From reduction to mitigation and resilience
Under the umbrella of Safe People and Eco-Efficiency we have set the following long-term climate change and energy efficiency objectives:
- Achieve an 85% reduction in GHG emissions per m2 of GLA, by 2020, compared to the 2005 level (GHG protocol scopes 1 and 2, plus business air travel).
- Strive to increase the energy efficiency of our operations, aiming to attain a maximum average electricity consumption of 400 kWh/m2 (mall and toilet area) per year across sierra owned shopping centres, by 2020.
- Implement climate change adaption measures identified in our 2013 climate change study, by 2020.
We have also reviewed the climate change strategy developed in 2006 and, following a study conducted in 2013 to explore the business case for climate change adaptation, we decided to pursue the implementation of a number of soft adaptation measures. These include, for example, integrating climate change risk adaptation procedures into our current risk management processes and updating our acquisition checklist to ensure key risks related to weather related events are evaluated. Consequently, our climate change strategy is now two-fold: on the one hand we continue to study, develop and implement new ways of improving the energy efficiency and to minimise the carbon emissions generated by our shopping centres; on the other we aim to address specific climate change adaptation priorities for each business activity.
In parallel to our approach to energy efficiency, our new CSV focus area ‘Resource Resilience’ aims to challenge the conventional energy management model by seeking ways to make our assets energy independent. This has involved research into potential concepts such as waste-to-energy and performing technical and cost analyses for different types of renewable energy. Due to regulatory, technical and cost barriers, our progress has been limited, although we will continue to pursue this approach as part of our long-term strategy.
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