CBRE Announces Industry-Leading Science-Based Greenhouse Gas Emission Target

Rhea-AI Summary

CBRE Group (NYSE:CBRE) announced the approval of its science-based targets by the Science Based Targets initiative (SBTi), aiming for a 68% reduction in Scope 1 and 2 greenhouse gas (GHG) emissions by 2035 from a 2019 baseline. The firm will also achieve 100% renewable electricity by 2025 and plans to transition its vehicle fleet to electric vehicles. In terms of Scope 3 emissions, CBRE aims for a 79% reduction per square foot in managed facilities and a 67% reduction for investor properties by 2035. The company continues to be recognized for its sustainability efforts, ranking highly in the Dow Jones Sustainability Index.

Positive

• Approved science-based targets to reduce GHG emissions by 68% by 2035.
• Commitment to 100% renewable electricity by 2025.
• Industry-leading target of 79% reduction in Scope 3 emissions per square foot by 2035 for managed facilities.

Negative

• None.

CBRE Group, Inc. (NYSE:CBRE) today announced that the Science Based Targets initiative (SBTi) has approved the company’s science-based target to significantly reduce greenhouse gas emissions (GHG) from both CBRE’s own operations and the properties it manages for investors and occupiers.

CBRE has committed to reducing scope 1 and 2 GHG emissions 68% by 2035 from the 2019 base year. This target covers GHG emissions from the company’s global operations and is aligned with the ambition of the Paris Agreement to limit global temperature rise to 1.5°C. CBRE has committed to achieving 100% renewable electricity by 2025 and to transitioning its vehicle fleet to electric vehicles.

CBRE has also committed to an industry-leading target for emission reductions in the facilities and properties it manages around the world (Scope 3). CBRE will curb emissions in facilities it manages for occupiers worldwide by 79% per square foot by 2035. For properties it manages for investors worldwide, CBRE will reduce emissions 67% per square foot over the same timeframe. CBRE plans to achieve its Scope 3 target through partnership with its Global Workplace Solutions (GWS) and Property Management clients. The company manages nearly 7 billion square feet of corporate facilities and commercial properties worldwide.

Bob Sulentic, CBRE president and chief executive officer, said: “As the world’s largest manager of commercial properties, CBRE can play an outsized role in helping to limit the rise in global temperatures. We are deeply committed to using our expertise, resources and market influence to help our clients sharply reduce the emissions their properties generate and to applying best practices that improve the sustainability of our own operations. This is not only good for the planet—it is good business practice, period.”

The SBTi is a collaboration between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi defines and promotes best practice in science-based target setting and independently assesses companies’ targets.

Earlier this year, CBRE was named to the prestigious Dow Jones Sustainability World Index (DJSI) for the second year in a row and was ranked at #13 on the Barron’s 100 Most Sustainable Companies list.

More information can be found at www.cbre.com/responsibility.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services; and development services. Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

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FAQ

What are CBRE's new GHG emission reduction targets?

CBRE has set a target to reduce Scope 1 and 2 GHG emissions by 68% by 2035 from a 2019 baseline.

When does CBRE plan to achieve 100% renewable electricity?

CBRE aims to achieve 100% renewable electricity by the year 2025.

What is CBRE's target for Scope 3 emissions?

CBRE targets a 79% reduction in Scope 3 emissions per square foot for managed facilities and a 67% reduction for investor properties by 2035.

How has CBRE been recognized for its sustainability efforts?

CBRE was named to the Dow Jones Sustainability World Index for the second consecutive year and ranked #13 on Barron’s 100 Most Sustainable Companies list.

What is the significance of the Science Based Targets initiative (SBTi) approval for CBRE?

SBTi approval validates CBRE's emission reduction targets as aligned with global climate goals, enhancing its credibility in sustainability.