We aim for carbon neutrality

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 2023, we produced 13,865 MWh of onsite renewable energy at our solar, geothermal, and hydrothermal powerplants, which was a 17% increase compared to last year.

Towards the goal

-93%-93%
Greenhouse gas intensity from baseline 2014 (kgco2e/sq.M.)Climate change impact from baseline 2014
(tco2e)

Strategic actions for next years:

  • Renewable energy production: All assets will produce renewable or recoverable energy for their own use by 2025.
  • Energy efficiency: By the end of 2027, Citycon will have decreased energy consumption per sq.m. by 10% from 2022 levels.
  • Energy investment: Approximately 6% of net rental income or approximately 12 M€ will be budgeted yearly for value enhancing energy investments.
  • Carbon neutrality: All new development and major renovation projects will be carbon neutral in terms of energy consumption.

During 2023, we did a huge amount of legwork and research regarding, for example, energy efficiency, building maintenance technology, and the use of AI in improving those areas. In 2024, it is time to start implementing our learnings.

We are committed to international initiatives

Lippulaiva

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.