URW commits to reach net zero GHG emissions across its value chain by 2050. URW has pledged to reduce its footprint by -90% in absolute terms by 2050 compared to 2015 and to neutralise residual emissions through high-quality and sustainable carbon removal actions. These efforts are compatible with a global 1.5°C pathway, the most ambitious objective of the Paris Agreement. URW's targets and net zero commitment cover the Group's retail (Shopping Centres) and Offices activities globally.

URW commits to reach net zero GHG emissions across its value chain by 2050. URW has pledged to reduce its footprint by -90% in absolute terms by 2050 compared to 2015 and to neutralise residual emissions through high-quality and sustainable carbon removal actions. These efforts are compatible with a global 1.5°C pathway, the most ambitious objective of the Paris Agreement. URW's targets and net zero commitment cover the Group's retail (Shopping Centres) and Offices activities globally.

The percentage reduction in location-based Scope 3 GHG emissions relative to the base year 2015 is -40%.

The percentage reduction in location-based Scope 3 GHG emissions relative to the base year 2015 is -40%.

URW commits to reach net zero GHG emissions across its value chain by 2050. URW has pledged to reduce its footprint by -90% in absolute terms by 2050 compared to 2015 and to neutralise residual emissions through high-quality and sustainable carbon removal actions. These efforts are compatible with a global 1.5°C pathway, the most ambitious objective of the Paris Agreement. URW's targets and net zero commitment cover the Group's retail (Shopping Centres) and Offices activities globally.

As URW is committed to reach net zero on its Scopes 1 and 2 by 2030 and on its Scopes 1, 2 and 3 by 2050, the Group is prioritising the reduction of its own GHG emissions, through ambitious reduction targets (at least -90% by 2030 on Scopes 1 and 2 and by 2050 on Scopes 1, 2 and 3, with both targets from a 2015 baseline in absolute value of carbon emissions equivalent). In addition, and in accordance with the SBTi Corporate Net-Zero Standard, URW is committed to permanently neutralising residual emissions at the net zero target year and GHG emissions released into the atmosphere thereafter. In this regard, URW already secured the first step of its neutralising strategy, engaging with MIROVA and WWF to increase GHG removals at a level covering the 10% annual residual emissions of its Scopes 1 and 2 from 2030 to 2050. URW will continue exploring opportunities to deal with its Scope 3 residual emissions (for 2050 onwards) prioritising removals within its own value chain. In any case, URW does not and will not rely on GHG removal credits nor GHG avoidance credits to reach its GHG carbon reduction targets. Those credits will always be counted separately from the Group’s own GHG emissions.

For each of those targets and sub-targets, URW: Has selected a strong and robust baseline, the year 2015, to reflect the improvements in terms of carbon reduction compared to a common year of all our targets; Has a carbon trajectory model built by combining internal and external levers, and relying on hypothesis from external decarbonation scenarios. The models also consider the impact of future internal activity based on hypothesis; Has identified and quantified the levers and associated level to reach the expected reduction; and Has quantified the costs related to the environmental transition.

For each of those targets and sub-targets, URW: Has selected a strong and robust baseline, the year 2015, to reflect the improvements in terms of carbon reduction compared to a common year of all our targets; Has a carbon trajectory model built by combining internal and external levers, and relying on hypothesis from external decarbonation scenarios. The models also consider the impact of future internal activity based on hypothesis; Has identified and quantified the levers and associated level to reach the expected reduction; and Has quantified the costs related to the environmental transition.

URW has selected a strong and robust baseline, the year 2015, to reflect the improvements in terms of carbon reduction compared to a common year of all our targets. The plan has been built in 2023 and therefore considers the performance of the year 2022 as a starting point. For more detailed information on the adjustments performed on the 2015 baseline, please see section 3.2.1.A.2 Disclosures in relation to specific circumstances.

In October 2023, URW communicated its updated Better Places sustainability roadmap including its commitment to contribute to global carbon neutrality with new science-based net zero targets on Scopes 1, 2 and 3. URW became the first retail real estate company in the EU and sixth CAC 40 company to obtain SBTi approval of net zero targets. URW's approach to contribute to global carbon neutrality follows the requirements of both the SBTi criteria for net zero targets (in line with the 'Corporate Net-Zero Standard', published in April 2023), and the Paris Agreement 1.5°C pathway. It follows the 3 scopes and considers the following objectives: REDUCE; by cutting its carbon emissions at the level expected by science; AVOID; by helping its value chain reducing their own carbon emissions; and REMOVE; by neutralising any residual emissions left after the reduction of its carbon emissions. URW's targets and net zero commitment cover the Group's retail (Shopping Centres) and Offices activities globally.