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Climate Change


Environmental

CLIMATE CHANGE

The climate change in the world is becoming increasingly concerning. Greenhouse gas emissions continue to rise, leading to global temperature increases and a higher frequency and intensity of climate-related events worldwide. As the effects of climate change become more evident, both property owners and developers are recognizing the need to adapt and mitigate associated risks.

To address these climate implications, FibraShop has developed a climate change strategy centered around the four recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

In 2020, we conducted a preliminary analysis of physical climate risks in three of our key properties: Plaza Kukulcán, Puerta la Victoria, and Puerto Paraíso. In 2021, we carried out a comprehensive supplementary study, quantifying changes in exposure to physical climate risks across all 18 properties in our portfolio (including Sentura Tlanepantla). This study describes potential impacts on a regional scale. Throughout 2022, we have continued to implement various strategies to reinforce and prevent risks related to climate events in our properties.

Climate Change Report

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Physical climate hazardDescriptionClimate ScenarioTime Horizon*
Warm and dry conditionsAverage temperatureYear-round average temperatureLow emissions w(RCP4.5) High emissions (RCP8.5)2030, 2050 and 2070
Warm daysThe number of days per year where the daily maximum temperature exceeds 30°CLow emissions (RCP4.5) High emissions (RCP8.5)2030, 2050 and 2070
Stressed waterThe relationship between water supply and demandLow emissions (RCP4.5) High emissions (RCP8.5)2030 and 2040
Extreme fire daysThe number of days per year where the fire weather index exceeds the historical 95th percentile.High emissions (RCP8.5)2030, 2050 and 2070
Duration of the wildfire seasonThe number of days per year when the fire danger exceeds half of its average range.High emissions (RCP8.5)2030, 2050 and 2070
Extreme Wet ConditionsIntensity of extreme rainfallThe maximum daily precipitation experienced over a year.Low emissions (RCP4.5) High emissions (RCP8.5)2030, 2050 and 2070
Frequency of extreme rainfallThe number of days with more than 20 mm of rainfall.Low emissions (RCP4.5) High emissions (RCP8.5)2030, 2050 and 2070
Cyclonic surge eventThe extreme sea level event that combines sea level rise, tides, extreme wave height, and cyclonic surge activity.Low emissions (RCP4.5) High emissions (RCP8.5)2050
Hurricanes frequencyFrequency and intensity of hurricanes.High emisions (~2oC global in 2050)Around 2050 in a high emissions scenario

Flooding

We have analyzed the percentage of our total surface area located in 100-year flood zones, divided into fluvial flooding and coastal flooding.

RISKFLUVIAL FLOODINGCOASTAL FLOODING
Low36%86%
Low - Medium42%9%
Medium - High5%5%
High8%
Extremely High9%
PROPERTYRISK THAT THE POPULATION WILL BE AFFECTED
Las Misiones0.6% - 1%
Mall Sonora0% - 0.1%
Puerto ParaísoMás del 1%
Nima Shops0.1% - 0.2%
La Perla0% - 0.1%
Plaza Cibeles0% - 0.2%
La Luciernaga
Puerto La Victoria
Urban Center Juriquilla
Urban Center Jurica
City Center B.E.0% - 0.1%
Puerta Textcoco0% - 0.1%
Plaza Cedros0.1% - 0.2%
Plaza Atrios
Cruz del Sur
Galerías TapachulaMás del 1%
Kukulcán Plaza0.2% - 0.6%

Fluvial flooding:

The risk of fluvial flooding measures the percentage of population that is expected to be affected by fluvial flooding in an average year. The risk is assessed using the threat (flooding caused by a river overflowing its banks), the exposure (population in the flood zone) and vulnerability. The existing level of flood protection is also incorporated into the risk calculation.

Coastal flooding:

The risk of coastal flooding measures the percentage of the population that is expected to be affected by coastal flooding in an average year, considering existing flood protection standards. The risk is assessed using the threat (flooding caused by storm tides), exposure (population within the flood zone) and vulnerability. The existing level of flood protection is also incorporated into the risk calculation.

