Bouygues SA (EN) Earnings Call Transcript & Summary

Good afternoon, everybody. It's a great pleasure for me to welcome you to this webcast, during which we will present the Bouygues Climate Strategy, which we announced this morning in a press release. So without further ado, I propose to begin. This presentation will last about 2 hours. And after the presentation, we would take your questions. We have a number of experts in the room capable of answering your questions. So let me begin by explaining how this whole approach began. Beginning with something that's well known that -- but -- that does raise questions. When you see what's been happening for quite some time, not many people can deny that there's a lot happening. We have enough natural disasters, climate-related disasters, phenomena that have been unprecedented. When we look at the reasons these things are happening, first of all, there's the global warming. Okay. Very simply, if you look at the amount of CO2 that we can produce between now and 2010, from the post-industrial era, we have consumed 2,200 gigatons of CO2. And for our temperatures to remain in a reasonable zone, that's the blue part of our graph, to now in 2,100, we only have some 580 gigatons of CO2 left to consume. So 43.1 gigatons is the total emissions in 2019. The tendency is on the rise. And at a time when we should be reducing these emissions by over 6% a year, the current trend is an upward trend. So over and beyond the commitments made by the various nations in the Paris agreements, things are not happening fast enough. So we feel that it's up to economic players to propose a certain number of measures to limit our carbon footprint. If you take a closer look at the group's carbon footprint, in 2019, we produced 17 million tonnes of CO2. our 5 businesses contribute -- but it's really construction, the construction business that contributes most of the CO2. In fact, 94% of our CO2 emissions are generated by our Construction business. And within the construction Business, 66% of our greenhouse gas emissions are emitted by what we call materials and plant. Let's now take a little closer look at how we've organized these emissions. Before telling you what we propose to do, let me dwell a few seconds on this to tell you that we didn't start looking at a climate strategy this year. In fact, since 2006, we have been very much driven by sustainable development and have worked on a number of low-carbon and in out of carbon policies. In fact, we have regularly been rated by the CDP Climate Change List with an A or A- rating, which is attributable to the fact that we have been eager to control these CO2 emissions. In February of this year, we decided to cross a new milestone, one that we announced when we presented our annual results. We said that throughout 2020, we will be defining a new strategy, a new climate strategy that would be consistent with the Paris Agreement. This whole strategy, this approach would be championed by each and every one of our businesses. And each and every one of our business CEOs would be deeply involved. Now remember that we have been through health crisis considerably changed the way we work. But nonetheless, we have continued to work on our climate strategy, which led us to draw up a climate guidance that, as I said, consistent with what we said at the start of the year. So the 4 goals of our climate strategy. The first one is to respond to the climate emergency by contributing to the target of a global carbon neutrality. This is really what's at the heart of the 2015 Paris Climate Agreement. The second goal is to respond to the growing expectations of our stakeholders. The first 2 that come to mind, the most demanding of our stakeholders are, first of all, our investors; secondly, our employees, particularly our younger employees who actually put a lot of pressure on us to come up with solutions in this area. Of course, this will also serve our customers, and we have involved our suppliers and subcontractors in this entire process, too. The third goal, well, undeniably to reducing our CO2 footprint is an obligation, an obligation that we are imposing on each and every one of our businesses. However, from this stems innovation. So it's a great business opportunity for our different businesses to develop solutions that set them apart from our competitors. And of course, this means making a carbon reduction something that really distinguishes us our competitors. The fourth goal with this climate strategy, our intention is to boost Bouygues positioning as a socially responsible company. What are the particularities of our approach? Well, we haven't set ourselves a global target at group level because our businesses are very different, very different from one another. There's no point in mixing up what TF1 can do with what Colas will do. So what we've done is we've asked each of our businesses to work on these targets to be consistent with the Paris Agreement. But each of our business has defined these targets with the help of a consultancy firm called Carbone 4-A I should say. As a result, our different businesses had a common methodology in defining this strategy. As for the objectives we set ourselves, well, they address 3 aims. The first aim is not just to reduce what we call scopes 1 and 2. We want an extra mile and reduce scopes 1, 2 and 3A for all our business segments, but also scope 3B, which is the way we use the products we sell for Bouygues Telecom and Bouygues Immobilier. The second aim that almost 2/3 of our carbon emissions are produced by our material and plant. So to reduce our carbon footprint, we need to work with our suppliers. We need to work with our subcontractors to adopt creative approaches that will enable us to substantially reduce our carbon footprint. Third aim, we want to support our customers to help them reduce their own carbon footprint. This means that we will codevelop low-carbon solutions alongside them. We will try and help them find the most relevant solutions by raising their awareness. Not all our clients are very aware of these issues. So it's our duty, as a responsible company, to advise them and to raise their awareness. Second part of that is -- particularly with a view to scope 3B, we want to provide support to our clients to help them maintain energy-efficient performance over the long term. It's one thing designing and building products, but it's another thing maintaining them over the long term. So we have a 2-hour session, as I've told you. And because 94% of our emissions are generated by construction, a significant part of this meeting will be devoted to the construction businesses. We're going to begin with the presentation of the climate strategy of each of the 3 construction businesses, Colas, Bouygues Construction and Bouygues Immobilier. We'll be hearing from Frederic, Philippe and Pascal, respectively. After that presentation of the strategies, we'll look at how we propose to achieve these targets, and we'll look at the main drivers. We're setting achievable targets. But we'll be explaining, through the solutions we propose to use, that we have the means to achieve these goals. So we'll be hearing about the different drivers, raw materials that are more environment friendly. We will talk about energy efficiency and sobriety, we will talk about renovation and the circular economy. We'll also be talking about how to better use the structures that we produce and deliver. We'll look at decarbonized energies. And finally, we'll look at how to build differently. We'll be looking at what can be done with timber. After that, we'll have a presentation of the Bouygues Telecom climate strategy. Another presentation of the climate strategy at TF1. We'll wind up with a brief conclusion. After which, we will take your questions at the end of this presentation, and we'll have everybody here ready to answer your questions. So I propose to begin. Without further ado, let's look at the first part and bring our construction businesses, the construction business CEOs on stage, but a short video to begin with. [Presentation]

Well, good afternoon. I'm delighted to be here to talk about this very much forward-looking issue. So ours is a high-carbon business by definition. And in our carbon footprint, we decided to measure this from the -- let's say, from the -- from cradle to gate as we like to call it in our business. Not everybody does this. And this has, of course, a bearing on the figures. So we calculate our carbon footprint every year. In 2019, we had 13 million tonnes in scopes 1 and 2, which is very much internal, account for 16% of our total footprint, where 65% are in the forms of goods and services that we buy. So we have a considerable impact. And this is why we've been working on this for quite a few years, particularly throughout 2020. The goal being to arrive at a carbon and diversity road map. Six areas we're working on. We work on 20 different KPIs with 29 different pledges. The first area is strategic. This is how we can be consistent with the Paris Agreement and the impact it will have on our business, the opportunities, the influence we can have in terms of marketing, lobbying, how we can raise awareness and train our employees. The second area is our equipment and materials and plant, which is all about efficiency, energy efficiency, renewable energies and so on. The third area is products, be it the products that we manufacture or the products that we purchase. Area #4 is about better accounting, better measuring our carbon emissions to be sure that we identify every possible driver. The fifth area is more general. It's about our contribution to carbon neutrality, such as mobility solutions or how we sequester CO2. This is an area we feel that we have a part play. Sixth area is biodiversity. We're already doing quite a lot, but we'd like to go a little bit further on all our sites, particularly in our quarries. 50% Of our quarries have biodiversity measures. We'd like to increase that to 100%. So this road map and these initial calculations give us a target we call 30-30-30. By 2030, we want to reduce our direct emissions by 30%. Likewise, with our indirect emissions, minus 30%. This is -- we feel ambitious, but achievable. And most importantly, it's consistent with the Paris Agreement. Now in the second area, material and plant, our own fleet of equipment maybe the best tonnes and the tonnes that we can avoid. So we're doing quite a lot about optimizing our fleet of vehicles, monitoring the idling rate, reducing the amount of time the engines idle. But it's also about using new types of energy for our equipment and all our rolling stock, better purchasing of our electricity to buy de-carbon -- or low-carbon electricity when possible, but also innovation, particularly in heating processes for our asphalt mix equipment. In the third area, this is products that we produce or purchase. Now we use a lot of cement. One area where we can improve this is with low-carbon binders for roads. We have a role to play alongside our partners or even ourselves. We have ideas that are patentable Then there's the whole issue of asphalt mixes. We can improve on that. I will tell you more about that. We have warm, semi-warm and cold mixers that actually improve our emissions. Recycling. We can actually use roads and recycle them in situ. I'll show you a brief film on that shortly. We'd also like to offer more low-carbon products to our customers, particularly our bio-based bitumen, which has been available quite some time. I told you that this transition is also a business opportunity. And these opportunities can be grouped into 2 categories, the ones that we have a grip on and the ones that depend on the company as a whole. As for the ones that we -- that depend really on our own strategy, between now and 2050, I think it's clear that sea/river/road/rail transport will all increase considerably. Now Colas is very well positioned to be part in this development. We will become players in inter-modality, multi-modality, the connections between the various types of transport. We are and will increasingly be a player in this area of inter-modality. Then of course, there's the whole field of renewable energies, which are increasing very rapidly. And of course, through our large fleet of vehicles, we, I think, can prime the pump here. We have a role to play, particularly in the field of hydrogen. And there are opportunities that concern -- that are more closely related to demand. A lot of solutions there are ready to be used, particularly in areas such as land and cities, towns. We have solutions to avoid land reclamation, to avoid loss of greenfield sites. We have a lot of ideas about recycling the reuse of granulates. It's really, I think, the clients that are particularly conservative from the technical point of view; in France, in particular, but elsewhere, too. This is something we feel is going to change. And when it does, we will be ready to provide solutions. Finally, the way transport infrastructure is managed and maintained is all too often done the traditional way, with a considerable amount of inefficiency. So new longer-term contracts that enable us to optimize resources much better. It's something we do in the Northern European countries in the U.K. We have the experience and are capable of offering these solutions. Finally, even if we don't calculate what happens downstream, the tons of CO2 emitted by the cars that run on the roads, it's not something we can do. And we'd also make what we do and very negligible by comparison. But there are a number of initiatives that definitely head in the right direction. Just like to mention a few. One is Flowell. This is what we call dynamic road marking that will optimize existing infrastructures. We also have Wattway, which consists of using public roadways to actually generate renewable energy, a very relevant idea. We have several ways of optimizing mobility. That's thanks to mobility by Colas. And finally, as I said earlier, we believe that we can provide energy, not just for ourselves, but also for the public at large. So by way of conclusion, Colas does contribute considerably in terms of CO2 emissions. But I think that's good news because I have great confidence in what we can do. So big producers, big emitters have a big impact in terms of carbon reduction. So we see the bright side of things. Thank you for listening to me. I'd now give the floor to Philippe Bonnave from Bouygues Construction.

