SUSTAINABILITY ACCOUNTS 2021
SUSTAINABILITY AT A GLANCE | SUSTAINABILITY FOCUS AREAS 2021 | FOCUS AREAS AND MATERIALITY | OTHER CORNERSTONES | KEY SUSTAINABILITY INDICATORS |
CONTENTS
HOW TO READ CITYCON'S 2021 REPORTS.................. | 3 |
Message from our CEO........................................................................................... | 4 |
Striving for excellence in action........................................................................ | 5 |
SUSTAINABILITY KEY FIGURES ................................ | 6 |
Long-Term Goals of Our Sustainability Strategy.................................... | 7 |
SUSTAINABILITY FOCUS AREAS................................ | 8 |
Carbon neutral ............................................................................................................ | 8 |
Accessible.................................................................................................................... | 10 |
Convenient and safe.............................................................................................. | 12 |
Excellence in Action............................................................................................... | 16 |
FOCUS AREAS AND MATERIALITY............................ | 18 |
How we define our material topics................................................................ | 18 |
Priority Matrix.......................................................................................................... | 19 |
Ongoing dialogue with Stakeholders.......................................................... | 20 |
OTHER CORNERSTONES FOR A SUSTAINABLE | |
SHOPPING CENTRE OPERATOR ................................ | 21 |
Good Employer.......................................................................................................... | 21 |
Citycon Code of Conduct and Transparency........................................... | 22 |
Responsible Supply Chain Management................................................... | 23 |
Waste Recycling and Water Management............................................... | 23 |
Green Financing....................................................................................................... | 24 |
Reporting Principles, Methodology and Boundaries......................... | 25 |
KEY SUSTAINABILITY INDICATORS.......................... | 27 |
Energy........................................................................................................................... | 27 |
Carbon........................................................................................................................... | 30 |
Environmental Certifications.......................................................................... | 32 |
Water............................................................................................................................. | 34 |
Waste............................................................................................................................. | 35 |
Personnel.................................................................................................................... | 39 |
Economic Responsibility..................................................................................... | 41 |
Independent assurance report....................................................................... | 43 |
SUSTAINABILITY ACCOUNTS 2021 | OVERVIEW OF MANAGEMENT APPROACH GRI | 2 | |
SUSTAINABILITY AT A GLANCE | SUSTAINABILITY FOCUS AREAS 2021 | FOCUS AREAS AND MATERIALITY | OTHER CORNERSTONES | KEY SUSTAINABILITY INDICATORS |
HOW TO READ CITYCON'S 2021 REPORTS
Our reporting in 2021 consists of the Sustainability Accounts, the Financial Review and the Corporate Governance Statement. More information on Citycon, our strategy and value creation can be found on the 'Citycon Strategy Review' section on our website. To make the report more reader-friendly, parts of this report, as well as supplementary information and additional case examples, can be found on our webpage.
You can recognise the links to this material through this symbol:
SUSTAINABILITY ACCOUNTS
Describes Citycon's environmental and social performance, as well as sustainability highlights in 2021.
SUSTAINABILITY
ACCOUNTS 2021
FINANCIAL REVIEW
Covers Citycon's financial performance in 2021, operational key figures, the report by the Board of Directors and the risk management review.
FINANCIAL REVIEW2021
CORPORATE GOVERNANCE STATEMENT
Explains Citycon's structure of governance and the Board of
Directors' activities in 2021.
CORPORATE GOVERNANCE
STATEMENT2021
Sustainability issues that matter the most to us are presented in this report under the headline "Sustainability Focus Areas". These are strategically important issues and are featured in our sustainability strategy. Other important sustainability issues are discussed under the headline "Other Cornerstones for a Sustainable Shopping Centre Business". These issues lay the foundation for our sustainable business operations at Citycon but are not featured in our sustainability strategy.
SUSTAINABILITY ACCOUNTS 2021
REPORTING FRAMEWORK
AND ASSURANCE
These Sustainability Accounts provide information on the sustainability issues that matter the most to us and our stakeholders, based on our materiality assessments. We focus on what we achieved in these areas during 2021. This report was prepared in accordance with GRI (Global Reporting Initiative) Standards Core option. Selected key sustainability indicators have been assured by Ernst & Young Oy. The full list of assured indicators can be found in our GRI tables.
These symbols help us to report our results in a way that is open and easy to understand. The green, yellow and red faces provide a quick overview of the status of our short-term sustainability targets. The symbols should be understood in the context of the targets and comments provided for that action.
OVERVIEW OF MANAGEMENT APPROACH GRI | 3 |
SUSTAINABILITY AT A GLANCE | SUSTAINABILITY FOCUS AREAS 2021 | FOCUS AREAS AND MATERIALITY | OTHER CORNERSTONES | KEY SUSTAINABILITY INDICATORS |
MESSAGE FROM OUR CEO
Last year, Citycon continued to make progress and got significant recognition for our efforts to achieve our climate goals, while simultaneously working with local governments to provide safe necessity-based services during the on-going pandemic.
