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Better Places



URW is a committed partner to the environmental transition of cities and the sustainable evolution of retail.
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.

With the comprehensive evolution of our Better Places roadmap, we aim to accelerate, setting
ambitious new targets in terms of carbon emission reduction and environmental performance,
and to develop and operate places that provide sustainable experiences
and contribute to thriving communities.

Our roadmap sets a clear science-based net-zero target on Scopes 1 & 2 by 2030
and introduces a new 2050 net-zero target on Scopes 1, 2 & 3, 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 on its net-zero targets.






ENVIRONMENTAL TRANSITION

We aim to be the preferred partner of cities in their environmental transition, by improving the carbon footprint and environmental efficiency of our assets and operations.

OUR COMMITMENTS

  1. Contribute to global carbon neutrality, with SBTi approved targets that aim at achieving net zero on Scopes 1 & 2 by 2030 and on Scopes 1, 2 & 3 by 2050, with a clear priority towards the reduction of our GHG emissions

  2. Operate an efficient and resilient portfolio that minimises negative impact on resources and the environment

  3. Accelerate urban regeneration by designing and retrofitting low-carbon, connected and inclusive urban places

OUR NET ZERO PATHWAY

Achieving net zero on Scopes 1 & 2 by 2030 and Scopes 1, 2 & 3 by 2050



Short-term targets

  1. 90% GHG emissions reduction (Scope 1 & 2)*1

  2. 50% GHG emissions reduction (Scope 1, 2 & 3)*1



Long-term target

  1. 90% GHG emissions reduction (Scope 1, 2 & 3)*1



* SBTi approved targets
1 In absolute value, from a 2015 baseline

Other Key Targets


Waste

  1. ZERO waste to landfill by 2025

  2. Engage tenants to reduce waste by 15% by 20301

  3. Reach 70% recycling rate by 2030



Water

  1. 100% of assets in water stressed areas2 to implement water reuse solutions3 by 2025, and 100% of our portfolio by 2030

  2. Reduce water consumption intensity by -20% by footfall by 20304



Biodiversity

  1. 100% of our portfolio implements renaturation projects5 by 2030

  2. Achieve biodiversity net gain6 for all development projects



Climate Adaptation

  1. 100% of our exposed assets to implement risk mitigation measures by 2030



1 From a 2019 baseline, including waste from common and private areas of the shopping centres
2 Water stressed areas as defined by the WWF in the Water risk filter with the KPI Water scarcity risk
3 Appliance or management solution within the shopping centre that allow to limit water consumption from the public network through the reuse of water and/or use of grey/rain water
4 In L/visit from a 2019 baseline
5 Renaturation projects are defined as any project related to the improvement of biodiversity and biophilia in and outside the shopping centres
6 The Biodiversity Net gain calculation will be done using the Biodiversity metric released by DEFRA

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SUSTAINABLE EXPERIENCE

We partner with our visitors and all stakeholders of the retail industry to accelerate the transition towards more sustainable experiences.

OUR COMMITMENTS

  1. Increase and promote to our partners and visitors the sustainability performance of our places

  2. Support the sustainable evolution of retail through an innovative and dynamic approach providing insights into retailers’ sustainability journey

  3. Integrate sustainability-driven initiatives at the core of the customer journey

Key targets



Better Places Certifications

  1. 100% of our assets1 certified by 2027



Sustainable Retail Index

  1. Rolled out on 100% of eligible URW revenues1,2 by the end of 2027



Sustainability driven customer journey

  1. 100% of assets1 with at least 1 annual campaign or event to raise sustainable awareness by 2025



1 Standing European retail assets
2 EU Scope only; Revenues in Minimum Guaranteed Rents; Eligible revenues in the following categories: Fashion Apparel, Sport Apparel, Jewellery, Bags & Footwear & Accessories, Health & Beauty, Home, Culture & Tech, Food & Beverage

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THRIVING COMMUNITIES

We put people at the heart of what we do, bolstering economic and social vitality for local communities, and driving a sustainable and impact-oriented company culture.

OUR COMMITMENTS

  1. Drive positive economic and social impact within our communities through employment, training and social inclusion

  2. Grow a diverse, skilled and engaged community of employees to lead sustainable change

Key targets



A catalyst for Economic & Social impact

  1. 15,000 people supported annually through training, social inclusion and employment opportunities



An internal community of Sustainability & Diversity Change-makers

  1. 100% URW employees1 have at least one annual sustainable business transformation objective

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

  3. Maintain 40% of senior management positions held by women

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



1 Based on employees with objectives (of those who set objectives)

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