Thank you, Frederic. I have the great pleasure of telling you about reconstructions climate strategy. So the starting point, for our carbon footprint in 2019 was 2.9 million tonnes. As you can see on the chart, scopes 1 and 2, these are the emissions we produce ourselves, account for 11% of our footprint. In scope 3A, it accounts for actually 89% of our total footprint. And the vast majority of this comes from the building materials and products that we purchase. There's also a certain amount due to freight and our IT portfolio. As for scope 3B as downstream, this really measures emissions throughout the entire life cycle of our structures. So we do feel that we can have quite a bearing on this carbon reduction strategy. Our target for 2030 is to reduce our greenhouse gas emissions by at least 30%. This breaks down as follows: Scopes 1 and 2, we plan to reduce our emissions by 40%. We've produced -- we will reduce 3A by 30%. All these calculations are based on intensity, which is the kilowatt of CO2 by EUR 1,000. So this is all based on the starting point in 019. Finally, we worked quite a lot on scope 3B because this is -- gives us a strong positioning in all our activities. We plan to aim at low-carbon solutions that we will propose to our clients. How do you propose to get there? Number one, we propose to bring about a carbon culture, carbon reflex both in-house and with our partners. So it means that our own employees should be made aware of all the climate issues and the objectives for 2030, but then also have a dialogue, a discussion with our customers with a view to optimizing their projects from that viewpoint. And that means that our own salespeople should be trained to be able to advise customers and so create the sort of our own carbon culture or reflex. And so whenever there's a vetting committee, a finalization review, a whole chapter should be dedicated to the carbon issue. Now on scopes 1, 2 and 3A, is these are a few examples of steps we have specifically taken. But there's a clear commitment to urge our people, our employees to travel less. We want there to be -- 90% of our vehicles in our fleet to be green. We want to cut our international flights by 50% and domestic flights by 80%. And that should apply across the globe. Now we want to, of course, reduce energy consumption on sites -- work sites. And so we mean work sites should be -- a work site cabin should be made of timber. They should be connected. There should be a remote control of energy consumption. We should have solar panels to generate electricity and so on and so forth. We also want to reduce the carbon footprint of our purchases. Now that, of course, procurement is a big contributor to the carbon footprint. And we have -- well, suppliers for certain materials, steel facades, external joinery flooring, partitioning, insulation. We want to get the best possible materials. We want to reduce the carbon intensity of cement by 40% by 2030 and focus on timber construction. I'll get more about this later. But also reduce the overall carbon footprint of information technology by 15%. So that means extend the life cycle of handsets, of technical PCs. Most of these devices should be made to last as long as possible to extend their life cycle and reduce their footprint. Now our job, of course, is to integrate solutions in all areas. One example in generation and distribution of decarbonized power energy nuclear industry, of course, but also solar farms and concentrated solar power offshore wind power and in the development of hydrogen. On this slide, you have 2 operations. You have 1 solar farm and a wind turbine -- an offshore wind turbine. And this is what our R&D people are working on right now. But in the building industry, we are looking for better energy performances, not just for the building themselves, but the entire neighborhoods, entire cities indeed. And we are looking to 0 carbon neighborhoods when in use. And there's an example, the 2000-watt society. We work, of course, on positive energy buildings, and that applies to hotels, offices, airports and so on. But also, we deliver systems to deliver optimal energy performance of buildings in use. And so we have the ABC demonstrator. Now that was done in Grenoble. It's also something that our R&D people came up with. And that's a unique example of autonomous buildings, and we'll have a presentation of that later on. Now we have solutions across the board, but also we are looking at low-carbon mobility as well. And so for instance, we have the electric vehicle charge point facilities. And so we have 1 solution known as City Charge. This is available on whole network of facilities. But we also have a low-carbon mobility infrastructure, so metro lines, tramlines and even urban cable cars. You have an illustration right there. Now what of the future? We don't know exactly what the future holds and what the solutions will be best. As the saying goes, you cannot forecast the future, but you can prepare for the future. And we will certainly have many opportunities to develop new activities in the low-carbon environment. We're ready for this. We are agile, adaptable, resilient enough to produce suited -- suitable solutions. And of course, the idea is to optimize the carbon performance through rehabilitation, renovation of buildings, optimized materials, opting for low-carbon materials and solutions. So it means that way upstream, you want to be able to convert commercial property into residential property with sober and hybrid buildings using decarbonized energies, low-carbon mobility and building what are known as resilient structures. So mostly coastal and waterway infrastructure because, of course, there's always the issue of the rising sea levels. Now then, by way of conclusion, Bouygues Construction's know-how and skill is, of course, entirely suited to the low-carbon economy. What is interesting here is that top management has been actively involved in this, and that will be a key factor of key -- of Bouygues Construction's success. 90% of our own management committee believes that carbon one should be one of the priority drivers of all our actions. And indeed, 90% of our people believe that our behavior must change radically. Thank you so much for your attention. I would like now to give the floor to Pascal Minault, CEO of Bouygues Immobilier.

Hello, everyone. Let me introduce Bouygues Immobilier's climate strategy, its impact to the low -- on the low-carbon transition. There is a negative impact on the demand and construction of new property. There's a contraction in the market for new buildings. And there's an increase in the carbon constraints for those products that are marketed, but conversely, there are many sources of opportunities in structural rehabilitation and renovation. And of course, the issue of organization and biodiversity is becoming increasingly relevant. So the low-carbon transition offers several opportunities with optimized product and services, decarbonization strategies, new building methods, better performance of our buildings, but also the integration of mobility solutions in our buildings. But the services offer more comfort with an acceptable density, better quality of use, biodiversity, nature in the city, but also thermal comfort solutions in the summer. We also have groundbreaking products and services, shared living spaces or working spaces, reversible buildings designed from day 1 for several possible uses, what are known as passive conference systems, but also returning to traditional building methods and ensuring that at the end of the day, buildings should be -- should have what is known as a virtuous usage rather than wasting energy. But of course, we want to expand rehabilitation and renovation products and services, but also develop new brownfield sites through these low-carbon solutions. But Bouygues Immobilier's carbon footprint is, of course, related to its own property development operations. And so the -- our own carbon footprint depends very much on the projects we develop. The 2 main contributors to the carbon footprint in residential property, half of them is materials and equipment for 50%, and the other 50% is the consumption of energy in the operation and use of the buildings over a 50-year period. So this accounts -- altogether, we're looking at about 1,500 kilograms of CO2 per square meter of surface area, at least that's what we worked out for 2019. Bouygues Immobilier's commitment for the climate program is to bring down our carbon emissions, both for our own activities. That is less than 1% of the total, but also emissions on our value chain. That's scope 3A and 3B. Both of them, we want to bring down by 32%. Now reducing emissions will be done working on external factors, that is the environment, the work sites. And there, the construction practices will make a difference. But we also want to improve the carbon footprint of equipment products, those that we use to implement the projects. And so there are, of course, environmental constraints. There's a new piece of regulation. RE 2020 will come into force next year. But there are also changes in the industry, manufacturing the equipment. So improved equipment and new environmental requirements. All this together means that they -- we will be cutting down external emissions drastically without having to change our own practices because we'll simply be using decarbonated material. But in-house, what we can and should do is the way in which we design our buildings with a view to achieving our objective to reduce emissions by 32%. Now how can we do that? Well, as I said, it's in designing and building our projects, make them more compact. Because if the building is more compact, it requires less materials, has a better energy performance, but also low-carbon solutions for construction itself. So we're looking at low-carbon concrete for infrastructure, but timber material for superstructure. Now for 3B, that is the operation of the buildings, we're looking at optimizing the energy requirements. And so that means a better performance of the envelope of the facade, and that can be certainly optimized. But in terms of electricity, we switch from natural gas -- well, for energy, we switch from gas to electricity. That actually is part of the French national regulations, but they also apply in other countries around the world. Now then on this slide, you will find 2 charts. Now the pink line is Bouygues Immobilier's ambition, indeed, its commitment in terms of the carbon footprint, how we propose to bring it down. And year after year, we have a project and a forecast of our carbon emissions. On the left-hand side, if we look at external factors alone, this is what you would expect. And you can see that external factors alone are not enough to reach the objectives that we set for ourselves because it meant -- it would mean that by 2030, we would still be at 1,232 kilograms of CO2 per square meters as opposed to 1,012. Whereas if we combine external and internal drivers, then we would be able to indeed do better than a target, go down to 981 kilograms as opposed to 1,000. And so if you combine external factors and internal drivers, compact buildings, low-carbon concrete, timber structure and phasing out natural gas and switch to electricity, all this will make it possible to reach the target. Now we have a road map for product and services. We want to have decarbonized products and services, responsible procurement. We also want to train our own people so that they can use these solutions. That is they can design buildings, high-performance buildings in terms of carbon emissions. So that means a training program. We need to have a task for -- a carbon task force to accelerate the rollout of this know-how, but also devising our own tools and solutions, technical fact sheets, ways to work out, building by building, the carbon footprint of our projects. And so we're using -- we'll be using what are known -- what is known as a carbon -- neighborhood carbon calculator. Now we already have some low-carbon residential buildings with excellent technical and indeed economic performances to reach these low-carbon objectives, but we have also groundbreaking residential property. We have cases right here, but also what is known as the Bureau Genereux, the generous building, a special solution for office space, the Urban Air neighborhoods. We have low-carbon neighborhoods. UrbanEra has developed the first low-carbon neighborhood in Saint-Julien-en-Genevois. And then we have the low-carbon guarantee adults or subsidiary, can commit our buildings to have carbon emissions -- well, capped throughout their life cycle. So that, by and large, is our low-carbon strategy, and that is how we propose to achieve it through our offers and solutions. Thank you.

