RioCan is proud to publish its second Sustainability Report in September 2020. We have worked hard to formalize the sustainability commitments set out in our Sustainability Policy. Our multiyear plan outlines strategies to action these commitments and focuses on improving our sustainability performance year-over-year. We know embedding sustainability improves business value because it:
As a large Canadian REIT, RioCan strives to lead the industry in having conversations about more sustainable options in the communities where we operate – conversations with all our stakeholders, including customers, tenants, employees, co-owners, investors, planners, regulators, and suppliers.
Identify and assess material ESG risks to update the materiality matrix, which ranks key risks in order of importance for the following year.
RioCan retains a third-party environmental consultant to conduct an environmental review for all acquisitions. In the future, we plan to expand our consideration of ESG factors in the acquisitions due diligence process.
Our Operations and Asset Management departments apply our sustainability and environmental guidelines for operations. They also consider budgeting for sustainability initiatives. Our Leasing department includes green lease clauses to outline our continuous commitment to sustainability through leasing and tenant construction.
Once we have selected an asset for renovation or redevelopment, we work with relevant parties to establish sustainability goals, and we apply our sustainability guidelines for development/construction.
RioCan’s sustainability strategy includes setting long-term goals on topics such as resource efficiency (energy, water and waste) and GHG emissions, representing key sustainability issues and opportunities our industry faces.
RioCan’s Long-Term Reduction Targets by 2030*
reduction of like-for-like energy use
reduction of like-for-like water consumption
reduction of like-for-like GHG emissions
waste diversion rate
*Targets apply to select RioCan properties.
Achieved an “A” disclosure score
achieved, representing about 37% of GLA
to improve awareness on waste management among tenants
completed across 10 development projects in advance of project start
Developed a policy, plan and set of commitments to embed sustainability in our development and construction processes
44%of the total management positions are held by women
33% of the Board of Trustees are women
in RioCan’s annual environmental questionnaire
AS OF 2019
Our people are the driving force of our business: tenants, partners, employees and investors. Starting with a safe place to live, work and shop at, we conduct business with integrity and transparency and strive to create mutually beneficial partnerships with our stakeholder groups.
Examples of our commitments to people include:
We are established pillars of our communities, and as such, our community leadership practices have been created based on our history of investing, operating and developing within each of our communities. RioCan strives to make each of our centres a safe and integral part of the local environment with appropriate lighting in parking lots, presenting a clean and safe space that is accommodating to all staff.
Community leadership builds on our history of investing in the communities where we operate and develop.
Examples of our community commitments include:
Environmental sustainability is an integral component of our overall vision for the future. Our leadership aims to minimize the environmental impacts of our properties and developments to ensure a sustainable and clean environment for future generations.
Environmental leadership strives to minimize the environmental impacts of our properties and developments.
Examples of our environmental commitments include:
Supporting our properties in embedding sustainable practices by providing standards, guidelines and training
Investing in programs and equipment that enhance energy and water efficiency, indoor air quality and minimize waste to landfill
Examining the viability of implementing renewable energy at new developments
Protecting and enhancing the natural environment, where feasible
We have a Sustainability Steering Committee comprised of cross functional Executive and Leadership team members to oversee our sustainability strategy implementation and to drive performance improvements. Steering Committee members sponsor and provide guidance on sustainability initiatives within the organization and enable performance measurement. In addition, we have dedicated environmental and sustainability resources to manage day-to-day sustainability strategy implementation.