CBRE Group — full event log

Since January 2025, CBRE has operated through four global business segments: Advisory Services, Building Operations & Experience, Project Management and Real Estate Investments (previously three segments).

sustainability_report p.4

CBRE committed to Net Zero GHG emissions across value chain by 2040, with near-term 2030 targets: 50% absolute Scope 1+2 reduction and 55% Scope 3.11 intensity reduction per square foot, from 2019 baseline. Validated by SBTi.

sustainability_report p.20

In 2025, transitioned to a new data technology platform used to calculate supply chain emissions (Scopes 3.1, 3.2 and 3.4) with different emission factors. Adjusted reported emissions across all years for year-over-year comparability.

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In November 2025, CBRE acquired Pearce Services, LLC, a leading provider of advanced technical services for critical infrastructure. Data integration over next 18-24 months.

sustainability_report p.6

In 2025, established Building Operations & Experience (BOE) segment and merged CBRE project management into Turner & Townsend, establishing Project Management as a separate business segment.

sustainability_report p.8

Workplace2.0 strategy has avoided 1.9M sq.ft. of additional office space since 2013, with 155 Workplace2.0 offices and 15 more in development. Energy use intensity (EUI) in offices reduced nearly 20% since 2019 (from 15.39 to 12.33 kWh/sq.ft.). Energy submeters required for all new leases/renovations >10,000 sq.ft.; LED lighting, high-efficiency HVAC, ENERGY STAR fixtures embedded in fit-out standards.

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In 2025, CBRE achieved its target of procuring renewable electricity to cover 100% of electricity used across all corporate offices and EV fleet, contributing to a 44% reduction in Scope 1+2 since 2019.

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Scope 1, 2 and select Scope 3 emissions verified at limited assurance level by Apex Companies, LLC; verification provided every year since 2016.

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Climate Transition Strategy expanded to incorporate Turner & Townsend in 2025 (majority-owned subsidiary since November 2021).

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Investment in carbon removals is not part of CBRE's near-term mitigation strategy. CBRE recognizes the role of carbon offsets and voluntary market instruments to catalyze removal/sequestration for 1.5°C alignment, but procurement of offsets is limited to select geographies. GHG reductions from offsets are NOT reflected in emissions inventory or reported toward near-term SBTi targets. In 2025, carbon offsets purchased = 0 tCO2e.

sustainability_report p.27

Carbon Trace supplier decarbonization program provides suppliers with a platform to calculate emissions from high-emission activities, addressing supply chain Scope 3 (largest upstream category). Over 2022-2025, cumulatively engaged 7,200+ suppliers responsible for 56% of annual global supply chain emissions. Leadership roles in Sustainable Procurement Pledge and We Mean Business Coalition's Supplier Cascade initiative.

sustainability_report p.39

Buildings managed for clients represent 88% of downstream Scope 3 emissions and ~57% of total. Target: 55% reduction in emissions intensity per sq.ft. by 2030 from 2019 baseline; achieved -34% by 2025. In 2025, identified 1,680+ energy efficiency/decarbonization projects saving $76M and 352,000 tCO2e; clients executed 70% of those, reducing 251,000 tCO2e and $30M in costs. Property Management benchmarked 1,055 buildings via ENERGY STAR (229M sq.ft.).

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Trammell Crow Company has $30B pipeline; majority of TCC emissions are embodied carbon. Since 2024, enrolled 13 projects in embodied carbon measurement program. Focus on concrete: created TCC Lower Carbon Concrete Implementation Guide in 2025, exploring SCMs (supplemental cementitious materials). Participates in U.S. Partnership for Embodied Emissions Reduction (PEER), Sustainable Steel Buyers Platform.

sustainability_report p.45

Business travel (32,982 tCO2e in 2025) and employee commuting (184,751 tCO2e, +57% since 2022) are non-trivial Scope 3 categories. Employee commute up significantly with return-to-office trends. Captured in upstream Scope 3 reporting; reductions tied to fleet electrification and Workplace2.0 site selection prioritizing public transit and EV charging access.

sustainability_report p.23

CBRE manages ~10,000 vehicles globally for client services. Committed in 2020 to 100% EV fleet by 2035. In 2025, expanded to 1,300+ EVs (~13% of fleet). U.S. team leveraged telematics to displace ~1,200 tCO2 annually with 14% better fuel/energy efficiency than category average. U.K. team curated EV catalog and home charging program.

sustainability_report p.38

In 2025, CBRE procured renewable electricity to cover 100% of electricity used in corporate operations across 600+ offices and EV fleet. Approach guided by Global Procurement Standards for Renewable Energy, aligned with RE100 and GHG Protocol Scope 2 Guidance. Highly dependent on Energy Attribute Certificates (EACs) including RECs, REGOs and I-RECs, since CBRE doesn't directly contract with utilities in most leased offices. Also facilitated 1.6+ GW in client renewable energy transactions including VPPAs, community solar, on-site solar and BESS.

sustainability_report p.37

As part of SBTi target validation in 2024, CBRE refined the boundary for Scope 3.11 Use of Sold Products to require three conditions: CBRE serves as property/facilities manager; has access to energy use data; and has a contract including energy management and decarbonization services. This resulted in a notable decrease in influenceable AUM and emissions after adjusting for year-over-year comparability.

sustainability_report p.106

CBRE targets 100% renewable electricity for corporate operations by end of 2025 through a combination of tactics: Energy Attribute Certificates (REGOs, GOs) in UK and Europe; Green-e certified RECs for all US and Canada offices; a multi-year contract with Red Energy for Australia; and VPPAs such as the wind VPPA in Australia. As of 2024, CBRE purchased renewable energy covering ~57% of electricity use (50,565 MWh), more than double the prior year, securing renewables for 260+ offices (~60% of occupied space by sq ft). In 2023, CBRE also acquired NRG Energy's renewable advisory group to enhance client renewable energy transaction brokerage capabilities.

