Dependent: Supply chain decarbonisation — engaging top network equipment suppliers on Scope 3 Vodafone completed a project in FY23 to engage its top four network equipment suppliers (representing 38% of total network category spend) to improve sharing of product carbon footprint data and identify opportunities to reduce embedded carbon, moving away from a spend-based methodology. In March 2023, Vodafone launched an environmentally-linked supply chain finance programme with CDP, providing preferential financing rates to suppliers that disclose carbon data and improve their CDP score over time. The programme was initially launched with Citibank's scheme. Purchased goods and services and capital goods represented 2.73 Mt CO2e in FY23 (down from 3.90 Mt CO2e in FY22).
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Sale of Vodafone Hungary completed Vodafone completed sale of Vodafone Hungary to 4iG and Corvinus Zrt for HUF 660 billion (€1.6 billion). Loss on disposal of €69 million. Proceeds used for deleveraging.
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Improved Scope 3 data quality and spend-based methodology refinements Increase in Scope 3 emissions primarily due to improvements in completeness and accuracy of data, and mapping to corresponding emission factors. Calculations use spend-based methodology. Also driven by ~€1 billion increase in procurement spend. Vodafone engaged top 4 network equipment suppliers (38% of network spend) to improve product carbon footprint data sharing.
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100% renewable electricity achieved across European network from July 2021 Since July 2021, 100% of grid electricity used in European network purchased from renewable sources (FY23: 100%, FY22: 96%). Globally 81% of purchased electricity from renewables (FY22: 77%). PPAs signed in 6 countries generating ~6% of renewable grid electricity globally; target 40% of European grid electricity demand by 2025.
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Primary: Network energy efficiency — rolling out new-generation technology and software optimisation Mobile and fixed access networks and technology centres account for 93% of Vodafone's total energy consumption. In FY23, Vodafone invested €57 million of capital expenditure in energy efficiency and on-site renewable projects, delivering annual savings of 50 GWh. The Group is rolling out new-generation network technology, software solutions to optimise energy use, and rationalising its property portfolio. The ISO 50001 Energy Management Standard has been implemented across 12 operating companies, supported by an energy data analytics system live across 12 European markets with smart meters at over 47,000 sites. Despite growing data traffic, total energy use increased only modestly from 6,125 to 6,274 GWh.
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Vantage Towers disposal into co-control JV with GIP and KKR Vodafone completed disposal of its controlling interest in Vantage Towers A.G. to Oak Holdings 1 GmbH (co-control partnership with GIP and KKR). Vodafone retained 64.2% of Oak Holdings which owns 89.3% of Vantage Towers. Initial net cash proceeds of €4.9 billion. Gain on disposal of €8,607 million recorded.
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Sale of Vodafone Ghana completed Vodafone sold its 70% shareholding in Ghana Telecommunications Company Limited (GTCL) to Telecel Group for €nil consideration. Net gain on disposal of €689 million recorded. Further simplification of African portfolio.
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New CEO appointed; Margherita Della Valle named Group Chief Executive Nick Read stepped down as Group CEO in December 2022. Margherita Della Valle (previously CFO) appointed interim CEO from 1 January 2023 and permanently confirmed 27 April 2023. New roadmap announced focused on Customers, Simplicity and Growth, including 11,000 role reductions planned over 3 years.
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Long-term net zero 2040 target submitted for SBTi Corporate Net Zero Standard validation Vodafone is in the process of having its long-term (2040) net zero target approved under the SBTi Corporate Net Zero Standard. Near-term SBTi-approved targets (since 2020) include 95% reduction in Scope 1 and 2 by 2030 and halving Scope 3 by 2030. Validation has faced delays due to high volume of companies seeking SBTi approval.
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Purchasing 100% renewable electricity via PPAs and RECs; targeting global 100% by 2025 Since July 2021, Vodafone has purchased 100% of its European grid electricity from renewable sources, four years ahead of its original 2025 target. Globally, 81% of purchased electricity came from renewables in FY23 (vs 77% in FY22). The Group holds PPAs in six countries — Germany, Greece, Italy, Portugal, Spain and the UK — signed in FY23, covering approximately 6% of global renewable grid electricity and expected to generate ~40% of European grid electricity demand by 2025 when fully operational. The remainder of consumption is matched with renewable energy certificates (RECs/EACs). On-site solar PV generation reached 14 GWh p.a. and Vodafone is also trialling 750 micro wind turbines in Germany, self-powered masts in the UK, and mini-grid solutions in Mozambique and DRC. Vodafone purchased electricity in accordance with RE100's Technical Criteria.
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