NEW YORK - Cushman & Wakefield (NYSE: CWK), a leading global commercial real estate services firm, today announced renewed science-based greenhouse gas (GHG) emissions reduction targets that raise the bar on climate ambition across its operations and the client properties it manages worldwide.
The updated targets introduce higher emissions reduction objectives and a refined methodology for addressing the Scope 3 emissions that make up the vast majority of its value chain footprint.
- Cushman & Wakefield Operations: Reduce absolute Scope 1 and 2 GHG emissions across Cushman & Wakefield corporate offices and operations by 73.1% by 2034. This target reflects an increase in ambition following strong progress toward the firm’s original 50% reduction goal that was set for 2030.
- Managed Client Properties: Reduce Scope 3 GHG emissions by 66.3% per square foot of managed area for clients by 2034. This new intensity‑based target replaces the firm’s previous Scope 3 client engagement commitment with a more robust emissions‑intensity metric aligned to the performance of properties the firm manages on its clients’ behalf which are within Cushman & Wakefield’s operational control boundary.
- Net-Zero Value Chain: Maintain commitment to reach net‑zero emissions across the entire value chain (Scopes 1, 2 and 3) by 2050 in line with the Science Based Targets initiative (SBTi) Corporate Net‑Zero Standard.
“Since first setting science‑based targets in 2021, we’ve worked hard to reduce our own operational footprint and help clients decarbonize the buildings they own and occupy,” said Jessica Francisco, Cushman & Wakefield’s Chief Sustainability Officer. “With these renewed targets, we are reaffirming our progress to date and our intent to go further, faster.”
Cushman & Wakefield established its first near‑term, SBTi‑approved targets in September 2021 and, in July 2022, became one of the first companies to have a net‑zero target approved under the SBTi’s Corporate Net‑Zero Standard. In the years since, the firm has continued to invest in data management improvements, renewable electricity procurement and partnering with clients to deliver shared, sustainable value. These efforts, among others, have informed the firm’s decision to commit to the next generation of targets.
The firm intends to report annually on progress toward its 2034 targets through its annual Sustainability Report, in addition to other voluntary and regulatory disclosures, as applicable. Cushman & Wakefield believes these targets are important in the global effort to mitigate the adverse impacts of climate change and will assess them as necessary, based on SBTi guidelines and the evolution of the firm’s strategy.
“Our clients are asking for data‑driven pathways to net zero. By expanding our Scope 3 target from an engagement metric to an emissions intensity target, we’re aligning our services and accountability with what matters most—real decarbonization in the built environment,” said Francisco.
Learn more about sustainability at Cushman & Wakefield and read the firm’s recently published 2024 Sustainability Report.