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CBRE's largest emission category is Scope 3.11 UoSP - in-use operational energy emissions of buildings managed for clients under Facilities and Property Management contracts. Since 2019, GHG emissions intensity per sq ft in managed buildings decreased 26% and absolute emissions decreased 30%. In 2024, CBRE's FM teams proposed 1,838 energy efficiency and decarbonisation projects for enterprise clients, executing projects that reduced ~461,000 metric tons CO2e and generating $30M in client cost savings. Services include building electrification, smart building integration, efficiency-as-a-service (Redaptive partnership), renewable energy solutions (on- and off-site), and net zero program management. The SBTi-validated intensity target is 55% reduction per sq ft by 2030 vs 2019.

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In 2024, CBRE updated the methodology for Scope 3 Category 15 to incorporate IEA emission factors; use GRESB, PCAF, and ENERGY STAR benchmarks for assets without full data coverage; align with financial control of assets by incorporating percent ownership; and incorporate Scope 3 emissions from indirect private real estate investments. Changes applied to all years back to 2019.

sustainability_report p.108

CBRE's near-term strategy does not include material investment in carbon removals; however, the company recognises the role of carbon offsets and voluntary market instruments. In 2024, CBRE retired 6,849 tCO2e across four projects in Australia and Papua New Guinea (REDD+, Human-Induced Regeneration, Savannah Fire Management, and Gold Standard cookstoves), limited to select geographies aligned with local programs. For achieving Net Zero by 2040, CBRE intends to neutralise residual emissions with permanent carbon removals and plans to purchase and cancel carbon credits for neutralisation at the end of the target period.

sustainability_report p.262

CBRE restated all GHG inventory years back to 2019 base year to reflect: (1) integration of Turner & Townsend, (2) new data technology platform, (3) refined energy estimation models, (4) scaled supplier engagement with more primary data, (5) refined Cat 11 boundary, and (6) updated Cat 15 methodology. Significance threshold is 5% but management may adjust below that.

sustainability_report p.97

CBRE announced SBTi-validated (Corporate Net Zero Standard, Criteria v5.2) near-term targets: (1) 50% absolute reduction in Scope 1+2 by 2030 vs 2019 baseline; (2) 55% intensity reduction in Scope 3.11 UoSP per sq ft by 2030 vs 2019. Net Zero target across all scopes by 2040. These replace 2035 targets previously validated by SBTi in 2020. 1.5°C aligned.

sustainability_report p.244

The Fund completed over 350 decarbonisation audits to date across the portfolio and completed a zero emission road map for the Fund based on received decarbonisation audits. The roadmap includes a comprehensive capex programme of approximately EUR 187 million until 2041. Sustainability Action Plans (SAPs) are used to streamline budgeting of climate transition measures at the asset level.

sustainability_report p.32

In 2024, CBRE analyzed 459 supplier-specific emissions intensity factors, 167 of which passed rigorous data quality checks and were integrated into the Cat 1 emissions calculation, up from 59 the prior year. These represent 1.4 billion (4%) of procurement spend and 283,617 tCO2e (5.5%) of supply chain emissions. More primary data increases accuracy but may not reflect actual GHG changes.

sustainability_report p.101

CBRE's Net Zero by 2040 target and near-term 2030 targets (Abs1, Int1) were validated and approved by the Science Based Targets initiative conforming to SBTi Corporate Net Zero Standard Criteria version 5.2. Official validation letters attached.

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In Q4 2024, CBRE acquired NRG Energy's renewable advisory group, expanding capabilities to advise and broker renewable energy transactions for clients. This is part of the strategy to capitalize on increasing client demand for decarbonization planning.

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CBRE has adopted a whole-building approach for its occupied corporate office portfolio (630+ offices globally). Between 2019 and 2024, electricity use in offices decreased ~11.5% while absolute Scope 1+2 emissions fell 31%. The company implements energy efficiency requirements in corporate fit-out standards and requires all new or renovated offices >10,000 sq ft to earn a sustainability certification (LEED, BREEAM, Gold Star). A new data technology platform was implemented in 2024 to improve energy estimation for offices where actual data is unavailable.

sustainability_report p.76

CBRE manages a global fleet of cars, trucks and vans to service buildings under management. The company committed to transitioning 100% of fleet to EVs by end of 2035. In 2024, 377 EVs were added, increasing the total to 880+ globally (8.8% of fleet). Regional policies and business segment playbooks drive EV adoption; between 2019 and 2024, fleet emissions decreased 24% primarily due to improved fuel efficiency and growing EV share. Each new EV saves an estimated 165 tCO2e annually vs ICE equivalent. EVs are assigned to client accounts so clients can realise reduced Scope 3 supply chain emissions.

