Unibail Rodamco Westfield

Unibail-Rodamco-Westfield (URW), a real estate services company headquartered in France, has reported significant carbon emissions reductions targets and ongoing efforts to achieve net-zero emissions by 2050.

Carbon Emissions Data:

• 2024: Total emissions were approximately 4.24 billion kg CO2e. Scope 1 emissions were around 14.9 million kg CO2e, and Scope 2 emissions (market-based) were approximately 25.2 million kg CO2e. Scope 3 emissions were the largest contributor, totalling approximately 4.20 billion kg CO2e.
• 2023: Total emissions were not explicitly provided as a single sum for this year, but Scope 1 emissions were about 15.8 million kg CO2e, and Scope 2 emissions (market-based) were approximately 13.5 million kg CO2e. Scope 3 emissions were around 2.42 billion kg CO2e.
• 2022: Total emissions were approximately 3.03 billion kg CO2e. Scope 1 emissions were around 20.7 million kg CO2e, and Scope 2 emissions (market-based) were approximately 25.5 million kg CO2e. Scope 3 emissions accounted for approximately 7.17 billion kg CO2e.
• 2021: Total emissions were approximately 2.76 billion kg CO2e. Scope 1 emissions were around 22.6 million kg CO2e, and Scope 2 emissions (market-based) were approximately 20.9 million kg CO2e. Scope 3 emissions were the largest component, totalling approximately 2.71 billion kg CO2e.
• 2020: Total emissions were approximately 2.43 billion kg CO2e. Scope 1 emissions were around 21.3 million kg CO2e, and Scope 2 emissions (market-based) were approximately 24.4 million kg CO2e. Scope 3 emissions were approximately 2.39 billion kg CO2e.
• 2019: Total emissions were approximately 4.27 billion kg CO2e. Scope 1 emissions were around 24.1 million kg CO2e, and Scope 2 emissions (market-based) were approximately 70.7 million kg CO2e. Scope 3 emissions were the dominant source, totalling approximately 4.17 billion kg CO2e.
• 2018: Total emissions were approximately 2.02 billion kg CO2e. Scope 1 emissions were about 12.0 million kg CO2e, and Scope 2 emissions were approximately 25.9 million kg CO2e. Scope 3 emissions were significant at around 3.94 billion kg CO2e.
• 2015: Scope 1 emissions were about 23.4 million kg CO2e, and Scope 2 emissions (market-based) were approximately 132.0 million kg CO2e. Scope 3 emissions were substantial, totalling approximately 3.31 billion kg CO2e.

Climate Commitments and Reduction Targets:

URW is committed to ambitious climate action and has set Science Based Targets (SBTi) aligned with the 1.5°C warming scenario. Key commitments include:

• Net-Zero Goal: To reach net-zero greenhouse gas (GHG) emissions across its value chain by 2050.
• Near-Term Targets (by 2030):
  • A 90% reduction in absolute Scope 1 and 2 GHG emissions from a 2015 baseline.
  • A 50% reduction in absolute Scope 3 GHG emissions from a 2015 baseline.
  • A 40% reduction in Scope 3 GHG emissions from downstream transportation and distribution, measured per visitor, by 2030 from a 2015 base year.
• Long-Term Targets (by 2050):
  • To maintain at least a 90% absolute reduction in Scope 1 and 2 GHG emissions from 2030 through 2050, based on a 2015 baseline.
  • A 90% reduction in absolute Scope 3 GHG emissions by 2050 from a 2015 base year.

These targets demonstrate URW's comprehensive approach to decarbonisation, addressing emissions from its direct operations as well as its wider value chain. The company's reporting indicates that its Scope 1 and 2 targets are consistent with the reductions required to limit global warming to 1.5°C.