Washington Prime Group Inc (NYSE:WPG) has announced that its board of directors has formed a Sustainability Committee that will focus on establishing sustainability as a key growth factor.
The company announced the development on Monday, revealing that the Board of Directors had set up a Sustainability Committee. The latter will be tasked with shifting its focus on sustainability as a major business driver. It will also work towards the relationship between sustainability and how Washington Prime develops and runs its retail properties. It will also focus on how the company creates a positive and productive work environment for its associates as well as how it interacts with its communities.
“We believe that reducing the Company’s carbon footprint is plain and simple the right thing to do from an environmental standpoint. It is our objective to incorporate such practices while making certain the financial base case provides for a suitable ROIC. Several of my Board members and colleagues have focused on the efficient use of energy, and I thank them for getting me up to speed regarding this important mandate,” stated Washington Prime CEO Lou Conforti.
The company also appointed Sheryl von Blucher as the chair of the committee. She will be joined by John Dillon III and J. Taggart (Tag) Birge who were appointed as members of the committee. They will be part of the team which will work toward assessing, monitoring, reviewing and evaluating Washington Prime’s efforts.
Von Blucher stated that the availability of a Sustainability Committee will be a major step for the company because it will allow for more innovation in the future. Some of the projects which the committee will handle include charging stations for electric cars, energy efficient LED lighting projects, and other available opportunities for solar energy among other innovations.
The company initially plans to focus on the energy sector and will perhaps expand into other areas in the future. Washington Prime is currently working together with various state as well as local municipalities toward the Property Assessed Clean Energy (PACE) model. This is in line with the agenda of the U.S. Department of Energy to help in financially boosting energy efficient projects.
Washington Prime stock closed the latest trading session on Monday at $8.90.