Faced with the challenge of the energy transition and having defined a series of actions to promote its ambitious goal of achieving carbon neutrality by 2040, Sonae Sierra has recently received the endorsement of the Science Based Targets initiative for its 2030 emissions reduction targets in several business areas. In addition to this recognition, the company’s ESG practices have also been recognized by GRESB with Green Star ratings for the Sierra Prime and Iberia Coop funds, highlighting their value to investors.
Elsa Monteiro, Head of Sustainability at Sonae Sierra, says: “The SBTi’s endorsement of our near-term greenhouse gas (GHG) emissions reduction targets by 2030 and the renewed 5-star Green Star classification in GRESB’s ratings are a clear example of the work Sierra is doing to make its operations and portfolio more sustainable. Sierra remains a reference in the real estate industry thanks to these ambitious goals and best practices.”
The Science Based Targets initiative (SBTi) is a global initiative that enables companies to set emissions reduction targets that are consistent with the latest climate science and recommendations from the United Nations and the International Energy Agency. SBTi defines and promotes a set of science-based best practices, provides resources and guidance to address barriers to implementation. It independently evaluates and validates corporate goals.
The near-term goals endorsed by SBTi are:
Reduce GHG emissions in Sectors 1 and 2 by 73% per square foot by 2030, from a 2019 baseline.
Reduce GHG emissions from purchased goods and services in Scope 3 by 55% per square meter by 2030, starting from a 2019 baseline year
Reduce all other absolute Scope 3 GHG emissions by 46.2% by 2030, compared to a 2019 baseline year
SBTi’s endorsement of the near-term targets is an important step toward Sierra’s goal of achieving carbon neutrality by 2040.
For the fourteenth consecutive year, Sonae Sierra was awarded Green Star by GRESB Real Estate Assessment, reaching the maximum rating of five stars for the Sierra Prime and Iberia Coop funds in 2022. The Sierra Prime vehicle continues to rank second in the core category of shopping centers in Southern Europe, while Iberia Coop currently ranks third in the same category at the European level.
Sierra Prime assets were 20% above the GRESB average and 5% above the peer group, while Iberia Coop assets were 19% above the GRESB average and 3% above the peer group.
Each year, GRESB assesses and benchmarks the environmental, social and governance (ESG) performance of real estate assets worldwide and monitors the sector’s progress against global sustainability goals. GRESB’s assessments are based on the aspects of sustainability performance that investors and the industry consider material. They are aligned with international reporting frameworks such as GRI and PRI.