sustainability_report p.259

CBRE has 124,000+ Tier 1 suppliers contributing Scope 3.1 purchased goods and services emissions of $31.4B in spend. The company uses a hybrid spend-based/supplier-specific methodology informed by Exiobase factors plus primary data from suppliers. In 2024, CBRE engaged 3,300+ material suppliers (43% of global supply chain emissions) through its Carbon Trace platform, which uses AI/ML to help suppliers calculate company-wide emissions. The number of supplier-specific emissions intensity factors integrated grew from 59 to 167 in 2024. CBRE plans to scale to 7,500 material suppliers cumulatively by 2025 and is developing category-specific decarbonisation strategies.

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Business travel (Scope 3.6) accounts for 36,060 tCO2e in 2024, up from the COVID-suppressed levels of 2020-2021 but tracked carefully. Emissions include air and ground transportation and hotel stays, calculated using US EPA and UK DEFRA factors inclusive of well-to-tank emissions. CBRE provides data via its verified GHG allocation methodology to clients so they can incorporate CBRE service-related emissions into their own inventories rather than relying on spend-based estimates.

sustainability_report p.119

The Fund targets 100% of new commercial lease agreements to include green lease clauses. Tenant energy consumption (ENV2) represented 171.6M kWh in 2023, the dominant energy category. The Fund engages tenants through satisfaction surveys and social events, and uses the CBRE IM Asset Management ESG Toolkit to analyse energy and GHG performance of each asset against relevant GRESB and CRREM benchmarks.

sustainability_report p.33

The Fund uses sustainability-linked debt financing to incentivise ESG performance. The Sustainable RCF of EUR 750 million has a variable margin based on three Sustainable KPIs. Three Green Bonds have been issued (EUR 500M in 2021, EUR 500M in 2021, EUR 750M in 2024) with proceeds fully allocated to Eligible Green Projects. CBRE IM EMEA has access to over EUR 5 billion of sustainability-linked financing across its European business.

sustainability_report p.27

The Fund screens for physical climate risk using Moody's ESG solutions (transitioning to Climate X) and uses CRREM analyses for transition risk. A pilot EU taxonomy-compliant climate adaptation assessment was conducted with Sweco for Netherlands and Germany properties. Analysis of both physical and transition risk is part of business-as-usual investment decision making and due diligence. ESG criteria are assessed during acquisition screening using the ESG Acquisition Toolkit.

sustainability_report p.32

CBRE Global updated its Climate Transition Strategy in 2024 with SBTi-validated targets including net-zero by 2040, 50% absolute reduction in scope 1 and 2 by 2030, and 55% reduction in carbon intensity per sqm of managed properties by 2030.

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Environmental Management System (EMS) certified in 2024 at the Barcelona office (previously only Madrid since 2013).

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ISO 45001 Health & Safety management system recertified covering Madrid, Barcelona, Valencia and Palma de Mallorca offices for a further three years.

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Turner & Townsend has been a majority-owned subsidiary of CBRE since November 2021. In 2024, CBRE completed a technology project enabling full integration of Turner & Townsend data into the global GHG inventory for all relevant reporting years. Turner & Townsend will no longer submit a separate CDP disclosure. All prior years restated back to 2019 baseline.

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In 2024, CBRE embarked on a new equality plan for 2024-2027, continuing the reshuffle of the Diversity, Equality and Inclusion Committee initiated in 2023.

sustainability_report p.68

Since 2022 — three years ahead of schedule — all CBRE Spain offices have run on 100% renewable energy purchased from a green supplier, eliminating scope 2 emissions. Total renewable electricity consumption across Madrid, Barcelona, Valencia, Malaga, Bilbao and Palma de Mallorca was 529,174 kWh in 2024. The Seville office remains on the landlord's supply contract and is not yet 100% renewable.

sustainability_report p.40

Company policy prohibits air travel if less carbon-intensive alternatives are available within a maximum journey time of three hours (e.g. AVE high-speed rail is preferred over flying). Virtual meetings are encouraged where possible and air travel requires line manager approval. Business travel emissions totalled 321.89 tCO2e in 2024.

sustainability_report p.41

CBRE is progressively electrifying its vehicle fleet, with the strategic goal for 2025 of fully electrifying the vehicle fleet (all hybrid or electric). The rental vehicle fleet emissions dropped sharply from 21 tCO2e in 2023 to 5.29 tCO2e in 2024.

sustainability_report p.39

CBRE's Madrid offices achieved LEED Platinum in 2013 and Barcelona offices in 2017; both renewals are underway in 2024. Madrid (2017) and Barcelona (2019) hold WELL certification. Air conditioning settings were reviewed and offices in Madrid and Barcelona shut down during Easter, August, Christmas and other holidays to avoid energy waste.

sustainability_report p.33

Approximately 90% of CBRE's global carbon footprint is attributable to property management services. The interim 2030 target includes a 55% reduction in carbon intensity per sqm of properties managed on behalf of clients. CBRE works closely with clients on resource efficiency, renewable energy, electrification and decarbonising the supply chain.

sustainability_report p.39

Through a global network of 1,000+ ESG consultants, CBRE delivers decarbonisation roadmaps, CRREM obsolescence analysis, energy audits/simulations, SBTi target setting, climate risk analysis, taxonomy alignment, GRESB support and LEED/WELL/BREEAM certification advisory — supporting clients in transitioning their assets toward net zero.

sustainability_report p.42

Fund acquired Halske A,D,E residential assets in Germany for EUR 78 million in March 2024 at a yield of 3.5%.

