Green clauses for every new client: Commitment number 9 of Colonial's Sustainability Decalogue
An organization like Colonial, committed to implementing the necessary measures to promote sustainability within the real estate sector of office buildings, cannot limit itself to its own actions. In fact, we feel a moral obligation to go further and ensure, through relevant contractual clauses, that all parties involved in the development or use of our facilities share the same ecological spirit. On one hand, suppliers, as we saw in the previous article in this series dedicated to commitment number 8 of our Sustainability Decalogue. On the other hand, the customers of our assets.
Measures taken for the sustainable operation of customers
It would be a shame if office buildings designed with bioclimatic criteria, constructed with low carbon footprint materials, equipped with resource-efficient systems such as electricity and water management, and, in essence, built with great care for the planet were used in an unsustainable manner for decades. That's why at Colonial, we have developed a Good Environmental Management User Manual that provides specific guidelines on how to manage both maintenance and operations in our buildings. The idea is clear: we want our customers to share our sustainability criteria.
In this regard, this document is available to our asset customers for their reference and dissemination within their own organizations. After all, it is essential to remember that environmental protection requires the participation of all parties, including each employee of the companies. But not only that: at least once a year, we hold a meeting with the main users of our buildings to discuss the sustainability level of their daily and extraordinary practices. We are not satisfied with creating eco-friendly offices. We do everything possible to ensure they remain eco-friendly in the hands of third parties.
And everything possible includes not only recommendation manuals and annual guidance. Also, and this is so important that it constitutes one of the commitments of our Sustainability Decalogue, specifically the ninth one, green clauses that are mandatory for customers. Through their signature, tenants commit to achieving efficient environmental management, using materials derived from sustainable resources, reducing energy intensity, and implementing optimal waste management. They also commit to cooperating with Colonial in correcting certain operational practices that do not align with our values.
Current status at Colonial of the sustainable operation of customers
The incorporation of green clauses into lease contracts has been gradual. At this moment, and since 2021, they are included in 100% of new contracts related to assets in Barcelona and Madrid. This is precisely why the evolution of this principle is understood: in 2020, only 44% of our contracts included green clauses, but by 2021, the figure had risen to 87%. In this regard, our goal of reaching 100% by 2030 is well on track and will likely be achieved much sooner. As with the rest of our commitments, our projections have been happily exceeded.
Colonial's catalog buildings that exemplify this principle Commitment number nine in our catalog refers to the lease contracts of our catalog's assets, as we explained earlier. And, as mentioned, an increasing number of them comply with it: all contracts signed from the year 2021 onward, as well as many older ones where an agreement has been reached to incorporate green clauses afterward. From this point on, and without an end, we will continue to work to include them in the remaining existing old contracts and, of course, in all new ones. Being part of the change is important. Leading it is even more important.
