MERLIN Properties Annual Report 2022

72 | Annual report | 2022 2. Reduce embodied carbon in all new developments and refurbishments. • MERLIN developed a procedure for measuring the embodied carbon footprint for developments and refurbishments. Specifically, in the case of CAPEX awards for amounts over €3 million, the proposal must take into account the calculation of the embodied carbon footprint of the project awarded. This procedure means that an additional sustainability criterion is added when selecting suppliers. • Additionally, in 2022, the assessment of the embodied carbon of the refurbishment of Plaza Ruiz Picasso 11 was also carried out, which stands out given the inclusion in the construction process of low CO 2 emissions measures, both in terms of embodied and operational carbon. Based on the analyses carried out, this pilot project will have a footprint of 375 kg CO 2 /sqm in the embodied carbon phase, fulfilling one of the premises established in its Pathway to Net Zero. MILESTONES 2022 • To increase the sample in the calculation of embodied carbon in our portfolio to be able to set limits for each asset class. FUTURE OBJECTIVES 1. Reduce operational carbon. • In 2022, MERLIN has launched its Road to Net Zero strategy, a roadmap that includes improving the performance not only of the Group itself and those assets over which it has operational control, but of the main agents responsible for MERLIN’s emissions along its entire value chain, including suppliers and tenant. • 85% reduction in operational carbon from baseline (2018) to 2028. MILESTONES 2022 FUTURE OBJECTIVES