Creating value through sustainability

In 2023, Citycon updated its sustainability strategy for the coming period including focus areas, objectives, actions and measurements. The updated sustainability strategy enables the company to work effectively on multiple areas towards its ambitious goals for 2030. In the recent update, we have added to our focus areas “Sustainable value chain” and “Circularity and natural resources” highlighting the importance of stakeholder cooperation and topics such as biodiversity.

The sustainability strategy is an updated version of the strategy from 2018 (actions updated in 2020). Citycon continues to regularly update the sustainability strategic actions bearing in mind the observed developments in environmental and social impacts.

Our strategy is built around six priority areas of our long-term sustainability promises

Carbon neutrality

Citycon reaches carbon neutrality by 2030

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.

Community hub

Citycon brings people together

Strategic actions for next years
  • Safety and wellbeing of each Citycon employee, customer and tenant is valued. Each Citycon employee, tenant and asset maintenance personnel working in the assets will be offered safety training.
  • Community engagement: All centres will organize events and activities to increase the well-being of the local community, especially focusing on supporting youth, families and the elderly.
  • Community hubs: Citycon’s centres can offer spaces for use by local charities or NGOs for the benefit of the local community and the environment.
  • Community cooperation: Citycon promotes stakeholder dialogue with municipalities and other key stakeholders to build a robust and sustainable future.

Circularity & natural resources

Citycon safeguards nature and biodiversity throughout its operations

Strategic actions for next years
  • Enabling the reuse of construction and installation materials: Reuse and recycling potential surveyed in all major renovation and development projects carried out by Citycon. Goal to use 15% of reusable material in development projects.
  • Increasing material circularity in our centres: Citycon will enable tenants to reuse materials such as furniture, construction materials, displays, mannequins etc. between each other by year 2025.
  • Water efficiency: Water efficiency is considered in all repair, refurbishment and development projects and low-water fixtures are always installed.
  • Minimizing waste: Decreasing the share of mixed waste that is sent to incineration in cooperation with tenants.
  • All tenants are offered waste management trainings.
  • By 2026 material recycling rate is at least 80%.
  • Enhancing biodiversity: All assets promote biodiversity by investing in e.g. green areas, green roofs, beehives or bird and insect boxes. 
  • Citycon aims to minimize its negative impacts on biodiversity when constructing new assets. Citycon will carry out an ecologist's biodiversity assessment prior to new development and major renovation projects.

Sustainable value chain

Citycon promotes sustainability together with its stakeholders

Strategic actions for next years
  • Committed business partners: All subcontractors and tenants will commit to Citycon’s business code of conduct and ethical principles. Citycon engages with potential business partners to minimize together sustainability risks.
  • Sustainable procurement: Citycon has common guidelines for sustainable procurement for all assets. Sustainability is a selection criterion for products and services. All assets utilize sustainable procurement policy.
  • Tenant commitment: All assets provide a sustainability guide and mandatory training for tenants. Citycon will include sustainability-specific expectations in the leasing contracts.
  • Carbon emission LCA calculation will be carried out for all new development projects and major refurbishments with the aim to substantially decrease life cycle global warming potential. 

Sustainable mobility

Citycon promotes environmentally friendly transportation

Strategic actions for next years
  • Enabling EV uptake: All assets will offer electrical vehicle charging possibility for cars and bikes by year 2025.
  • Promoting active mobility: All assets will promote safe and easy access by pedestrians and cyclists. Different methods will be tested, and the best practices will be spread across all sites.
  • Sustainable transport planning: All assets are accessible by public transport and Citycon will take a proactive role in sustainable transport planning in close collaboration with municipalities and other stakeholders.

Excellence in action

Citycon upholds transparent and credible sustainability actions

Strategic actions for next years
  • Sustainability targets: Every employee of Citycon has a sustainability-linked target in their bonus criteria.
  • Volunteering: Each employee of Citycon can use one workday per year for voluntary work in the centres. 
  • Credibility: Citycon’s sustainability work is credible and certified through CDP reporting and BREEAM environmental certificates.
    • All new development and major renovation projects will obtain a green building certification with minimum level of BREEAM Excellent or equivalent.
    • 100% of asset will be BREEAM In-Use certified by year-end 2023 and achieve Very Good or better by 2026.
  • Increasing capabilities: The sustainability network is strengthened throughout the organization. Citycon appoints a sustainability ambassador in each function and provides sustainability training for all its employees.