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URW has been a committed leader in the fight against climate change for almost 2 decades. Our landmark Better Places roadmap, created in the context of the 2015 Paris Agreement and expanded in 2023, sets clear, ambitious and science-based targets to support the environmental transition of cities and our transition into a net-zero company.
We have already made significant progress in reducing our carbon emissions and limiting the impact of our activities on the environment, and we are committed to achieving all of our sustainability ambitions.
Below, find a full update on our 2025 performance1 and the progress we made across the 3 pillars of our sustainability roadmap: Environmental Transition, Sustainable Experience and Thriving Communities.
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 2025 progress:
-83.9% reduction in carbon emissions on Scopes 1 & 23 (-84.8%2 in 2024; target: -90% by 2030)
-44.9% reduction in carbon emissions from Scopes 1, 2 & 33 (-44.6%2 in 2024; target: -50% by 2030)
-38.6% reduction in energy intensity4 (-37% in 2023; target: -50% by 2030)
32 MWp renewable energy installed capacity (28 MWp in 2024; target: 50 MWp by 2030)
1,755 electric vehicle chargers in use at our centres (1,454 in 2024; target: 4,000+ by 2030)
Operating a resilient portfolio
Beyond our climate strategy, we are also accelerating progress on resource efficiency. By 2030, our goal is to achieve a 70% recycling rate and reduce water consumption intensity per footfall by 20%. To reach these targets, we are deploying water‑sub‑metering systems, rainwater and greywater collectors, enhanced leak‑detection technologies, and flow‑reduction devices across our sites.
Our 2025 progress:
1.1% of the Group’s European waste sent to landfill (3.3% in 2024; target: zero waste to landfill by 2025)
64.9% of the Group’s US waste sent to landfill (65.8% in 2024; target: zero waste to landfill by 2025)
21.7% of the Group’s global waste sent to landfill (22.9% in 2024; target: zero waste to landfill by 2025)5
-7.1% reduction in tenant waste (-8.1% in 2024; target: tenant waste reduced by -15% by 2030)
47.8% recycling rate6 (47.2% in 2024; target: 70% by 2030)
-17.2% reduction in water consumption per footfall7 (-15% in 2024; target: 20% by 2030)
In February, URW became the first real estate company to validate a nature-related target using the Science Based Targets Network (SBTN) methodology. The Group’s validated target, which commits URW to reducing water consumption at key assets in water-stressed areas in Spain, was developed with the support of WWF France, building on the long-term strategic partnership between the Group and the NGO.
SUSTAINABLE EXPERIENCE
We partner with our visitors and all stakeholders of the retail industry to accelerate the transition towards more sustainable experiences.
Better Places Certification & Sustainable Retail Index
In partnership with Bureau Veritas Solutions and with the critical expertise of WWF France, we developed the Better Places Certification, an industry-leading standard assessing the environmental and social performance of assets across more than 90 criteria, including core industry ratings such as BREEAM In-Use. In addition, in 2025, URW continued to develop the Sustainable Retail Index (SRI) – first created in 2023 – by further deploying it across our portfolio and developing its methodology to open it to new retail sectors.
The SRI provides detailed insights into the progress retailers make on their sustainability commitments and enables landlords to evaluate their retail offer from a sustainability perspective and engage with retailers on the evolution of their responsible practices. In addition, in 2026, URW and Ingka Centres partnered to launch the SRI Association, a coalition of stakeholders formed to promote a recognised standard for engaging the commercial real estate sector in the sustainable transition of retail.
Our 2025 progress:
60.9% of our European portfolio assessed with the Better Places Certification (29.2% in 2024; target: 100% by 2027) - We certified 14 additional assets in 2025, bringing the total to 28 across Europe.
49.1% of our global portfolio assessed with the Better Places Certification (figure not available from last year; target: 100% by 2028)
75.4% of our eligible European revenues covered by the SRI8 (70.1% in 2024; target: 100% by 2027)
73.5% of our eligible global revenues covered by the SRI8 (figure not available from 2024; target: 100% by 2028)
Sustainability-driven initiatives at the core of the customer journey
We integrate sustainability information at every step of the visitor journey, helping customers make better-informed choices and engaging them in sustainability-driven experiences such as the Westfield Good Festival.
Our 2025 progress:
In 2025, 98% of our shopping centres organised a Westfield Good Festival or at least one annual campaign or event to raise awareness on sustainability (100% in 2024; target: 100%)
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.
Economic & social vitality
URW strives to have a positive economic and social impact on our communities through employment, training and social inclusion.
26,000+ people secured jobs or received training through our activities such as URW for Jobs or Step into Retail programmes (up from 20,000 in 2024; target: 15,000, rising to 25,000 in 2028)
230,000 community members took part in our local initiatives (up from 156,000+ in 2024)
An internal community of sustainability change-makers
We are committed to growing a diverse, skilled and engaged community of employees to lead sustainable change. We provide sustainability training, maintain an inclusive culture that integrates sustainability objectives for 100% of our employees, and promote meaningful community volunteering experiences. 2025 progress:
95.3% of employees completed a sustainability training (96.8% in 2024; target: 95%)
79.6% of employees participated in community volunteering programmes (73.6% in 2024; target: 80%)
43.2% of senior managers are women (44.3% in 2024; target: 40%)
Working with strong independent partners
We support the United Nations Sustainable Development Goals, directly contributing to 10 out of 17 UNSDGs. URW’s climate targets are approved by the Science Based Targets initiative (SBTi), and are aligned with the recommendations of the UN’s Intergovernmental Panel on Climate Change.
URW is consistently rated one of the world's most sustainable companies, both for our industry and beyond. 2025 progress:
CDP (Carbon Disclosure Project) A List for 8th year running
Ranked with a Negligible risk (lowest possible) by Morningstar Sustainalytics' ESG ratings and metrics
5-star sustainability rating from GRESB Real Estate with a score of 94/100
B rating, Prime status from ISS ESG
AAA rating from MSCI
44th globally and 4th in France on Equileap's Top 100 companies for gender equality
Ranked 1st in the Real Estate sector and 28th worldwide in Corporate Knights’ 2026 Global 100 list of the most sustainable companies in the world
Full information about these ratings can be found here.
Read about our 2025 sustainability performance in more detail on our Better Places overview.
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1. Note that performance is reported on a Better Places scope, consistent with past performance and commitments taken in October 2023, differing from the scope reported for CSRD. All details are available in the Sustainability Statement (2025 Universal Registration Document).
2. Restatement of the 2024 value following an update of the emissions factors in 2025.
3. The Group’s GHG emissions reduction is defined in absolute terms and expressed relative to the 2015 baseline, independently of portfolio changes (excluding the significant Westfield acquisition).
4. In kWh/sqm of the energy consumption for common areas and common equipment divided by the total area served with energy from a 2015 baseline.
5. The Group’s 2025 target of Zero Waste to Landfill is achieved in Europe but not at Group level due to systemic constraints in the US. Further details and action plan in the 2025 Sustainability statement.
6. From a 2019 reference, including waste from common and private areas of the shopping centres, Like-for-Like.
7. In L/visit from a 2019 baseline.
8. Standing Retail assets. Revenues in Minimum Guaranteed Rents and Sales Based Rents excluding VAT for standing retail assets from June 2025; eligible revenues from the following categories: Fashion+, Health & Beauty, General Services (Fitness, Entertainment), Home, Culture & Technology, Food & Beverage Services and Multi-brand.
