What: Unibail-Rodamco-Westfield has announced its plan to reduce carbon emissions by 90% by 2050.

Why it is important: Unibail-Rodamco-Westfield is the first retail real estate company in Europe to receive net-zero certification from the Science-based Targets Initiative and wants to apply its reduction plan to the entire group.

The company aims to achieve carbon neutrality on its direct emissions (Scope 1 and 2) by 2030 through a 90% reduction based on 2015 levels. Unibail-Rodamco-Westfield plans to compensate for the remaining 10% of emissions. The goal is to reduce overall emissions, including those from clients and retailers in its centres, by 50% by 2030 and 90% by 2050.

To achieve its sustainability goals, the company plans to enhance energy efficiency, implement renaturation projects, promote water saving, and reduce waste. It will increase renewable energy production through solar panels and aims to produce 30% of on-site consumption through renewable sources by 2030.

The company plans to invest 28 million euros annually for the next seven years, including funds dedicated to solar energy production and the installation of electric vehicle charging stations, and it intends to support environmental initiatives by investing in the Climate Fund for Nature and making contributions to WWF.

Unibail-Rodamco-Westfield outlines carbon neutrality plan