SIMON SUSTAINABILITY REPORT 2022
ENVIRONMENTAL RESPONSIBILITY In 2020, we began to revamp our environmental policies and procedures to elevate our standards and to reduce operating expenses in energy, water, and waste. By elevating our own standards and educating local teams on environmental best practices, we aim to minimize our impact on the environment, while providing a safe and comfortable environment for all of our stakeholders as well as our employees. ENVIRONMENTAL MANAGEMENT SYSTEM
2022 ENVIRONMENTAL GOALS ■ Reduce carbon emissions associated with Simon’s energy consumption by 68% (baseline 2019), and by 20.9% for emissions associated with tenant energy consumption by 2035 (baseline 2018). ■ Reduce water consumption for comparable centers by 15% by 2030, base year 2022. ■ Increase recycling rates across our portfolio with the aim of minimizing waste sent to landfills. ■ Incorporate sustainable development guidelines in all new developments and redevelopments. ■ Increase the number of green building certifications annually. SUSTAINABILITY INVESTMENT PROJECTS At Simon, we believe that actions speak louder than words when it comes to sustainability. That’s why in 2022, we approved over $25.8M in sustainability projects across our portfolio to reduce our environmental footprint. We are constantly looking for ways to improve our operations and find efficiencies, and we’re proud to say that our green investments in 2022 included HVAC replacements, updated chillers, irrigation controllers, LED retrofits, and implementation of new energy controls systems. Through our Sustainability Innovation Contest, we are able to test and roll out valuable innovative solutions that further minimize our environmental impact.
To achieve our energy and greenhouse gas emission targets and effectively manage our properties in the years to come, we are constantly improving our Environmental Management System (EMS). Our EMS includes educating our teams, implementing robust reporting, and setting clear long-term reduction targets, all of which are overseen by the ESG Executive Committee. ENERGY MANAGEMENT Improving energy and natural resource efficiencies is crucial to our efforts in combating climate change. At Simon, we’ve implemented a program over the past decade that actively reduces our energy use by promoting benchmarking and best practices for efficiency across our portfolio. In addition, we conduct biannual reviews of each property’s ability to participate in demand response and invest in technologies to monitor and optimize demand reduction. 2022 was a transitional year for Simon’s Demand Response participation as we reviewed vendors, markets, and programs to maximize our impact for 2023 and beyond. Our centers' increasing efficiency reduces the extent to which we can curtail, but that is a trade-off we are willing to make.
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ENVIRONMENT
CREATING SUSTAINABLE CENTERS
CUSTOMERS
COMMUNITIES
EMPLOYEES
APPENDIX
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