CBRE Group

Carbon per million dollars of revenue. The legacy industry-standard reference (CDP, MSCI). Useful for cross-sector context, but distorted by margin — high-margin firms appear artificially efficient. Read alongside the operational and asset intensities for the full picture.

OpEx (operating expenditure) is the running cost of the business — staff, services, energy, materials. This shows how carbon-intensive operations are per million dollars of spend. Removes the margin distortion that revenue-based ratios introduce.

EVIC (Enterprise Value Including Cash) is the firm's total capital footprint — equity + debt + cash + minority interest. The EU's standard intensity measure (SFDR PAI 3) — answers: how much carbon does each million of capital deployed in this business produce?

PP&E (Property, Plant & Equipment) plus leased real-estate assets is the firm's physical infrastructure on the balance sheet. This shows the carbon intensity of that physical footprint — uses Scope 1+2+3 for consistency with the other headline intensities. Surfaces stranded-asset risk for asset-heavy firms.

Carbon per FTE (full-time-equivalent employee) — the diagnostic measure for people-leveraged businesses where headcount, not capital, drives delivery. Captures the office, energy and travel footprint per person.

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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.

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.

• Office energy efficiency via Workplace2.0 and EUI reduction

  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.

• Business travel + employee commuting management

  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.

• Fleet electrification (100% EV by 2035)

  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.

• Portfolio decarbonisation audits and zero emission road map

  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.

• Corporate office energy efficiency and portfolio optimisation

  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.

• Fleet electrification - 100% EV transition by 2035

  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.

• Business travel reduction and emissions management

  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.

• Green financing linked to sustainability KPIs

  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.

• Physical and transition climate risk screening integrated into investment process

  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.

• Business travel reduction: rail over short-haul flights

  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.

• Fleet electrification

  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.

• Office energy efficiency and LEED/WELL certification

  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.

• Building energy efficiency upgrades and EPC improvement

  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.

• Corporate office energy efficiency and footprint consolidation

  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.

• Fleet electrification — 100% EV by 2035

  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.

• Supply chain engagement and supplier decarbonisation (Carbon Trace programme)

  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.

• Business travel reduction and sustainable travel policy

  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.

• Fleet electrification — 100% EV fleet by 2035

  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.

• Office energy efficiency and sustainable office site development

  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.

• Business travel reduction — progressive sustainable travel policy

  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.

• Fleet electrification — 100% EV by end of 2035

  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.

• Business travel reduction with progressive sustainable travel policy

  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.

• Corporate office energy efficiency via Workplace360 + green leasing

  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.

• Green building certification preference for CBRE's own leased offices

  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.

• Fleet vehicle fuel consumption reduction driving Scope 1 decline

  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.

• Workplace360 office footprint reduction reducing energy and Scope 1+2 emissions

  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.

• Supply chain decarbonization via Carbon Trace program

  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.

• Buildings managed for clients (Scope 3.11 dominant lever)

  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.).

• Embodied carbon reduction in real estate development (TCC)

  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.

• Client building decarbonisation services (Scope 3.11 Use of Sold Products)

  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.

• Supply chain decarbonisation through Carbon Trace supplier engagement program

  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.

• Tenant energy engagement via green leases and data sharing

  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.

• Decarbonising managed property portfolio (client supply chain)

  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.

• ESG advisory services accelerating client transitions

  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.

• Energy efficiency and decarbonisation services for managed buildings (Use of Sold Products)

  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.

• Use-of-sold-product: decarbonizing 7B+ sq ft managed property

  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).

• Sustainable supply chain — EcoVadis engagement and net zero procurement integration

  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.

• Embodied carbon reduction in Trammell Crow development

  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.

• Supply chain decarbonization — SaaS-enabled supplier emissions

  ~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%).

• Client building decarbonisation — energy efficiency and Scope 3 Cat 11 reduction

  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.

• Energy efficiency and decarbonisation projects for managed client buildings (Scope 3 Cat 11)

  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.

• Supplier engagement and EcoVadis ESG scoring via CBRE mySupplier portal

  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).