PROPERTYRISK THAT THE POPULATION WILL BE AFFECTED
Las Misiones0% - 0.000009%
Mall Sonora
Puerto Paraíso0.00007% - 0.004%
Nima Shops0% - 0.000009%
La Perla
Plaza Cibeles
La Luciernaga
Puerto La Victoria
Urban Center Juriquilla
Urban Center Jurica
City Center B.E.
Puerta Textcoco
Plaza Cedros
Plaza Atrios
Cruz del Sur
Galerías Tapachula0.000009% - 0.00007%
Kukulcán Plaza

Task Force on Climate-related Financial Disclosures (TCFD)

Through  our ESG strategy and  action plan we continue to  work on including the full  recommendations of the TCFD methodology in  our  day-to-day activities. The following is  our status report on each of the TCFD recommendations, as part of our climate strategy.

Governance

Goal: Disclose the organization’s governance around climate-related risks and opportunities.

  1. Board supervision of climate-related risks and opportunities.
  2. Management’s role in assessing and managing climate-related risks and opportunities.

In 2021, we created an ESG committee, the body responsible for approving and overseeing the FibraShop ESG strategy and risk management, as well as tge assignment of ESG responsibilities and active communication with our stakeholders. In 2022, we developed a curriculum for our Technical Committee and ESG committee, which included topics like climate change, ESG governance and ESG risk management.

Additionally, to strengthen our ESG governance we assigned responsibilities for climate risk and opportunity oversight to the members of our Technical Committee.

Improvement actions for 2023

  • Encourage the ESG committee to participate in managing, monitoring and mitigating climate risks.
  • Include climate-related risks in the board’s strategy review.
  • Document the process for keeping senior management informed of climate risks and opportunities.

2. Strategy

Goal: Disclose the actual and potential impacts of climate-related risks and opportunities on the organizaation’s businesses, strategy, and financial planning where such information is material.

  1. Description of risks and opportunities.
  2. Description of the impact of those risks and opportunities on the business model, strategy and financial planning.
  3. Description of our strategies resilience considering various climate scenarios.

With our 2021 analysis, we identified climate-related risks according to the TCFD nomenclature for our property portfolio. In 2022, regarding our strategy within the properties, we have begun to identify the opportunities and financial implications for these buildings.

Progress to date:

  • All of our properties are insured against the climate events mentioned.
  • For climate events relating to storms and flooding, we have installed storm tanks and dikes to block the natural course of the water.
  • For hailstorms, we have begun to install hail retainers in buildings at the greatest risk of this type of climate event.
  • For properties at high risk of cyclones or hurricanes, we have installed anticyclone awnings to protect the structure and operation of those properties.
  • By our estimates, if FibraShop had not taken the above mentioned measures, climate-related risks would have had a financial implication of 50 million Mexican pesos for the company.
  • Furthermore, in the previous year we approved an environmental policy as part of our climate strategy, which we will gradually focus on our financial results.

Improvement actions for 2023

  • Identify and quantify the potential economic impacts according to the recommended TCFD categories.
  • Define specific targets and goals regarding climate change that are aligned with FibraShop’s strategy.
  • Describe climate-related risks and opportunities and their impact on the business, supply chain, financial planning, etc.

3. Risk management

Goal: Disclose how the organization identifies, assesses, and manages cli-
mate-related risks.

  1. Describe the processes for identifying, assessing and managing risks.
  2. Describe how these risks are incorporated into the company’s general
    management.

Based on our climate-related risk identification study, in which we considered
two representative concentration pathways, we classified those of our proper-
ties that are exposed to a high impact from the climate events mentioned in this report.

Based on this analysis, FibraShop has applied various reinforcement and damage prevention strategies regarding the risks identified in our properties.

Additionally, a team of experts regularly reviews each of our properties.

To manage and mitigate the identified risks, climate decisions at FibraShop are submitted to our Technical Committee, where specific and critical cases involving our properties are discussed, as well as the measures recommended by the internal technical team and the advice of independent experts.

