regulation and distribution of heating and cooling systems (adapting consumption to demand in real time);

• 

lighting management;

•  ventilation systems management;

•  maintenance of the Quality Label from SuperDrecksKëscht® fir Betriber for the EKI and WKI buildings (since 2007);

• 

incorporation of carbon reduction initiatives (Green IT) across the Group’s data centres.

GRI Standard 305: Reduction of greenhouse gas emissions

In addition to the energy-saving measures described in the preceding section, the EIB Group has continued to 
maintain initiatives to further reduce its greenhouse gas emissions.

With the aim of achieving carbon neutrality for its energy supplies, the EIB Group has been buying 100% renewable 
electricity (hydropower and wind) from its electricity supplier, Leo SA.

APPENDIX IV: GRI STANDARD INDICATORS

35

GRI Standard 306: Waste by type and disposal method

The EIB Group disposes of waste through the Luxembourg municipal authorities. Waste is sorted in-house as far as 
possible so that it can be recycled. All unsorted waste is incinerated as part of an energy recovery system. Details of 
the quantities of waste by official categorisation are shown in the table below.

The Luxembourg SuperDrecksKëscht® fir Betriber green label was first awarded to the Bank for its internal waste 
recycling practices in 2007 and has been renewed annually ever since for the EKI and WKI buildings in Kirchberg. The 
criteria for obtaining the label are as follows:

•  motivation of all participants;

• 

transposition of all measures for waste prevention;

•  visible and accessible collection sites;

•  safe and environmentally correct storage;

•  waste collection according to type;

•  high-quality and transparent waste recycling and disposal;

•  environmentally correct management.

The SuperDrecksKëscht® fir Betriber label is certified in accordance with the internationally accepted 
International Organization for Standardization (ISO) Standard 14024:2000. This certificate includes the control 
procedures and requirements the inspectors must satisfy; therefore, waste management in the certified 
businesses fully meets ISO 14024 requirements.

The table below presents the EIB Group’s waste in 2023 broken down in accordance with the European Waste 
Catalogue, pursuant to European Commission Decision 2000/532/EC of 3 May 2000.

36

EIB GROUP 2023 CARBON FOOTPRINT REPORTCED 
CODE25 

OFFICIAL DESCRIPTION 
OF WASTE

04 02 22

Wastes from processed textile 
fibres

07 01 04*

Other organic solvents, 
washing liquids and mother 
liquors

08 01 11*

Waste paint and varnish 
containing organic solvents or 
other hazardous substances

08 03 17*

Waste printing toner 
containing hazardous 
substances

11 01 07*

Pickling bases

13 02 08*

Other engine, gear and 
lubricating oils

13 05 07*

Oily water from oil/water 
separators

14 06 03*

Other solvents and solvent 
mixtures

15 01 01

Paper and cardboard 
packaging

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

9 185

2 215

758

125

98

0

0

0

0

0

0

0

 -

 -

146

300

383

632

606

499

162

- 

 -

-

980

1 996

582

1 775

12 517

818

12 270

6 569

0

-

0

0

0

0

0

0

50

0

0

0

0

0

5 080

20

0

0

0

116

2 660

0

253

52

-

-

0

0

-

19

0

0

 -

- 

-

-

-

-

0

0

 -

 -

- 

- 

203

n/a

4 800

5 700

-

29

0

0

-

61

-

-

21 513

17 752

11 078

10 809

27 469

45 312

44 849

33 115

23 740

22 847

80 076

15 01 02

Plastic packaging

4 323

2 648

2 023

1 996

4 087

5 462

4 194

2 573

1 358

1 721

1 335

15 01 04

Metallic packaging

1 817

152

15 01 05

Composite packaging

-

0

-

-

-

-

-

-

-

-

-

-

15 01 03

Wooden packaging

3 042

2 897

1 295

1 458

1 580

1 577

2 405

15 01 06

Mixed packaging

-

0

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

322

233

5 967

15 01 07

Glass packaging

13 604

10 806

5 239

4 830

16 120

15 035

14 765

18 812

26 875

62 250

38 897

653

768

446

385

934

1 212

926

542

1 239

871

954

1 013

1 042

1 030

1 030

34

-

-

532

917

96

1 363

15 01 10*

Packaging containing 
residues of or contaminated 
by hazardous substances

15 02 02*

Absorbents, filter materials 
(including oil filters not 
otherwise specified), wiping 
cloths, protective clothing 
contaminated by hazardous 
substances

25. 