Well, thank you, Pascal. And I would like to thank Frederic and Philippe for these presentations. So we've heard the commitments made by the -- in the various construction businesses, but how do we propose to achieve this? We have a number of drivers right there. If you go through the construction business, you will find the various areas of expertise where these solutions will be rolled out, the green boxes referred to areas that we will be zooming in on. So he, will look, for instance, at the low-carbon concrete on the right-hand side. You may remember, our objective was to cut down our carbon intensity of cement by 40%. We will be looking at a warm, semi-warm and cold asphalt mixes arrive at the 50% ratio of warm asphalt mixes by 2030. And also the use of timber in construction, 30% of the project should involve that. So I'll give the floor to Christian, Severine and Myriam to tell us more.

Good afternoon to you all. Severine and myself are delighted to tell you about low-carbon concrete. Now low-carbon concrete involves the use of low-carbon cement. Industrial cement is, of course, the key ingredient in the making of concrete. Now it accounts for 10% to 15% of the overall weight of concrete, but it accounts for 98% of the carbon footprint of the self-same concrete. And so what we've been trying to do is to make it systematic to replace part of that cement with mineral solutions, calcined clay, but there could be other products, the residues for stove pipes or fly ash from other sources. And that can -- we can reduce by 70% to 80% the carbon footprint of concrete. But nonetheless, there are a number of unanswered questions. There's a technical question, first of all. Because the use of such cement means that the chemistry of concretes will change. There's also an issue of availability because the materials we're talking about are not available in sufficient numbers or at least not sufficiently well distributed around the world. And there's an issue of partnership with concrete manufacturers in -- after all, what is a highly regulated and -- but -- and then so our strategy consists in having road map country-by-country to see how we can bring down the carbon intensity of our cement, bringing it down by 15% in 2025 and 40% by 2030. Severine will tell you more now.

Well, thank you, Christian, and good afternoon, everyone. So what is it that we can do here in France? Well, one thing we can do is gain the 10 -- 5% to 10% by maximizing the use of low-carbon cement already available. But the other thing is we have to experiment and try out and working with our R&D people. We have to try out ultra-low-carbon solutions, as what is known as geopolymer concrete. But we also have to be proactive to try out the new stuff that will come out on the market to see what solutions can be developed and rolled out in all our on our sites. So these may be, initially, costly solutions, so we have to work closely with the customers to make sure we can do it. But altogether, that should enable us to reach the 40% target by 2030. And now I give the floor to Myriam.

Well, thank you, Severine. And there are 3 low-carbon solutions that are part of Part 3 of Colas' road map. Solution #1 is the use of renewable raw materials. Colas, as early as 2021, will have a new asphalt mix with a bio-based binder. So using vegetable -- vegetable-based oil, so you can use low-carbon materials. So if you have bitumen and cement, their footprint, their CO2 footprint is anywhere between 200 and 800 kilograms of CO2 per a tonne of binder, but the bio-based binder is carbon synced. And so if footprint is negative, minus 1,300 kilograms of CO2 per tonne. So that's solution #1. The solution #2, Well, it's a set of family of solutions that is the energy-serving -- saving solutions. So now mix requires about 160 degrees. So you need the power to heat up the materials and then to go from -- well, when you have more than 100 degrees, you have an issue of the water steam that you have to address. Vaporization has to be addressed. And so now we have a solution that can bring down 80%, the CO2 emission, simply by bringing the temperature down. If you have semi-warm solutions, so you don't have -- it's only 80 degrees, so you don't have any water evaporation. And so right there, you can save a lot more CO2. And then you have even colder solution, the easy cold. And there you can bring down CO2 emissions by 45%. So there are other solutions to bring down our environmental impact. In particular, we can have aggregates in our own formulations. And talking about recycling, we have -- we applied the concept of the circular economy. The idea is that roads -- existing roads can be seen as deposits of raw materials that can be reused. Let's take a look at this video that will tell you just how the Novacol process works. [Presentation]

So the Novacol process makes it possible to sit anywhere between 10% and 15% on the carbon footprint, of the carbon emissions. And we save also on raw materials, on transportation. But you should also note that there's less damage to nearby utility networks and less disturbances to the users because -- to use this because there are fewer trucks moving about. All the low-carbon solutions have their specificities that better meet customer expectations, looking at the natural color aggregates -- well, they've been treated to accommodate the soft mobility solutions. You can have -- save about 30% in lighting compared with black road. You can be -- this can be a solution to heat island, plus these vegetal or green areas make it possible to integrate the aggregates better with the rest of the landscape. There's a sort of natural continuity. So these low-carbon solutions offer many advantages by way of outlook. Let me just mention the new resources, the sort of vegetal materials, part waste, 0 carbon bitumen. What we're trying to do is use natural vegetal materials in the binder to have a 0-carbon bitumen. And we are working with Novacol on the -- on road surfacing. So as to have the same process supply all the way through to the surface as well as the sub base. Well, thank you, and you can see there are many solutions out there that enabled us to make headway in that endeavor to reduce the CO2 emissions. You have the calcined clay. You have roads that are 100% recycled. Some of our competitors also have recycled roads. But what is specific here is that you have the actual truck rolling ahead. The road is completely worn and behind is completely new. We are doing this in Canada and bringing this to Europe, and that means that the CO2 generated by transportation from the trucks, that is also taken care of. Now then the second driver is all about energy efficiency and sobriety. And what you have on this slide -- well, we're looking mostly at energy efficiency of buildings and neighborhoods, but we're looking sobriety of buildings and neighborhoods. And for that, we will look at 2 topics. There was a documentary that we did in Singapore and another one in Switzerland with our friend, Pascal. Let's have a look at this. [Presentation]

Well, internationally, we are very much present in the battle against the carbon footprint. We have been mobilizing our teams around the world. Our people have been very receptive. What makes things difficult is to mobilize our customers and our partners in this and try and elicit a similar type of commitment on their part. You have to see that, for our customers, not everybody is as well aware of these issues as they are in Europe, plus, of course, the cost of low-carbon solutions may appear initially somewhat prohibitive. So then we have what is an iconic operation that we conducted in Singapore. This was for the Building and Construction Authority in Singapore. That is the very authority in charge of construction operations in Singapore. This is a training center that we built. It's an average size. It's a EUR 50 million operation. There are 2 parts to this project regarding carbon. One part is the construction per se. And well, this is not the very first time but one of the first times that we're using a timber structure in Singapore. So the training rooms, the classrooms will be built using timber. And then there's a more traditional part in Singapore regarding sort of industrial construction but using modular units, and that is something that's been used very widely for the past 6 years. And then, of course, low-carbon solutions on both aspects. So that's part 1. But the other thing is, of course, to reduce the carbon footprint upon operation. And now as we do in many operations around the world, we'll be using solar panels on the rooftops, and so that will compensate for the use -- the consumption of timber part, but we also have a cooling system that is -- makes it very comfortable. We have ceiling fans that rotate at a slow pace, but they do cool the air. And for the first time in this group, we have an energy performance contract. And so items 2 and 3, that is, ventilation, will enable us to save as much as 30% on energy consumption to cool down the building. Now as you can see, the Singapore project is the -- it brings together all our expertise. I highlighted a few of the techniques there, but there are about 20 of them. This is like a lab, an experimental lab, trying out all these solutions in an environment where, of course, the climate is very different from the one we're used to here in Europe. So we have the know-how. We have the skills. We have the convictions. But of course, everybody is committed to achieve this low carbon footprint in our buildings around the globe. And now I give the floor to Pascal.

Thank you, Nicolas, and good afternoon. What is a 2,000-watt society? Well, a 2000-watt society is a vision of Swiss society to play a part in reducing consumption. This is a concept that's all about renewing renewable resources. This leads to a total average global power consumption that will not exceed 2,000 watts per person. Currently, in the U.S.A., the consumption is 10,000 watts per person. In Europe, it's 6,000. So the idea is to divide our total global consumption by 3. At the comfort of the year 2050 with the consumption of 1960, that's the idea. Now to illustrate this, the Greencity district in Zurich, which is a concrete example of the 2,000-watt society. And in fact, this goes back almost 10 years. So what's been done? First of all, by developing Greencity in the Zurich conurbation with mobility and reducing considerably the amount of energy devoted to travel and commuting; secondly, mixed usage or diversity of use to generate synergies; after that, the design includes the demands of the label from the very start, with compact, flexible buildings with greater energy efficiency; using renewable -- local renewable sources, such as geothermal energy, the water table and photovoltaic energy. This is a system that goes beyond the site because it also includes neighboring areas by including low-carbon materials, such as recycled concrete. This challenges users and owners by monitoring consumption constantly. The development of 2,000-watt sites is now mature and something sought -- very much sought after by investors. So how do we take things a step further? What are the next drivers? What's just around the corner? First of all, positive-energy neighborhoods, these are neighborhoods with a positive footprint over the full year, then by seeking out energy sufficiency. We can also improve the CO2 issues by low-carbon construction, such as timber, but also reusing existing materials are better, again, by improving the building structure; secondly, by diversity of use to avoid building areas that will be not used or poorly used. So it's all about creating value by just building what's needed and no more, in other words, building less but building better. To illustrate this, let me quote the example of the Vortex project in Lausanne. This is a student building, which reduced the amount of a property built by 10% for the same use. Before it was made available to the end users, this also served as a village for the athletes in the young athletics -- young athletes competition (sic) [ Youth Olympic Games ] in Lausanne.

