Unibail-Rodamco-Westfield
ESRS disclosure: ESRS E1 \ DR E1-7
Tags Tree
- Provide a detailed account of the greenhouse gas (GHG) removals and storage, measured in metric tonnes of CO2 equivalent, that have resulted from projects developed within your own operations or those to which you have contributed within your upstream and downstream value chain.
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Question Id: E1-7_01
In relation to URW carbon neutrality strategy, URW is committed to increasing the level of avoided emissions within and outside of its value chain. The table presents the main current mitigation projects led by URW:
Projects Type of project Scope Timeline of implementation Expected impact (in tCO2e) Energy retrofit of Gaïté development project Energy retrofit Within URW value chain 2022-2023 (delivery) 575 tCO2e/year from 2023 onwards Westfield Hamburg-Uberseequartier Regeneration project Within URW value chain Delivery expected by 2024 Calculations ongoing by external experts Climate fund for Nature (MIROVA) – based on a contractual agreement Forest and mangrove conservation projects Outside URW value chain 2024-2042 250,000 In addition, URW is working on a Group methodology to harmonise the calculation of avoided emissions for several additional projects such as the implementation of EV chargers, the energy valorisation of waste, the sale of on-site renewable energy to the grid and parking services for car sharing.
Report Date: 4Q2023Relevance: 80%
- Provide the amount of greenhouse gas (GHG) emission reductions or removals achieved through climate change mitigation projects outside your value chain that have been financed or are intended to be financed via the purchase of carbon credits.
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Question Id: E1-7_02
The Climate fund for Nature (MIROVA) project, based on a contractual agreement, is a forest and mangrove conservation project outside URW's value chain, with an expected impact of 250,000 tCO2e from 2024 to 2042.
Report Date: 4Q2023Relevance: 85%
- Provide detailed information regarding the company's GHG removals and storage activities, specifically focusing on GHG mitigation projects financed through carbon credits, as mandated by Disclosure Requirement E1-7. Include all relevant data as specified in paragraph 56 (a), where applicable.
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Question Id: E1-7_03
URW is committed to increasing the level of avoided emissions within and outside of its value chain. The main current mitigation projects led by URW include:
- Energy retrofit of Gaïté development project: Energy retrofit within URW value chain, expected impact of 575 tCO2e/year from 2023 onwards.
- Westfield Hamburg-Uberseequartier: Regeneration project within URW value chain, calculations ongoing by external experts.
- Climate fund for Nature (MIROVA): Forest and mangrove conservation projects outside URW value chain, expected impact of 250,000 tCO2e from 2024 to 2042.
Report Date: 4Q2023Relevance: 65%
- Provide a detailed disclosure of the total amount of GHG removals and storage, expressed in metric tonnes of CO2 equivalent. This information should be disaggregated and separately disclosed for the undertaking's own operations as well as its upstream and downstream value chain. Additionally, break down the data by removal activity, as required by Disclosure Requirement E1-7 concerning GHG removals and GHG mitigation projects financed through carbon credits.
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Question Id: E1-7_04
Details of GHG removal projects:
- Renaturation projects in URW shopping centres: Land-use change – Nature-based project within URW value chain, 2023-2030, not quantified.
- Development project using timber: Biogenic within URW shopping centres, 2023-2030, not quantified.
- Climate fund for Nature (MIROVA): Land-use change – Forest and mangrove restoration, agroforestry, soil carbon and regenerative agriculture, outside URW value chain, 2024-2042, expected impact of 598,000 in total.
- Nature impact fund (WWF): Forest restoration in France, outside URW value chain, 2023-2033, will be quantified in later years.
Report Date: 4Q2023Relevance: 50%
- Provide the total amount of GHG removals and storage in metric tonnes of CO2eq, disaggregated and separately disclosed for the amount related to your company's own operations and its upstream and downstream value chain. Additionally, break down this information by removal activity, as required by Disclosure Requirement E1-7 concerning GHG removals and GHG mitigation projects financed through carbon credits.
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Question Id: E1-7_05
Details of GHG removal projects:
- Renaturation projects in URW shopping centres: Land-use change – Nature-based project within URW value chain, 2023-2030, not quantified.
- Development project using timber: Biogenic within URW shopping centres, 2023-2030, not quantified.
