Cushman & Wakefield Commits to Industry-Leading Science Based Targets and Reaching Net Zero Emissions Across Its Value Chain by 2050
Real estate firm sets ambitious science-based targets and commits to partnering with clients to achieve net zero value chain emissions by 2050
HONG KONG SAR - Media OutReach - 29 September 2021 - Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, recently announced ambitious science-based targets to reduce greenhouse gas (GHG) emissions that are approved by the Science Based Targets initiative (SBTi). In addition, by signing up to the Business Ambition for 1.5ºC campaign, Cushman & Wakefield pledges to reach net zero emissions across its entire 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 of Cushman & Wakefield.
Cushman & Wakefield will immediately focus efforts on its corporate offices and operations by committing to reduce absolute scope 1 and 2 market-based GHG emissions 50% by 2030 from a 2019 base year. Scope 1 includes direct emissions, and scope 2 emissions are from purchased heat and electricity.
The firm's science-based targets will not only reduce absolute GHG emissions from its corporate operations, but will also include the facilities it manages on behalf of its clients, some of the world's largest real estate owners and occupiers.
Leading by example, the firm commits to partnering with its clients (representing 70% of its scope 3 value chain emissions) to set their own science-based targets by 2025. Notably, approximately 99% of Cushman & Wakefield's emissions come from facilities it manages on behalf of clients, and the firm is committed to actualizing its vision of a sustainable future that extends beyond its own corporate footprint.
These targets have been approved by the SBTi.
Additionally, by 2050, the firm pledges to achieve net zero emissions across its entire value chain, encompassing all direct and indirect business elements that contribute to GHG emissions (scopes 1, 2 and 3). This target was pledged through the Race to Zero campaign and the SBTi's Business Ambition for 1.5°C pathway—initiatives using climate science frameworks to reach net zero in a global effort to avoid the most catastrophic impacts of climate change.
"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."
These recently announced science-based targets build upon Cushman & Wakefield's longstanding commitment to reducing its own environmental impact across the property life cycle, in addition to suppliers' and clients' impact. In 2020, the firm achieved a 1.1% absolute reduction in scope 1 and 2 (market-based) GHG emissions; a 2.5% absolute reduction in scope 3 GHG emissions; and a 14% reduction in total scope 1 and 2 GHG emissions per million square feet (MSF) of office space. Cushman & Wakefield also worked with clients to provide energy and sustainability services to over 370 MSF of space in the U.S. in 2020. More information is available in the firm's 2020 Corporate Social Responsibility Report.
Learn more about Cushman & Wakefield's science-based targets and net zero commitment.
About Cushman & Wakefield
Cushman & Wakefield is a leading global advisory services firm that delivers exceptional value for real estate occupiers and owners, with approximately 50,000 employees in over 400 offices and 60 countries. In Greater China, a network of 22 offices serves local markets across the region, earning recognition and winning multiple awards for industry-leading performance. The firm had global revenues of US$7.8 billion in 2020 across core services including valuation, consulting, project & development services, capital markets, project & occupier services, industrial & logistics, retail and others.