In 2018, we set ourselves specific, time-bound environmental and social targets which have served to guide the asset-level action we have taken to realise our ESG objectives thus far. Having now formalised our pathway to net-zero carbon, we have reviewed our 2018 targets and developed a holistic pathway to a 1.5-degree future which engages our stakeholders and delivers positive social impact. Our original 2018 targets have been combined with our new net-zero targets and are presented on page 4. Previous emissions reduction targets set in 2018 have been superseded by our more ambitious net-zero commitment.

targets 2018

Progress Towards Our Near-Term Environmental Targets

Target Target Year FY22 Progress Report

100% of waste generated at our managed properties is diverted from landfill


We are pleased to have achieved our target of zero waste to landfill by the end of FY22.

100% of landlord electricity is procured from renewable sources


We exceeded our target, having transitioned all landlord electricity supplies across our portfolio to REGO-backed tariffs in FY20.

85% recycling rate at our managed properties


Our FY22 recycling rate was 54%, bringing us 64% of the way to achieving this target.

Electric vehicle charging points installed across all retail properties with a surface-level car park


We are currently 94% of the way to achieving this target, with new contracts recently agreed to provide a further 120 charging stations across the portfolio.

50% improvement (from a 2020 baseline) in landlord on-site renewable energy generation


Our FY22 renewable energy generation unfortunately did not exceed our FY20 generation. During the year, we also sold our St Elli centre which benefits from PV installations. We continue to explore opportunities for further on-site renewable energy generation at our assets, and recognise this as a focus area over the next 3 years.

Building certifications targeted, and lifecycle carbon assessments undertaken, for 100% of our new construction and major renovation projects


51%* of our recently completed new construction and major renovation projects were subject to a lifecycle carbon assessment and achieved a BREEAM Certification.


* by floor area


Progress Towards Our Near-Term Social Targets

Target Target Year FY22 Progress Report

Provide a minimum of one work experience placement per year at 50% of our assets


We have developed community engagement plans for all of our managed centres, within which the offering of work experience is a key component. However, our progress towards this target was unfortunately impeded by COVID-19 restrictions and we found that many of our centres were unable to meet the supervision requirements of providing work experience via school engagement programmes. In response, we have this year reviewed our school engagement and careers support strategy, to ensure our efforts are focused where they will have most value for recipients. To this end, NewRiver has become a member of the Academy of Real Assets, having so far contributed to the Academy book and expressed our interest in providing work experience placements. We will develop a new, measurable engagement target as we learn more about the various opportunities that exist to support the Academy’s important mission.

Achieve a 90% response rate to our annual staff wellbeing survey


We are pleased to have exceeded our target, having achieved a 100% response rate to our FY22 staff wellbeing survey.

All enclosed shopping centres to participate in our Quiet Hour Initiative and have a community engagement plan in place


We have achieved this target with the introduction of asset-level Environmental & Social Implementation Plans across our portfolio in FY21. Whilst some centres have experienced COVID-19 disruptions to these initiatives, all centres will resume Quiet Hour before the end of the year, and have an action plan in place for ongoing community engagement activities.

50% of NewRiver staff to participate in our volunteering programme


In FY22, NewRiver staff provided 132 hours of volunteer support to the Trussell Trust, with volunteering sessions typically lasting around five hours each. We have therefore exceeded our target, delivering a total of 26.4 volunteering sessions, equating to a 51% staff participation rate.

Achieve a 75% response rate to our occupier satisfaction survey


Based on our most recent occupier survey, we are currently at the halfway point to achieving this target. Our centre managers play a pivotal role in our ability to collect a representative sample of occupier views, and we have sought their feedback on our current research collection processes, which we will utilise to help increase our response rate. We will also be introducing a charity donation incentive to encourage greater levels of participation.

Biodiversity plans to be in place for at least 15% of our assets


Pre-defined biodiversity initiatives are reviewed on a quarterly basis across all centres as part of our Environmental & Social Implementation plans. We have also commissioned a specialist ecology survey of one of our centres, the Avenue, to assess both biodiversity enhancement opportunities and landscaping improvements. Considering only externally produced biodiversity plans, our current progress against our target is 20%.

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