Sustainability has been part of Sonae Sierra’s business strategy for over 20 years. Sustainable management forms the cornerstone for the positioning of all business areas of the international company with an integrated approach to real estate. These deliver solutions with the aim of creating shared value for the company, the environment and society. Thanks to sustainability management, Sonae Sierra avoided operating costs of 14.5 million euros in 2021.
Since 2012, Bright® alone, a proprietary program to increase energy efficiency, has demonstrated over 700 improvement opportunities that have saved more than €7 million per year in costs. In 2021, Sierra spent €12.3 million less on energy, and electricity consumption has fallen by two percent since 2020.
Elsa Monteiro, Head of Sustainability at Sonae Sierra, says: “The new positioning called ‘New Cycle’ that Sierra launched in 2021 reinforces the company’s sustainability strategy, which has always been a unique position in the market. We have, thanks to our prudent use of resources and optimizations in the areas of safety and health have achieved very positive results. We want to continue to improve and become CO2-neutral by 2040. This means that we want to achieve the European Union’s target ten years ahead of schedule.”
Since 2005, Sierra has reduced its carbon emissions by 84% and electricity consumption has decreased by 66% since 2002. The percentage of waste recycled has increased by 239% since 2002, while water use has decreased by 41% since 2003.
By the end of 2021, 58% of properties managed by Sierra were BREEAM certified for sustainable buildings. 38% are certified to ISO 14001 environmental management standard and ISO 45001 health and safety management standard.
Also in 2021, Sierra was awarded the GRESB Benchmarking Green Star for the twelfth consecutive year. The Sierra Prime and Iberia Coop funds received the coveted 5-star rating in the GRESB Real Estate Assessment. GRESB evaluates the environmental, social and governance performance of real estate assets worldwide.
That year, Sierra also became the first company in the Portuguese real estate market to refinance part of its corporate debt through the issuance of sustainability-related bonds. The sustainability aspects concern the greenhouse gas emissions and the recycling rates of the managed shopping centers as well as the centers that are owned. In 2022, Sierra provided more than 14,000 hours of training to its employees. In addition, the proportion of women in managerial positions increased by 2.6%.
