Has the undertaking established GHG emission reduction targets that are science-based and aligned with the objective of limiting global warming to 1.5°C? Specify the framework and methodology utilized to determine these targets, including whether they follow a sectoral decarbonisation pathway. Detail the underlying climate and policy scenarios, and confirm if the targets have undergone external assurance. Additionally, provide a concise explanation of how future developments, such as changes in sales volumes, shifts in customer preferences and demand, regulatory factors, and new technologies, have been considered in setting these targets and their potential impact on both GHG emissions and emissions reductions.

Question

Accepted Answer

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.

Unibail-Rodamco-Westfield

ESRS disclosure: E1-4_22

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