Sonae Sierra accelerates ESG compliance: the Science Based Targets Initiative, an international benchmark, has approved the Portugal-based multinational company’s measures to reduce emissions in several business areas by 2030 in order to reach its goal of achieving carbon neutrality by 2040.
In addition to this acknowledgment, the company has also seen its ESG practices recognised for the 14th consecutive year by GRESB, with a Green Star, the maximum possible rating, for its Sierra Prime and Iberia Coop funds.
“The approval of our short-term goals by the SBTi to reduce greenhouse gas (GHG) emissions by 2030, and the 5 star classification once again achieved in the GRESB ratings, as Green Star, are a clear example of the work done by Sierra to make its activities and portfolio more sustainable”, said Elsa Monteiro, Head of Sustainability, Sonae Sierra. “Our company continues to be a point of reference in the real estate sector for its ambitions and proven practices”.
The Science Based Targets initiative (SBTi) is a global initiative that allows companies to set ambitious emissions reduction targets in line with the latest climate science, distinguishing companies whose commitments are aligned with the recommendations of the United Nations and the International Energy Agency.
SBTi defines and promotes a set of science-based best practices, offers resources and guidance to reduce barriers to adoption, and independently evaluates and approves companies’ objectives. Sonae Sierra’s short-term goals approved by SBTi are: reducing scope 1 and 2 GHG emissions by 73% per sq m, reducing scope 3 GHG emissions from purchased goods and services by 55% per sq m developed and reducing all other scope 3 absolute GHG emissions by 46.2% by 2030 compared to the base year 2019.
Every year GRESB assesses and compares the ESG performance of real assets around the world and monitors the sector’s progress against global sustainability goals. The Sierra Prime fund continues to occupy second place in the core category of shopping centres in Southern Europe, while Iberia Coop currently occupies third place in the same category at a European level.
Sonae Sierra is currently managing €8 billion in assets and has projects in over 35 countries. The company describes its sustainability strategy as “a differentiating element and one of the main pillars in the company’s positioning in all business areas” and the key to having a “a resilient asset portfolio capable of responding to the challenges of the future”.