Sustainability has long been a part of Westfield’s business operations but it is only in recent years that the Group has been able to quantify and analyse the many individual initiatives and practices which contribute to its overall sustainability approach. This led to the publication of Westfield’s first annual sustainability report in 2011.
The importance of operational efficiency has been central to Westfield’s success over its 52-year history given the critical need for these large and complex facilities to run smoothly, safely, and productively to generate the best returns for all stakeholders, including the investment community, Westfield staff, retailers, and consumers. The overarching objective has been to operate the business more safely, more efficiently, to use energy more wisely and to produce less waste.
This year’s report includes benchmark reporting comparisons to 2011 and also includes reporting on additional areas of the business which the Group considers material or which have been particular areas of focus over the past year. Accordingly reports on water and waste practices are now included, along with human resource indicators relating to employee diversity and engagement. The report also includes those sustainability elements that were reported on last year.
In some areas of the business there are challenges in setting global targets. The Group’s portfolio changes in size from year to year as centres are acquired, divested, or redeveloped so targets based on area do not always provide meaningful comparisons over time. Westfield has, however, identified tangible objectives in its operations that are meaningful for the way its business works, whether they be asset-specific goals, or activity-based goals such as in the case of Australia, which set - and exceeded - a portfolio-wide goal to maintain electricity consumption at 2008 levels through to 2011.
Westfield’s second sustainability report provides useful information not just for all Westfield’s stakeholders but is a practical document for the business itself, providing detailed analysis and a forum for the Westfield team around the world to share ideas and knowledge about operating a more sustainable business globally.
