Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, has announced ambitious, science-based greenhouse gas emissions reduction targets, verified by the Science Based Targets Initiative (SBTi). By participating in the Business Ambition for 1.5ºC package of measures, Cushman & Wakefield is also committing to achieving net zero emissions across its value chain by 2050.
“With buildings generating a significant portion of the world’s carbon emissions, we recognize Cushman & Wakefield plays a vital role in shaping a sustainable future for the real estate industry and beyond,” said Brett White, Executive Chairman & CEO von Cushman & Wakefield.
Cushman & Wakefield will implement measures across its corporate offices and operations with immediate effect, committing to reduce Scope 1 and 2 greenhouse gas emissions by 50% by 2030, from a 2019 baseline. Scope 1 includes direct emissions and Scope 2 includes emissions from purchased heat and electricity.
The science-based targets will not only reduce absolute greenhouse gas emissions from the company's operations, but will also include the properties and facilities it manages on behalf of its clients, including some of the world's largest property owners and occupiers.
The company is leading by example, committing to set its own science-based targets with its clients (who account for 70% of Scope 3 emissions) by 2025. Approximately 99% of Cushman & Wakefield's emissions come from properties and facilities it manages on behalf of clients. The company is committed to contributing to a sustainable future beyond its own carbon footprint.
These targets have been audited by SBTi.
In addition, the company is committed to achieving net zero emissions across its value chain by 2050, which includes all direct and indirect business activities that contribute to greenhouse gas emissions (Scope 1, 2 and 3). This target was pledged as part of the Race to Zero package of measures and the SBTi Business Ambition for 1.5°C programme.
“As a leader in the commercial real estate industry, we understand environmental action requires bold commitments aligned with climate science,” said John Forrester, President of Cushman & Wakefield. “These commitments further our ongoing efforts to reduce our impact and our clients’ impact on the environment as well as mitigate the impacts of climate change. We have an opportunity and responsibility to continually evaluate our organization and hold ourselves accountable for the intended outcomes. We realize our work goes beyond the present moment and will impact generations to come.”
"We congratulate Cushman & Wakefield on setting science-based targets consistent with limiting warming to 1.5°C, the most ambitious goal of the Paris Agreement," said Alberto Carrillo Pineda, Managing Director, Science Based Targets at CDP, one of the SBTi partners. "By setting ambitious science-based targets grounded in climate science, Cushman & Wakefield is taking action to prevent the most damaging effects of climate change."
For more information, please refer to the firm's Corporate Social Responsibility Report 2020. Learn more about Cushman & Wakefield's goals and its net zero commitment.