 European Waste Catalogue

APPENDIX IV: GRI STANDARD INDICATORS

37

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

1 158

815

1 734

1 714

1 064

191

395

218

404

n/a

CED 
CODE 

OFFICIAL DESCRIPTION 
OF WASTE

15 02 03

Absorbents, filter materials, 
wiping cloths and protective 
clothing other than those 
mentioned in 15 02 02

16 01 14*

Antifreeze fluids containing 
dangerous substances

16 01 18

Non-ferrous metal

16 01 20

Glass

16 02 14

Discarded equipment other 
than that mentioned in 16 02 
09 to 16 02 13

16 02 15*

Hazardous components 
removed from discarded 
equipment

16 02 16

Components removed from 
discarded equipment other 
than in 16 02 15

16 05 04*

Gases in pressure containers 
(including halons) containing 
dangerous substances

16 05 06*

Laboratory chemicals 
consisting of or containing 
dangerous substances 
including mixtures of 
laboratory chemicals

0

0

0

88

0

0

114

1

0

0

-

0

0

0

86

0

-

667

-

872

512

321

-

219

0

0

-

-

-

0

0

0

0

0

30

208

140

121

64

48

72

335

174

141

816

33

216

14

433

66

16 06 01*

Lead batteries

16 06 02*

NiCd batteries

0

-

70

0

115

790

-

0

0

0

0

30

17 01 07

Mixtures of concrete, bricks, 
tiles and ceramics other than 
those mentioned in 17 01 06

17 02 01

Wood

17 02 03

Plastic

2 529

1 991

3 187

3 446

4 349

3 161

1 602

105 558 26 524

40 232

758

977

8 082

402

190

262

79

17 04 05

Iron and steel

26 699

2 280

17 04 07

Mixed metals

17 04 11

Cables other than those 
mentioned in 17 04 10

-

124

0

5

-

-

0

0

335

18

38

43

0

0

32

78

0

0

90

-

-

0

-

0

0

-

0

9

-

0

-

 -

 -

527

67

19

652

728

-

215

0

0

-

-

42

38

-

47

34

0

-

-

0

459

52

-

-

-

529

-

25

0

-

-

0

63

-

-

-

-

-

-

37

80

- 

-

-

0

55

60

-

-

-

-

-

-

145

n/a

-

-

-

1 510

8 m3

-

21

-

-

EIB GROUP 2023 CARBON FOOTPRINT REPORTCED 
CODE 

OFFICIAL DESCRIPTION 
OF WASTE

17 05 04

Soil and stones other than 
those mentioned in 17 05 03

17 06 04

Insulation materials other 
than those mentioned in 17 
06 01 or 17 06 03

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

-

0

-

0

0

0

20

1 212

-

-

9

13 764

476

560

233

536

94

57

1 813

2 886

3 168

1 891

17 06 05*

Construction materials 
containing asbestos

0

0

1 200

17 08 02

Gypsum-based construction 
materials other than those 
mentioned in 17 08 01

153

56

0

0

0

0

0

0

0

0

36

23

0

-

6

-

-

0

-

-

0

-

-

-

-

-

-

-

0

17 09 03*

17 09 04

18 01 03*

19 08 09

Other construction and 
demolition wastes (including 
mixed wastes) containing 
dangerous substances

Mixed construction and 
demolition wastes other than 
those mentioned in 17 09 01, 
17 09 02 and 17 09 03

Waste whose collection and 
disposal is subject to special 
requirements in order to 
prevent infection

Grease and oil mixture from 
oil/water separation 
containing only edible oil and 
fats

19 09 06

Solutions and sludges from 
regeneration of ion 
exchangers

19 12 01

Paper and cardboard

19 12 04

Plastic and rubber

250 220 52 690

57 401

26 260

58 720

65 140

9 020

13 723

3 379

1 659

5 097

0

0

-

18

0

0

50

50

150

4 820

16 040

23 000 104 000 97 120

0

0

0

-

-

0

0

0

-

-

-

0

0

0

72

0

0

0

0

0

32

20

-

-

-

0

-

-

5

0

-

-

n/a

-

-

20 01 01

Paper and cardboard

91 575

95 480

56 291

51 608

92 055 252 868 153 312 212 683 145 505 96 950

84 165

20 01 08

Biodegradable kitchen and 
canteen waste

84 143

75 833

79 048 115 883 441 016 414 657 314 860 246 830 283 750 232 400 181 700

20 01 13*

Solvents

20 01 14*

Acids

20 01 15*

Alkaline

-

-

-

0

0

0

-

-

-

0

0

0

0

0

0

0

0

0

-

0

0

8

21

35

-

0

30

24

0

0

n/a

APPENDIX IV: GRI STANDARD INDICATORS

39

 
 
 
 