Thank you, Pascal. Thank you, Nicolas. After these presentations, now we can move on to another part, which is renovation and the circular economy. Now on this slide, you have the various forms of expertise we have in the group, clearly with renovation. And avoiding urbanization is clearly an issue that will become increasingly important. We play an important role in renovation, be it of public buildings, hospitals, schools, private buildings, condominiums and so on, but we're going to focus on 2 areas in particular. First of all, with Benoit, who will talk to us about a particular project before we hear about the post office building in Strasbourg. I'm going to talk to you about La Maillerie, which is in the Alps -- in the north of the Alps in Villeneuve d'Ascq, to be more particular, on the old logistics warehouse of 3 Suisses, which was one of the large VPC players in France, which is actually in the heart of the Lille conurbation. Now we've decided to transform this into a very diversified neighborhood with 100,000 square meters of surface area and soon 3,000 inhabitants, students, employees and passersby but a very, very mixed usage area. La Maillerie is based on 3 ideas, 3 ideas that are related to decarbonization. First of all, a rather strange decision to restructure a logistics platform. Not for its architecture or its charm did we choose this. This is because it's a low-carbon idea. By choosing to do differently than simply demolishing and rebuilding, we decided to use the existing materials, existing energy and to reshape it rather than start from scratch. This is obviously an economic choice but driven by carbon consumption. The second idea with this neighborhood was the way we heat it. The neighborhood will consume a lot of energy in the future. But what we decided to do was to work with the business school and a local condominium to seek out decarbonized heat. What's that? That means building a huge pipe to take heat from the waste incineration plant. This is heat that's usually lost. And along these miles of piping, we channel the heating to the neighborhood for the benefit of the future inhabitants. This is carbon-neutral energy. If we hadn't done this, this would have simply been gone up in smoke as is the case, literally. The third low-carbon idea with this neighborhood is what we call urban intensity, by which we mean ensuring that every square foot, every square meter is used with the greatest possible intensity. In other words, we build what's needed and no more. A very good illustration of that would be parking spaces. We usually build a huge parking space beside buildings, another huge one beside our buildings without paying any great attention to the fact that one is empty, while the other's full and vice versa. Here, we decided to combine parking in this building here on the picture. So we built much fewer parking spaces, thus, saving a lot of materials and avoiding generating a lot of carbon. Interesting with these 3 carbon ideas, not just we decarbonized the air, but we also reduce our cost of goods but also to propose better ideas to our clients in the particular case of energy. The beneficiaries of this energy will be that, throughout the life cycle of the building. heating will be much less expensive. Alexandre, you have the floor.

Thank you, Benoit. Another part of our carbon strategy is the whole idea of rehabilitating buildings. This is typical of the circular economy because of the lower level of carbon. In this instance, I'm going to talk to you about the rehabilitation of the Hôtel des Postes. This is a late-19th century post office in the UNESCO World Heritage List. This is -- instead of a single purpose, we are using this for a number of different purposes. This is a major renovation project which is mainly aimed at preserving the facades, the building, the layout; and the most typical part of the layout, which ultimately will combine about 100 housing units; a managed residents; 2,400 square meters of office space; an eatery; and a post office, spanning some 2,200 square meters -- a total of 22,000 square meters; low carbon. Now this is, of course, the upshot of cooperation with Weber + Keiling and will be built by Bouygues Bouygues Bâtiment Nord-Est. Everybody worked together to carry out a full diagnosis of the existing situation, placing greatest possible emphasis on reuse. This was a major undertaking, about 3,000 of hours work, all about comparing the former, the existing and the future, largely facilitated by digital mapping, which enabled us to review the existing structure and the future structure. This is an outstanding development with the architecture that includes, well, the existing layout horizontally, vertically and, of course, preserving quite a number of common areas. Now in terms of reducing the carbon footprint, let me just quote a few figures: 1,000 wooden frames -- wooden window frames, just avoiding 390 tonnes of CO2; 20,000 square meters of existing structures retained, equating to almost 6,500 tonnes of CO2 avoided. Now we use low-carbon concrete for the foundations, and that enabled us to save about another 100 tonnes or thereabouts of CO2. Overall, over 7,000 tonnes of CO2 have been avoided, which is the average consumption of a village or a small town of 600 people. Now saving resources also included saving water consumption, which we have calculated at 24 million tonnes -- 24 million liters of water, I should say, which was a great achievement. Finally, to just improve it further, we've used an urban heating network, which includes 72% renewable energy. But of course, the target is 80% renewable energy. Now this project has several labels: Effinergie, BREEAM for commercial property, Climaxion by the French agency ADEME and all about improving and reducing and transforming waste. With Bouygues Immobilier, we think there are a lot of prospects in the market, in the French market, in particular. There's a contract recently signed with Poste Immo that's concerning the renovation of 10 post office sites for approximately 80,000 square meter, which is evidence of Bouygues Immobilier's commitment in this whole approach of reducing the impact of our activities on carbon consumption.

Thank you, Benoit. Thank you, Alexandre. Now I'm now going to move on to a new part of construction, which is how to improve the intensity and quality of use of the different products that we deliver to our clients. So on this slide, you have 2 of the items that we'll be covering: what we call generous offices that Sabine will tell us about, climate change with the heat islands that will be described by Cédric and a bioclimatic reception that Roseline will tell us about. On the left-hand side, you have a positive-energy hybrid building. I just wanted to point out that we've received the Solar Impulse -- Bertrand Piccard's Solar Impulse label for the whole design of this. Sabine, you have the floor.

Good afternoon, everybody. It's not easy to talk about offices when the future of the office has been deemed nonexistent, and it's all about virtual work, not that I believe in that. Teleworking has proved that it's efficient because it works, so it is efficient. It's also a great saving in terms of time because of much less travel. However, it's proving difficult because the company isn't just a sum of isolated individuals working behind computers. Well, this COVID crisis has actually accelerated trends and, particularly, the ways we work. As you can see on this slide, and it is reassuring, employees want to see their colleagues. They're not really prepared to commute an hour a day to plug in their computers. They can do that at home. What employees want is to see one another. They want to meet up, see one another to innovate for the company. They're aware of the fact that they are fighting against a health crisis. In the future, there will be a climate crisis. So the office of the future will have to strike a balance between on-site working, working from home and working in other areas without losing the -- departing in any way from the company's identity. But the workplace has to be a place where people want to be. This is what we've called the generous workplace, where less is more. First of all, it preserves the planet. It's adapted to new forms of use, new ways of working and, of course, makes inhabitants sovereign in their own communities. So from the carbon point of view, all our tertiary construction will all be [ BC 1 ] equivalent. In other words, they will have a carbon consumption of less than 1,250 kilos of CO2 per square meter of floor area. As Pascal Minault said earlier on, we have benched all our recent developments, and the average is about 1,400, 1,450 kilograms of CO2 equivalent per square meter. So we have to reduce this consumption because, by 2030, the goal is to reduce this carbon to less than 1,000 kilograms of CO2 equivalent per square meter. Now we also worked for what we call the boost reuse platform. We have made the commitment to provide 5 sites a year with materials from former sites. So we produced 42 million tonnes of waste a year, of which less than 1% is reused. We can certainly improve on that. Sways, which is the future Canal+ head office, all the floors were reused in the new building of over 30,000 square meters. [ And suddenly, for example, ] these floors are protected by carpet, so they're intact. We've also made commitments in favor of biodiversity products or bio-sourced products, and 25% of our projects of what we call biodiversity positive. As for employees, as I said, we need flexible offices that are appropriate for working together. So 30% of all surface area will be for meeting rooms. You know what [ luncheon vouchers are, ] we propose what we call office vouchers. So companies that rent our buildings will be able to convert part of these areas into co-working areas and in our agreement with WOJO. The quality of air has become an essential area. We've increased the airflow by 20% using air regulation that detect the number of people in a given area. Finally, outside areas will be planted for users, which will avoid heat islands. As for neighborhoods, offices will no longer be isolated fortresses. But buildings with ground floors will be open space where everybody can enter, including people living nearby. As for carparks that are locked overnight, auditoriums and fitness rooms, they will be shared with residents. Our buildings must also enable us to store and use electricity depending on the peaks of use. So at a national level, we will be working on this. Finally, this crisis has really encouraged us to speed up the way take the environment into account and take the way the environment is meshed in with society. Frederic, you have the floor. Thank you all.

Colas has been interested for years in what we call urban heat islands. This is because of global warming, and they're increasingly commonplace, particularly during heat waves. As you saw in the -- one of the films earlier on, this leads to a temperature rising in urban areas, rising by up to 10 degrees by comparison with the neighboring rural areas. But to meet these new needs, Colas has been developing an interdisciplinary assessment. It begins with a necessary analysis before we propose solutions for each different issue. Every time, this has been deemed an important issue. The problem with urban heat islands is complex and involves lots of the different facets, from [ that produced in towns ], the streets, the sidewalks. Four different assessments are used to arrive at our diagnosis: the materials, first of all, and their thermal qualities; and secondly, an in situ assessment just to measure solutions; modeling and microclimate assessments; and finally, observation and surveys to determine how we are perceived by the neighborhood. Artificial intelligence can also play a part in identifying drivers for work sites with specific characteristics. These drivers can be classified into 4 main categories: drivers that avoid or limit the absorption of heat by mineral areas, those that create shade, those that facilitate beneficial effects water and those that draw the benefits of plants and vegetation. Overall solutions to heat islands -- or urban heat islands, thank you, are all the more important that there are secondary benefits over and beyond the simple reduction of temperature. And of course, they are increasingly in smart and connected infrastructures. The benefits include better management of rainwater, reduction of pollution, regenerating biodiversity and nature in urban areas, reuse of equipment for areas with lower carbon footprints. Colas already has solutions for a certain number of drivers. We can reduce temperature on roadways, and our experiments have already enabled us to quantify the effects of this type of surfacing and to model the behavior, particularly in the heat wave conditions. We also have skills and know-how in the field of sustainable management of rainwater. We have solutions. Now we need to integrate these solutions differently into the urban areas we manage to include the natural cycle of water or to enable reuse to cool areas and to promote the development of vegetation. Thank you. Let me now give the floor to Roseline Legrand, who's going to talk to you about the ABC concept.

