EnBW Energie Baden-Württemberg

Does the core business genuinely avoid or reduce emissions, or build climate resilience? Share of revenue that is actually 'green'. Fossil-dependent models score low.

Renewables hit 66% of installed capacity in 2025 (up from 19% in 2014) and a record 800 MW was added, yet coal generation surged ~89% year-on-year in 2025 and ~50% of total 2025 revenue still came from fossil-fuel combustion, substantially undermining near-term impact claims.

Credible, science-based targets (SBTi), a real net-zero plan with progress to date, and CDP disclosure — not just a dated press release.

SBTi-validated 1.5°C-aligned Scope 1 & 2 targets (–83% by 2035 vs 2018) and Scope 3 targets are independently certified; Moody's awarded an NZ-2 'Advanced' net-zero rating; the published Climate Transition Plan adds milestone transparency, though the Scope 3 gas-customer reduction target of only –43% by 2035 is relatively unambitious for the largest emission category.

Operational footprint, labour and social practices, and governance quality across the company's own operations and supply chain.

ISS ESG Prime status and MSCI A– signal solid governance and labour practices, and EnBW plans to hire 10,000 workers for the transition, but critical shareholders and urgewald document ongoing procurement of hard coal from Colombian mines linked to human-rights violations (800,000–1.9 million tonnes/year), which remains a live social-supply-chain liability.

Quality of disclosure, independent third-party verification, and how much hard data backs the company's claims.

CDP Climate A-score (full A in 2024 cycle), SBTi validation, a published Climate Transition Plan, annual ESG Factbook with quantified KPIs, and Moody's independent net-zero assessment represent strong third-party verification; the main gap is the absence of a fully audited third-party assurance statement on all Scope 3 categories and the coal-supply-chain human-rights disclosures.

Controversies, litigation, pollution, fossil-fuel lobbying, conflict-zone involvement and governance scandals. Higher means cleaner.

Critical shareholders (Dachverband Kritischer Aktionäre) and urgewald have formally alleged that EnBW procures coal from the Colombian Drummond group, which has been charged by Colombian prosecutors with financing paramilitaries linked to the murder of four union workers in 2001; the same activist coalition voted against board discharge in 2026, and EnBW's coal burn materially increased in 2025 contrary to its green marketing narrative.