EPP’s short- and long-term goals have been endorsed by the Science Based Targets (SBTi) initiative. By 2050, Poland’s largest shopping center manager has committed to achieving zero net greenhouse gas emissions in Scopes 1, 2 and 3. Commitment to the SBTi initiative is another step taken by EPP as part of its implemented ESG strategy, and proof that the company’s goals are not only ambitious, but also realistic to achieve.
Science Based Targets (SBTi) is a global initiative that enables companies to set ambitious emissions reduction targets in line with the latest climate science. It focuses on accelerating business action around the world to halve emissions before 2030 and achieve net zero emissions by 2050.
According to data from the International Energy Agency , the operation of buildings accounts for 26% of global emissions from energy consumption (8% are direct emissions from buildings, and 18% are indirect emissions related to the production of the electricity and heat used in them). The decarbonization of the real estate sector is therefore crucial to global action to curb climate change, and the EPP wants to take an active role in this process.
Setting science-based targets through SBTi, the EPP group has committed to reducing absolute Scope 1 and 2 greenhouse gas emissions by 50% by 2030 and by 30% in Scope 3 from fuel and energy-related activities compared to 2019. By 2050, the group aims to achieve an absolute reduction in all three scopes of 90%, comparing with the base year. At the same time, the EPP group aims to have zero net GHG emissions across the value chain by 2050. These short- and long-term targets have been reviewed and approved by SBTi.
“Fully aware of the real estate sector’s impact on the environment and climate, we are setting specific goals and actions. The decision to join the SBTi initiative and have our decarbonization targets reviewed is an expression of business responsibility and a willingness to take ambitious action. We plan to make significant reductions in GHG emissions over the next few years. We want to achieve them by, among other things, reducing energy consumption and purchasing energy from alternative sources. By 2030, the share of green energy for Scope 1 and 2 used in the properties we manage is expected to be as high as 60%,” said Tomasz Trzósło, CEO of EPP N.V.
The ESG policy implemented by EPP is an integral part of the group’s business strategy and is based on responsibility towards the planet and its inhabitants. Joining the SBTi initiative is a further step in the company’s greater commitment to addressing global climate change.
SBTi was created through a collaboration between CDP, the United Nations Global Compact, the World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). It represents one of the commitments of the We Mean Business coalition. By the end of 2022, more than 4,000 companies from around the world were involved in the initiative, including the best-known brands from all sectors. SBTi defines and promotes best practices for setting scientifically supported decarbonization targets, offers resources and guidance to help implement them, and independently evaluates and validates companies’ targets. On average, between 2015 and 2020, member companies with approved targets reduced their combined Scope 1 and Scope 2 emissions by 29%.
