ESG (Environmental, Social & Governance)
Carbon footprint
For the continuous improvement process of environmental performance and to strengthen the decarbonization strategy, Castellana Properties annually verifies its greenhouse gas (GHG) emissions in accordance with ISO 14064, ensuring the veracity of data and calculations.
Once verification is passed, its Carbon Footprint is submitted to the Ministry for Ecological Transition and Demographic Challenge (MITERD), for which it is mandatory to include a greenhouse gas (GHG) emission reduction plan.
Renewable energies
Castellana Properties and Sunbird Solar, a company specializing in solar and energy storage solutions for shopping centres, signed the ‘Castellana Green’ joint venture at FY24, which aims to deploy photovoltaic panels on all commercial assets of the company.
Phase 1 individual installations has been completed, reaching 1,550.4 kWp, distributed among 4 assets, with an estimated self-consumption of 1,995.6 MWh. Phase 2, which is under development, will add a further 1,767 kWp across 5 assets in Spain and Portugal, with an estimated self-consumption of 2,240 MWh.
Climate risks
We recognise that climate risks pose one of the greatest challenges to the sustainable development of our operations. During FY25, we therefore strengthened our analysis of climate-related physical risks, using the TCFD international reference framework to establish a systematic process for assessing the material financial impact of physical and transition climate risks on the business and/or financial planning.
The TCFD recommendations are structured around four modules, combining together 11 recommendations to improve the climate risk governance system, and their disclosure.
