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Initiative

LAMDA Development Decarbonisation Strategy – Tackling climate change with a science-based action plan aligned with the 1.5°C Target.

LAMDA Development Decarbonisation Strategy – Tackling climate change with a science-based action plan aligned with the 1.5°C Target.
SUBMITTED FROM:

LAMDA DEVELOPMENT

Lamda Development is the undisputed leader in the shopping centres management sector (The Mall Athens, Golden Hall, Mediterranean Cosmos). Its assets portfolio also includes office spaces, residential developments, as well as the Flisvos Marina. Lamda Development has undertaken the integrated metropolitan redevelopment of the area of the former ‘Hellinikon’ airport, which will be the largest private investment in Greece and the largest urban redevelopment project in Europe.

https://www.lamdadev.com/en/, https://theellinikon.com.gr/en/homepage/



Objective Action

The objective is the substantial reduction of the Group's greenhouse gas (GHG) emissions through a science-based transition plan that aligns with the goal of limiting global temperature increase to 1.5°C, according to the Paris Agreement. The ultimate goal is to achieve climate neutrality for the Group's operations.

 

Target Audience

             The Strategy is addressed to all the Group’s stakeholders, as it is integrated into the Group’s overall strategy and operations. Indicatively:

_Employees, through the incorporation of environmental responsibility into daily operations, training, and active participation in implementing the Strategy and achieving its goals.
_Investors and Financial Institutions, who emphasize alignment with sustainable development strategies and targets for transition to a climate-neutral economy.
_Clients, Buyers, Consumers, Visitors & End Users, who are interested in buildings with high energy efficiency and reduced carbon/environmental footprint.
_Public authorities and regulatory bodies, in the context of compliance with national and European targets for climate neutrality.
_Contractors, suppliers, and partners, for the adoption of sustainable practices throughout the value chain.
_Society and local communities, which benefit from the implementation of the Strategy’s decarbonization measures and, more generally, from sustainable infrastructure, energy-efficient buildings, and resilience to climate change.

        

 

Duration

From 2024 until the target year 2030, with the ultimate goal of achieving climate neutrality by 2050.


Description

LAMDA Development has developed a Decarbonization Strategy for 2030 following the Science Based Targets initiative (SBTi) and adopting the new guidance for the Sectoral Decarbonization Approach (SDA) in the building sector. The Group established a baseline for emission reduction, setting short-term science based emission reduction targets covering both operational emissions and lifecycle emissions, including embodied carbon emissions and building assets.

The GHG emission reduction targets include both building-related and non-building-related sources, from the Group’s operational and development activities and its value chain. These targets include:

_Reduction of in-use operational building GHG emissions intensity, by 69% by 2030, from a 2022 baseline
_Reduction of all other direct & indirect operational (non-building related) absolute GHG emissions, by 42% by 2030, from a 2022 baseline
_Reduction of all (non-building related) value chain emissions intensity by 52% by 2030, from a 2022 baseline.

_Reduction of all (non-building related) value chain emissions intensity by 52% by 2030, from a 2022 baseline. As part of achieving the above, LAMDA also commits to:

_Install no new fossil fuel equipment that are owned or financially controlled by the company in its buildings’ portfolio from 2030,
_Procure from renewable energy sources (RES), at least 80% of total electricity until 2029 and 100% from 2030 onwards .


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Impact on Society

Results:

_The measurement of the Groups carbon footprint was completed as a basis for the development of the emissions reduction planning.  
_Reduction of in-use operational building GHG emissions intensity, by 69% by 2030, from a 2022 baseline.
_Reduction of all other direct & indirect operational (non-building related) absolute GHG emissions, by 42% by 2030, from a 2022 baseline.
_Reduction of all (non-building related) value chain emissions intensity by 52% by 2030, from a 2022 baseline.     

Future outcome from the achievement of the Strategy’s targets and goals:

Transition to a carbon neutral economy across all Group business activities and building resilience in a continuously evolving and changing environment. 



Initiative Location

The Group operates primarily in Greece, as well as in countries of Southeastern Europe through its subsidiaries.


Working with Organization

The Group collaborates with SBTi and intends to submit its GHG emission reduction targets for scientific validation by the organization within the first half of the 2025 fiscal year. Additionally, it works with specialized technical consultants and certification bodies for the annual assessment of its carbon footprint, in accordance with ISO 14064-1:2018 and the GHG Protocol.


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Workers Participation

  The Group’s Sustainability Department is responsible for developing the Strategy. For this purpose, the Sustainability Department cooperated with internal stakeholders (experts on various sustainability topics and economic experts/data owners) from various departments and divisions of the Group, including senior management, through workshops and interviews.

The Sustainability Department, in collaboration with the Sustainability Committee, communicates with relevant departments and divisions to promote initiatives and actions for achieving the Strategy’s goals, monitor their performance, and provide support.    


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Benefits for Οrganization

_The strategy contributes to the Group’s long-term value and establishes it as a leader for sustainable development in Greece and internationally.

_The transition to a zero-carbon economy and building resilience in a continuously evolving and changing environment.

_Fostering a culture of sustainability, involving employees and partners in the decarbonization actions of the Strategy.

_Strengthening corporate reputation and trust relationships with all stakeholders.

_Enhancing access to green financing.

_Preparedness against regulatory risks through alignment with European requirements for climate neutrality.

_Reduction of operational costs through energy efficiency measures.

_Increasing the attractiveness of the Group’s assets, properties and developments to end users.




Connection with Global Goals







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