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Fund acquired Pinto Distribution Centre logistics asset in Spain for EUR 110 million in July 2024. Newly built high-quality sustainable warehouse with EPC A and LEED Gold certification.

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Fund completed acquisition of Halske C,F,G residential extensions in Germany for EUR 186 million in November 2024, completing the Vonovia residential deal.

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Fund disposed of Karl Johans Gate hotel asset in Norway for EUR 86 million (NOK 1,011M) in April 2024. Original acquisition March 2017.

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Fund disposed of Atlantic House office asset in the UK for GBP 179M (EUR 215M) in October 2024, contributing to reduction in office allocation from 24% to 18.8%.

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Fund issued its third Green Bond with nominal value EUR 750 million, tenor of 10 years, coupon rate 4.75%, maturing March 2034. Proceeds used to finance final phase of first Vonovia residential deal and repay RCF.

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The Fund references CBRE IM's firm-wide net zero target by 2050 or sooner, with the Fund working to improve energy and GHG performance of assets under management.

sustainability_report p.39

Fund obtained 71% green building certification coverage for the operational portfolio by AUM. 46% of the portfolio has BREEAM Very Good or above. Lognes Distribution Centre obtained BREEAM New Construction Excellent and BBCA certificate.

sustainability_report p.32

CBRE IM continued to expand Project Helios, a global rooftop solar initiative with over 100 MW in various stages of execution from RFP to completion. The Fund also procures off-site renewable energy: in 2023, ENV11 shows 57.7M kWh generated off-site and purchased by landlord. A framework for implementing sub-metering has been established to improve energy data quality.

sustainability_report p.27

The Fund monitors exposure to energy-inefficient assets (56% in 2024 vs 55% in 2023 by AUM) and targets improvement through refurbishment. Building certifications and EPC ratings are reviewed as part of Sustainability Action Planning, with CRREM analyses used to assess transition risk at asset and portfolio level. Green lease clauses are targeted for 100% of new commercial lease agreements.

sustainability_report p.31

Energy use in buildings managed for clients represents 97% of CBRE's downstream Scope 3 emissions (~25 Mt CO2e in 2023). CBRE's Global Workplace Solutions and Advisory Services segments proposed 2,600+ energy efficiency and decarbonisation projects in 2023, executing projects that reduced ~550,000 tCO2e and delivered >$107M in client cost savings. CBRE's approach encompasses three pillars: strategic blueprint, resource optimisation, and decarbonisation at scale, underpinned by data platforms (Deepki, Emitwise) and strategic partnerships (Altus Power for renewable energy, Redaptive for EaaS financing). GHG emissions per sqft for occupier clients decreased 5% YoY and 8% since 2019; for owner/landlord clients decreased 5% YoY and 7% since 2019, tracking the SBTi intensity targets.

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CBRE aims to procure 100% renewable electricity for corporate operations by end of 2025, a strategic initiative critical to achieving its SBTi-validated 68% Scope 1&2 reduction target by 2035. In 2023, CBRE directly purchased 27% of electricity from renewable sources (up 11pp from 2022), using mechanisms including US-RECs (primarily wind & solar), REGOs (UK), Guarantees of Origin (Europe: Finland, France, Germany, Netherlands, Poland, Spain, Sweden, Switzerland), and retail green electricity contracts. Electricity emissions account for ~29% of Scope 1 and 2 emissions, making renewable procurement a critical decarbonization pathway. CBRE procures EACs across 11+ countries and plans to scale to 100% by 2025 through a combination of locally available sourcing options and scalable solutions.

sustainability_report p.229

CBRE enhanced GHG accounting to adopt a hybrid calculation method for Cat 1 Purchased Goods & Services incorporating Exiobase spend-/activity-based factors and supplier-specific emissions intensity factors via primary data. Change reduced Cat 1 estimate by ~one-third vs. prior WIOD methodology. Baselines 2019-2022 restated.

sustainability_report p.88

CBRE enhanced Cat 7 Employee Commuting accounting to include well-to-tank GHG emissions. Baseline adjustments made to years 2019-2022 to reflect this change.

sustainability_report p.95

Following a technical review by a third party, CBRE made improvements to the extrapolation model used to estimate energy use and GHG emissions in managed properties. Also enhanced model for estimating energy use in corporate offices where data is not available. Baselines recalculated.

sustainability_report p.88

Due to methodology improvements in supply chain emissions, employee commuting WTT, and managed buildings energy extrapolation, CBRE recalculated base year (2019) and past years' emissions for Scopes 1, 2 location-based, 2 market-based and 3. Significance threshold is 5% change, though sub-threshold changes may also be made at management discretion.

sustainability_report p.89

CBRE in Australia maintained Climate Active certification, retiring 433 tCO2e (Great Barrier Reef revegetation, vintage 2019, Australian ERF) and 3,893 tCO2e (Katingan Mentaya peatland, vintage 2017, VCS) totaling 4,326 tCO2e for voluntary offsetting.

sustainability_report p.242

CBRE's Net Zero by 2040 target explicitly intends to neutralize residual emissions with permanent carbon removals at the end of the target period, and plans to purchase and cancel carbon credits for neutralization. CBRE has identified development of a long-term carbon offset strategy as a strategic objective in its Net Zero Strategy for Corporate Operations, anticipating completion within 18-24 months. Currently, CBRE Australia uses project-based offsets for voluntary purposes under Climate Active certification (retired 4,326 tCO2e in 2023 including revegetation/peatland protection projects). CBRE does not yet employ a systematic global removals strategy but has committed to seeking SBTi net zero validation within two years.

