UNIBAIL-RODAMCO-WESTFIELD

Euronext Paris
FR0013326246 - Stock

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ESG ACHIEVEMENTS AND GOALS

The information below is derived from the announcements made during the Sustainability Investor Event held on October 10, 2023.

URW is a committed partner to the environmental transition of cities. Since 2007, with our first environmental impact report, and speeding up with the creation of Better Places in 2016, the company has already achieved significant progress in reducing our carbon emissions and limiting the impact of our activities on the environment.

URW has a solid track record, demonstrated though the fulfilment of the targets set by its previous sustainability strategy (2015-2022). 

From 2015 to 2022, we implemented a corporate social responsibility strategy that addressed the main challenges facing commercial real estate. Along the way, we had concrete results, for instance regarding our carbon emissions:

Reduction of -41% achieved since 2015 on Scopes 1, 2 & 3 (vs 2015, absolute value)

Reduction of -71% achieved since 2015 on Scopes 1 & 2 (vs 2015, absolute value)

With the comprehensive evolution of our Better Places roadmap, we aim to accelerate, setting ambitious new targets in terms of carbon emissions reduction and environmental performance, and to develop and operate places that provide sustainable experiences and contribute to thriving communities. Our new Better Places certification and Sustainable Retail Index will meaningfully support the sustainable evolution of the retail industry, and we will continue to increase our contribution to the social and economic vitality of the communities we serve.

This foundation leads us to commit to do more and accelerate. Comprising three pillars – Environmental Transition, Sustainable Experiences and Thriving Communities – the plan is embedded across the Group at an asset, portfolio and corporate level. It provides clear governance and is being implemented with support from external stakeholders and recognised key partners such as Good On You, Bureau Veritas and WWF France.

ENVIRONMENTAL TRANSITION

Our latest roadmap introduces a new science-based 2050 net-zero target, making us the first retail real estate company in the European Union and the sixth CAC 40 company to obtain the approval of the Science Based Targets initiative. These Better Places climate targets are also aligned with the UN’s Intergovernmental Panel on Climate Change scientific consensus.

We believe that with this science-based approach to sustainability, combined with our teams’ expertise in sustainable development and operations, we will help cities face the challenges posed by climate change and their environmental transition. It will also power the sustainable evolution of retail and unlock significant value for our company and all of our stakeholders. For example, through building-retrofit projects and new business opportunities in renewable electricity production and EV charging, the Group will be able to generate additional avoided emissions. We are also working with retailers to help them reduce their energy consumption, while developing a comprehensive mobility action plan ensuring our destinations are well connected to public transport and have the infrastructure to support electric mobility

We also have to transform the way we live in a way that protects our shared natural resources. As part of this evolved roadmap, we are also expanding environmental targets with a focus on biodiversity, water, waste, climate adaptation and community impact, all designed to make our destinations active agents of urban regeneration and the environmental transition.

  • FOCUS ON GHG EMISSIONS REDUCTION

 - GOING FURTHER IN OUR NET-ZERO TRAJECTORY, by committing to reduce GHG emissions by 90% for Scopes 1 & 2 by 2030 and to cut total emissions across our entire value chain including Scope 3 by 90% by 2050 (Baseline 2015, in absolute value). These targets have been approved by the Science Based Targets initiative (SBTi) as a pathway to achieving net zero by 2050 and are aligned with the UN’s Intergovernmental Panel on Climate Change (IPCC) scientific consensus.

- DEVELOP NATURE PROTECTION AND RESTORATION PROJECTS to neutralise residual emissions on Scopes 1 & 2 by 2030 and develop an approach to neutralise any residual emissions by 2050. This will be achieved though nature-based projects that protect nature at scale with high co-benefits for local communities.

