Cushman & Wakefield

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.

In 2023, renewables accounted for 58% of all energy purchased, a 10 percentage-point improvement from 2022. New Zealand offices sourced 100% energy from renewable sources through a Power Purchase Agreement. Continued purchase of energy attribute certificates (EACs/RECs) accounting for approximately 19,057 MWh in 2023 both in U.S. and across international operations. Goal is 100% renewable electricity for corporate offices by 2030.

The 2023 report does not disclose any use of carbon removals, DAC, BECCS, biochar, or nature-based offsets in the firm's inventory. Net-zero approach focuses on direct value-chain reductions (52% reduction in entire value chain emissions vs 2019 baseline) and engaging clients/suppliers to set science-based targets. No offset retirement disclosed.

• Office portfolio right-sizing and energy efficiency

  Office energy consumption decreased 10.6% in 2023 driven by reduced square footage due to office consolidation, hybrid work optimization, and implementation of energy-efficiency equipment. Office energy intensity decreased 13% in 2023; 68% reduction in market-based office emissions per thousand sf since 2019.

• Vehicle fleet electrification

  Transitioning corporate vehicle fleet to electric vehicles is a key Scope 1 lever. EV roll-out has begun in several countries. France set a 100% EV goal in 2022. Company-wide electrification target by 2035. Net Zero Cloud deployment improves data visibility for EV transition planning.

• Data infrastructure (Salesforce Net Zero Cloud)

  Completed deployment of Salesforce Net Zero Cloud across global operations in 2023 for Scope 1 and 2 emissions data tracking. 100+ users globally inputting GHG data directly, reducing reliance on estimations and enabling more accurate emissions calculations and EV transition planning.

• Renewable electricity procurement for offices

  Increase renewable electricity portfolio through unbundled EACs in the US and utility-provided renewable energy in international offices. 48% of electricity sourced from renewable sources in 2022, working toward 100% by 2030.

• Office space optimization and energy efficiency

  Reduce energy use through space optimization within leased office portfolio and implementation of energy efficiency initiatives in metered facilities. Take on new and more efficient leased space. Resulted in 33% reduction in Scope 1+2 (market-based) since 2019.

• Fleet electrification and travel reduction

  Electrify global vehicle fleet by 2035. Encourage less travel in more efficient corporate vehicles. Mobile fuels remain the largest Scope 1 source — 167,591 GJ in 2022 (up 12% on inclusion of non-US fleet).

• Office energy efficiency and space optimisation

  Reduce energy use through space optimization and energy efficiency projects, and take on new and more efficient leased space. 2021 office EUI was 20.3 kWh/sq.ft./year; 4% reduction in office square footage drove a 2.4% reduction in office energy consumption.

• Mobile fleet and business travel efficiency

  Encourage less travel in more efficient corporate vehicles and aircraft. Scope 3 Category 6 (business travel) is third-party verified. Mobile fuel consumption (149,710 GJ in 2021) is a key scope 1 driver from facilities-services vehicles.

• Supply chain engagement

  Engaging with suppliers to set GHG emissions targets as part of overall environmental management. Suppliers expected to operate in environmentally responsible manner. Tier I and Tier II supplier diversity tracking and reporting infrastructure scaled in 2021.

• Business travel reduction

  Sharp reduction in business travel activities due to COVID-19 contributed to 2.5% absolute reduction in scope 3 GHG emissions. Scope 3 business travel emissions are subject to limited third-party verification by Apex Companies.

• Office energy efficiency and rating-system fitouts

  Reduced office energy use intensity 12% YoY to 20.1 kWh/sq.ft./year through energy controls upgrades, real estate consolidation, ENERGY STAR equipment, and behavioral change. Where feasible occupies offices certified to ENERGY STAR, LEED, NABERS, Fitwel and WELL. Achieved 14% reduction in scope 1+2 emissions per million sq ft of office space between 2019 and 2020.

