In the context of both its net zero targets and Group biodiversity strategy, the Group has invested in 2 initiatives (see section 3.2.2.B.10 GHG removals and GHG mitigation projects financed through carbon credits) to protect and restore biodiversity at scale: The Climate Fund for Nature (MIROVA); and The Nature Impact Fund (WWF France). While the WWF France Nature Impact Fund is dedicated to the restoration of French forests, the Climate Fund for Nature managed by MIROVA finances nature-based projects around the world. Nature-based carbon removal projects financed through this fund help to improve biodiversity in several ways. By restoring degraded habitats and increasing the area and connectivity of natural landscapes, the projects can enhance the survival and reproduction of native species, as well as prevent or reduce the invasion of alien species. By improving soil health and water quality, the projects can support the productivity and resilience of ecosystems and their inhabitants. By involving local communities and stakeholders in the design and management of the projects, the projects can also foster social and cultural values related to biodiversity conservation and sustainable use. A small portion of MIROVA’s nature-based projects is dedicated to the protection of existing forests, particularly against deforestation.

Anticipated financial effects from the consideration of biodiversity in development projects are in line with the estimates presented in section 3.2.2.A.4.2 Disclosure requirements in ESRS covered by the undertaking’s Sustainability Statement.

In addition to the biodiversity net gain target, all large development projects need to implement a biodiversity action plan. This action plan should be made by a qualified ecologist, after the assessment of the characteristics of the local biodiversity. The purpose of this document is to first avoid and reduce all impacts of the project to the local nature, and second to implement on each project a list of Group recommendations like the use of environmentally certified aggregates for the concrete or bird-friendly designs for the facades. The new commitments and recommendations for the integration of biodiversity in development projects were integrated in the Group’s design processes through the sustainability guidelines. Some projects also undertake an Environmental Impact Assessment (“EIA”), which includes an environmental/biodiversity component, as it is a prerequisite for obtaining a building permit and commercial planning permission in some countries like France. A public consultation may also be carried out as part of this process. Biodiversity is also addressed by the development projects through the “Land Use and Ecology” section in the BREEAM (new development) certification. Within the sustainability guidelines, the Group also commits in using only certified timber (FSC, PEFC or equivalent) within its development projects.

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 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.

Anticipated financial effects from the consideration of biodiversity in development projects are in line with the estimates presented in section 3.2.2.A.4.2 Disclosure requirements in ESRS covered by the undertaking’s Sustainability Statement.

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 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.