To continue with our climate commitment, FibraShop has set itself the goal of
identifying transition risks and opportunities based on the climate scenarios and their impact on our financial results.

Improvement actions for 2023

  • Incorporate climate risks into the non-financial risk management policy.
  • Approve and maintain active environment and climate change policies.
  • Implement manuals, procedures and mechanisms for managing and communicating risks, involving senior management.

4. Metrics and goals

Goal: Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.

  1. Report of indicators used to assess management of risks and opportunities.
  2. Report on scope 1, 2 and 3 emissions.
  3. Description of the goals used for managing risks and opportunities and
    performance.

In our 2022 Sustainability Report, we are publishing KPls for emissions (scopes 1 and 2), which allow us to analyze trends and progress toward our emission reduction strategy. In May 2022, FibraShop began installing photo cell systems in its properties, with the aim of generating enough energy to cover 50.9% of total consumption for a year, equivalent to 1,601tCO2e.

We also reported other KPls (water, waste, energy and others) aligned with
industry standards and international methodologies through ratios used for
the real estate industry. To continue our climate strategy, our next goal is to
link the current KPIs with processes for identifying climate-related risks and
opportunities.

Improvement actions for 2023:

Communicate the effects of climate-related events on the future performance and position of FibraShop.

Develop relevant metrics (e.g. SBTi), such as investment in climate change adaptation and mitigation.

Report environmental KPls in the context of a climate strategy.

Introduce climate-related targets and goals for the medium and long term.

Energy

Today, energy management plays a fundamental role in the real estate industry, from both an environmental and an economic perspective. This management helps to reduce the environmental impact of our operations, lowers the energy requirements of our tenants, mitigates the exposure of energy costs to climate change, and improves experiences for clients and tenants; achieving a balance between profitability, the comfort of our visitors and environmental responsibility.

At FibraShop, we recognize the importance of incorporating and implementing energy efficiency measures in the design, construction and operation of our as- sets, like the use of efficient heating and refrigeration systems, the installation of energy efficient lighting and the incorporation of renewable energies.

To track these changes, we compared the 2022 results against those of our base year, 2019.

PERFORMANCE METRICS

  1. ELECTRICITY CONSUMPTION (MWH)
  2. FUEL CONSUMPTION (MWH)
  3. INSTALLED GIGAJOULES OF RENEWABLE ENERGY
  4. PERCENTAGE OF TOTAL ENERGY CONSUMPTION FROM RENEWABLE SOURCES
20192020202120221Variación entre
2019
y 2022 (GJ)
Units
Electric consumption from non-renewable sources20,656.2111,612.8612,551.9415,761.47-23.7%MWh
74,362.3441,806.3045,186.98456,741.29GJ
Electric consumption from renewable sources0553.2012,923.163,679.37561.1%MWh
01,991.5210,523.37613,245.73GJ
Total electric consumption74,362.3443,797.8255,710.3669,987.02-5.9%GJ
Total gas LPG[2]0117.002,418.892,905.902,383.7%Liters
03.0563.1975.91GJ
Total natural gas39,32333,95221,36925,292-43.42m3
1,499.311,294.52716.78848.37GJ
Total diésel consumption9,760.008,460.664,914.343,589.97-63.2%Liters
372.01322.49185.15136.95GJ
Total gasoline27,601.0021,415.9111,493.9311,661.70-57.7%Liters
970.97753.38380.92411.71GJ
Total fuel consumption2,842.292,373.441,346.041,472.94-48.17%GJ

IN 2022, FIBRASHOP REPORTED A TOTAL ENERGY CONSUMPTION OF 71,459.96 GIGAJOULES, A 25% INCREASE OVER 2021, DUE TO THE RESUMPTION OF ACTIVITY WITHIN OUR PROPERTIES AFTER THE COVID-19 PANDEMIC.

IN KEEPING WITH OUR COMMITMENT TO REDUCE ENERGY CONSUMPTION, FIBRASHOP HAS ACHIEVED A 23.7% REDUCTION IN OUR ENERGY CONSUMPTION AGAINST THE YEAR 2019.