Sonae Sierra joins the Recovery Better Statement

Sonae Sierra joins the Recovery Better StatementMaia – Portugal, 26th May 2020

Sonae Sierra is one of the 155 companies that have signed a statement,  convened by the Science Based Targets initiative, the United Nations Global Compact and the We Mean Business coalition, urging governments all over the world to integrate climate action in the economic recovery plans following Covid-19.

With this statement, these companies are reaffirming that their own decisions and actions remain grounded in science, while calling on governments to adopt sustainability policies and targets in order to reduce vulnerability to future shocks and disasters, create good jobs, and reduce emissions.

As pointed out by the Science Based Targets initiative, “with the coronavirus we are facing a global pandemic that is devastating for persons and for their livelihood, since it interrupts supply chains, intensifies inequalities and reverses the progress of the Sustainable Development Objectives.” And at the same time, “we continue to face a global climate emergency with irreversible impact on persons and all-natural systems.”

With the objective of achieving a Better Future, one that is more sustainable and more respectful of persons and our environment, the statement invites companies and governments to work together to carry out the following actions:

• Demonstrate that the best decisions and actions are based on science.
• Invest in recovery and resilience for a systemic socioeconomic transformation.
• Work with governments and enlarge the movement

For Fernando Guedes de Oliveira, CEO of Sonae Sierra, “The lockdown is projected to shrink global growth dramatically, requiring strong and concerted efforts by everyone towards economic recovery. We are living in a context that challenges us in our purpose and ambition to contribute to solve the most relevant environmental and social challenges of today.

In Sonae Sierra those topics are being addressed for more than 20 years, with significant and measurable results. There is no doubt that our business has been affected by these critical times; but it is just as clear that our long-term commitment with the sustainability is as strong as ever.   To secure our common future, we have to keep the ambitious goals. The climate action should be at the heart of recovery plans to ensure we are rebuilding an inclusive and resilient, zero carbon economy.’

Sonae Sierra’s sustainable commitment

Sonae Sierra continues to work to achieve its commitment to limit global warming to 1.5°C by supporting the Paris Agreement. Furthermore, it continues to advance in its ambitious plan to achieve carbon neutrality, assuring that its emission reduction objectives are scientifically based and externally verified. The plan includes actions for 2020 and beyond, including the following: the application of measures to mitigate climate change risks, increase assets’ resilience, persist along the lines of past energy efficiency success and at the same time decarbonise its consumption matrix, assess the objectives reached and communicate them in a transparent manner.

The objectives set for 2025 are:

• Reduce scope 1 and 2 GHG emissions to 16.78 kg CO2e / m2 of GLA by 2025.
• Increase electric efficiency to 311 kWh/m2 of operating assets by 2025.
• Ensure application of a climate change adaptation strategy.
• Ensure the supply of energy, reducing dependence on public services and applying renewable energy technologies for owned assets.