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The company has set targets for reducing directly managed greenhouse gas emissions from its operating portfolio (scope 1 and 2) by 27.5 percent by 2025 from a 2016 baseline, along with a 33 percent reduction in emissions from sources such as tenant and resident spaces and construction activity (scope 3).
"Our laser-focus on strategic execution and the exceptional performance of our portfolio enables us to set these forward-thinking targets, which are grounded in the best climate science available and align with the goals of our core markets to reduce greenhouse gas emissions in their cities," said
Forest City joins some of the country's best-known brands as the 25th U.S.-based company to have a target approved by the SBTi, an organization that independently assesses and approves companies' targets. The goal is to ensure that targets are in line with the level of decarbonization required to keep global temperature increase below two degrees Celsius, compared to pre-industrial temperatures, a central aim of the Paris Agreement. SBTi is a collaboration between CDP (formerly the
In its industry, Forest City is the fourth real estate company worldwide and the second U.S. REIT to set a science-based target. In addition, Forest City is the first U.S. real estate company to set a science-based target for scope 3 emissions.
With a strong sustainability and operations platform already in place, Forest City expects to achieve its targets by continuing to focus on key drivers of reduced emissions, including:
- Completing energy efficiency projects within the portfolio
- Developing LEED-certified, high-performance buildings
- Monitoring construction-related emissions and exploring ways to reduce them
- Transitioning the portfolio to more efficient assets that use less energy per square foot
- Assessing opportunities to incorporate renewable energy into the portfolio
In addition to this significant achievement, Forest City was recently named a 2018 ENERGY STAR Partner of the Year for energy management and will be publishing its 6th annual corporate responsibility report in
About Forest City
About Science Based Targets initiative
The Science Based Targets initiative champions science-based target setting as a powerful way of boosting companies' competitive advantage in the transition to the low-carbon economy. The initiative defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies' targets. It is a partnership between CDP, WRI, WWF and the UN Global Compact, and one of the We Mean Business coalition commitments.
Safe Harbor Language
Statements made in this news release that state the company's or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. The company's actual results could differ materially from those expressed or implied in such forward-looking statements due to various risks, uncertainties and other factors. Risks and factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to future growth and expansion initiatives, legislative, administrative, regulatory or other actions affecting REITs, general real estate investment and development risks, litigation risks, risks associated with developing and managing properties in partnership with others, the impact of terrorist acts and other armed conflicts, environmental liabilities, the ability to recruit and retain key personnel, compliance with governmental regulations, shareholder activism efforts, as well as other risks listed from time to time in the company's
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At the Company: Jill Ziegler, Director - Sustainability and Corporate Responsibility, 216-592-1310; Jeff Linton, Senior Vice President - Corporate Communication, 216-416-3558