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CBRE continuously improves energy efficiency across nearly 500 corporate offices globally through the Buildings Pathway of its Net Zero Strategy. Key initiatives include sustainable office site development, high-efficiency fitouts via the Workplace 360 programme (128 offices, 57% of global occupied space), and requiring LEED/BREEAM/Gold Star certification for all new/renovated offices >10,000 sq ft. Space consolidation and efficiency improvements drove a 33% market-based Scope 2 electricity reduction in 2023 vs. 2022 and a 16% reduction in purchased heating. Only 36% of floor area is directly metered; improving electricity data coverage to >36% of occupied space is a near-term target.

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CBRE manages a global fleet of cars, trucks and vans for facilities management services and has committed to transitioning 100% to EVs by 2035. By end of 2023, over 500 EVs were deployed globally (6% of fleet), with 370 actively deployed in the US saving 162 tCO2e vs. ICE vehicles. CBRE implements regional policies and business segment playbooks for EV adoption, expanding EV offerings and exploring vehicle fit-out options. Investment of ~$2.7M in US EV lease payments annually with estimated cost savings after year one. Fleet electrification is a primary Scope 1 lever given that vehicle fuel accounts for 55,225 out of 55,877 tCO2e Scope 1.

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CBRE's Procurement Pathway targets engagement with 7,500 material suppliers (those contributing to 90% of supply chain emissions, ~$32B spend) by 2025. In 2023, CBRE launched 'Carbon Trace' in partnership with Emitwise, enabling AI-driven company-wide carbon footprint calculations for suppliers. CBRE engaged 1,000 material suppliers in 2023, received 323 complete responses, and integrated 59 supplier-specific emissions intensity factors into its inventory. The hybrid Exiobase + primary data methodology reduced Cat 1 estimates by ~one-third. CBRE uses EcoVadis to score supplier sustainability maturity and targets 3,000 cumulative supplier engagements by 2024.

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CBRE's Transport Pathway includes minimising the carbon impact of business travel and developing a progressive sustainable business travel strategy with a global minimum standard. Business travel emissions were 25,975 tCO2e in 2023 (up from 19,724 in 2022 as post-COVID travel resumed), calculated using US EPA and UK DEFRA emission factor sets across air, ground, and hotel stays. CBRE aims to embed sustainable travel standards into policies and encourage lower-carbon transport options. Business travel is a key upstream Scope 3 category for this asset-light professional services firm.

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In early 2023, CBRE hired its first Chief Sustainability Officer with oversight for client sustainability solutions and corporate sustainability strategy, reporting to COO.

sustainability_report p.23

Dominant scope 3 source (~61M tCO2e in 2022). CBRE provides energy/sustainability services to ~35,000 buildings under management generating $420M+ revenue. 2,800+ energy efficiency projects identified in 2022 = 300K tCO2e potential reduction; 261K tCO2e and $72M savings executed. Since 2017, helped clients reduce 1.9M tCO2e. Partnerships with Altus Power (solar), Redaptive (EaaS, $165M funded for 777 projects), and Deepki (data intelligence at 2,000+ buildings).

sustainability_report p.53

CBRE committed to transitioning 100% of its global fleet of cars, trucks and vans to electric vehicles by end of 2035. Base year 2021 EV share was 0%. As of 2024, 8.8% of fleet (880+ EVs globally) achieved. Linked to near-term Scope 1 and 2 SBT.

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CBRE committed to transitioning 100% of global vehicle fleet to EVs by end of 2035. In 2023, over 500 EVs globally representing 6% of fleet; 370 US-deployed EVs saved 162 tCO2e. Target is company-wide Low2 target aligned to SBTi.

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Since 2022, all CBRE Spain offices have run on 100% renewable energy purchased from a green supplier, eliminating scope 2 emissions.

sustainability_report p.40

CBRE manages a global fleet of cars, trucks, and vans. Transitioning 100% to EVs by end of 2035 is a core Scope 1 reduction lever. By end of 2022, approximately 107 EVs were actively deployed, saving an estimated 15 tCO2e vs ICE vehicles. Steps include: integrating 130+ EVs into US fleet, developing a global fleet inventory/dashboard, identifying preferred EV vendors, and deploying charging infrastructure. Average cost premium per vehicle lifetime estimated at $17,000; total 2022 investment ~$1.8M.

sustainability_report p.31

CBRE published its formal Net Zero Strategy for Corporate Operations in December 2022, organized around four pathways: buildings, transport, energy, and procurement. Strategy includes fleet electrification (100% EV by 2035), 100% renewable electricity by 2025, and supplier engagement programme.

sustainability_report p.18

CBRE recalculated Scope 1, Scope 2 location-based, Scope 2 market-based, and Scope 3 for data years 2019–2021 to reflect expanded boundary (full occupied electricity) and Intego acquisition. Policy: >5% threshold triggers restatement, but management discretion used for smaller changes.

