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URW has been a committed leader in the fight against climate change for almost 2 decades. From our early commitments in 2007 to our landmark Better Places roadmap, set in the context of the 2015 Paris Agreement and expanded in 2023, we have already achieved significant progress in reducing our carbon emissions and limiting the impact of our activities on the environment.
As we celebrate Earth Day 2025, we share an update on our 2024 sustainability performance and highlight the progress we have made towards our ambitious environmental and social Better Places targets1!
Upholding our 3 core commitments
Following our comprehensive Better Places roadmap, we steadfastly continued to achieve our ambitious targets in terms of carbon emissions reduction and environmental performance, and to develop and operate places that provide sustainable experiences and contribute to thriving communities.
Thanks to the dedication and unrivalled expertise of our teams, we are proud to report that we have made great progress across the 3 pillars of our sustainability roadmap: Environmental Transition, Sustainable Experience and Thriving Communities.
ENVIRONMENTAL TRANSITION
We aim to be the preferred partner of cities in their environmental transition, by improving the carbon footprint and environmental efficiency of our assets and operations.
Progressing towards our net zero targets
We are contributing to global carbon neutrality, with science-based targets for net zero on Scopes 1 & 2 by 2030 and Scopes 1, 2 & 3 by 2050 – being the first retail real estate company in the EU and sixth CAC 40 company to obtain SBTi2 approval of net-zero targets. And with continuous progress, we are on track to achieve these targets.
-84.9% reduction in carbon emissions on Scopes 1 & 23 (from -81.1% in 2023) on track with our -90% target by 2030
-42.2% reduction in carbon emissions from Scopes 1, 2 & 33 (from -39.3%4 in 2023) vs. -50% target by 2030
-37.0% reduction in energy intensity5 (from -30.1% in 2023) vs. -50% target by 2030
17.9 MWp renewable energy installed capacity in Europe (up from 13.8 MWp in 2023) vs. our target of 50 MWp by 2030 in Europe
URW is also a catalyst for accelerating low-carbon mobility, with a 4,000+ EV charger plan in Europe, of which 1,1576 were in use in 2024. Globally, 48.0% of our visitors accessed our destinations by sustainable transport in 2024 (up from 47% in 2023).
Following a science-based approach, aligned with SBTi and NZI recommendations, Unibail-Rodamco-Westfield has also committed to neutralize the 10% residual carbon emissions from Scopes 1 & 2 from 2030 (remaining from our -90% reduction target). We are already investing in the Mirova Carbon Fund for Nature to support projects aiming at protecting and restoring biodiversity at scale, thereby removing and permanently storing carbon from the atmosphere.
Operating a resilient portfolio
In addition to URW’s GHG emissions mitigation strategy, over the last 5 years URW has developed a climate change adaptation strategy. URW assessed its level of exposure to climate-related risks for 100% of its portfolio in collaboration with AXA Climate. This assessment was further complemented by detailed vulnerability analyses and action plans to mitigate the impact of these risks.
Beyond our climate strategy, we have also defined a comprehensive set of environmental targets. We are working to achieve zero waste to landfill by 20257, reach 70% recycling rate by 2030, and reduce water consumption intensity by -20% by footfall by 2030 through metering of water sub-systems, water collectors for rain/grey water, leak detection systems and reduction of water flow rate.
22.9% of the Group’s waste sent to landfill (down from 24.7% in 2023), targeting zero waste to landfill by the end of 2025 — we are on track to meet the target in Europe, having achieved 3.3% in 2024, but additional time is required for the US portfolio to find the right partners and develop new recycling solutions.
47.2% recycling rate8 (up from 44.4% in 2023) vs. 70% target by 2030.
Water consumption reduced to -15% per footfall9 (from -12.6% in 2023) vs. -20% target by 2030
We engage with WWF France for the Science Based Targets for nature evaluation and certification of our activities and have successfully achieved biodiversity net gain for development projects two years in a row.
SUSTAINABLE EXPERIENCE
We partner with our visitors and all stakeholders of the retail industry to accelerate the transition towards more sustainable experiences.
Setting new standards with the Better Places Certification
In partnership with Bureau Veritas Solutions and with the critical expertise of WWF France10, we developed our Better Places Certification. This comprehensive industry-leading standard covers all environmental and social dimensions, assessed over 96 criteria, including core industry ratings such as BREEAM In-Use.
With 14 shopping centres certified in 2024, we have successfully exceeded our initial certification objective of 10 assets, and aim to certify 100% of our European retail portfolio by 2027.
This certification will, along with our Sustainable Retail Index, meaningfully support the sustainable evolution of the retail industry, offering visitors a comprehensive view of the sustainability performance of each shopping centre.
Advancing the Sustainable Retail Index
We launched the Sustainable Retail Index (SRI), an innovative assessment tool that provides detailed insights into the progress retailers make on their sustainability commitments. Developed in partnership with Good On You and with the critical expertise of WWF France, the SRI enables us to evaluate our retail offer from a sustainability perspective and engage with retailers on the evolution of their responsible practices. In 2024, the SRI was extended, in addition to the fashion sector11, to the Beauty and the Services sectors12, for which methodologies were developed in 2023 and 2024 respectively, with evaluations conducted in 2024.
In 2024, URW achieved a coverage of 70.1% of eligible European revenue13 with the SRI, in line with its target. Additionally, the SRI was also extended to the Group's US portfolio.
Globally, 86% of the Group’s retailers evaluated are already engaged in sustainability initiatives, with almost 53% being Active, Advanced or Leader. URW is actively developing the SRI, with the aim of increasing coverage by developing new methodologies by the end of 2027, in sectors such as Home, Technology, Food and Beverage services.
