For over 25 years, Sierra’s sustainability strategy has been one of the main pillars of the company’s positioning in all areas of its business. As a result of the implementation of a vast set of measures aimed at eco-efficiency, the company has managed to avoid operating costs in the order of €34.9 million, with an emphasis on the reduction of CO2 emissions by 90% since 2005 and a reduction in electricity consumption of 66% since 2002. The firm’s growing environmentally certified portfolio allows Sierra to maintain its commitment to make its assets carbon neutral by 2040.
Created by Sierra in 2012, the Bright® energy efficiency program has made it possible to identify 273 initiatives in all phases of the program and generated 703 opportunities for improvement that led to a reduction of 33,200 MWh and 7,4 million Euros in potential annual savings. Last year, Sierra launched Bright 2.0, a comprehensive overhaul of the program that includes cutting-edge technologies. The implementation of this new version has already identified an additional 37% of energy efficiency potential through 172 improvement opportunities identified, which totals around 45,510 MWh and 6,8 million Euros in potential annual savings (at 2022 energy prices).
Sustainability is a topic that has been part of Sierra’s DNA since 1998, when it clearly defined its commitment to this area, even though the topic was far from being widespread across the industry.
“When Sierra formally defined its Environmental Policy, ESG was not widely discussed, and now it is part of the indispensable commitments of any company at a global level” says Elsa Monteiro, Director of Sustainability at Sonae Sierra.Since the beginning, Sierra has maintained up-to-date and attentive monitoring, expanding its scope of action with a renewed commitment each year.
The new cycle initiated by Sierra in 2021 reinforced the company’s sustainability strategy, which has always represented an element of differentiation in the market. It has produced very positive results thanks to a rational management of natural resources and the improvement of health and safety conditions, whilst maintaining an appetite for further improvement. The commitment to achieve carbon neutrality by 2040 means anticipating the European Commission’s target by 10 years. Recently, Sierra also adhered to the Principles for Responsible Investment (PRI), as a commitment to drive continuous change through the best benchmark investment practices.
Elsa Monteiro underlines: “Subscribing to the PRI confirms our commitment to pursue best practices and performance in environmental, social and governance (ESG) matters, both in the initial analysis phase and across the different asset lifecycles. At Sierra, we have defined ambitious goals and have maintained our commitment to a sustainable business model for several decades, across all our areas of activity.”