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CBRE's Net Zero Strategy Buildings pathway targets continuous energy efficiency improvements and portfolio consolidation across ~500 corporate offices globally. Since 2019, Scope 1+2 emissions fell 16%. CBRE requires all new/renovated offices >10,000 sqft to earn a sustainability certification (LEED, BREEAM, or Gold Star). The Workplace360 programme now covers 115 offices (58% of occupied space), avoiding ~1 million sqft of footprint through flexible design with efficient lighting, automated controls, and recycled materials.

sustainability_report p.18

CBRE's $32B procurement spend with ~130,000 suppliers represents Scope 3 Cat 1 of ~10 billion tCO2e. The Procurement pathway of the Net Zero Strategy uses EcoVadis assessments to score suppliers; ~600 suppliers assessed in 2022, ~$5B (16%) of spend rated Bronze or above. CBRE transitioned to a WIOD-based supply chain dashboard in 2022 to enhance Scope 3 tracking. Strategic objectives include building primary GHG data capability, prioritising high-impact supplier engagement, and integrating net zero into procurement standards.

sustainability_report p.17

CBRE rebaselined 2019–2022 emissions to include full electricity usage of occupied footprint (shared building services to tenant areas as Scope 2) and landlord shared services electricity in common areas as Scope 3 Cat 8. Scope 3 Cat 1 now also includes activity conducted on behalf of clients. Recalculations applied across all affected years.

sustainability_report p.34

Third-party limited assurance (ISO 14064-3) completed annually covering 100% of Scope 1, Scope 2 location-based, and Scope 3 categories: purchased goods & services, fuel & energy, business travel, and employee commuting. Verification statement attached.

sustainability_report p.71

CBRE has identified development of a long-term carbon offset strategy to address residual emissions as a strategic objective, expected to be completed within 18–24 months of 2022 disclosure. In the interim, CBRE voluntarily retired 2,391 tCO2e of offsets in 2022 across three project types: CDM wind (India, 1,865 tCO2e), Australian native vegetation reforestation (287 tCO2e), and REDD+ agroforestry across South America, Oceania, and Africa (239 tCO2e). The firm intends to neutralise unabated emissions with permanent carbon removals at the 2040 net-zero target year.

sustainability_report p.73

Business travel is a tracked Scope 3 Category 6 emission (19,724 tCO2e in 2022, up from 14,544 in 2021 as travel rebounded post-COVID). CBRE's Net Zero Strategy Transport pathway includes developing a progressive sustainable business travel strategy and embedding a global minimum standard into policies. Emissions are calculated using US EPA and UK DEFRA factors covering air and ground transport and hotel stays.

sustainability_report p.18

Expanded boundary to include procurement activities performed on behalf of clients within Scope 3 Category 1. Transitioned to industry-leading supply chain dashboard built on the World Input-Output Database (WIOD). Baseline adjustments made to 2019-2021.

sustainability_report p.28

Enhanced model used to estimate energy use across managed properties for clients. Built on EUI specific to space type, extrapolated using weighted average. Retroactively applied for 2020 and 2021.

sustainability_report p.28

Accounting for emissions associated with hotel stays represents an expansion of reporting boundary; prior years also estimated for comparability.

sustainability_report p.28

In March 2022, CBRE announced decision to discontinue most business in Russia in response to invasion of Ukraine. Exited Moscow Advisory Services office and terminated two affiliate relationships.

sustainability_report p.122

100% vehicle fleet electrification by end of 2035 is a key SBTi-aligned commitment. Integrated 130+ EVs into US fleet, developed global fleet inventory dashboard, identified preferred EV/charging infrastructure vendors. Member of Corporate Electric Vehicle Alliance (CEVA) led by Ceres. Expected to nearly double CBRE's electricity demand by 2035.

sustainability_report p.42

CBRE targets 100% renewable energy for corporate operations by end of 2025. As of 2022, 18% of electricity directly purchased from renewable sources—an 11% increase vs 2021. Approaches include REGO-backed renewable tariffs in Europe (28,740 GJ / 7,983 MWh), Green-e certified RECs and offsets for 15 Workplace360 offices via five-year agreements (26,367 GJ / 7,324 MWh), and an Australia agreement with Red Energy/Snowy Hydro hydropower (1,807 GJ / 502 MWh). Member of Clean Energy Buyers Association (CEBA).

sustainability_report p.44

Previously reported only tenant plug and process loads; now includes shared building services (centralized HVAC) distributed to tenant areas. Baseline adjustments made to 2019-2021.

sustainability_report p.27

Baseline adjustment made to 2019-2021 figures to account for the acquisition of Intego in 2021, affecting Scope 1, Scope 2, and Scope 3 Categories 6, 7, and 8.

sustainability_report p.24

CBRE received ISO 27701 certification, first commercial real estate company to achieve this standard.

