Sustainability Report

The year that has just ended brought profound changes to our world; the pandemic swept away certainties and transformed lifestyles. In response to a global health crisis that has also become an economic and social one, and a new normal that is still taking shape, we are all having to rethink and reinforce our priorities and prepare for the near future, more aware than ever that we live in an increasingly interconnected global system.

The major challenges of our time, from energy transition to combating climate change to the lack of natural resources and the redistribution of opportunities and rights, call us to collective action, an imperative for everyone in our society.
Both public agendas and markets are seeing a strong acceleration in ESG (Environmental, Social & Governance) issues. Ever more, these are becoming of vital strategic importance for managing, governing and preparing for the common commitments ahead. The entire real estate value chain, which currently accounts for about one third of greenhouse gas emissions in the European Union, is responsible for finding a prompt response to the main challenges affecting it: decarbonisation, resilience, flexible urban development and requalification, and health and wellbeing.

In this context, Italy’s National Recovery Plan (“Piano Nazionale di Ripresa e Resilienza” - PNRR), approved by Parliament, provides a powerful tool for restarting the economy, with a particularly strong focus on urban regeneration projects to aid inclusion and combat environmental degradation and social disadvantage. We estimate that the total direct impact of the PNRR on the real estate sector is about € 54.4 billion, or 30% of the total resources allocated. Apart from the impact on the property industry, infrastructure investments - focused mainly on strengthening the high speed rail network and on sustainable mobility - will also be of fundamental importance. The investments planned for infrastructure amount to about € 25.13 billion, or about 13% of the PNRR1.

Sustainable urban regeneration has been a primary area of activity for COIMA for years. It has underpinned all its development projects and, ideally, implemented on the district scale, where the highest degree of innovation, not only on physical assets but also with regard to mobility, energy and services for the community, can be applied. Over the years, COIMA has built up a portfolio strongly oriented towards quality and environmental sustainability, with 81.5% of its GAV2 LEED® certified and pre-certified by the end of 2020, not to mention the addition of new health and physical and mental wellbeing certifications with the WELL® protocol, and WiredScore® for the digitalisation of buildings.

Porta Nuova continues to be a proving ground for innovation and sustainability, with 160 thousand square metres of public and green spaces, all buildings are LEED certified, and more than three hundred events a year hosted through the BAM cultural programme. Showcasing our vision for urban district development and management, we have launched the process for the award of LEED and WELL for Community certifications for Porta Nuova, making it the world’s first urban district that aims to obtain this dual certification for its environmental, energy and community sustainability.

Looking further ahead, the upcoming development of the former Porta Romana railway yard, acquired this year, will be the centre of a regeneration operation for an entire disused area using sustainable principles. This urban development project will be one of Europe’s most ambitious projects in scope, quality, size and outcomes.

2020 also saw the launch of the COIMA ESG City Impact Fund, the first Italian closed-end investment fund with measurable ESG impact targets, which will invest in sustainable regeneration at the national level, upgrading existing building stock, the creation of close-knit, resilient communities, and health and wellbeing in buildings and the community.
Domestic and international regulators (such as the European Union) are tightening regulatory frameworks, and we welcome these changes. The European Union has identified combating climate change as key to its political identity, with the launch of the Green Deal and the approval of a large number of measures to fund sustainable growth. Implementing Regulation (EU) 2019/2088 of the European Parliament and of the Council on sustainability‐related disclosures in the financial services sector (SFDR Regulation) came into effect from March 2021, and together with the European Taxonomy it provides transparent standards to address the action of investors and managers towards the most urgent global challenges. With regard to the SFDR, we have decided to adopt the “comply” approach in consideration of possible adverse impacts of our investment decisions on ESG factors. Moreover, the COIMA ESG City Impact Fund meets the classification for an ESG product under Article. 8, as it promotes environmental and social benefits, and we intend to apply this classification to all future Funds.

This year we have redrawn the boundaries of our environmental data compared to the previous Sustainability Report, succeeding in reporting on 54% of GAV managed, we aim to further increase this percentage to over 70% of GAV next year. This year, the reporting boundaries include both the Funds’ direct emissions (Scopes 1 and 2) and emissions deriving from tenants’ energy use (Scope 3), which account for 75% of the total emmissions.
Some environmental data from the portfolio under management are particularly impressive: the marginal use of fossil fuels, which represent only 3% of total emissions, and 67% of the electricity generated by renewable sources.

An analysis of the portfolio’s CO2 emissions shows a downward trend: however, it is important to remember the unusual nature of 2020, with its widespread use of remote working due to the health emergency causing a sharp fall in office occupancy.

In 2020, COIMA received the US Green Building Council’s “The European Leadership Award” for its continuous and firm commitment to sustainable development. We will continue to channel all our energy into making our projects more sustainable and ensuring the wellbeing of residents and the activation of communities. More aware than ever before this must be the underlying purpose of everything we do.

Enjoy.

Manfredi Catella
Founder &CEO
COIMA

Sustainability Report 2020

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Sustainability Report 2019

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Sustainability Report 2018

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Sustainability Report 2017

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Sustainability Report 2016

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Sustainability Report 2015

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