ABC stands for Autonomous Building for Citizens. And autonomous means a building that will have enough water and solar energy. Well, we found this idea absolutely charming. And we have an initial project. Since last August, 180 inhabitants have moved into this building. With a few simple gestures, they have shown that well-being goes hand-in-hand with frugality. So the autonomous side has 3 parts to it. I'm going to give you examples concerning energy. The first part of this is what we call sobriety, which means consuming as little as possible. Well, the outer layer of the building is passive with 15 centimeters of cork and double glazing. The second area is efficiency. We don't waste anything. And I'll give you another example. We recouped -- recovered the calories from a heat pump to heat water used in dwellings. The third area is to have renewable energy that's produced locally. That's distributed in a local loop. So we have photovoltaic panels on the ceiling that produce electricity, which is stored in batteries to be available in the evening when people are at home. Out of this first demonstrator of ABC, well, tomorrow, we will be looking to build in not just a single building but a whole neighborhood with shops, apartment blocks and so on. But we will also be looking to build in timber to reduce the carbon footprint of our buildings. I have a short video for you to demonstrate this. [Presentation]

Thank you, Sabine. Thank you, Cédric. Thank you, Roseline. I'm now going to move on to another topic that we mentioned earlier on, which is decarbonized energy. We're going to tell you about our different fields of expertise. We're going to cover green hydrogen, even though it wasn't -- it's put in orange here. So Philippe, Pierre and Eric will tell you about our know-how in nuclear, green hydrogen, solar and wind energy.

Thank you, Olivier. Good afternoon, everybody. Before Pierre and I tell you about the positioning of Bouygues Construction in electrical production infrastructure, I think it's important to give you our multi-criteria analysis of the different sources of energy just very briefly. Now this first mapping of the different sources of energy aimed at producing electricity include carbon-intensive energies and decarbonized energies but also energies available on demand and, of course, other forms of energy. First of all, hydrogen, which is sometimes presented as a future source of energy, the petrol of the future or oil of the future, well, first of all, it is a very astute way of storing energy. But let's look at the particular area of neutral energy, which is available on demand and is decarbonized. The difference in terms of CO2 emissions is very different from one source to another. The figures are very evocative. The two leaders are nuclear and wind energy with 12 grams of CO2 by kilowatt-hour. Fourth is solar energy with 4x more, 48 grams. At the bottom of the list, as you guessed, coal with almost 70x more. Another important area is the competitive analysis of the quantities of energy required to produce the same quantity of electricity. Now this concept of supply and storage doesn't make any point with renewable energies, solar and wind energy, which means that they are -- their availability is less dependable. There's a few figures that may seem somewhat theoretical. But let's take the example of 1 volume for nuclear and 1 million for coal. Because of the various densities to produce 1,000 megawatts for a full year, you need 1 truck of uranium, whereas you need 10 trucks by hour, 24 hours a day, 365 days a year with coal. With this analysis, well, Bouygues Construction decided to commit almost entirely to the decarbonized energy production. That's the left-hand side of the slide. Now to illustrate this commitment, Pierre and I have decided to talk to you about offshore wind farms, solar and hydrogen but also nuclear energy. The advantages of offshore wind farms are well known. This is why Bouygues has been positioned for a decade or so as a developer for offshore wind farms. On land, there is -- there are more technical aspects and more controversy. With Idiola, Bouygues has produced the only prototype of offshore wind power projects positioned where winds are stronger and much more regular. Bouygues has also worked with EDF and Alstom energy for almost a decade in designing and building the facilities of the offshore wind farm Fécamp. [ This first ] EUR 500 million plant has led to the building of over 70 wind farms of Le Havre. If you go back to the map showing all the data, clearly, nuclear energy comes ahead in this multi-criteria analysis. The advantages of nuclear energy are well known and recognized, and yet, some countries have decided to turn their backs on nuclear energy. So of course, this is a very controversial issue. But as we know the safety requirements of French authority, Bouygues has decided to become a major player in nuclear civil engineering. And so Bouygues Travaux Publics has been building the EPR reactors, including the one in Finland but also Flamanville in France. And they're also building one in the U.K., Hinkley Point C. And so Bouygues TP is the only non-Chinese nuclear plant builder that has this safety and security label. Now Sizewell in the U.K. is a copy of Hinkley Point C in terms of design, contract and supply chain. The EPR 2 is to be built in France for the next 20 years. On existing sites, we have the one [ in Poly ]. You have forward-looking targets, more complex projects that are listed on this slide as well. Now from fission to fusion, I'm not talking about the nuclear energy, but solar energy, which also involves fission. Right. And I'll now give the floor to Pierre Vanstoflegatte.

Well, let's talk about green hydrogen. Looking first at sort solar plants, solar panels, of course, that kind of solar energy has been widely developed around the world. You have industrial partners, investors working with us on these big projects, and we have been doing quite a few of them. At Bouygues Energies & Services, BYES, we've decided to embrace these highly complex projects but also innovative projects for the large and complex project. And that was on the previous slide, I'm afraid. On these projects, we have developments mostly in Asia and Australia. Since 2012, we've developed a number of projects with a large number of panels, hundreds of thousands of solar panels on each project with very large surface areas. These are industrial-scale projects where you have to optimize the supply chain to assemble and operate these large solar farms. We -- if it's the size of football fields, it would be the equivalent of 1,800 football fields that have been the equivalent in terms of surface area that we have installed over the past 5 years. That's the large project, but we are very innovative as well. The idea is to have the low -- small distance logistics and trying to use local suppliers. We've done this with the solar farms, where not only do we use these local suppliers, but we can also ensure that land is not completely lost to industrial use. For instance, you can build the solar panels above agriculture or farmland, or indeed, you can use these solar panels to provide shade and canopies to parking lots. So you have dual use there, and you don't need to have undue urbanization. On [indiscernible], we have floating solar panels. And so you have floaters that are basically big rafts put together and producing a solar farm what was an unused and abandoned quarry. So we can harness energy for households, of course, but not just for providing electricity to household but also to store electricity. And the next step is to produce, generate green hydrogen made using green electricity by comparison with gray hydrogen, which is the result of cracking of hydrocarbon. So this green hydrogen, we believe, is the fuel of the future. This is what will replace fossil fuels in our engines. We've completed a project for the French Civil Aviation Authority, and there's a land strip that can use that hydrogen and provide safety for that strip. But just service stations as well will be able to generate that kind of hydrogen, and you will have them in the engines of certain vehicles, trucks. And the engines -- well, the -- of course, the -- what these engines give off is water rather than -- or steam rather than fumes. And of course, they make no noise. So we use hydrogen to store energy and to generate the fuel of the future. So we work with the Bouygues Energies & Services, but we also work with Colas and my friend, Eric Plouzennec, will tell you about the way in which Colas has been using this.

Thank you. Yes, we -- so far, we use carbonized energy for our work site, but you propose to be innovative and arrive at new solutions. As Pierre said, Bouygues Energies & Services has given us access to decarbonized energy, but of course, the next step is to innovate especially with those who build vehicles using this energy. Now we have a fleet of 37,000 machines and vehicles. Some of them are quite large. The environmental and economic impact is quite significant. We're talking about EUR 300 million. 1.1 million tonnes of CO2 are directly related to our machines and vehicles year-on-year. That's 76% of our carbon footprint, as Cédric earlier pointed out. So now we need to come up with alternatives to fossil fuels to -- for -- to reduce the carbon footprint. So we're looking at an international transition. But of course, France is our #1 concern. So as to achieve that objective, a 30% reduction in the carbon footprint, we have a new energy mix by 2030. So we're using electricity, biogas and, of course, green hydrogen for our trucks and machines -- vehicles and machines. So First, we have to go to our own fleet. Thanks to the digitalization of our work sites and processes, we will be able to save right there. We'll be also using an onboard data collection technology. For the light vehicles, we can start using these engines, but for big engines, hydrogen is well suited for these machines that require a lot of power. So we have a partnership with these vehicle and machine manufacturers to arrive at this decarbonized target. We have a site close to [indiscernible] called Louvres to start what is known as the Last Mile project. There will be a station they are generating green hydrogen with the help of Bouygues Energies & Services. And we've started out with light commercial vehicles. But then, once that pilot project is completed, we'll be able to roll it out to others.

Well, thank you, Pierre and Eric. Now we've reached the -- almost the end of that chapter. One last chapter before we move on to TF1 and Bouygues Telecom, this will be -- this chapter will be presented by Fabrice Denis, who is waiting for disinfection before he can come up to the rostrum. And he'll tell us about WeWood. That is a new way of building and designing projects involving timber.

Thank you. Good afternoon, everyone. Timber construction at Bouygues Construction, and they have own WeWood initiative is as follows. The timber construction market in France is booming, especially for commercial property, for functional building. And this is a very favorable context, very conducive context. We -- there's a strong demand for environment-friendly buildings, and you have this beautiful building on the picture there right in the heart of Paris. It's an island, a zen Island as it were, all built out of timber. And then you have the 2020 European regulation, which is, of course, going to boost the bio-based and timber-based construction. Now timber. Well, we're talking about pines, spruce and Douglas fir trees. Of course, because this is cross-laminated timber or glue-laminated timber, you have special technologies here, especially for high -- rather, the higher buildings. But in terms of carbon, we're saving 60% of CO2. And for the fit-out, looking at 20% reduction in CO2 using timber rather than concrete. Plus, of course, you have carbon capture by timber that, of course, makes it possible to reduce the carbon footprint. But also, we are making -- it's a new step towards a change -- a game changer in the construction practice. You have building differently, meaning units being built away from the site and assembled like LEGO, LEGO style. And people are taken by this. And if you ask them to turn back, people used to timber will not turn back to concrete because they're used to the silence, to the effectiveness, to the user friendliness. As many as 125 projects were completed in France. And in Switzerland here, you have a partner in Switzerland in Weidmatt. And there, you have a sort of a host of sustainable buildings right there. Now our objective is, by 2030, to have 30% of the project built with timber. Now of course, we want to have the right mix of materials at the right place. Now how can we make this happen? Well, instead of having a dedicated subsidiary, and that would probably create sort of a silo approach, which is not what we want, we want a cross-cutting approach where all our subsidiaries are involved. Of course, we have powerful engineering resources, but we also have what is known as a pool of excellence, as many as 30 expert engineers who are very passionate about this and who are there supporting our teams. We have ecosystems of industrialists, SMEs, start-up companies. And of course, we want to have a significant positive impact on the timber and forest industry in France because we use timber generated -- or that comes out of sustainably generated forests. And then we have the Linkcity barrier, which is a property development approach, again focused on timber, where we have full control on the design of the buildings. And there, Place de la Nation in Paris, you have a [ 64 ] building all built out of timber for a youth hostel. So we call that approach WeWood. It is a well-structured approach. We have clear themes, training, solutions, digitization. This is all cross-cutting. This is all shared out. And our employees are very much taken by this. Especially, the younger generation find this a very unifying crying -- battle cry, as it were, because we are questioning our habits, but we are innovating. And of course, blended operations have been completed here. In the top right corner, you have an office building in Bagnolet, a 25000-square-meter building in timber -- made of timber. And you have, soon to come, other iconic projects.