sustainability_report p.101

CBRE's Net Zero Strategy includes a strategic objective to develop a carbon offset strategy with a global corporate standard and consistent reporting. In the interim, Australia operations retired nearly 2,400 MT CO2e from verified projects in Australia, India and Peru to earn carbon neutral certification. No durable removals (DAC/BECCS) disclosed.

sustainability_report p.49

Strategic objective to minimize carbon impact of business travel and develop progressive sustainable business travel strategy with global minimum standard embedded into policies. Business travel emissions down 54% vs 2019 (partly pandemic-driven). Aviation tech evolution acknowledged as outside CBRE control.

sustainability_report p.41

TCC has $30B in-process portfolio/pipeline. Piloting low-carbon concrete (lower-carbon cement, alternate aggregates, SCMs), investing in green steel consortium, building with mass timber (>1M sq ft mass timber projects in US). Five new sustainability initiatives including Altus Power solar on 30M sq ft of industrial assets and embodied carbon measurement across portfolio.

sustainability_report p.47

500+ offices globally, all leased. Workplace360 strategy has avoided ~1M sq ft of office footprint since 2013. 115 Workplace360 offices = 58% of global occupied space, with 15 more in development. Green lease clauses, submeters required for new offices >10,000 sq ft, alignment with LEED/BREEAM/WELL/Fitwel for any refurb/fit-out >10,000 sq ft.

sustainability_report p.34

~130,000 suppliers globally, $32.5B procurement. Engaging suppliers via SaaS solution to calculate high-emission activities and provide primary emissions data. EcoVadis used to assess sustainability; 490 suppliers earned Bronze+. Spent ~$5B with sustainable suppliers in 2022 (+47% YoY). Joined Sustainable Procurement Pledge as Champion. Awarded EcoVadis Platinum (top 1%).

sustainability_report p.45

Use of sold products (Scope 3 Cat 11) at 61 million tCO2e dominates CBRE's inventory, covering 7 billion sqft managed for occupier and landlord clients. CBRE's GWS segment proposed 2,800+ energy efficiency and decarbonisation projects in 2022, executing 261,000 tCO2e of reductions and saving clients ~$72M. Services include smart buildings integration, EaaS (Efficiency as a Service via Redaptive), HVAC upgrades, BMS controls, on-site solar, and certification programmes. Progress measured against SBTi intensity targets of 79% per sqft (occupiers) and 67% per sqft (landlords) by 2035.

sustainability_report p.31

CBRE has committed to purchasing 100% renewable electricity for corporate operations by end of 2025. As of 2022, 17.7% of electricity was sourced renewably (up from ~7% in 2021), procured through Renewable Energy Guarantees of Origin (REGOs) in the UK, Renewable Energy Certificates (RECs) in the US, Green Tariffs, and virtual PPA agreements (e.g. Australia hydro VPPA). RECs are applied to tenant plug and process loads in leased spaces. CBRE also partners with Altus Power to install rooftop solar across Trammell Crow Company and CBRE Investment Management portfolios where feasible, and is a strategic partner in a 300 MW industrial solar pipeline.

sustainability_report p.29

CBRE set a target to procure 100% renewable electricity for all corporate operations by end of 2025. Base year 2019 renewable share was 7.8%. As of 2024, 54.6% achieved, covering ~260 offices (~60% of occupied space). Mechanisms include REGOs, GOs, RECs, and VPPAs.

sustainability_report p.254

Annual third-party limited assurance under ISO 14064-3 for 100% of reported Scope 1, Scope 2 (both location- and market-based), and Scope 3 categories: purchased goods, fuel & energy activities, business travel, and employee commuting.

sustainability_report p.46

In 2021, CBRE announced commitment to achieve net zero carbon emissions by 2040 with 2035 interim milestones approved by SBTi: 68% absolute reduction Scope 1+2, 79% intensity reduction for occupier-managed buildings, 67% intensity reduction for landlord-managed buildings. Also 100% renewable energy by end of 2025 and 100% fleet electrification by end of 2035.

sustainability_report p.22

CBRE's dominant Scope 3 category is Cat 11 (use of sold products — managed buildings), representing 88.4 MtCO2e in 2021. CBRE implemented over 3,200 energy efficiency and decarbonisation projects for GWS enterprise clients in 2021, saving 272,000 tCO2e. The firm uses ENERGY STAR Portfolio Manager, NABERS benchmarks, and direct energy tracking to calculate and reduce building emissions across 1.81 billion sq ft managed globally. Two SBTi-validated intensity targets (Int1 and Int2) drive reductions by space use type.

sustainability_report p.26

CBRE's Environmental Sustainability Policy gives preference to certified green buildings (LEED, BREEAM, WELL, Fitwel) for its leased corporate facilities, and pursues interior design/construction certification for offices >10,000 sq ft during relocation or refurbishment. By end of 2021, ~53% of global occupied space had green building certification, directly reducing office energy use and Scope 2 emissions.

sustainability_report p.11

In 2021, CBRE's Scope 1 emissions fell 23% from 2020 primarily due to decreased fleet vehicle fuel consumption and mileage reported. Total oil (gasoline, diesel, LPG) consumption was 194,753.77 MWh, and natural gas for facility heating was 39,774.25 MWh. Monitoring and managing fleet usage is a direct operational lever for Scope 1 reduction.