- Climate fund for Nature (MIROVA): Land-use change – Forest and mangrove restoration, agroforestry, soil carbon and regenerative agriculture, outside URW value chain, 2024-2042, expected impact of 598,000 in total.
- Nature impact fund (WWF): Forest restoration in France, outside URW value chain, 2023-2033, will be quantified in later years.
Report Date: 4Q2023Relevance: 50%
- Provide a detailed account of the greenhouse gas emissions linked to removal activities, including transport and storage, as per Disclosure Requirement E1-6 (Scopes 1, 2, or 3). This should be presented alongside, but distinctly from, the quantified amount of greenhouse gases removed, to enhance transparency regarding the efficiency of the removal activity.
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Question Id: E1-7_06
The method used for quantifying Group emissions is in line with the ISO 14064-1 standard, the GHG Protocol guidelines and the Bilan Carbone methodology of ADEME. The sources of emissions included in the Group's total carbon footprint are broken down per Scope and influence level.
Scope 1: Direct emissions from stationary combustion: gas and fuel consumption in common areas, direct fugitive emissions: leaks of refrigerant gas/fluid. Scope 2: Indirect emissions linked to electricity consumption in common areas (linked to production only), indirect emissions from cold or hot steam consumption (centralised cooling and heating provided by district heating and cooling networks). Scope 3: Emissions from energy production not included in Scopes 1 and 2 (extraction, production and transport of fuel, electricity, hot and cold steam), upstream emissions and transport and distribution losses of energy consumed by common areas, purchased products and services, capital equipment, waste on-site waste management, employee commuting, business travel, investments, visitor and customer transport, downstream leased assets.
Report Date: 4Q2023Relevance: 50%
- Provide a detailed account of the calculation assumptions, methodologies, and frameworks applied by your organization concerning GHG removals and storage, as mandated by Disclosure Requirement E1-7, specifically regarding GHG removals and GHG mitigation projects financed through carbon credits, as outlined in paragraph 56 (a).
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Question Id: E1-7_08
URW will provide any details on the removal or avoidance projects and the associated calculation assumptions, methodologies and frameworks applied where these advanced and specific information is made available. The projects include:
- Renaturation projects in URW shopping centres: Land-use change – Nature-based project within URW value chain, 2023-2030.
- Development project using timber: Biogenic within URW shopping centres, 2023-2030.
- Climate fund for Nature (MIROVA): Land-use change – Forest and mangrove restoration, agroforestry, soil carbon and regenerative agriculture, outside URW value chain, 2024-2042.
- Nature impact fund (WWF): Forest restoration in France, outside URW value chain, 2023-2033.
Report Date: 4Q2023Relevance: 65%
- Has the undertaking identified any greenhouse gas (GHG) removal activities within its own operations or value chain that have been converted into carbon credits and subsequently sold on the voluntary market? If applicable, provide details of such activities in accordance with Disclosure Requirement E1-9, ensuring alignment with the qualitative characteristics of useful information as outlined in ESRS 1 Appendix B.
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Question Id: E1-7_09
As of today, URW does not apply any internal carbon pricing scheme. URW is committed to not relying 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.
Report Date: 4Q2023Relevance: 50%
- Provide the total amount of carbon credits, measured in metric tonnes of CO2 equivalent, that are planned to be cancelled in the future outside the undertaking's value chain. Indicate whether these credits are based on existing contractual agreements.
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Question Id: E1-7_11
The Climate fund for Nature (MIROVA) project, based on a contractual agreement, is expected to have 598,000 tCO2e in total planned to be cancelled in the future according to Net-Zero targets. Credits will be certified and audited to the highest quality standards and in accordance with VCS, CCBS, Gold Standard or equivalent other standard.
Report Date: 4Q2023Relevance: 50%
- Does the undertaking disclose the extent to which it utilizes carbon credits, and specify the quality criteria employed for these credits, in accordance with Disclosure Requirement E1-9? This inquiry pertains to the financing of GHG emission reduction projects outside the undertaking's value chain through the purchase of high-quality carbon credits, as outlined in paragraphs 56(b) and 59, and in relation to GHG emission reduction targets under Disclosure Requirement E1-4.
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Question Id: E1-7_12
URW is committed to not relying 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. Credits from the Climate fund for Nature (MIROVA) project will be certified and audited to the highest quality standards and in accordance with VCS, CCBS, Gold Standard or equivalent other standard.
Report Date: 4Q2023Relevance: 85%