Simon Property Group is a leading real estate investment trust (REIT) in the United States that specializes in the development, ownership, and management of regional malls. With a portfolio of over 200 properties across the country, Simon Property Group is a dominant player in the retail industry, providing a wide range of shopping, dining, and entertainment options to millions of consumers every year.

As a major player in the real estate sector, Simon Property Group recognizes the importance of sustainability and decarbonization in its operations. The company has set ambitious goals to reduce its carbon footprint and increase its use of renewable energy sources. In 2020, Simon Property Group announced its commitment to achieving net-zero carbon emissions by 2050, aligning with the Paris Agreement's goal of limiting global warming to 1.5 degrees Celsius.

To achieve this goal, Simon Property Group is implementing a range of decarbonization strategies, including energy efficiency measures, renewable energy procurement, and carbon offsetting. The company is investing in energy-efficient lighting, HVAC systems, and other technologies to reduce its energy consumption and carbon emissions. Simon Property Group is also exploring the use of renewable energy sources, such as solar and wind power, to power its properties.

One of the key strategies that Simon Property Group is using to increase its use of renewable energy is corporate power purchase agreements (PPAs). A corporate PPA is a long-term contract between a company and a renewable energy provider, typically a wind or solar farm, to purchase a fixed amount of renewable energy at a fixed price. By entering into a corporate PPA, Simon Property Group can secure a stable and predictable source of renewable energy, reduce its carbon footprint, and potentially save money on energy costs.

In 2020, Simon Property Group signed its first corporate PPA for renewable energy with Enel Green Power North America. Under the agreement, Simon Property Group will purchase 80 megawatts of renewable energy from a wind farm in Texas, enough to power 20 of its properties. The PPA is expected to reduce Simon Property Group's carbon emissions by 55,000 metric tons per year, equivalent to taking 12,000 cars off the road.

Simon Property Group is also exploring other renewable energy procurement options, such as community solar and virtual power purchase agreements (VPPAs). Community solar allows multiple customers to share the benefits of a single solar project, while VPPAs allow companies to purchase renewable energy from a project located elsewhere in the grid. By exploring these options, Simon Property Group can diversify its renewable energy portfolio and increase its resilience to market fluctuations.

In addition to its renewable energy efforts, Simon Property Group is also focused on improving its corporate energy management. The company has implemented a range of energy management programs and initiatives to reduce its energy consumption and costs. For example, Simon Property Group has installed energy management systems in its properties to monitor and control energy use, and has implemented a range of energy-efficient lighting and HVAC technologies.

Simon Property Group is also committed to engaging its tenants and stakeholders in its sustainability efforts. The company has launched a range of sustainability initiatives and programs to encourage its tenants to reduce their energy consumption and carbon emissions. For example, Simon Property Group has partnered with the U.S. Department of Energy to launch the Better Buildings Challenge, a program that encourages commercial building owners and tenants to reduce their energy use by 20% over ten years.

In conclusion, Simon Property Group is a leading player in the regional mall REIT sector in the United States, with a strong commitment to sustainability and decarbonization. The company has set ambitious goals to reduce its carbon footprint and increase its use of renewable energy sources, and is implementing a range of strategies to achieve these goals, including corporate PPAs, energy efficiency measures, and carbon offsetting. By taking a proactive approach to sustainability, Simon Property Group is positioning itself as a leader in the real estate industry and contributing to the global effort to address climate change.