Simon Sustainability Report 2021
SIMON SUSTAINABILITY REPORT 2021
CLIMATECHANGEMANAGEDATSIMON Simon has been a leader in its efforts to contribute to a more sustainable world. In 2020, we identified clear, sector-leading focus areas to minimize our impact on climate change, and we continue to roll out our water conservation plan. By supporting the Science Based Targets initiative and resetting our carbon reduction targets, Simon is prepared to take the necessary steps to reduce its environmental impact now and into the future.
CLIMATE CHANGE MANAGED AT SIMON In 2020, we aligned our climate-related risk disclosure with the recommendations made by the Task Force on Climate Related Financial Disclosures (TCFD), established by the Financial Stability Board (FSB).
CLIMATE CHANGE Enhancing energy and natural resource efficiencies in our buildings and operations is an essential part of addressing climate change. Over the past decade, Simon has proactively implemented a program to minimize energy use by improving benchmarking and promoting efficiency best practices across our portfolio of over 200 shopping centers. To provide full transparency for our stakeholders, Simon is integrating the recommendations of the Task Force on Climate Related Financial Disclosures (TCFD) in this report. The process for identifying climate-related risks is consistent with Simon’s Enterprise Risk Management (ERM) Framework, which involves risk identification, prioritization, and mitigation. Audit Services completes an annual risk assessment by engaging with internal departments, key executives, and external organizations to obtain a comprehensive understanding of the Company’s risks and opportunities to mitigate them. The information gathered is then used to rank each risk based on its “Significance to Simon” and “Management Preparedness.” Upon completion of the risk assessment, a report and mitigation plan are presented to the Audit Committee of the Company’s Board of Directors for review. CLIMATE-RELATED RISK IDENTIFICATION &ASSESSMENT PROCESS
METRICS AND TARGETS
GOVERNANCE The Board has responsibility for overseeing climate change risks and opportunities. STRATEGY Insight on actual and potential climate change impacts on Simon’s operations.
RISKMANAGEMENT Risk management processes and procedures in place. METRICS AND TARGETS Scope 1, 2, and 3 GHG emissions are reported annually and long-term reduction targets have been set in accordance with the SBTi.
CREATING SUSTAINABLE CENTERS
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