Gecina

Gecina has set multiple targets which cover all of the emissions considered in this assessment. The company has committed to achieving net-zero in-use emissions for its portfolio by 2030, with an interim target to reduce the in-use emissions intensity by 55% by 2025 compared to 2019. Gecina is also one of the few companies on the benchmark to set targets specifically for the embodied emissions of its developments. All of these targets exceed the ambition required by the company’s 1.5°C pathway. In addition to these efforts, the company can also set a long-term net-zero target covering all of its emissions.

Gecina has created a comprehensive green bond framework that establishes stringent standards for its future portfolio investments so that they align with the company’s targets. Moreover, the threshold that the company sets for the emissions intensity of buildings to be eligible for this investment lowers yearly in line with its goal of net-zero operational emissions. The company has converted all of its existing bonds to green bonds (with a value of over USD 6.6 billion outstanding) and has committed to apply the green bond framework to all future bond issues.

Gecina has implemented board-level oversight of climate change and there is evidence that multiple members of the board have experience related to the low-carbon transition. The company has created a detailed low-carbon transition plan which includes financial commitments. It has also conducted scenario analysis using a 1.5°C scenario and uses an internal carbon price of 100 euros (USD 114) to guide decision making. Further, Gecina has incorporated environmental metrics into its CEO compensation, and it encourages all employees to set individual corporate social responsibility (CSR) objectives which are linked to monetary compensation.

Gecina has demonstrated commitments to develop low-carbon buildings in the future. However, the company has not quantified the proportion of buildings that the commitment applies to or the expected emissions reduction. As a result, it is not possible to provide a meaningful assessment of the company’s future emissions intensity trend or its alignment with its 1.5°C carbon budget.

Gecina engages with its suppliers through its Responsible Purchasing Charter and includes a CSR clause in all business relationship contracts. The company also incentivises maintenance suppliers to achieve emissions reductions in the buildings they work in. Gecina can improve its performance further by specifically including emissions reduction requirements for its suppliers and encouraging its suppliers to publicly report their emissions.

Gecina has committed to achieving net-zero operational emissions from its portfolio by 2030, which exceeds the level of ambition required to align with its 1.5°C pathway. The company has also set 1.5°C aligned targets to reduce the embodied emissions of its new developments.

Gecina has created a low-carbon transition plan informed by climate scenario analysis. The company plans to achieve its targets by developing low-carbon buildings, engaging with clients through its green lease programme and improving energy efficiency across its portfolio.

Gecina is expanding its use of renewable energy, from installed capacity as well as from the grid, by connecting to the district heating networks where possible, installing heat pumps and renewable energy capacity, and renovating buildings to improve energy efficiency. Gecina is also engaging with both its suppliers and clients to reduce emissions in its value chain.

Gecina has reduced the emissions intensity of its portfolio by over 60% between 2008 and 2021, with a 14% reduction from 2019 to 2021. The company has also reduced the average emissions intensity from the construction of new developments by 30% since 2019.

Gecina has created a low-carbon transition plan and set itself ambitious targets. The company does not have a net-zero target covering all of its emissions. However, it is taking significant actions to reduce its emissions from both its portfolio and its development activities and has successfully reduced its emissions in the recent past.

Gecina publicly discloses a commitment to engaging in social dialogue with workers and unions. However, no relevant disclosure was found regarding the categories of stakeholders it engages with on a just transition. Nor was there any evidence to show the company’s ongoing social dialogue and meaningful engagement with affected stakeholders.

No evidence was found that the company undertakes low-carbon transition planning to mitigate the social impacts of the transition on workers, affected stakeholders and its business relationships. Additionally, no evidence was found to demonstrate the company’s engagement in social dialogue and with stakeholders in its just transition planning.

No public commitment by the company was found stating its intention to create and support access to green and decent jobs as part of the low-carbon transition. Moreover, no evidence was found that Gecina actions to promote these jobs in a way that ensures gender balance and inclusion of vulnerable groups. Additionally, no relevant disclosure was found that the company assesses employment dislocation risks.

No public commitment by the company was found stating its intention to re- and up-skill workers displaced by the transition to a low-carbon economy. Additionally, no evidence was found that the company re- and up-skills workers in a way that ensures gender balance and inclusion of vulnerable groups.

No relevant disclosure was found to show if Gecina identifies impacts of the low-carbon transition on social protection for workers and affected stakeholders, nor how it contributes to social protection. Additionally, no evidence was found that the company expects its business relationships to contribute to the social protection of their workers and affected stakeholders.

No relevant disclosure was found to show how the company identifies any misalignment of its lobbying activities with policies and regulations that support the just transition, nor of the measures it takes to address misalignment. Furthermore, no evidence was found that the company lobbies for policies and regulations for green and decent job creation; retention, education and reskilling; and social protection for workers.

No policies or commitments are evident that Gecina relates to respecting human rights was found in the public domain. This includes the necessary policies and systems by which the company can ensure respect for basic human rights in its operations and supply chain.

No evidence was found that Gecina commits to respecting the health and safety of its workers and expects the same commitment of its business relationships. No evidence was found of a time-bound target for paying all workers a living wage. Moreover, no evidence was found that the company discloses the proportion of its direct workforce covered by collective bargaining agreements and its required working hours. The company discloses some indicators of workforce diversity, including the gender of its workforce by employee category. However, no relevant disclosure was found of additional indicators of workforce diversity. While the company sets target on gender equality, no evidence was found that the company commits to gender equality and women’s empowerment.

Gecina has a policy prohibiting bribery and corruption, and it includes corresponding clauses in its contracts with business relationships. However, no policies or commitments of the company related to other key ethical business topics – personal data protection, tax, and lobbying and political engagement – were found in the public domain. This includes ensuring ethical business conduct throughout its operations and in its relationships with business partners.