Norfin Announces New ESG Strategy with First Sustainability Report
The Norfin Group has announced the formalization of its corporate Environmental, Social, and Governance (ESG) strategy, a move developed in partnership with the consultancy Cushman & Wakefield. The announcement was accompanied by the release of the company's first-ever sustainability report, which outlines the group's performance and future commitments to sustainable practices within its real estate portfolio. This initiative aims to align Norfin's operations with international sustainability standards and reinforce its position in the Portuguese market.
The new strategy establishes clear environmental standards and certification requirements for Norfin's assets. According to the report, the company currently has 41 certification processes in progress across its portfolio and has already had 14 projects recognized for their sustainable construction practices. These efforts are focused on improving energy efficiency, utilizing sustainable materials, and implementing effective water conservation and waste management systems across its developments. The goal is to reduce the environmental footprint of its buildings and enhance long-term asset value.
The report details specific features related to energy efficiency and renewable energy that are being integrated into Norfin's projects. While specific technologies were not detailed in the announcement, the focus is on adopting modern building practices that lead to lower operational costs and greater environmental resilience. The use of sustainable materials is also a key component of the construction practices being adopted, aiming to minimize embodied carbon and promote circular economy principles within the building lifecycle.
Water conservation and waste management systems are another pillar of the environmental strategy. Norfin is implementing measures to reduce water consumption in its buildings and to improve the segregation and recycling of construction and operational waste. The strategy also emphasizes the importance of indoor air quality and resident health, ensuring that the internal environments of its properties contribute positively to the well-being of occupants. These measures are designed to meet the growing demand for healthier and more sustainable living and working spaces.
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The company acknowledges the cost implications of these sustainability initiatives but frames them as long-term investments that generate savings and enhance property value. Maria Eliza de Nadal, Sustainability & ESG Senior Associate at Norfin, stated that the process has allowed the company to identify areas for improvement and strengthen its commitment to generating a "positive, responsible, and lasting impact." The strategy is also designed to leverage government incentives and support programs for green building, which are becoming more prevalent in Portugal and across the European Union.
An environmental impact assessment is a core part of the development process for new projects under the ESG framework. Norfin will conduct these assessments to identify and mitigate potential negative environmental effects from its activities. This proactive approach demonstrates industry leadership and an innovation in sustainability that goes beyond basic regulatory compliance. The company's efforts were supported by Cushman & Wakefield, which provided expertise in climate risk analysis, energy efficiency modeling, and life cycle analysis.
Future green building standards and developments will continue to shape Norfin's strategy. The company plans to stay at the forefront of sustainable innovation in the real estate sector. Ana Luisa Cabrita, a Partner at Cushman & Wakefield, noted that the collaboration involved an in-depth analysis of Norfin's extensive operations in the Portuguese market and demonstrates a commitment to a high level of corporate responsibility. The report also highlighted the social component of the strategy, noting that 33% of leadership roles are held by women and citing a high employee engagement score.
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