Generali Real Estate S.p.A. (GRE)
Climate Impact & Sustainability Data (2024)
Reporting Period: 2024
Environmental Metrics
Total Carbon Emissions:190,824 tCO2e
Scope 1 Emissions:25,645 tCO2e
Scope 2 Emissions:84,316 tCO2e
Scope 3 Emissions:80,863 tCO2e
Renewable Energy Share:85% (landlord coverage in 2023)
Carbon Intensity:27 kg CO2e/sqm
ESG Focus Areas
- Climate Change
- Energy Savings
- Decarbonisation
- Climate Resilience
- Asset Certification
- Green Bonds
- SFDR (Sustainable Finance Disclosure Regulation)
- EU Taxonomy
- Décret Tertiaire
- CSRD (Corporate Sustainability Reporting Directive)
- EPBD (Energy Performance of Buildings Directive)
- GRESB (Global Real Estate Sustainability Benchmark)
- SRI (Socially Responsible Investment)
- Workforce Diversity & Inclusion
- Employee Wellbeing
- Governance
- Tenant Engagement
- Supply Chain Management
Environmental Achievements
- More than 30% of the portfolio is in line with the CRREM decarbonisation pathway by the end of 2023.
- 85% of green energy purchased in 2023 (landlord coverage) towards a 100% target by 2030.
- €20 billion of assets are certified by the end of 2023, with 63% having high certification levels.
- CityWave project achieved LEED Platinum and WELL Platinum certifications, reducing energy consumption by 40% and CO2 emissions by 340 tCO2e/year.
Social Achievements
- GRE Pulse Survey 2022 showed an engagement index of 76% for GRE SpA and 81% for GRE SGR SpA.
- 28% of people managers are women.
- 93% of employees upskilled or reskilled.
- 43% of commercial leases in 2023 included green lease clauses.
Governance Achievements
- Implementation of a three-layer risk management approach.
- Participation in GRESB benchmark with 12 funds, representing €10.1 billion in AUM.
- GF Pierre Fund maintained SRI label certification.
Climate Goals & Targets
Long-term Goals:
- Decarbonise the portfolio by 2050.
Medium-term Goals:
- Achieve 100% green energy (landlord premises) by 2030.
- 40% reduction in final energy consumption of buildings in France by 2030 (Décret Tertiaire).
Short-term Goals:
- At least 30% (MV) of the portfolio aligned with the CRREM decarbonisation pathway by 2025.
Environmental Challenges
- Data quality, especially data coming from tenants.
- Evolving political situation and its impact on the green transition.
- Compliance with SFDR's Principal Adverse Impact (PAI) disclosure requirements.
- Achieving full alignment with EU Taxonomy criteria.
Mitigation Strategies
- Development of a data analytics system to collect and manage utility data.
- Establishing pathways to increased compliance with EU Taxonomy and NZAOA targets.
- Adoption of a “comply” approach to the SFDR’s PAIs Statement.
- Implementation of an ESG check tool in the development/refurbishment procedure.
- Continuous improvement of data collection systems and green lease agreements.
Supply Chain Management
Responsible Procurement
- ESG criteria for supplier selection (IntegrityNext).
Climate-Related Risks & Opportunities
Physical Risks
- Extreme weather events
- Flooding
- Sea level rise
Transition Risks
- Regulatory changes
- Market shifts
Opportunities
- Development of energy-efficient products
- Investment in renewable energy sources
Reporting Standards
Frameworks Used: GRI, GRESB, SFDR, EU Taxonomy, CRREM, TCFD
Certifications: LEED, BREEAM, WELL, WIREDSCORE, DGNB, SRI
UN Sustainable Development Goals
- SDG 7 (Affordable and Clean Energy)
- SDG 11 (Sustainable Cities and Communities)
- SDG 13 (Climate Action)
Initiatives contribute to these goals through decarbonization, energy efficiency improvements, and sustainable building practices.