Climate Change Data

Urban Partners

Climate Impact & Sustainability Data (2019, 2023)

Reporting Period: 2019

Environmental Metrics

Total Energy Consumption:240,000 MWh (projected from rooftop solar)
Waste Generated:1377 tonnes saved from upcycling

ESG Focus Areas

  • Affordable housing
  • Assisted living for elderly
  • Combating loneliness
  • Student housing
  • Lowering carbon footprint
  • Circular economy

Environmental Achievements

  • Completed the world’s first circular commercial scale residential development (Upcycle Studios) with 69% upcycled materials and a 32% reduction in embodied carbon.
  • Started construction of Denmark’s first grid-connected commercial rooftop solar system on five logistics properties, projected to generate 240,000 MWh.
  • Completed a pioneering medium deep geothermal (2000m) zero emissions heating system at its Koskelonkuja logistics property.
  • Became the first Nordic real estate company to become a member of RE100.

Social Achievements

  • Completed or were in construction of 5674 units of residential addressing student housing, community-based living, mixed-generation communities, senior housing, and care homes.
  • Made first investment in the urban development of Tingbjerg, a socially disadvantaged part of Copenhagen.

Governance Achievements

  • Continued investing in strengthening its sustainability management framework and systems.
  • Committed to certifying all new developments from 2020 onwards and gradually certifying all standing assets.
  • Stepped up ambitions to align with global conventions and reporting standards.

Climate Goals & Targets

Long-term Goals:
  • 100% of developments address systemic challenges and have expected long-term use or incorporating design allowing for economically viable conversion to alternative use
Medium-term Goals:
  • 6.5kg/sqm/yr embodied carbon of new developments
  • >30 MW new capacity of onsite renewables
Short-term Goals:
  • 30,000 units cumulatively 2019-2025 addressing housing needs of underserved groups or rental that caters to people at or below median income
  • 100% of developments (excl. logistics) feature indoor climate or community services beyond regulatory requirements

Environmental Challenges

  • Significant first-time production challenges and project-specific limiting preconditions in upcycling projects.
  • Upcycle products generally higher priced than benchmark.
  • Insufficient consumption data to produce realized figures on a national level.
Mitigation Strategies
  • Iterative process with suppliers and partners to optimize processes and design.
  • Focus on scaling upcycle solutions to achieve economies of scale and cost competitiveness.
  • Continuous strengthening of management systems, tools, and templates for effective sustainability and impact management.

Supply Chain Management

Responsible Procurement
  • Supplier Code of Conduct

Climate-Related Risks & Opportunities

Opportunities
  • On-site renewable energy production

Reporting Standards

Frameworks Used: UN Global Goals, GRESB, Impact Management Project (IMP), IRIS+

Certifications: DGNB, LEED, BREEAM

UN Sustainable Development Goals

  • SDG 3
  • SDG 7
  • SDG 11
  • SDG 12
  • SDG 15
  • SDG 17

NREP's initiatives contribute to these goals through affordable housing, renewable energy, sustainable building materials, and community development.

Sustainable Products & Innovation

  • Upcycled concrete
  • Upcycled windows
  • Upcycled bricks
  • Upcycled wood products

Reporting Period: 2023

Environmental Metrics

Total Carbon Emissions:353,403.2 tCO₂e/year
Scope 1 Emissions:36.0 tCO₂e/year
Scope 2 Emissions:107.3 tCO₂e/year
Scope 3 Emissions:353,259.9 tCO₂e/year
Carbon Intensity:6.6 kg CO₂e/m²/year (Nrep upfront embodied emissions)

ESG Focus Areas

  • Climate change
  • Circular economy
  • Business conduct
  • Own workforce
  • Consumer & end users
  • Workers in the value chain
  • Affected communities
  • Pollution
  • Biodiversity & ecosystems
  • Water & marine resources

Environmental Achievements

  • 44% reduction in market-based operational emissions from 2020 to 2023 (Nrep)
  • 99% of new construction (Nrep) below SBTi 1.5°C draft building sector pathway on upfront embodied emissions in 2023
  • 100% of Nrep’s own developments approved by Investment Committee in 2023 targeted DGNB, LEED or BREEAM certifications
  • Reduced carbon intensity of food in Copenhagen office by 20% from 2021-2023

Social Achievements

  • Launched Tingbjerg mentoring programme with 30 Urban Partners employees participating in 2023
  • Launched Noli Malmi, supporting local businesses and Atletico Malmi football club
  • Continued support for Löparakademin, including CV workshops and volunteering
  • Employee Net Promoter Score (eNPS) at 31 in 2023
  • 97% of employees feel Urban Partners' long-term goals are meaningful

Governance Achievements

  • Updated and rolled out new Supplier Code of Conduct in 2023
  • Implemented a robust monitoring system for supplier performance through an external platform
  • Became an official signatory to the ILPA Diversity in Action initiative in 2023
  • Developed updated ESG Policies, a new DE&I Policy, and commenced establishment of a dedicated Human Rights Policy

Climate Goals & Targets

Long-term Goals:
  • Net-zero emissions
Medium-term Goals:
  • Reach 100% certified new builds within the next 2-3 years (Nrep)
  • Achieve significant reduction in operational emissions from existing building stock aligned with Paris Agreement goals
Short-term Goals:
  • Submit targets for validation to SBTi in 2024

Environmental Challenges

  • Maintaining focus on climate change adaptation
  • Strengthening commitment to ethical business practices
  • Increasing focus and ability to deliver on transparent and proactive ESG reporting
  • Addressing challenges in decarbonising existing building stock (especially residential)
Mitigation Strategies
  • Strengthened capabilities to assess asset-level exposure and vulnerability to physical climate risks
  • Improved processes for planning and executing mitigating adaptation actions
  • Updated Supplier Code of Conduct and implemented robust monitoring system
  • Developed a robust framework for GHG emissions measurement and target setting based on SBTi Draft Building Sector Guidance
  • Strategic plan to align with Science Based Targets for decarbonising existing buildings, including financial benefits analysis

Supply Chain Management

Responsible Procurement
  • Supplier Code of Conduct
  • ESG clauses in contractual arrangements

Climate-Related Risks & Opportunities

Physical Risks
  • Flooding
  • Extreme weather events
Transition Risks
  • Regulatory changes
  • Market shifts
Opportunities
  • Decarbonisation of real estate assets
  • Development of energy-efficient products
  • Investment in brown-to-green asset transformations

Reporting Standards

Frameworks Used: GHG Protocol, PCAF, CRREM, SBTi, EU Corporate Sustainability Reporting Directive (CSRD), European Sustainability Reporting Standards (ESRSs), LEED, BREEAM, DGNB, WELL

Certifications: LEED Gold, BREEAM Very Good, DGNB Gold, WELL v2 Platinum

UN Sustainable Development Goals

  • 3.9
  • 7.2
  • 7.3
  • 11
  • 11.3
  • 12.2
  • 12.6
  • 13
  • 13.1

Initiatives contribute to these goals through various measures such as sustainable building certifications, renewable energy generation and efficiency improvements, community-anchored urban development, life cycle assessments, and climate change mitigation and adaptation strategies.

Sustainable Products & Innovation

  • Bålsta Logistics centre using organic materials
  • Residential building in Copenhagen using biogenic materials
  • Plushusene intergenerational living concept

Awards & Recognition

  • Urban Partners / Nrep nominated for 7 PERE awards, winning Firm of the Year, Nordics and Capital Raise of the Year, Europe
  • Nrep won Investor of the Year and Investment of the Year in Eurobuild Awards, Poland
  • 2150 won Environmental Finance venture capital firm of the year