Well, with timber, we complete the chapter of construction, which we, of course, wanted to highlight here because, as we told you, 96% of our carbon footprint is generated by our construction businesses. So let's move on to the telecom sector. And I would like to give the floor to Chrystel to -- Richard to tell us about the -- Bouygues Telecom's climate strategy.

Well, good afternoon, everyone. This is Richard. Well, of course, we don't consume an awful lot of energy, but there is -- there are changing uses of telecom devices. And of course, we are right on the spotlight. Now if we look at the actual carbon volumes, we're talking about rather small volumes compared to others, but our carbon footprint very much depends on our own ecosystem. And if you take a look at this pie chart there, the way in which consumption is observed, you have 35% in telecom product, then it's customers using mobile phones or boxes. So 94% of all emissions is based on the value chain, so what is on a scope 3, whereas conversely, only 6% is the actual power -- energy used, which shows that over and beyond the sort of this distribution here, Bouygues Telecom depends on its ecosystem. But because of the various -- the changing uses of mobile technology, of course, we have to be mindful of these developments. Over the past few years, the uses have changed. There's an increase, for instance, in traffic to the tune of 40% a year, so more and more traffic. And yet, in spite of that trend, we have been able to contain, on a stable basis, the levels of energy consumption. And that's a major issue here because we want to keep our emissions, consumptions under control. So there's a 7% increase, whereas traffic has increased by 40%. Well, we were able to achieve this because we have been working hard at containing this consumption and the footprint. But of course, we have our work cut out for the years to come. And in view of expected technological developments and because of the level of uptake of these new technologies, we can expect people to multiply four- or fivefold their use of that technology. And so we have a double -- dual challenge here. Number one, we want to maintain optimal service quality. It has to be well balanced. But at the same time, we keep -- we need to keep the environmental impact under control. Now there's various ways of achieving this. And let's look at the products first. Look at the fixed line products, landline product. We work on all our platforms -- by the way, that accounts for a bit less than 20% of the total figure I showed you at the beginning. So we have what is known as the eco design of fixed products. So we have to work on the box itself. You may remember that the initial TV box, the set-top box, was about the size of a shoebox. Now it's about a 3-by-5-inch thing, using much less material, much less plastic, much less wrapping and packaging. So we -- this is exactly the sort of thing we want to achieve, using less material. And of course, we can reuse these materials as well. We can recycle a lot. Then, of course, these boxes use less and less energy. The energy consumption is down 30% thanks to the various technological changes that we introduced. But we can go further than that, and this is by adopting sort of a virtuous cycle. What we propose to do is to have a virtual box, the no actual physical box. We have everything built in the TV set. And so you don't need the whole chain of equipment. So it's not just the energy supply, but of course, you have less equipment required to remote control your TV. Now -- but this means that we have products that need to consume less and less energy. But the problem is such products call for new generations of products, new products. And so we have to be careful not to go down that road. And -- or if new products do come about, we have to be able to reuse the materials and the technology. So 90% of the plastic in our boxes come from recycled plastic. I told you about energy consumption. That is under control. But of course, we are also working on what is known as the environmental label, and we are achieving our targets right there. But the main part of carbon footprint is our carbon -- our infrastructure. Of course, we want equipment to consume less energy. Now that's a challenge. But the good news, as you can see, is that 5G will be an opportunity. Why? Because 5G consumes 3x less than 4G, and 4G consumes 3x less than 3G. So the rollout of 5G technology is a golden opportunity to keep our consumption under control, indeed, to bring it down. Plus, of course, the dynamic control of our sites. I mean you have sites equipped with sensors that can optimize the flows and rightsize them to match the needs of customers connected in real time. So we have this sort of rightsized infrastructure, meeting these energy criteria and reducing, of course, energy consumption. Now looking at the equipment, the question is, how can we talk about reusing them? And how do we do this? Well, we are doing this. You have to remember that, back in 2019, we recovered as many as 4,000 pieces of equipment, and 50% of them were, in fact, recycled. Now that goes to show, this is, of course, long-term work. But we -- our own people have been doing this for the past few years, but there will be more of it in the years to come. So I mentioned the set-top boxes. I've mentioned the network infrastructure. That's about 80%, but there's 20% linked to the handsets, the mobile phones. I'll give the floor to Chrystel.

Yes. Well, how can we extend the life cycle of a smartphone. We've been working on this for the past 10 years, and we've sought out new solutions. We have been pioneers in the field. And this is why we have a leadership position in the smartphone circular economy model. Now that needs to be developed and improved, and that's the purpose of our 4 R policy. The 4 Rs ours are the 4 key stages in the life cycle of a smartphone. 4 R -- R #1 is repair, then recover, then refurbish and, finally, recycle, 4 Rs then. Now then, what are the actual initiatives that make this all happen? The first R is, therefore, repair. Now that's a rather -- that's the latest addition to our arsenal of services. We want, through this repair service, making it -- to make it possible for people to keep the status -- hang onto their phones for as long as possible. Actually, when phones are being repaired, we lend them another one. But that's only part of the solution because customers also want to have express solutions when their phones are not under warranty, and they still want it fixed. So we have come up with a partner with the first express repair solution. So for instance, if your screen is broken or the battery is faulty, you can have an instant replacement. Now that repair solution is now available to our customers. 90% of them are very happy with that. And so we can see that this really does meet customer expectations, and we will be developing this in the months to come. So that's on the repair chapter. R #2 is recover. Now that's been around for quite a while at Bouygues Telecom. For the past 10 years, we've been recovering old phones, and that has been very popular amongst users. There are 2 figures that will illustrate that. When you sell a mobile phone, 1 sale in 4 involves the recovery of the old phone. And all in all, we -- over the past 10 years, as many as 2 million phones were recovered. How does it work? We buy back the old mobile phone. And so we sort them out. We reset them. We erase personal data. And after all that, we can repack it. We can repair. We can refurbish the phone and give it a new breath of life. Now that is still in the making, but we'll be developing this program. We'll be promoting this program precisely with a view to preserving our leadership position in Europe. R #3 is, well, what I was telling you about, the refurbishment. That is the selling of repaired or refurbished phones. So in fact, this is something we offer. People can buy secondhand, refurbished telephones. And so this -- you can buy online or in our shops. And we have been developing our offer to meet again customers' expectations, but it is really a positive development. And finally, recycle. Recycle doesn't sound like much, but we do want to be involved in this and want to raise awareness amongst our users. Now you may keep that number in mind: 100 million mobile phones are gathering dust in people's shelves. And we've decided to have as many as 900 collection points around the country to collect these old phones. And this has started. I mean these are promising results but not as good as they should be. So we will be advertising this. We'll be sending messages to our customers to urge them to bring back these old phones so that they can be recycled.

Well, thank you. As you can see, we are trying to have full control over the ecosystem and the environment, infrastructure, set-top boxes, and Chrystel Christian told you about mobile phones, and these are steps in the right direction. But because of this, we are in a position to keep our emissions and footprint under control, but we want to do better than that. We have, of course, the Paris Climate Agreement of 2015, but other international agreements on climate change. Because of all this, we've decided to be even more ambitious and set ourselves new targets for the year 2030. So where can we make headway? Where can we improve on our performance? Now for our own activity regarding the -- our own footprint on scope 1 and 2, we can bring down emissions by 50%. Now another ambition would be to cut down emissions by 30% on 3a -- on scopes 3a and 3b. Now remember that, in years to come, there will be more and more use. I mean I don't know if it's a good or bad thing, but this is going to happen. And so if there's going to be more use of mobile phones, we need to keep the footprint under control. And actually, we might want to bring it down even though use will be increasing. And then another ambition is to have 50% of the energy use generated from renewable energies. Now that's all very well, but we cannot do -- go it alone. We need -- this as an ecosystem we're talking about. There are all sorts of partners involved. And so for -- to be certain to achieve success, we need to have the entire ecosystem on board. So several stakeholders should be involved, our own people, our own employees, so that they know that our products, our platforms are designed in such a way as to be -- as to consume less energy. Our suppliers, the people who actually build these things, they should also work on the recycle end of things but also on the -- well, what can be manufactured tomorrow using -- or what kind of services can be provided tomorrow with the new infrastructures and set-top boxes. And then, of course, our customers themselves, they should be encouraged to be -- to go for more sobriety. Now because of the COVID crisis, people have been using their phones rather more than less because they've been locked down at home. So it's a bit difficult to ask them to use these devices less. But working with the authorities, we've found ways of encouraging people to keep these uses under control. If you -- the audiovisual flows are now -- well, you have a better quality of audiovisual flows, what is known as 4K, these high-definition flat screens providing beautiful video images. But what you should know is that you're talking about huge data files there. But they are passed on -- they are then transmitted on the telecommunication networks and end up on a tiny screen on your mobile phone. Now this sort of wild expansion has been going -- was going uncontrolled. And what we've decided to do is to reduce quality -- image quality so as to use less energy. And yet on your smartphone, the quality, the image is just as good. You don't notice the difference, so consumers are still happy. If I were to sum up the 5 pillars. First of all, in terms of energy, we will be investing in renewable energies and in the energy efficiency of our installations. I look at what we produce, particularly in mobile phones. This is #2: we will boost our 4 Rs, mentioned by Chrystel. As for our suppliers and partners, be it our fixed lines or equipment providers, we will develop eco design and challenge our suppliers about the type of products they provided to avoid overconsumption. And we will encourage digital sobriety with the help of the state because this is going to help us to innovate, to develop climate-friendly digital technology. And of course, if I have to sum up this in a slogan, what we plan to do: let's act together to ensure digital technology is positive for the planet. Thank you for your attention.

