At Simon, we define and implement sustainability initiatives that consider all aspects of our business. This approach enhances the communities in which we operate and also generates long-term shareholder value by embracing opportunities, improving the bottom line, and mitigating environmental and social risks.
Our sustainability vision is to be recognized as a leader in sustainable retail real estate development and operations in the U.S. In 2020, we updated our sustainability strategy towards ‘Creating Sustainable Centers’ and set new focus areas and long-term commitments to increase our socio-economic impact while reducing our environmental footprint.
Shopping Brick-and-Mortar creates an average of 60% fewer emissions and about five times less waste than when shopping for the same basket of goods. Learn more about why where you shop matters in the video below, and in our research with Deloitte Consulting.
The four key areas of our sustainability framework are:
Responding to customers' needs and assisting our tenants to succeed in their business by enhancing the shopping experience at Simon centers.
- Continuing to expand our tenant engagement initiative to collaborate with tenants and reduce our scope 3 carbon emissions by 21% by 2035.
- Maintaining the WELL Health-Safety Ratings at our centers through 2022.
- Providing EV charging stations at 100% of our properties.
Build strong communities through development and engagement activities that have a positive social and economic impact at the local level.
- Creating a positive impact on over 204 million residents living near our centers.
- Graduating the 30,000 Simon Youth Foundation (SYF) students by the end of the 2024 2025 academic year.
Effectively develop and operate our properties with innovative solutions that reduce our environmental footprint as well as our operational costs.
- 68% reduction in scope 1 and 2, and 21% reduction in scope 3 GHG emissions by 2035..
- Developing a low carbon transition plan.
- Minimizing water usage by reducing consumption at our centers by 20% between 2013 and 2025.
- Incorporating sustainable development guidelines in all new (re)developments.
- Increasing the number of green building certifications annually.
Maintaining a culture that attracts and retains the sector's best talent through thoughtful employee engagement.
- Participating in The Disability Equality Index annually, and being named among D&l's Best Places to Work for Disability Inclusion™.
- Providing ethics training to 100% of full-time employees within 30 days of hire.
- Establishing an annual employee Sustainability Innovation Award.
Simon’s Sustainability Office is led by the Director of Sustainability, a full-time dedicated employee responsible for managing the company’s ESG programs. Our Director of Sustainability leads the ESG Executive Committee (formerly named the Sustainability Executive Committee), which includes C-suite executives from core functions of the Company, including the General Counsel, Chief Financial Officer, Chief Administrative Officer, President of Development, EVP of Simon Management, and SVP of Human Resources. The ESG Executive Committee supervises our sustainability performance, including monitoring climate-related issues, and reports directly to the CEO and Board of Directors. This committee provides leadership and oversight to encourage and assure sustainability opportunities are supported and recognized at the highest level of the company.
Key Highlights 2021
Nareit: Awarded 2022 Leader in the Light Award for retail property sector by Nareit for demonstrating outstanding sustainability practices.
Carbon Disclosure Project: Achieved an A-score, earning a prestigious place on CDP's Climate Change A List.