Citycon to be carbon neutral by 2030

We are committed to pull our own weight in achieving the targets set in the Paris Agreement. We aim for carbon neutrality which means that by 2030 we will have no direct carbon emissions from our own buildings and all our purchased energy will be carbon neutral.

Climate change is the biggest challenge of our time. It not only has a negative impact on people and nature around the world, but also endangers the operating environment for companies. Reducing emissions is the most important and effective way for companies to combat climate change.

The importance of the issue is emphasized in our industry. The buildings and construction sectors combined are responsible for over one-third of global final energy consumption and nearly 40% of total direct and indirect CO2 emissions.

How will we reach carbon neutrality?

We aim to achieve carbon neutrality by energy efficiency measures, increasing our own renewable energy production, cooperating with our tenants for energy conservation and by increasing the share of carbon neutral energy purchased.

We have for example improved energy efficiency by renewing lighting, optimizing air conditioning and enhancing heat recovery from technical systems and equipment. We also invest in renewable energy sources every year. In 2020, we produced 8,173 MWh of onsite renewable energy at our solar, geothermal and hydrothermal powerplants.

Towards the goal

-73% -74% -15%
Greenhouse gas intensity from baseline 2014 (kgco2e/sq.M.)

Climate change impact from baseline 2014
(tco2e)

Energy intensity from baseline 2014
(kwh/sq.M.)

Strategic actions for next years:

  • All of our centres will produce renewable or recoverable energy for their own use.
  • By the end of 2025, we have decreased energy consumption per sq. m. by 10% from 2019 levels and 20% from 2014 levels.
  • As of 2018, all centres will use 100% green electricity for the company’s own consumption. By 2021 all electricity bought by Citycon will be green.
  • As of 2018, an allowance amounting to 2% of net rental income will be budgeted for value enhancing energy investments.

During 2021, we devised a carbon neutrality roadmap and performed a thorough analysis and re-calculation of our scope 3 emissions which includes all other indirect emissions that occur in a company’s value chain.

We are committed to international initiatives

In 2019 we pledged to set Science Based Targets (SBTs) to guide us in the concrete steps to take in order to become carbon neutral by 2030. In September 2021, the targets were approved. The initiative exists to achieve adequate emission reductions. It is a tool that allows companies to set their climate targets so that they meet the goal of the Paris Climate Agreement to keep global average temperature rises well below two, preferably below 1.5 degrees to avoid the catastrophic impacts of climate change.

We are also a committed signatory of the World Green Building Association Net Zero Carbon Buildings Commitment, which challenges construction and real estate companies and cities to work towards the carbon neutral use of energy at their properties by 2030.