The Group's study identified impacts such as land artificialisation, degradation & fragmentation, degradation of habitats from material production, water consumption, wood and other bio-based material consumption, all greenhouse gases emissions, plant protection (phytosanitary) products, light pollution, single-use plastics used by tenants and visitors, and vegetation choice and maintenance. Dependencies include attractiveness (biophilia), climate regulation (trees cooling down space, vegetal areas reducing "urban heat islands", mitigating extreme weather events), risk mitigations (non-artificialised spaces absorbing rainwater), and resources supply (materials for construction, resources for tenants). These commitments are detailed in the following sections.

The Group includes in its sustainability guidelines the requirements related to the Do not Significant Harm ("DNSH") criteria for biodiversity within the EU Taxonomy regulation. In this respect the following criteria are followed by the Group's development projects: An EIA or screening is completed in accordance with Directive 2011/92/EU34. Where an EIA has been carried out, the required mitigation and compensation measures for protecting the environment are implemented. For sites/operations located in or near biodiversity-sensitive areas (including the Natura 2000 network of protected areas, UNESCO World Heritage sites and Key Biodiversity Areas, as well as other protected areas), an appropriate assessment, where applicable, has been conducted and based on its conclusions the necessary mitigation measures are implemented.

In case of loss of Biodiversity Units, the Group will have the possibility to finance compensation projects creating enough Biodiversity Units off site to raise the project's balance to a biodiversity net gain. The requirement has been added in the 2023 update of the sustainability guidelines for development projects.

URW, through the implementation of its environmental management system ("EMS") and sustainability guidelines, ensures that all development projects, whatever their size or type, are designed in the most sustainable way in the long term and in accordance with the Group sustainability strategy. For each project, the EMS covers all 4 stages of the development process and involves several departments, notably Development, Security, Technical, Operations, Leasing and on-site shopping centre management teams.

All concerned projects started from 2022 onwards will use the "Biodiversity Metric 3.0" methodology, created by the Department for Environment, Food and Rural Affairs in the UK ("DEFRA"). This methodology was created to "calculate a biodiversity baseline and to forecast biodiversity losses and gains on site or off site resulting from development or land management changes", according to DEFRA.

The policies include a mapping of URW’s material impacts on biodiversity and ecosystems and a description of the main drivers for biodiversity loss as identified by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (“IPBES”) in 2019. As GHG emissions represent the main impact of URW on biodiversity, two climate-related policies have been added in the table below.

The policies include a mapping of URW’s material impacts on biodiversity and ecosystems and a description of the main drivers for biodiversity loss as identified by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (“IPBES”) in 2019. As GHG emissions represent the main impact of URW on biodiversity, two climate-related policies have been added in the table below.

The policies include a mapping of URW’s material impacts on biodiversity and ecosystems and a description of the main drivers for biodiversity loss as identified by the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (“IPBES”) in 2019. As GHG emissions represent the main impact of URW on biodiversity, two climate-related policies have been added in the table below.

The Group applies a pragmatic approach on biodiversity to its standing assets. Even though the dense urban locations of most assets severely limit the potential to enhance biodiversity, the Group’s sites are committed to retaining and improving local biodiversity. This translates in the implementation in 2022 of biodiversity action plans in all High Biodiversity Stakes (“HBS”) assets in Europe. Assets are considered HBS if located within 1.5 km from a protected area in Europe. These areas are composed of all the IUCN (management categories I to VI) and Bird Life International (Key Biodiversity Areas) protection areas. As for the creation of the biodiversity action plans of development projects, these standing assets must appoint a qualified ecologist to assess the on-site biodiversity and propose an adaptation action plan to preserve and improve the state of local nature. In the US, biodiversity audits will progressively be deployed in the context of the BREEAM In-Use certification of the US assets.

The preliminary studies of the Group biodiversity strategy showed that one of the main drivers of biodiversity loss, according to the 2019 IPBES report, is the change in land use. It also showed that real estate companies play a major role in this driver due to the artificialisation, degradation and fragmentation of land operated in greenfield projects. In the context of its biodiversity strategy, URW decided to commit to limiting these impacts by aiming to achieve a biodiversity net gain between the state of the site before and after the construction in all large projects. In order to reach this target, all concerned projects started from 2022 onwards will use the “Biodiversity Metric 3.0” methodology, created by the Department for Environment, Food and Rural Affairs in the UK (“DEFRA”). This methodology was created to “calculate a biodiversity baseline and to forecast biodiversity losses and gains on site or off site resulting from development or land management changes”, according to DEFRA. The Group will also make its best efforts to apply this target to its ongoing projects where it is possible.