The timeframes are considered, consistent with the expected lifetime of the activity and the indications of the EU Taxonomy and CSRD: Baseline: average 1981 and 2010 – To understand current exposure; 2030: average between 2021 and 2040 – This timeframe is commonly used for defining climate adaptation planning and budgets; 2050: average between 2035 and 2064 – This timeframe is commonly used for strategic decisions, such as changing the business model or the geographic presence and long-term investments, such as building a new site.

A screening of the climate-related hazards was performed to identify the ones that may affect the business, based on the type of activities, equipment and materials, and the geographical footprint of the portfolio. Risk engineers and industry experts were consulted to perform the screening. This analysis was done considering the climate-related hazards indicated by the EU Taxonomy for sustainable activities and the CSRD. For the climate-related perils considered as material, experts identified the most representative climate indicators from its proprietary database (+130 indicators) which are sourced from open sources and paying models such as JBA, WRI and IAASA. Climate indicators were retrieved for each asset, based on their location. Up to 10 climate models for each indicator were used by expert scientists to evaluate the evolution of such values due to climate change, according to different scenarios.

For the climate risk assessment and the development of adaptation strategies, the scenarios employed for URW’s climate risk assessment are: An intermediate GHG emissions scenario: SSP2-4.5, and A high GHG emissions scenario: SSP5-8.5.

For the climate risk assessment and the development of adaptation strategies, the scenarios employed for URW’s climate risk assessment are: An intermediate GHG emissions scenario: SSP2-4.5, and A high GHG emissions scenario: SSP5-8.5. Considering the current commitments for GHG emissions reductions, the scenarios SSP1-2.6 and SSP1-1.9 are considered as not relevant to build adaptation strategies in the context of an effective ERM framework.

Transition risks and opportunities are those associated with the pace and extent at which an organisation manages and adapts to the internal and external pace of change to reduce GHG emissions and transition to renewable energy. As required by the TCFD, the following transition risks have been analysed for URW: Policy and legal risks, Technology risk, Market risk, Reputation risk. Transition opportunities evaluated include: Resource efficiency, Energy source.

Transition risks and opportunities are those associated with the pace and extent at which an organisation manages and adapts to the internal and external pace of change to reduce GHG emissions and transition to renewable energy. As required by the TCFD, the following transition risks have been analysed for URW: Policy and legal risks, Technology risk, Market risk, Reputation risk. Transition opportunities evaluated include: Resource efficiency, Energy source.

Transition risks and opportunities are those associated with the pace and extent at which an organisation manages and adapts to the internal and external pace of change to reduce GHG emissions and transition to renewable energy. As required by the TCFD, the following transition risks have been analysed for URW: Policy and legal risks, Technology risk, Market risk, Reputation risk. Transition opportunities evaluated include: Resource efficiency, Energy source.

Transition risks and opportunities are those associated with the pace and extent at which an organisation manages and adapts to the internal and external pace of change to reduce GHG emissions and transition to renewable energy. As required by the TCFD, the following transition risks have been analysed for URW: Policy and legal risks, Technology risk, Market risk, Reputation risk. Transition opportunities evaluated include: Resource efficiency, Energy source.

Transition risks and opportunities are those associated with the pace and extent at which an organisation manages and adapts to the internal and external pace of change to reduce GHG emissions and transition to renewable energy. As required by the TCFD, the following transition risks have been analysed for URW: Policy and legal risks, Technology risk, Market risk, Reputation risk. Transition opportunities evaluated include: Resource efficiency, Energy source.

Within URW’s carbon footprint, the following equipment or assets and their related GHG emissions could represent locked-in GHG emissions: The recently installed (<10 years) gas boilers in URW’s assets and associated stationary combustion emissions; and URW’s assets with a high car modal share and located outside dense urban/suburban areas and the emissions related to the transportation of visitors to those centres.