Commercial, GHG Emissions  -  July 7, 2020

Kimco Realty achieves emissions and energy reduction goals

Kimco Realty Group announced July 6 achieved their goal of reducing same-site Scope 1 and Scope 2 greenhouse gas emissions by more than 10% between 2015 and 2020.

The real estate owners of open-air shopping centers reduced Scope 1 and 2 emissions by 22.35% and energy use by 10.34% between 2015 and 2019. They also reduced same-site common area electricity use by 9.6% at properties implementing an efficiency project, surpassing their goal of 5%.

Their newly released sustainability report also said that the company issued a $2 billion “green” credit facility, tied to climate performance and have advocated for “green leasing.” In 2019, 96% of new leases incorporated new “green” provisions.

“Since formally launching our ESG program a decade ago, there has never been a time more imperative than now for the team at Kimco to focus on advancing our organization in the areas of sustainability, social impact and governance as we navigate extraordinary circumstances,” Conor Flynn, Chief Executive Officer at Kimco Realty, said in a statement. “In response to recent events throughout the nation, we’re identifying and refining important company initiatives and ensuring diversity and inclusion are an integral part of our culture. The COVID-19 pandemic and the country’s awakening to systemic racism reinforce the refrain ‘we’re all in this together,’ and we’re making an even stronger commitment to leading and being part of the change.”

Between 2013 and 2019, Kimco installed or is now in the process of installing 143 EV charging stations at their locations. More than 300 properties were upgraded to LED lighting as part of their Illumi-Nation program, focused on upgrading common area lighting at their Tier 1 properties by 2020.

By the end of the year, the company had installed 3 MW of solar capacity and now have 3.7 MW under construction, including at their headquarters in Jericho, NY., and as three retail properties in Staten Island.