Commercial, Energy Efficiency, GHG Emissions  -  June 24, 2024

T. Rowe Price Reaches 48% Environmentally Certified Real Estate

T. Rowe Price, a global investment management and retirement firm, achieved 48% environmentally certified real estate by square footage by year-end 2023. 

The company is on track to achieve its goal to have 60% of global real estate square footage environmentally certified by year-end 2025.

T. Rowe Price also developed practical solutions for clients interested in pursuing climate-related goals for their portfolios by launching its Net Zero Transition Framework for global equities and corporate bonds. 

The company lowered its Scope 1 and 2 emissions by 4% since its base year in 2021, despite increased energy needs from its employees returning to the office during that time frame. The firm remains on track to achieve a 75% reduction in Scope 1 and 2 emissions by 2030 compared with its base year and net zero Scope 1 and 2 emissions by 2040.

T. Rowe Price's 2023 Sustainability Report includes the company’s Investor Climate Action Plan and its disclosures ali+gned to the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD). The firm has been a member of the IFRS Sustainability Alliance, formerly the SASB Alliance, since 2021 and a supporter of the TCFD since 2020.

"Advancing our corporate sustainability strategy involves not only demonstrating progress on our corporate commitments, but also on improving transparency," says Heather McDonold, head of Corporate Sustainability, in a statement. "As voluntary sustainability reporting frameworks are becoming regulatory reporting requirements, we have actively worked to enhance our disclosures. We're pleased to offer a comprehensive summary of how our firm is embedding sustainability into its business and progressing our commitments."

T. Rowe Price is a signatory of the United Nations Global Compact, committing to contribute to the advancement of the UN's Sustainable Development Goals (SDGs). The firm's sustainability strategy aligns with advancing the SDGs.