sustainability_report p.13

CBRE has committed to consuming 100% renewable electricity in its operations by 2025 (from a 10.8% base in 2019), aligned with its SBTi Scope 1+2 target. As of 2021, 14.5% of electricity was sourced from renewables — a 32% increase from 2020 — primarily through US wind-backed RECs (5,826.63 MWh) and REGO-backed tariffs for European and US offices. CBRE acknowledges the role of RECs and carbon offsets in catalysing renewable energy development and has purchased carbon offsets (landfill gas, 618.7 tCO2e) for Workplace360 LEED offices.

sustainability_report p.16

CBRE finalised acquisition of Intego A/S (850+ employees, 16 locations) into Global Workplace Solutions Denmark. Baseline adjustments made to 2019–2021 Scope 1, Scope 2, and Scope 3 Categories 6, 7, and 8 to account for Intego operations.

sustainability_report p.34

In 2021 CBRE committed to achieve net zero carbon emissions by 2040 covering corporate operations, properties managed for investors and occupiers, and supply chain. Aligned with The Climate Pledge (net zero 10 years ahead of Paris Agreement). SBTi validation sought within 2 years.

sustainability_report p.30

CBRE set a target to purchase 100% renewable electricity for corporate operations by end of 2025, as a strategic initiative supporting the SBTi and net zero goal. Base year 2019: 4.5% renewable. In 2023, 27% achieved (up from 16% in 2022).

sustainability_report p.227

CBRE announced commitment to achieve net zero carbon emissions by 2040 covering Scopes 1, 2 and 3 including buildings managed for clients and supply chain. Also signed The Climate Pledge in 2021. Target intends to neutralize residual emissions with permanent carbon removals.

sustainability_report p.233

CBRE's Workplace360 global workplace strategy, launched in 2013, had 100 offices operational by end of 2021 (49% of global occupied space). These offices have eliminated ~990,302 sq ft of footprint, yielding lower energy use and GHG emissions. Scope 1 declined 23% from 2020 and Scope 2 declined 12%, achieving an aggregate 24% reduction from the 2019 SBTi benchmark. Furnishings with recycled content in these offices saved 143 tCO2e in 2021.

sustainability_report p.11

CBRE requires suppliers to operate sustainably under its Supplier Code of Conduct (since 2016). The CBRE mySupplier portal screens suppliers on 16 sustainability criteria. Since late 2019, CBRE contracted EcoVadis to embed sustainability ratings into global procurement. Supplier sustainability scores are reviewed at governance meetings to drive improvement, targeting purchased goods emissions (Scope 3 Cat 1: 365,799 tCO2e in 2021).

sustainability_report p.11

Turner & Townsend has been a majority-owned subsidiary of CBRE beginning in November 2021. ESG data expected to be included within next two reporting years.

sustainability_report p.7

CBRE announced SBTi-approved absolute target to reduce Scope 1 and 2 GHG emissions 68% from 2019 baseline by 2035. Also validated two Scope 3 intensity targets (79% per sqft for occupier clients, 67% per sqft for owner/landlord clients) by 2035. Target date 11/24/2020.

sustainability_report p.214

Two SBTi-approved intensity targets set on Scope 3 Cat 11 (use of sold products - managed buildings): Int1 (occupier-managed sq ft) targets 79% reduction and Int2 (investor-managed sq ft) targets 67% reduction in emissions intensity by 2035 vs. 2019 base. Both use metric tons CO2e per sq ft.

sustainability_report p.13

CBRE committed to consuming 100% renewable electricity in its operations by 2025, starting from a 10.8% base in 2019. This supports the SBTi Scope 1+2 reduction target. By 2021, 14.5% renewable electricity was achieved, a 32% increase from 2020.

sustainability_report p.16

In 2020, committed to transitioning 100% of fleet to EVs by end of 2035. As of 2025, over 1,300 EVs (~13% of fleet).

sustainability_report p.38

CBRE set a company-wide target to purchase 100% renewable electricity by end of 2025 (baseline 5% in 2019). As of 2022, 17.7% achieved. Procured via REGOs, RECs, and PPAs.

sustainability_report p.29

CBRE set an SBTi-approved 1.5°C-aligned absolute emissions reduction target to cut Scope 1 and market-based Scope 2 GHG emissions by 68% by 2035 against a 2019 base year (87,198 tCO2e). As of 2021, 35.2% of the target has been achieved.

sustainability_report p.12

CBRE set an absolute Scope 1+2 GHG emissions reduction target of 68% by 2035 vs 2019 baseline (62,337 + 41,179 tCO2e), validated by SBTi at 1.5°C alignment. Also set two intensity Scope 3 targets: 79% per sqft for occupier clients and 67% per sqft for landlord/owner clients. Target year set in 2020.

sustainability_report p.19

CBRE identified overreporting in 2020 Scope 3 Category 11 (Use of Sold Products) and restated the figure from a higher amount to 54,109,904 tCO2e in this 2022 CDP response. No other categories were restated.

sustainability_report p.28

CBRE reset its GHG baseline to 2019 calendar year inventory due to acquisitions and a new methodology approach. This 2019 base year is aligned with CBRE's SBTi target.

sustainability_report p.19