Thank you, Chrystel. Thank you, Richard. We're now going to move on to the last business, one we haven't covered yet, which is TF1, waiting for Gilles but also Christophe and Sylvia, who will be telling us about TF1's commitment to the climate and, of course, lessons to be learned if we are to educate citizens in this field because, I think, acceptance is particularly important in the public at large.

Thank you, Olivier. Good afternoon, everybody. Well, when we look at our climate strategy, we see it from 2 different points of view. The first is as a showcase of society, which is really our mission in life, and as accelerators of trends, we can raise awareness about climate and energy transition. And the second approach is, like any large company, as a player, how can we, with our different stakeholders, play a role within our own ecosystem? So what I propose to do is to, first of all, share our 2019 carbon footprint with you, then tell you about the various areas we plan to develop in and most importantly, the targets we are setting ourselves for 2030. That is the principle that we've applied to all our businesses. And Christophe Sommet, who is the head of our thematic channels and particularly Ushuaïa TV, he will come and tell us how as a showcase of society we play a part in this low carbon transition through our content, particularly our projects for 2021. We've shown you a short video on that. Then Sylvia Tassan Toffola, who is head of our advertising, would tells us about the challenges in responsible advertising. There's been a lot of talk about that with our citizen-based convention. And of course, how our advertising, be it TF1 or Unify, intend to play a role as market leaders and catalysts in the years to come. First of all, a few words about our carbon footprint. Now Richard Viel has just told us that while Bouygues Telecom don't have much of a footprint, we've even less. Our footprint is 315,000 tonnes of CO2 equivalent in 2019. The idea is to say that do we actually have an impact? Or do we play a role? And the answer is yes. But mainly in terms of the production that we purchase, very little by comparison with the large industrial businesses. However, there are areas where we can do something. First of all, digital purchases. Our other purchases are travel, and there's quite a bit between our journalists and our news people and of course, our own energy consumption, while the 4 areas -- the 4 priorities we've identified are in line with what we've identified. First of all, content, where -- concerning the programs that we produce in-house. How can we train and raise the awareness of our employees in the field of eco production? And of course, we also purchase a lot of programs outside of the group. We purchase from so-called independent producers. Well, how can we play an educational role with these independent producers? Then, of course, There's the idea of reducing transport. We have a lot of travel within TFR, cutting the carbon on technical resources sets , which, of course, consume quite a lot of power. Then there's a rather novel idea that's -- of a carbon footprint for each production. The second angle we've been looking at is purchasing. And here, the idea is to establish criteria for each type of product to guide us in our purchasing and to follow up with the carbon footprint of the products we purchase. Third area is digital. This involves measuring the carbon footprint of our digital activities in order to determine what exactly we can do to reduce this carbon footprint, not easily because of the number of employees we have, but I think we can still do quite a bit. And finally, mobility solutions. First of all, our fleet of vehicles, we will have more and more electric vehicles. We can prioritize soft mobility, rail, car sharing and so on. And finally, we can expand teleworking. A group like TF1 can actually switch over to teleworking for 50%, maybe 60% of its employees working from home. Well, what about the overall target? Well, we can commit to scopes 1 and 2 and even to scope 3a. We can commit to a 30% reduction. As for scopes 1 and 2, this involves reducing our consumption of electricity by switching all our vehicles to electricity. As for scope 3a, which is what we call the eco production of our programs, here, too, we can commit to a 30% reduction by 2030 as with digital purchases and business travel. That's what I wanted to share with you by way of introduction. Now I propose to watch a short video, which is really a summary of our content offering. These are all environment-related. You'll see there's quite a lot here from news to documentaries and other types of program. And then Christophe Sommet will come and talk to you about this content strategy. [Presentation]

Thank you, Gilles. Good afternoon, everybody. So what's the impact of our content? As Gilles said, in 2019, the group's activity generated 315,000 tonnes of CO2 equivalent. We've also [indiscernible] of the impact. Some 2 million tonnes have been avoided, which is 7x our carbon footprint. The good news is that French people believe -- in fact, 92% of French people believe that the media have a critical role to play in raising awareness about environmental issues, and that's good news for TF1. As you saw in the video, the environment is at the heart of a lot of our programs. It's about explaining, raising awareness, showing positive initiatives, which we do in quite a few of our programs through news, magazines, documentaries, programs for young people. And of course, through Ushuaïa TV, which is a pioneer in protection of the environment, has been for the last 15 years. This is an ambition we also have with Unify, the green newsletter of My Little Paris, the social networks of [indiscernible] all through collaborative initiatives, ones such as the [ Durs ]. So what are we going to do in 2021? Well, we are rolling out this ambition in 3 areas. First of all, in terms of news. We're going to promote this on TF1 at LCI.fo. Secondly, We've been considering a new TV channel. This is Ushuaïa sustainable development. This is something we'll be proposing to all our distributors this year. And thirdly, the important news for TF1 is the advent of a generation Ushuaïa program every Saturday morning from January 16, which will be showing the very best documentaries and magazines of Ushuaïa TV. They will be showing this -- this will be hosted by Fanny Agostini. Let me now give the floor to Sylvia, who is the head of our advertising.

Good afternoon, everybody. The advertising market is upon difficult times at the moment. No, I'm only joking. Theoretically, this seems to be a difficult equation to solve. How do you make advertising, which is very often synonymous with consumption or overconsumption from people, converge with climate challenges? Well, advertising has always been a major part of economic growth. And more than ever before, it will contribute to economic recovery after the current crisis. Just to give you an order of magnitude. EUR 1 invested in advertising generates EUR 7.90 in GDP. So that's far from mutual. You'll understand that our conviction is that advertising will play a driving role or a very important role in ecological transition. So TF1 has been mobilized in favor of the climate with the attendant draft laws. We've been working on a charter, a thing called a media charter, which is based on 3 commitments that Gilles has mentioned and indeed, has Christophe. This, of course, is found in our editorial card, where we take up these challenges. The idea is to help the brands through ad hoc arrangements aimed at advertising their offerings and services in the field of sustainable development but also as companies. And Gilles mentioned this, we have the ambitious goal of continuing to reduce our carbon footprint while being exemplary in areas such as social responsibility and societal responsibility. The whole chain has been involved through general exercises that we organize and will continue until next June. We have a number of groups working on this, the goal being to continue to commit to reduce the impact of carbon in our subsidiaries. So for quite a few years now, TF1 advertising has been rolling out numerous initiatives to raise awareness among our agencies, partners, advertisers with videos, campuses, interviews, surveys, you name it. And the good news is that progress is, as of now, notable so far as these messages have got across. These codes have been identified. But also, it translates into budget choices. Let me take the example of the automotive sector. With hybrids and electric vehicles in 2021 or 2020, I'll just say, 7% of all new vehicles registered is a hybrid or electric vehicles and 20% of advertising investment concern these types of vehicles, too. Another illustration. We did a little calculation for you this afternoon. We had 3,200 different advertising commercials between September and the end of November, of which 13% dealt with energy transition and concrete CSO issues. Our job as an advertising agency is to support and emphasize what our announcers do. But for all our brands, the whole issue of plurality is crucial. As a leading advertising agency, it's our job to support companies who have the means to reinvent the model. Our role is to provide them with a mouthpiece, so to speak, to get them across to as many people as possible. We also are [indiscernible] also to help them in what we call the circular economy. For Bouygues Telecom, this is a very important issue, that is to enable these new players to get access to our audience and to our advertising offering. More good news. We add value in a way that sets us apart in the advertising world. If you look at the wealth and diversity of our media ecosystem when we include the assets owned by Unify, more than ever, this makes us perfectly legitimate in speaking out to millions of consumers to help our partners. We will have an impact through TFR, which is one of the most powerful advertising agencies. Ushuaïa TV, of course, LCI channel as well. But also with empowerment and [Foreign Language] and of course, avoiding waste through [indiscernible] among other areas. For quite a few years now, we have been marketing our offering in a very dynamic way. If I could illustrate that. In 2019, we launched a particular system with the French agency ADEM, with screens reserved exclusively for brands with 1 of the 100 ADEM labels. This includes eco-friendly environment or similar. The challenge that's been taken up in 2020 was to find a partner for generation Ushuaïa, which will be launched very soon on TF1. This afternoon, I have the pleasure of telling you that our partner for generation Ushuaïa will be L'Oreal. L'Oreal is a very big, very committed company and has been for quite some time, also a very important advertiser for TF1. By way of conclusion, the road map is very clear. TF1 advertising and Unify advertising must be exemplary. Our road map is based on 4 pillars: First of all, more transparency than ever before. Secondly, to measure the carbon impact of television, media and digital activities. This also entails identifying the way forward in terms of reducing our carbon impact. Bouygues Telecom has brought us on board because it is Bouygues Telecom or Bouygues group, I should say, that has supported us here. The third pillar is acting as catalyzers. And as leaders, we must ensure that we speak the same language, have the same references. And thirdly, as I said, we will inform -- we will provide advertising services while continuing to support our clients. Fourth pillar, innovation. Climate and CSO are, broadly speaking, areas with a huge potential in terms of creativity but also prospects, prospects for profitable and sustainable investment. Up to us now to invent the new ways and means, and believe me that we will do it with conviction and commitment. Thank you.

