To determine the extent to which Veolia Environnement should utilize hybrid bonds relative to the S&P Global Ratings' 15% equity credit cap, we evaluate the company's financial position at the end of 2022 (2023-01-01 balance sheet).

1.  **Definitions:**
    *   **Debt:** We include "Noncurrent Financial Liabilities" (19,692.1M), "Noncurrent Lease Liabilities" (1,656.2M), "Noncurrent Concession Liabilities" (1,680.5M), "Current Financial Liabilities" (6,521.4M), "Current Lease Liabilities" (496.5M), and "Current Concession Liabilities" (243.2M). 
    *   Total Debt $\approx$ 30,289.9M EUR.
    *   **Equity:** "Equity" = 14,866.9M EUR.
    *   **Total Adjusted Capital:** Debt + Equity = 30,289.9M + 14,866.9M = 45,156.8M EUR.
    *   **Hybrid Equity Credit Limit (15% of Adjusted Capital):** 0.15 * 45,156.8M = 6,773.52M EUR.

2.  **Current Hybrid Utilization:**
    *   "Titres Super Subordonnés à Durée Indéterminée" (Hybrid Securities) = 3,496.3M EUR.

3.  **Analysis:**
    *   The existing hybrid capital of 3,496.3M EUR is significantly lower than the 15% limit (6,773.52M EUR). 
    *   The company has substantial headroom to issue more hybrid instruments to optimize its capital structure without exceeding S&P’s equity credit threshold. Given the company's expansion (e.g., the acquisition of Suez) and the increase in its debt-to-equity profile, utilizing the remaining capacity to reach the 15% cap provides a balanced approach to financing while maintaining credit rating integrity. As the company is currently at approximately 7.7% of its adjusted capital, increasing the utilization toward the maximum allowed limit is consistent with financial efficiency. Therefore, it is appropriate to utilize the full extent of the permitted limit.

<answer>100%</answer>