The company created 2012 an energy efficiency program that made it possible to identify 273 sustainability initiatives in all stages of the program and generated 703 improvement opportunities, which led to a reduction of 33,200 MWh in energy consumption and potential annual savings in the amount of €7.4 million. Last year, Sierra released a revised version of the program that includes state-of-the-art technologies. By implementing this new version, a potential to increase energy efficiency by 37% has already been identified, through 172 identified improvement measures, which add up to a consumption reduction of approximately 45,510 MWh and €6.8 million in potential annual savings (relative to 2022 energy prices).

According to the company, sustainability has been part of Sierra's DNA since 1998.

"When Sierra formally defined its environmental policy, ESG standards were not widely discussed, and now they are part of the core commitments of any company, globally," says Elsa Monteiro, director of Sustainability at Sonae Sierra.

The commitment to achieve carbon neutrality by 2040 means a 10-year advance compared to the European Commission's objective. Sierra also recently adhered to the Principles for Responsible Investment (PRI) as a commitment to drive continuous change through benchmark investment best practices.

"Membership to PRI confirms our commitment to pursue best practices and achieve performance in terms of environmental, social, and governance (ESG) standards, both in the initial analysis phase and in the various development cycles of our assets. At Sierra, we have defined ambitious goals and maintained a firm commitment to a sustainable business model for several decades in all our areas of activity," says Elsa Monteiro.