LEG Immobilien SE

LEG Immobilien does not disclose in-use emissions intensity data or sufficient floor area and absolute in-use emission data for the buildings in its portfolio in 2021 or previous years. As a result, it is not possible to provide a meaningful assessment of the company’s past emissions trend or projected future performance. The company has demonstrated commitments to renovate the buildings in its portfolio. However, the company has not quantified the proportion of buildings in its portfolio that the commitment applies to. As a result, it is not possible to provide a meaningful assessment of the company’s alignment with its 1.5°C carbon budget.

LEG Immobilien is planning for renovation to make a significant contribution to its carbon neutrality target. The company has started a joint venture with Rhomberg Bau called RENOWATE with plans to carry out energy efficiency improvements on ten LEG neighbourhoods. The company is also trialling renovating its portfolio using the ‘Energiesprong’ principles, a sustainable renovation program to create net-zero homes with a focus on developing scalable, efficient and cost-effective renovation. However, there is a lack of detail on the current size, growth potential and deployment schedule to substantiate the development of the business models.

LEG Immobilien is successfully integrating climate change into its strategy and decision making. The company has created a detailed transition plan including financial commitments and interim targets as well as incentives linked to the company’s emissions targets in its executive’s long-term remuneration. The company can go further and conduct scenario analysis to inform its transition plan and ensure that its board has members with expertise in the low-carbon transition.

LEG Immobilien has set a target to achieve net-zero by 2045 in line with the German Government’s ambition. The company has set interim targets for 2024 and 2030.

LEG Immobilien has published a detailed transition plan. The company plans to achieve its emissions reduction targets through the renovation of its current housing stock to improve energy efficiency and the use of renewable energy for heat and electricity as the grid and heating system decarbonises.

The company has established a joint venture focused on renovation and is piloting renovation using the ‘Energiesprong’ principles to create net-zero homes. The company plans to reduce its portfolio emissions by 4,000 tons from 2021 levels through renovation and refurbishment in 2022.

In 2021 the company achieved its target of renovating 3% of its portfolio with a minimum efficiency improvement of 30%. The company has run information-sharing campaigns to inform its tenants about efficiency savings and has trialled incentive schemes to encourage emissions reduction.

LEG Immobilien has created a detailed transition plan showing how it plans to achieve its transition. However, the company’s emissions reporting is incomplete, and the company’s plan is highly reliant on external actors to decarbonise its supply of electricity and heating.

No evidence was found that LEG Immobilien commits to social dialogue or engages with the categories of stakeholders on a just transition. Furthermore, no evidence was found to demonstrate the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.

No evidence was found that the company undertakes low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by LEG Immobilien was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found that the company actions to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found that the company assesses employment dislocation risks.

The company discloses the actions it takes to provide re- and up-skilling opportunities for workers and affected stakeholders. For instance, it commits to providing apprenticeships and dual studies as well as personal development programmes. Furthermore, the company discloses the measures it takes to embed equality of opportunity for women and vulnerable groups in these actions. However, no evidence was found of the company having a process for identifying skills gaps for workers and stakeholders affected by the low-carbon transition or a public commitment to help workers displaced by the transition to re- or up-skill.

No relevant disclosure was found to show if LEG Immobilien identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.

No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

LEG Immobilien commits to respecting human rights and the ILO fundamental rights at work, and it expects its business relationships to respect the ILO fundamental rights at work. However, no evidence was found of the company’s process to identify, assess and mitigate salient human rights risks in its own operations and supply chain. Moreover, no evidence was found of the company disclosing the stakeholders whose human rights have been affected by its activities. The company does, however, have a grievance mechanism available to workers and external stakeholders.

There is not enough evidence to support the company committing to respecting the health and safety of its workers and expects the same commitment of its business relationships. Furthermore, no evidence was found of a time-bound target for paying all workers a living wage. While the company discloses the proportion of its direct workforce covered by collective bargaining agreements, no relevant disclosure was found of the company’s required working hours. The company discloses some indicators of workforce diversity, including gender and age of their workforce. However, no relevant disclosure was found of additional indicators of workforce diversity. Nevertheless, the company commits to gender equality and women’s empowerment.

LEG Immobilien commits to protecting personal data. However, no evidence was found of a privacy statement regarding the collection, sharing and access to personal data. While the company discloses its global tax strategy, no relevant disclosure was found of the corporate income tax paid for each relevant jurisdiction. The company does have a policy prohibiting bribery and corruption, and it includes corresponding clauses in its contracts with business relationships. Furthermore, the company has a lobbying and political engagement policy, and it specifies that it does not make political contributions. Yet, no relevant disclosure was found of the company’s expenditure on lobbying activities.