Provide a detailed account of the anticipated financial effects arising from material physical and transition risks, as well as potential climate-related opportunities. Ensure that the disclosure aligns with the qualitative characteristics of useful information as outlined in ESRS 1 Appendix B. When calculating gross Scope 3 GHG emissions, identify and disclose significant Scope 3 categories based on the magnitude of their estimated GHG emissions. Utilize criteria from the GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (Version 2011, p. 61 and 65-68) or EN ISO 14064-1:2018 Annex H.3.2, including financial spend, influence, related transition risks and opportunities, or stakeholder views.

Question

Accepted Answer

URW carried out 3 assessments targeting climate-related risks and opportunities at different levels:
An analysis at Group level, aimed at identifying and prioritising climate-related risks and opportunities the Group could be exposed to as part of the transition to a low-carbon economy (risks and opportunities of transition) and resulting from climate events (physical risks and opportunities).
A deep dive on physical risks that could impact its assets. This assessment covered 95 different assets (Shopping Centres, Convention & Exhibition Centres, Offices) across Europe and was followed-up by 9 site visits to evaluate the local vulnerabilities and support the development of adaptation plans.
An analysis to evaluate potential correlations between various business indicators (seasonal attendance, seasonal revenues) and climate events.

Unibail-Rodamco-Westfield

ESRS disclosure: E1-6_04

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