URW's climate change mitigation actions include:

1. Energy Efficiency: Targets to reduce energy intensity by 50% by 2030 compared to 2015 levels.
2. Energy Mix: Transition to renewable energy sources, aiming for 100% renewable electricity for common areas and encouraging tenants to do the same.
3. Fugitive Emissions: Implementation of measures to reduce refrigerant fluid leakage.
4. Construction: Reducing carbon intensity from construction by 35% by 2030 compared to 2015 levels.
5. Transport: Increasing the share of visitors using sustainable transport means, with a target of 80% by 2030.
6. Nature-Based Solutions: Projects like the Climate fund for Nature (MIROVA) focusing on forest and mangrove conservation.

These actions are part of URW's commitment to reach net zero GHG emissions across its value chain by 2050, with a 90% reduction in absolute terms by 2050 compared to 2015.

URW implements a variety of adaptation solutions:

1. Nature-Based Solutions: Projects like the Climate fund for Nature (MIROVA) focusing on forest and mangrove conservation.
2. Engineering Solutions: Implementation of low-carbon construction rules for new development projects.
3. Technological Solutions: Energy audits and investments in energy-saving actions such as switching to LED, improving building management systems (BMS), and changing HVAC systems.

The anticipated financial effects from material physical and transition risks, as well as potential climate-related opportunities, are assessed through a detailed analysis of risks and opportunities at the Group level, asset level, and site-specific level. However, the document does not explicitly state if these financial effects are quantified.

URW has allocated resources towards several climate change policies:

1. Energy Efficiency Policy: Aims to reduce energy intensity across all Group assets with a long-term energy action plan.
2. GHG Emissions Reduction Policy: Focuses on setting and tracking carbon reduction targets with updated environmental action plans.
3. Climate Resilience Policy: Increases the resilience of URW's portfolio to climate-related risks with updated adaptation frameworks.
4. Low Carbon Mobility Policy: Improves connectivity to sustainable transport with updated mobility action plans.

The achieved and anticipated reductions in GHG emissions include a 32% reduction in Scope 1, a 37% reduction in Scope 2, and a 40% reduction in Scope 3 emissions from 2015 to 2023.

URW's ability to implement actions related to climate change policies is supported by the allocation of resources across various teams, including corporate sustainability, technical teams, local country and asset teams. The Group's climate mitigation plan outlines the financial resources required, which are stated in the plan. The ongoing access to finance impacts the ability to adjust to supply/demand changes, acquisitions, and significant R&D investments, ensuring the implementation of climate change policies.

In 2023, URW estimated the costs of the environmental transition for its European activities until 2030. The CapEx requirements include:

• Net Zero Target: €28 million covering both the implementation of the long-term energy action plan and energy mix improvement measures.
• Operation: No additional CapEx on top of the net zero near-term target.
• Construction: Limited increase in construction cost due to embodied carbon targets and environmentally related objectives.
• Transport: No CapEx as the installation of EVs is planned on a leasing basis.

These expenditures are associated with the Group's climate mitigation plan as stated in the financial resources section.

URW's transition plan is aligned with the delegated act related to climate mitigation within the EU Taxonomy regulation. The identified levers and associated CapEx will contribute to the increase in alignment of URW's economic activities. The capital expenditures are regularly reviewed in light of the Better Places targets, ensuring alignment with Group expectations. Managed assets have an environmental action plan, including actions deemed necessary to reach asset or Group level targets on energy and carbon performance, biodiversity, climate risks, waste, mobility, and water.

URW's capital expenditure plan includes significant investments to support the Better Places transition roadmap until 2030. The CapEx requirements are:

• Net Zero Target: €28 million for energy action plans and energy mix improvements.
• Operation: No additional CapEx required beyond the net zero near-term target.
• Construction: Limited increase in costs due to embodied carbon targets.
• Transport: No CapEx as EV installations are planned on a leasing basis.

These expenditures are part of the Group's climate mitigation plan, ensuring alignment with the capital expenditure plan as mandated by the regulation.