 
 
 
 
 
CED 
CODE 

OFFICIAL DESCRIPTION 
OF WASTE

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

20 01 19*

Pesticides

-

0

-

0

0

0

-

20 01 21*

Fluorescent tubes and other 
mercury-containing waste

20 01 23*

Discarded equipment 
containing 
chlorofluorocarbons

200

373

222

207

213

117

206

-

0

-

0

0

32

0

-

-

-

-

0

-

-

0

-

-

0

20 01 25

Edible oil and fat

2 493

2 359

1 417

659

3 191

4 726

1 870

345

2 390

2 040

2 170

20 01 28

Paint, inks, adhesives and 
resins other than those 
mentioned in 20 01 27

20 01 33*

Batteries and accumulators 
included in 16 06 01, 16 06 02 
or 16 06 03 and unsorted 
batteries and accumulators 
containing said batteries

20 01 34

Batteries and accumulators 
other than those mentioned 
in 20 01 33

20 01 35*

20 01 36

Discarded electrical and 
electronic equipment other 
than that mentioned in 
20 01 21 and 20 01 23 
containing hazardous 
components (commercial)

Discarded electrical and 
electronic equipment other 
than that mentioned in 
20 01 21, 20 01 23 and 20 01 
35

20 01 37*

Wood containing hazardous 
substances

20 01 38

Wood other than that 
mentioned in 20 01 37

-

0

-

0

0

0

0

114

74

49

1 557

368

1 238

398

521

265

1 310

197

-

407

437

-

0

-

0

0

0

3 427

1 093

5 990

42

89

38

0

-

0

119

0

156

396

516

n/a

1 617

1 492

2 004

314

0

800

200

8 504

1 686

1 872

1 364

2 166

4 788

260

25

0

-

0

0

300

519

-

-

-

-

-

-

70

180

n/a

-

-

-

20 01 39

Plastics

20 01 40

Metals

4 203

8 173

3 892

2 169

2 652

4 839

3 574

2 920

2 164

2 408

1 554

5 219

3 668

7 300

1 863

2 486

2 488

1 563

2 259

2 103

2 118

1 893

20 01 99

Other fractions not otherwise 
specified

7 236

4 920

4 320

3 577

9 030

8 657

6 145

-

-

-

-

20 02 01

Biodegradable waste

40 000

40 000

56 000

28 000

19 000

0

16 380

23 200

50

100

n/a

40

EIB GROUP 2023 CARBON FOOTPRINT REPORT 
 
 
CED 
CODE 

OFFICIAL DESCRIPTION 
OF WASTE

2023

2022

2021

2020

2019

2018

2017

2016

2015

2014

2013

20 03 01

Mixed municipal waste

153 187 120 277 135 915

80 349

194 957 208 004 153 808 169 183 214 331 331 900 137 550

20 03 07

Bulky waste

2 267

2 682

6 745

1 470

2 071

0

207

34 422

11 970 125 850 -67 288

0

-15 670

Due to changes in waste 
volumes through 
restatements at the end of 
the year, minor deviations 
exist between the final GRI 
categories and footprint 
waste values, represented by 
this category

Résines échangeuses d’ions 
(2024)

Other

19 09 05

13 02 05

156

28

17 02 02

Verre (new 2024)

45940

16 05 08*

16 05 07*

Produits chimiques d'origine 
organique à base de ou 
contenant des substances 
dangereuses, mis au rebut 
(new 2024)

Produits chimiques d'origine 
minérale à base de ou 
contenant des substances 
dangereuses, mis au rebut 
(new 2024)

20 01 27

Peinture, encre, colles et 
résines contenant des 
substances dangereuses (new 
2024)

138

318

20

Table 9: EIB Group waste (kg) in each category of the European Waste Catalogue, 2013–2023 

Any waste marked with an asterisk (*) is considered as hazardous waste pursuant to Directive 2008/98/EC, unless Article 20 of that 
Directive applies. (N/A, not applicable).

APPENDIX IV: GRI STANDARD INDICATORS

41

 
 
 
 
 
 
 
 
APPENDIX V: GLOSSARY OF EIB 
GROUP BUILDINGS

BKI — BHK Building

EKI — East Building

IAK — IAK Building

LHO — Lighthouse One Building

LKI — BLB Building

PKI — President Building

WKI — West Building

42

EIB GROUP 2023 CARBON FOOTPRINT REPORTCarbon Footprint Report 2023

Greenhouse gas emissions resulting

from EIB Group internal operations

CARBON FOOTPRINT
REPORT

2023

pdf:

ISBN 978-92-861-5763-9

EN   07/2024

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