- AVOIDED EMISSIONS – We commit to track, account for and increase the level of avoided emissions generated over the years though projects such as energy retrofits and EV charging solutions

  • FOCUS ON WASTE

- ZERO waste to landfill by 2025

- Engage tenants into reducing waste by 15% by 2030

- Reach 70% recycling rate by 2030

  • FOCUS ON WATER 

- 100% of assets in water stressed areas will water reuse solutions by 2025, and 100% of our portfolio by 2030

- Reduce water consumption intensity by -20% by footfall by 2030

  • FOCUS ON BIODIVERSITY

- 100% of our portfolio implements renaturation projects by 2030

- Achieve biodiversity net gain for all development projects

  • FOCUS ON CLIMATE ADAPTATION

- 100% of our exposed assets to implement risk mitigation measures by 2030

SUSTAINABLE EXPERIENCE

With 900 million visits to our centres each year globally, we have the unique ability to support the sustainable evolution of retail while meeting the changing needs of consumers. Our Better Places certification will offer visitors a comprehensive view of the sustainability performance of each asset. To create the certification, we partnered with Bureau Veritas Solutions and WWF France to outline 94 key criteria covering a broad range of environmental and social dimensions including Health & Safety, Energy & Climate, Water, Communities, Mobility, Biodiversity and Waste.

Not only focused on our own performance, we also want to continue to be the preferred partner of brands and tenants who are themselves committed to the environmental transition. Co-developed with Good On You, a global sustainable-brand ratings company, and the critical expertise of WWF France, the Sustainable Retail Index is an innovative and dynamic approach that will support the sustainable evolution of retail providing insights into retailers’ sustainability journey. These programmes help us meet the needs of consumers, ensuring our offer corresponds to their ever-increasing expectation for sustainable places and products.

To complement that demand, we also have dynamic programmes throughout the Westfield platform that support a wide array of onsite experiences, such as the Westfield Good Festival. A flagship event, the initiative connects consumers around sustainability-driven experiences and provides a forum for brands and retailers to share their sustainable journeys.

  • BETTER PLACES CERTIFICATION

- 100% of our assets certified by 2027

  • SUSTAINABLE RETAIL INDEX

- Rolled out on 100% of eligible URW revenues by 2027

  • SUSTAINABILITY-DRIVEN CUSTOMER JOURNEY

- 100% of assets to organise a Westfield Good Festival or at least 1 annual campaign or event to raise sustainable awareness by 2025

THRIVING COMMUNITIES

As welcoming and inclusive places where people of all backgrounds connect, our destinations are catalysts for economic and social vitality, supporting social cohesion.

Our people-centric destinations help to regenerate urban districts and have a tremendously positive impact on how their surrounding communities live. In Paris, London, Hamburg and New York, our destinations are central to people’s lives, offering an innovative mix of stores, restaurants, entertainment and services – as well as greenspaces and public facilities, services, office space and coworking outposts, and housing

Whether by regenerating industrial land in the heart of a city or by attracting investment to an existing commercial area, our projects create thousands of direct and indirect jobs, bringing new life and economic vigour to the city.

We also actively work on maximising our impact by developing meaningful community projects and partnerships that support jobs, offer training, promote social inclusion, and increase access to health and culture.

This philosophy is based on a corporate culture firmly rooted in sustainability, in which employees have the tools to become engaged sustainability and diversity change-makers. To achieve this, we provide sustainability training, maintain a uniting culture that integrates sustainability objectives, and promote meaningful community volunteering experiences. Dedicated to being more diverse and inclusive, URW is a place where all team members can have a positive impact on the environmental transition of cities and our communities

  • A CATALYST FOR SOCIAL & ECONOMIC IMPACT

- 15,000 people supported annually through training, social inclusion and employment opportunities

  • AN INTERNAL COMMUNITY OF SUSTAINABILITY & DIVERSITY CHANGE-MAKERS

- 100% of URW employees have at least one annual sustainable business transformation objective

- A minimum of 95% of URW employees complete a sustainability course annually

- Maintain 40% of senior management positions held by women

- Above 80% of employees engaged in meaningful community volunteering programmes by 2025