Sustainability-driven initiatives at the core of the customer journey
We are working to integrate sustainability information at every step of the visitor journey, helping customers make better-informed choices, and engaging them in sustainability-driven experiences such as the Westfield Good Festival.
In 2024, 100% of our shopping centres in Europe organised a Westfield Good Festival or at least one annual campaign or event to raise awareness on sustainability. Last year, the Westfield Good Festival was also held at all our US shopping centres.
THRIVING COMMUNITIES
We put people at the heart of what we do, bolstering economic and social vitality for local communities, and driving a sustainable and impact-oriented company culture.
A catalyst for economic and social impact
We are actively working to drive positive economic and social impact within our communities. We develop community projects and partnerships with local charities and NGOs that support jobs, offer training, promote inclusion, and increase access to health and culture.
In 2024, we have gone beyond our targets, with more than 20,000 people participating — securing jobs or receiving training — and over 156,000 community members participating in local initiatives.
An internal community of sustainability change-makers
We are committed to grow a diverse, skilled and engaged community of employees to lead sustainable change. We provide sustainability training, maintain an inclusive culture that integrates sustainability objectives for 100% of our employees, and promote meaningful community volunteering experiences.
With 96.8% of employees having completed a sustainability training in 2024, we are on track to ensure a minimum of 95% of URW employees engage annually in customised sustainability learning paths, including sustainability training for newcomers as part of onboarding.
With 73.6% of employees participating in community volunteering programmes, we are steadily approaching our annual target of mobilising over 80% of our workforce.
Women now represent 44.3% of our senior management, successfully meeting our goal of maintaining at least 40% of senior management positions held by women.
Working with strong independent partners
We support the United Nations Sustainable Development Goals, directly contributing to 10 out of 17 UNSDGs.
URW’s climate targets are approved by the Science Based Targets initiative (SBTi), and are aligned with the recommendations of the UN’s Intergovernmental Panel on Climate Change.
We work with Bureau Veritas Solutions and WWF France15 to develop the Better Places certification and evaluate the sustainability performance of our shopping centres, based on the assessment of 96 criteria covering a broad range of environmental and social dimensions.
We develop the Sustainable Retail Index in partnership with Good On You, a global sustainable-brand ratings company, and WWF France16, providing insights into retailers’ sustainability journey.
ESG indices, ratings and awards
Our ESG performance is regularly recognised by third-party organizations consistently positioning us among the world's most sustainable companies in the industry and beyond. See more.
URW was named in the Top 100 most sustainable companies in the world by TIME Magazine and Statista.
URW earned top ranking in gender equality from Equileap, the global leader in social equality research and ratings, placing 29th globally and 5th in France.
URW ranked 24th in Corporate Knights’ 2025 Global 100 list of the most sustainable companies in the world, advancing from 70th in 2024.
URW ranked 1st in Real Estate and first overall (negligible risk) by Morningstar Sustainalytics' ESG ratings and metrics.
URW ranked second-highest of all European listed retail real estate companies in the 2024 GRESB Assessment, with a 5-star level sustainability performance and an overall score of 92/100.
URW earned a B rating and Prime Status 1st decile in the industry by ISS ESG.
Proactive approach to reporting
In 2025, URW successfully published its Sustainability Statement, meeting the Corporate Sustainability Reporting Directive (CSRD) requirements as part of its Universal Registration Document 2024. Despite the challenges of a first-time application, the Group met the audit requirements with an unqualified opinion. This achievement builds on the dedication of our teams. In 2024, URW was one of the few CAC 40 and European companies to take the initiative to voluntarily publish a CSRD-compliant report. This proactive approach significantly enhanced the robustness, transparency and reliability of our reporting.
URW is committed to reaching its Better Places targets, driving our vision to power urban regeneration and the sustainable evolution of retail, making our places catalysts of vitality for cities, people and our partners.
To learn more about our detailed targets and 2024 sustainability performance, read the Better Places scorecard.
1. Note that performance is reported on a Better Places scope, consistent with past performance and commitments taken in October 2023, differing from the scope reported for CSRD. All details are available in the Sustainability Statement (2024 Universal Registration Document).
2. The Science Based Targets initiative (SBTi)
3. In absolute value, from a 2015 baseline.
4. GHG emissions for the year 2023 have been updated in 2024 on the category visitors' transportation.
5. In kWh/sqm of the energy consumption for common areas and common equipment divided by the total area served with energy from a 2015 baseline
6. Corrected figure post 2024 audit
7. URW has set the objective of achieving zero waste to landfill by 2025. While the Group is on track to meet this target in Europe, the Group anticipates that achieving this goal in the US will take additional time, with a revised plan currently being designed for the US context. This adjustment reflects the unique challenges and regulatory landscape in the US on this topic.
8. From a 2019 reference, including waste from common and private areas of the shopping centres, Like-for-Like
9. In L/visit from a 2019 baseline.
10. WWF France shared its expertise and critical-friend vision on the biodiversity, water, mobility, energy, sustainable consumption and climate aspects of the criteria.
11. Fashion sector: Fashion clothing, Sportswear, Jewellery, Bags, Shoes and Accessories.
12. Fitness, Entertainment.
13. Revenues in Minimum Guaranteed Rents and Sales Based Rents Standing European Retail assets; eligible revenues in the following categories: Fashion Apparel, Sport Apparel, Jewellery, Bags & Footwear & Accessories, Health & Beauty, General Services (Fitness, Entertainment), Home, Culture & Technology, Food & Beverage Services.
14. Updated definition following evolution of Group regional organisation.
15. WWF France shared its expertise and critical-friend vision on the biodiversity, water, mobility, energy, sustainable consumption and climate aspects of the criteria.
16. On the first available retail sectors of the SRI, namely Fashion and associated retail sectors.
