Citycon’s climate targets approved by the Science Based Targets initiative – Citycon joins the list of global pioneering companies
CITYCON OYJ Corporate Press Release 7 October 2021
Citycon becomes the first real estate company in Finland to join the Science Based Targets initiative (SBTi). Citycon commits to reduce greenhouse gas emissions in line with the 1,5°C Paris goal and has now received target validation from SBTi, which is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF).
The validation conducted by Science Based Targets initiative (SBTi) consider if companies targets are in line with the latest climate science on what is necessary to meet the goals of the Paris Agreement, limiting global warming to 1.5°C and to reach zero global emissions by 2050.
Citycon is the first Finnish real estate company to join a growing group of Nordic and European industry peers that have set targets in line with the 1.5°C goal. More than 1,000 businesses all over the world are working with the Science Based Targets initiative (SBTi) to reduce their emissions in line with climate science. According to Chief Operating Officer Henrica Ginström, the validation recognizes both Citycon’s commitment to a sustainable future and the thorough work on sustainability at Citycon.
“We are happy to get this validation from Science Based Targets initiative (SBTi) as it is extremely important to us to be ambitious on climate issues and that our processes are credible. The validation encourages us to strive for our goal of carbon neutrality by 2030,” says Henrica Ginström.
Earlier this year Citycon was recognized as a Climate Leader by Financial times and German research company Statista. The Financial times Europe’s Climate Leaders are companies that have shown the highest reduction in greenhouse gas emissions in relation to their revenues in the period 2014–2019.
Using less energy and producing more renewable energy
Citycon strives for carbon neutrality by, among other things, reducing its own energy consumption and increasing its own renewable energy production. Citycon‘s new urban centre Lippulaiva, under construction in Espoonlahti, will be a pioneer in sustainable energy solutions, and will be carbon neutral in terms of energy consumption from the opening day. Energy solutions for the buildings, with a total area of 150,000 square metres, include geoenergy, solar panels and smart management of electricity consumption. The heating and cooling needs of Lippulaiva will be met by utilising geoenergy of the plot and by recycling surplus heat. Lippulaiva’s heat pump system is one of the largest systems used in a commercial premise in all of Europe.
Citycon's most recent example of reducing energy consumption is the ongoing energy project in Iso Omena, one of the largest shopping centres in Finland. The objective of energy project is to make Iso Omena an exceptionally energy-efficient shopping centre. An energy recycling and heat pump system will be installed in Iso Omena, which will recover and recycle the heat energy previously conducted to the outdoor air back to the shopping centre, where it will be utilized in the heating network. This energy saving project can reduce up to 75 percent of the heating energy used in the shopping centre.
Media Inquiries:
Tarja Parkkila, Communications Manager
Tel. +358 40 756 0545
Citycon is a leading owner, manager and developer of mixed-use centres for urban living including retail, office space and housing. We are committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.4 billion. Our centres are located in urban hubs with a direct connection to public transport. Placed in the heart of communities, our centres are anchored by groceries, healthcare and services to cater for the everyday needs of customers.
