CHICAGO – Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, announced today that its science-based target to reach net zero greenhouse gas (GHG) emissions across its entire value chain by 2050 has been approved by the Science Based Targets initiative (SBTi).
The firm is among the first group of companies to have its net zero target approved through the SBTi’s recently launched Net-Zero Corporate Standard, the world's first framework for corporate net zero target setting in line with climate science.
Cushman & Wakefield will strive for continuous improvement in each of the areas where the firm makes an impact across key environmental, social and governance (ESG) factors in order to make a meaningful contribution to a sustainable future.
“We are pleased to have received the SBTi’s approval of our net zero target, indicating another important progression of our longstanding commitment to sustainability and our journey to reduce our own and our clients’ environmental footprint,” said Cushman & Wakefield CEO John Forrester. “As a leader in global real estate services, we choose to make a significant and positive impact on the built environment, which accounts for approximately 40% of GHG emissions globally.”*
In September 2021, Cushman & Wakefield announced ambitious, near-term science-based targets approved by the SBTi to achieve the following:
- Reduce absolute scope 1 and 2 GHG emissions across its corporate offices and operations 50% by 2030 from a 2019 base year.
- Engage key clients representing 70% of scope 3 emissions at the firm’s managed properties to set science-based targets by 2025.
At that time, the firm also signed on to the Business Ambition for 1.5°C campaign, pledging to reach net zero value chain emissions by 2050. Obtaining the SBTi’s approval for the firm’s net zero target is one step toward target achievement.
In accordance with the SBTi Net-Zero Standard, Cushman & Wakefield has set a long-term target to reduce its absolute scope 1, 2 and 3 GHG emissions 90% by 2050 from a 2019 base year.
Scope 1 covers direct GHG emissions from sources owned or controlled by Cushman & Wakefield. Scope 2 covers emissions from the generation of purchased electricity. Scope 3 emissions are the remaining indirect emissions that result from the activities of third parties within the firm’s value chain.
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF) and one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets. To learn more about SBTi, please visit: www.sciencebasedtargets.org
*Source: Race to Zero