URW to go solar to cut carbon at retail complexes
by AFP Staff Writers
Paris (AFP) Oct 10, 2023
Real estate operator Unibail-Rodamco-Westfield (URW) said Tuesday it will turn to solar panels to help reduce the carbon footprint of its retail complexes.
The company unveiled plans to reach carbon neutrality in its direct emissions at its retail complexes by 2030, with 90 percent coming from reductions and 10 percent from offsets.
The French-Dutch company, which also manages office buildings and convention spaces, also aims to engage with its clients to reach a 50 percent reduction in their emissions by 2050 and 90 percent by 2050, compared to 2015 figures.
The company plans to spend an additional 28 million euros ($29.6 million) per year to achieve the reductions in its emissions, including by adding insulation and modernising heating and cooling systems, as well as installing solar panels on its properties, most of which are located in city centres.
The initiative “future proofs our portfolio, supports the sustainable evolution of retail and unlocks value creation opportunities,” the company’s chief executive, Jean-Marie Tritant, said in a statement.
The plan covers URW’s European assets, with the company hoping to sell its properties in the United States.