• Corporate fleet vehicle reduction

  Scope 1 reductions partly driven by reduced use of corporate fleet vehicles due to COVID-19. Mobile fuel consumption decreased 6% from 2019 to 147,180 GJ in 2020.

• Supplier engagement and ESG questionnaire

  Over 4,800 new and existing suppliers completed ESG intake questionnaire in 2023. Goal: 100% of key suppliers to have an ESG program by year-end 2025; 50% to have science-based emissions reduction targets by year-end 2030. ESG supplier questionnaires capture supplier emissions for Scope 3 allocation.

• Client engagement (Scope 3 Cat 11 — Use of sold products/services)

  Category 11 accounts for 96% of total Scope 3 emissions. Target: engage clients representing 70% of managed-property emissions to set science-based targets by 2025; currently 32% of clients have set SBTs. Partnerships with technologies (Atrius, Measurabl, CFP Green Buildings, Jupiter Intelligence) help clients track and reduce footprints.

• Client engagement on science-based targets (Scope 3 managed properties)

  Engage clients representing 70% of emissions at managed properties to set their own science-based targets by 2025. As of 2022/H1 2023, clients representing 30% of emissions have set SBTs. Primary lever for the firm's value-chain emissions, which dominate the inventory.

• Sustainability services to client buildings

  Provided energy and sustainability services to 38,750+ buildings totaling ~930 million square feet globally in 2022, including 945 energy ratings, helping clients reduce emissions in managed/advised portfolios. Net-zero audits, roadmaps, building certifications (LEED, WELL, BREEAM) embedded in client offerings.

• Supplier ESG program engagement

  Ensure 100% of key suppliers have an ESG program in place by 2025 and 50% of key suppliers have a science-based emissions reduction target by 2030. Incorporate ESG Supplier Questionnaire in onboarding for new suppliers by 2024.

• Sustainability services and green building certifications for clients

  Provides energy and sustainability services to over 300 million sq ft globally including ESG advisory, decarbonization advisory, green leasing, and certifications. In 2021 led certification at 300+ client buildings — 110 ENERGY STAR, 89 LEED, 59 BREEAM, 42 Fitwel, 6 IGBC. Partnership with Capgemini on green leasing won gold-level Green Lease Leaders Team Transaction award. Strategic investment in Measurabl (ESG technology platform).

• Client engagement on managed-property emissions (scope 3 Cat 11)

  Engage key clients representing 70% of emissions at managed properties (scope 3) to set science-based targets by 2025. Use-of-sold-products (Cat 11) represents ~98.6% of the firm's total GHG inventory — emissions from tenant occupancy of facilities managed by Cushman & Wakefield. The firm helps clients improve their energy efficiency and GHG reduction programs and tracks client SBTi progress over time.

• Use of sold products — tenant occupancy of managed facilities

  Use of sold products represents approximately 98% of Cushman & Wakefield's total 2020 GHG emissions (~18.4M tCO2e), representing emissions associated with tenant occupancy of facilities managed by Cushman & Wakefield. The firm aims to partner with clients to reduce emissions from facilities they manage.

• Supply chain engagement via Vendor/Supplier Integrity Policy

  Suppliers expected to comply with Global Vendor/Supplier Integrity Policy covering business integrity, labor practices, health & safety, environmental management, and anti-bribery. Began implementing new supplier management tool in 2020 to improve tracking of supplier compliance and due diligence. Purchased goods and services included in scope 3 inventory starting 2020.

• Client sustainability services across managed portfolio

  Provided energy and sustainability services to over 370 MSF in the U.S. Sustainability projects implemented at 27 buildings in the U.S. resulted in avoidance of approximately 11,303 metric tons of CO2e between 2019 and 2020. Led WELL certifications for 7 client buildings and Fitwel certifications for 42 client buildings. Services include net zero target strategy, TCFD reporting support, green leases, and energy/sustainability fitouts.