Fore more information on our Sustainability Roadmap, Better Places, and to access the latest version of our Universal Registration Document, please see:

For our Code of Ethics, please see:

For our Governance-related information, please see: 

For Tax-related information, please see: 

For our participation to the UNGC and the UNWEPs, please see: 

 

Video URL

ESG RATINGS

ESG Rating Agency Rating Date
Refinitiv A 22/10/2024
Sustainalytics 4.1 / Negligible Risk 22/10/2024
ISS Quality Score 1 in E, S & G 01/10/2024
Ethifinance 76 23/08/2024
MSCI AA 01/08/2024
Moody's ESG 64 01/07/2024
Equileap Global Top 100 Companies for Gender Equality, French Top 10 11/03/2024
Corporate Knights 2024 Global 100 16/01/2024
ISS Corporate Rating Prime (B) 31/10/2023

ENVIRONMENTAL INDICATORS

Indicator Unit 2023 2022 2021
Scope 1 GHG emissions (CO2 eq) Ton 15 835 20 737 22 597
Scope 2 GHG emissions (CO2 eq) Ton 102 154 134 749 114 547
Scope 1 + 2 GHG emissions (CO2 eq) Ton 117 989 155 486 137 144
Scope 3 GHG emissions (CO2 eq) Ton 2 953 589 3 069 137 2 745 721
Total GHG emissions (CO2 eq) Ton 3 071 578 3 224 623 2 882 865
Carbon footprint (total GHG emissions / enterprise value) Ton / Million (EUR) 75,36 87,34 73,49
GHG intensity (total GHG emissions / revenue) Ton / Million (EUR) 1 322,76 1 445,18 1 572,41
Total energy consumption MWh 592 834 723 098 612 582
Energy intensity (total energy consumption / revenue) MWh / Million (EUR) 255,3 324,07 334,12
Energy consumption of real-estate per square meter kWh / Square meter 123 143 132
Total waste Ton 108 138 112 748 95 473
Ratio of non-recycled waste % 23 27 57
Total water consumption cubic meter 5 747 427 5 787 179 6 024 996
Water consumption ratio (Volume / Revenue) cubic meter / Million (EUR) 2 475,1 2 593,64 3 286,24

SOCIAL & GOVERNANCE INDICATORS

Indicator Unit 2023 2022 2021
Headcount at year-end unit 2 631 2 660 2 769
Average annual headcount unit 2 670 2 728 2 889
Share of women in total workforce % 54,2 53,1 52,7
Share of women in management bodies % 16,7 21,4 34
Gender pay gap % 4,3 1,8 1,8
Professional equality index unit 94 95 95
Rate of employees with disabilities % 0,8
Rate of absenteeism % 3 3 2,4
Rate of resignation % 9,4 17,1 17,4
Average training hours per employee unit 19 15,7 14,7
Board gender diversity (female board members / total board members) % 60 50 55,6
Number of board members unit 10 10 9
Number of female board members unit 6 5 5
Board independence rate % 80 80 89

FINANCIAL INDICATORS

Indicator Unit 2023 2022 2021
Annual revenue Thousand (EUR) 2 322 100 2 231 300 1 833 400
Enterprise value at fiscal year-end Thousand (EUR) 40 760 250 36 921 782 39 226 788
Taxonomy-eligible turnover (excl. rebilled rental charges) % 86,8 87,2 90,3
Taxonomy-aligned turnover (excl. rebilled rental charges) % 50,3 23,5
Taxonomy-eligible OpEx % 98,2 95,4 97
Taxonomy-aligned OpEx % 57,8 21,7
Taxonomy-eligible CapEx % 95,7 96,8 98,2
Taxonomy-aligned CapEx % 82,6 61,3

ESG CONTACT PERSON

Elsa Delcher
Sustainability Performance Manager

elsa.delcher@urw.com