Leading real estate services firm highlights progress toward net zero emissions target, diversity metrics and more in report
Chicago – August 10, 2022 – Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today released its 2021 Environmental, Social and Governance (ESG) Report, which covers the firm’s efforts and progress across key ESG areas for the 2021 fiscal year and highlights how the firm’s people demonstrate its purpose of making an impact.
Cushman & Wakefield envisions a world of healthy, sustainable buildings that put the wellbeing of people and the planet first. The firm aims to take bold action to advance ESG within its operations and for its clients, the commercial real estate industry and society.
“This report highlights the many ways we strive for continuous improvement to meaningfully contribute to a sustainable future,” said CEO John Forrester. “It is not only our responsibility to aim to have the most positive impact possible on our many stakeholders and world—but it also is part of our purpose as an organization and a passion that our people share globally. In addition, we believe there is incredible opportunity to deliver outsized shareholder value as our clients examine their impact in ESG and how they can reduce their environmental footprint.”
Some of the firm’s recent ESG highlights include the following:
Environmental Impact
- Set ambitious science-based targets to reach net zero by 2050 across value chain emissions (scopes 1, 2 and 3)
- Between 2019 and 2021 achieved:
- 8.6% absolute reduction and 13% reduction per million square feet in scope 1 and 2 (market-based) emissions
- Measurement of relevant scope 3 categories
- Formed a Global Sustainability Taskforce to drive sustainability initiatives across the firm
Social Impact
- Earned recognition from the Human Rights Campaign, Forbes and Bloomberg for advancing diversity, equity and inclusion (DEI)
- Continued to focus on building a more gender equal workplace, with women representing 40% of its global workforce, 42% of new hires, 42% of people managers and 22% of executives
- 45% of U.S. employees reported being racially/ethnically diverse
- Spent $580M with 3,100+ diverse suppliers in North America, a 30%+ increase in spend over 2020
Governance Impact
- 92% of employees completed Code of Business Conduct training
- Continued to focus on increasing DEI at all levels of the organization, including the Board of Directors which is 40% women and 30% racially/ethnically diverse
This year, the report was renamed from the Corporate Social Responsibility (CSR) Report to reflect an increased emphasis on measurable actions and strategies, underlining its values with metrics that allow the firm to track progress and navigate the path forward.
For example, Cushman & Wakefield is among the first group of companies to have its net zero emissions target approved by the Science Based Targets initiative (SBTi) (read more). The report details the firm’s progress toward reaching near-term targets that aim to set it on the path to reaching net zero emissions across its entire value chain by 2050, an area the firm has significant impact in given that the built environment accounts for approximately 40% of greenhouse gas emissions globally .
Cushman & Wakefield has also expanded its reporting on diversity metrics, including the racial/ethnic diversity of its workforce in the U.S. and its Board of Directors, increasing its data transparency and holding the firm accountable to future disclosure. This update follows the appointment of the firm’s Chief Diversity, Equity & Inclusion Officer in late 2020.
The 2021 ESG Report serves as Cushman & Wakefield’s Communication on Progress for the United Nations Global Compact (UNGC), the world’s largest corporate sustainability initiative, and demonstrates the firm’s commitment to six UN Sustainable Development Goals. Since 2018, the firm has aligned its strategies and operations with the UNGC’s ten principles in the areas of human rights, labor, environment and anti-corruption.
The report is prepared in accordance with the GRI Standards: Core option and contains disclosures recommended in the Real Estate Services standards that were developed by the Sustainability Accounting Standards Board (SASB).
Download Cushman & Wakefield’s 2021 ESG Report.