Thank you, Christophe. Thank you, Gilles. Thank you, Sylvia. We're about to wrap up. As you've seen, this has been a very broad-based presentation. We try to be very detailed and give you a presentation of all the businesses of our group and what we can do. This, to us, is an important step. Our climate strategy, well, we have organized a dedicated governance to manage our climate strategy with a group Climate Strategy Committee, with -- replicated in each of our 5 business segments, regular monitoring by the group's ethics CSO and patient committee and of course, to be sure that everything is moving forward as it should and that everybody is properly motivated. We will have extra financial performance criteria, which will be part and parcel of the remuneration of our executive officers and business segment CEOs. We will have a -- what we call a TCF compliance strategy based on 4 pillars. This is just the starting point. There are many other steps along the way. The next stages for 2021 will consist in training our employees to ensure that they play their part in all these solutions, specific training programs that we'll be rolling out for the top 400 group managers. We'll continue to improve the reliability of our carbon footprint audits. We will -- the term of the investment required to roll out the strategy. We'll also be carrying out a study on the restoration of carbon sinks. We'll be assessing the impact of the EU taxonomy on the group's climate reporting. We'll continue to fine-tune how to calculate carbon avoided by the products and solutions that we offer to our clients. Low carbon transition is something that is very beneficial to our business segments, and the macro trends are clearly changing behavior, this is the middle column and of course, creates numerous opportunities for the group. They are listed on the right-hand side. I'm not going to read through them. I think they are self-explanatory. In this context, our climate strategy is clearly a driver that will set us apart, that will be a -- will distinguish us from the commercial point of view. We are strongly committed to helping our customers cut their own carbon footprint and educate the market as a whole, which brings us to the end of this presentation. With all the business CEOs and experts present in the room, we are now ready to take your questions. You have the number to dial in your question. We will answer you live.

[Operator Instructions] [Foreign Language] Nicolas Cote-Colisson, HSBC.

My question concerns the way you can convert these convictions into financial targets. First of all, in terms of revenue, how will you -- always help you in calls for tenders? And how can the carbon footprint work to set you apart in France and abroad? Secondly, what's the impact on your short-term strategy? And how do you expect this to evolve over time between now and 2030? In other words, do you feel that you can margin your activities better? Or do you feel this is a necessary cost to remain viable in 2013? I apologize for the choice of vocabulary, but you can obviously elaborate on this.

Well, we're going to answer you with 4 different answers or could, but we'll take our main contributor. Very clearly, in our conclusion, we said that these are opportunities to set ourselves apart from our clients. These are opportunities, which is good news and not bad news. So maybe, Frederic, you'd like to answer that.

Well, we do submit to a lot of calls for tenders. And of course, we also generate a lot of CO2. So all these calls for tenders are not -- in these calls for tenders, carbon footprint is not really a form of differentiation. Environmental performance is not yet a criterion for a lot of public project advertisers. On -- in the north of Europe and in the U.K., that is the case, but I'm sure other countries will follow. The question is at what pace. But we are positioning ourselves to be ready. This is coming. Whether it's in a year's time, 2 years' time, we don't know. But by 2030, yes, carbon footprint will be an important, if not a decisive, selection criterion so it's important for us to be positioned and ready. Philippe?

For construction, we feel that the trend is on the increase. The project owners certainly have appetite and more and more appetite for carbon reduction, particularly in the private sector. This is coming, too, in the public sector. Let me draw a comparison with the period when low-consumption buildings were the main trend. In the first of these buildings -- we were the first to do this, and there were no investors. We couldn't find investors, too, because there was an additional cost. And of course, very soon, we found that investors realized that they needed to be low consumption. And of course, we anticipated the trend. But a few years on, every single building was low consumption. So I think the same thing is going to happen in construction as with low-consumption buildings. Obviously, this will vary from one country to another, and it will come at different points in time, but we're all coming there. Switzerland, as you know, is at the cutting edge in this area. The British are almost there. And of course, France is already getting ready. In Asia, things are changing very rapidly in this area, too. So in the very short term, I think you'll have no option. You will have to implement all these low-carbon solutions to remain competitive. And the sooner we're ready to implement it, the more skills we have, the better we'll be positioned. Would you like to finish on that, Gilles?

Just a word for TFR, maybe 3 levels. From the viewers point of view, viewers are extremely sensitive to programs that are eco responsible and would have a very low tolerance level, would not understand if we want to deal with these issues, not just in news and documentaries but in fiction. So from my point of view, it's a way of retaining our audience. Secondly, as Sylvia said, our advertisers were delighted that they advertise with us, that they award us their advertising budgets. But we have a role to play -- an advisory role to play. They're asking us to help them with these areas. So when you have a partner like TF1, TF1's advertising agency that can help them with the best practices of other sectors in industry, that is fundamental in changing times. Secondly, our employees -- and this is probably true of all our businesses. To retain younger employees, this is -- to retain them and to recruit them, it's very important that the group commit itself to this policy that we are chatting here at the senior management level. So in -- to answer that, Nicolas, this is something that's becoming increasingly important. We will distinguish ourselves. And because of that, it will be increasingly important to us. Should we include this in our model? We'll talk about it again. We meet every 6 months or so. We'll talk about it again. Thank you for your question, Nicolas.

[Foreign Language] Josep Pujal, Kepler.

Congratulations on your presentation. I have 3 questions, if I may. I see you're targeting an annual reduction of your CO2 emissions of 3%. That's 30% over 3 years, but 3% per annum. Could you tell us in the recent past and over the last 5 years, by what percentage have you been reducing your carbon footprint? How much more do you need to do to get there? What do you think will be the attendant cost of this strategy? My second question is that on 2 occasions, you talked about involving the business CEOs and I believe, your top 400 managers. You intend to associate them with these objectives, but will this actually involve them having part of their variable compensation dependent on achieving these targets? And if so, what percentage are we looking at? My third question concerns the taxonomy. I understand that you aren't actually anywhere near the end of the process, so to speak. But I'm sure you have some idea of where you would be at the end of this process, according to your own calculation.

Thank you, Josep. Fabrice Bonnifet is going to answer about the taxonomy. And while he talks about that, I will look to my comrades to see who's going to answer about the carbon reduction over the last 5 years. We have one slide for Bouygues Telecom, and Philippe Bonnave has also indicated this. So Richard, and then Philippe maybe.

Concerning the taxonomy, what I can tell you is that Europe isn't fully ready to drop a list of the activities deemed green and the activities deemed gray. So we're still waiting for the rules to be defined. We'll see what activities are on what list. So we're preparing. We're constantly in touch with our European office, which gives us information on news and developments as they come in. But like all other companies, we will have eco [indiscernible] activities. We're going to have to ask questions about whether we reduce our activity, whether we reduce our exposure or renounce. But the vast majority of our activity should be on the good list. We want to be sure that we are a company that will be supportive of climate transition in the years to come. A word about carbon accounting. Carbon accounting is a relatively new science. Jean-Marc Jancovici spent 15 years developing the carbon footprint audit, which became the ISO 14064 standard. But in reducing, you have to place your confidence in coefficients. We've seen -- we will continually make this more dependable. We've been working on this for 14 years so we're well rehearsed. However, it's difficult from 1 year to another to record reductions with a methodology that's still quite recent. Despite that, I think my colleagues should be able to tell you about the effective reduction in certain areas. Okay. Richard?

Well, on the telecom front, when you move from 3G to 4G, the use went from 2 giga to 10 giga and the average use per user. But -- and yet, we were able to keep the -- to contain the energy consumption. And here, we're moving with 5G from 10 to 50 gigabytes per user, and we'll still be -- going to be able to keep that consumption under control. It's just like when moving from a coal-fired plant to a nuclear plant. You can have as much use and yet -- and then generate or rather use much less energy, and we are very confident that we'll be able to do just that. Philippe?

You do recognize that over the past few years, in gas emissions, we were not -- we were actually increasing that consumption by 1%. So here, we are -- we have completely turned around. This is a real paradigm change. Plus, we're looking at the training program. I said it's all of our employees, the 400 people that we mentioned is selected -- the premium training program for our top people. But we intend absolutely every one of our employee to get that training. And this is essential if you want to disseminate that new carbon culture.

Yes, well, that awareness-raising and training is essential. And indeed, for the top managers, well, the bonus -- the extra financial criteria account for about 20% of the bonus.

[Foreign Language] Frederic Boulan with Bank of America.

I had a question about the opportunities identified in the construction business with Colas and the on-site recycling, Bouygues Immobilier with low-carbon residential property or a low-carbon solution for BYES. Now how do you propose to distinguish yourself to differentiate from the competition in terms of low carbon? And how do you to gain market shares vis-a-vis the competition?

Well, speaking for Colas -- and of course, I can't really compare what we do with our competitors. But at R&D, we have the largest private R&D center for the -- called the world road, the road of the world. It's a program that's been going on for a number of years, where we have a huge significant budget and resources dedicated to that. So that gives us something of an edge on the competition. And this is not greenwashing. We are really doing it. What we are trying to do, though, is to ensure that our own customers take an interest, and we have found such an interest emerging. Philippe?

Yes. Well, in the presentation, you saw that a number of themes were presented, highly innovative. The ABC building is a unique experimental lab in Europe. We've worked on this for 10 years to arrive at this achievement. It's a product where people actually live, and they're willing to play more. In other words, to really get involved in this new type of lifestyle. And as you can see, we are not alone. We cannot operate in a vacuum. We operate within an ecosystem involving partners, customers and such like. But as such, we have a very effective solution. And this goes from France to Switzerland, from Britain to France. And -- but we can offer a whole set of solutions to our customers, and that makes a whole difference. Now there are times where our customers recognize this, and we can see that they are pleased with offered. Yes, our global footprint is a significant tool. I told you about that truck with [ Novak haul. ]. I referred to it as a barn rolling down the road. But we were able to use the same technology, I mean, to roll out in Europe, technology that was initially introduced in Canada. Some customers -- some of our competitors are also engaged in recycling, but our method is much more effective.

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No further questions. If such is the case, well, I would like to thank you all very much for your attention. You may have noticed in this presentation, well, this afternoon, you had people on stage. But in the auditorium, we have many experts who have provided technical background. I would like to thank everybody who made this event possible, but this presentation is our chance to show you that we have taken on a new strategy that will generate energy savings and a reduction in the carbon footprint. I would like to thank all of you who have made this event possible. And for the past 2.5 hours, we were able to give you a detailed presentation. Thank you.