Citycon develops and operates full service urban hubs where people live, work, and shop. Sustainability and climate leadership remain a cornerstone for our people and key to good business as we strive to create cities full of life.
We continue to excel on our climate goals:
- We are committed to the SBTi (Science Based Targets initiative) to reduce 50% of our scope 1 and 2 emissions by 2030 when compared to our emissions in 2018. In 2021 our carbon footprint was reduced by 46.6%.
- We have calculated and analysed our scope 3 emissions, i.e. the indirect emissions that occur in our value chain. This gave us fresh insight on actions we need to take in the future to reduce them.
- We are committed to be a climate industry leader year after year. In October, we took part in a Climate Leader survey conducted by The Financial Times and German research company Statista. The European companies that had achieved the biggest reduction in their greenhouse gas emissions intensity between 2014-
2019 were accepted on the list of 300 best performing companies.
- We are committed to become carbon neutral by 2030 and we continued working to reach that goal. During 2021, we have created our climate neutrality road map to steer our way towards our ambitious targets in carbon neutrality.
Our assets together with local community leaders will continue promoting energy efficiency, public transport and cycling in our centres. At every Citycon centre additionally, we continue emphasising safety and providing services that meet all the needs of our local communities while using the best sustainability technology available today.
Our newest centre Lippulaiva perfectly demonstrates our strategy to transform a unique location into a thriving sustainable community. Lippulaiva is based in Espoo, Finland, and will be a state-of-the-art example of our strategy implementation in action with 100 stores, over 500 apartments, and 8 million expected visitors a year. Lippulaiva will be fully integrated with metro and bus terminal access. Lippulaiva will be a nearly zero-energy asset right from opening with the largest geothermal heating and cooling facility ever built into a commercial building in Europe. The facility will generate
carbon-free energy to meet the heating and cooling needs of the retail centre and apartments. Lippulaiva will be fully certified at opening with a LEED Gold Certificate.
The Lippulaiva development is also part of the EU-funded project SPARCS that aims to demonstrate sustainable and smart energy systems, promoting e-mobility and piloting ways to engage and encourage citizens' energy positive behaviour.
We continue supporting the transition to low-carbon economy also through our green financing framework. We were one of the earliest Nordic real estate companies to commit to sustainable financing. In 2021, our green issuances totalled MEUR 700. Our sustainability and finance teams have also classified our activities by mapping Citycon group's consolidated IFRS income statement accounts based on whether they are covered by a NACE code included in the EU's Taxonomy Regulation Delegated Act.
As a final note, I would like to thank our employees, tenants, partners, and local community leaders in helping us drive this change that enables sustainable growth for people, businesses, and our society for generations to come.
F. Scott Ball, CEO, CITYCON Oyj
We are committed to become carbon neutral by 2030."
SUSTAINABILITY ACCOUNTS 2021 | OVERVIEW OF MANAGEMENT APPROACH GRI | 4 | |
SUSTAINABILITY AT A GLANCE | SUSTAINABILITY FOCUS AREAS 2021 | FOCUS AREAS AND MATERIALITY | OTHER CORNERSTONES | KEY SUSTAINABILITY INDICATORS |
STRIVING FOR EXCELLENCE IN ACTION
Climate change is the biggest challenge of our time and mitigating it is present throughout all our operations. Through our principle 'Excellence in action' our goal is to make sustainability a norm followed everywhere in our organisation.
Citycon's priorities combine business relevance and the most important sustainability issues for our stakeholders, the environment, and the communities we operate in. One of our Sustainability Strategy's main priorities is 'Excellence in action'. It means that we want to make our best sustainable practices a norm throughout Citycon. We firmly believe that sustainable business is the only way to make good business.
Our approach has borne fruit. In May 2021, we were ranked in the top quarter in Europe's Climate Leader Companies survey conducted by the Financial Times and the German research company Statista. They survey ranked companies according to how much they have reduced their greenhouse gas emissions in relation to their revenues. The survey listed over 4,000 European companies from all business fields. Citycon was the only Finnish real estate company included.
Following this, in October 2021 we
became the first real estate company in Finland to join the Science Based Targets initiative (SBTi). Joining SBTi is based on their validation. The validation considered if Citycon's climate targets are in line with climate science. Joining SBTi means committing to reducing our greenhouse gas emissions in line with the 1.5°C Paris goal. SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). More than 1,000 businesses all over the world are working with the initiative to reduce their emissions.
Our strategic actions are renewed every three years. This ensures that we do not stay put but move forward and get things done. Our achievements in the year 2021 prove that we are on the right path and encourage us to strive further towards our goal of carbon neutrality by 2030.
MORE INFORMATION | READ MORE | ||||||
A description of how we create value can be | Our full Sustainability strategy is | ||||||
found in our financial review on page 8. | available online at www.citycon.com/ | ||||||
sustainability/sustainability-strategy. |
SUSTAINABILITY ACCOUNTS 2021 | OVERVIEW OF MANAGEMENT APPROACH GRI | 5 | |
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Citycon Oyj published this content on 08 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2022 07:50:07 UTC.