Sonae Sierra to reach carbon neutrality by 2040

Alina Oprea
Sonae Sierra announced that it is improving its ESG practices with international recognition. The short-term goals approved at the Science Based Targets Initiative (SBTi) level are a significant step toward achieving carbon neutrality by 2040. The approval of the short-term goals by the SBTi is an important step toward Sierra's goal of achieving carbon neutrality by 2040.

"In the context of the challenges brought by the energy transition and after defining a series of measures to accelerate the achievement of the ambitious goal of achieving carbon neutrality by 2040, Sonae Sierra recently received confirmation from the Science Based Targets Initiative regarding the set goals of the company until 2030, to reduce emissions in several sectors of activity. The company also received recognition from GRESB for its ESG practices, obtaining Green Star certification for its Sierra Prime and Iberia Coop investment funds," the company announced.

Science Based Targets (SBTi) is a global initiative that allows companies to set ambitious emission reduction targets in line with the latest climate studies, distinguishing companies whose commitments are aligned with the recommendations of the United Nations and the International Energy Agency. SBTi defines and promotes a set of science-based best practices, provides resources and guidance to reduce barriers to standards adoption, and independently assesses and approves companies' goals.

"The SBTi's approval of our short-term goals to reduce greenhouse gas (GHG) emissions by 2030 and Green Star certification in the GRESB ranking are a clear example of Sierra's efforts to develop activities and a portfolio more sustainable", says Elsa Monteiro, Head of Sustainability at Sonae Sierra.

The short-term objectives approved by SBTi are:

  • Reduction of greenhouse gas emissions with classifications 1 and 2 by 73% per square meter by 2030 compared to the reference year 2019
  • 55% per square meter reduction of category 3 greenhouse gas emissions from purchased goods and services by 2030 compared to the reference year 2019
  • Reduction of all other GHG emissions with classification 3 by 46.2% by 2030 compared to the reference year 2019

For the 14th consecutive year, Sonae Sierra has been recognized by GRESB Real Estate Assessment with Green Star certification, thus achieving the maximum possible rating of 5 stars for the Sierra Prime and Iberia Coop funds in 2022. The investment vehicle Sierra Prime continues to occupy second place in the Southern European shopping center category, while Iberia Coop currently ranks third in the same category at the European level.

Annually, GRSB assesses and benchmarks the environmental, social, and governance (ESG) performance of real estate assets around the world and monitors the sector's progress against global sustainability goals. GRSB's ratings are driven by what investors and industry consider to be the material barriers to the sustainability performance of real estate investments and assets, aligned with international reporting frameworks such as GRI and PRI.

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Green Forum  |  28 February, 2024 at 7:00 AM
Green Forum  |  27 February, 2024 at 8:00 AM