Cushman & Wakefield announced that it has taken a significant next step toward becoming one of the first group of companies to have net-zero targets approved by the Science Based Targets initiative (SBTi).
The company's target is to have reached net zero greenhouse gas (GHG) emissions across its entire value chain by 2050 from a 2019 base year.
SBTi recently launched its Net-Zero Corporate Standard, calling it the world's first framework for corporate net zero target setting in line with climate science.
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Cushman & Wakefield said "it will strive to make an impact across key environmental, social and governance (ESG) factors in order to make a meaningful contribution to a sustainable future," according to a release.
Here's the Plan
In September, 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.
- It also signed on to the Business Ambition for 1.5°C campaign, pledging to reach net zero value chain emissions by 2050.
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.
Cushman & Wakefield CEO John Forrester in prepared remarks called this is another indication of his company's "important progression of our longstanding commitment to sustainability and to reduce our own and our clients' environmental footprint. We choose to make a significant and positive impact on the built environment, which accounts for approximately 40% of GHG emissions globally."
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