Companies in Action
JLL sets goal to achieve net-zero carbon emissions across all JLL-occupied buildings by 2030. Building on its ambitious science-based target covering Scope 1, 2, and 3 emissions, the real estate services company JLL has become a signatory to the World Green Buildings Council’s Net Zero Carbon Building (NZCB) Commitment. Following the framework of the commitment, JLL will work to decarbonize its global office network of 460 buildings through investments in energy efficiency and renewable energy procurement. Where emissions reductions are not possible, the company will invest in carbon offsets. However, recognizing the need to minimize reliance on carbon offsets to achieve GHG reduction goals, JLL is taking steps to reduce emissions in other parts of its business to help achieve its NZCB commitment, such as through driving up take of renewable energy. To broaden its impact, JLL will also prioritize energy efficiency throughout its portfolio, educate its clients about net-zero carbon commitments and promote action to reduce emissions throughout the real estate industry. The company estimates that these actions will help them eliminate 27,761 tonnes of CO2e across its portfolio.
Best Buy signs The Climate Pledge, committing to being carbon neutral across its business by 2040. As the need to address climate change becomes increasingly urgent, companies are being pushed by their peers to take bold steps to reduce carbon emissions. One high-profile example is The Climate Pledge, an initiative cofounded by Amazon and Global Optimism to push businesses from across sectors to become carbon neutral by 2040. As a signatory, Best Buy is committed to regularly measuring and disclosing its greenhouse gas emissions, pursuing decarbonization strategies in line with the Paris Agreement and using carbon offsets to close the gap between any remaining emissions originating from its operations. This commitment builds on Best Buy’s existing sustainability strategy, which helped it successfully reduce the company’s environmental impact by 55% since 2009. Best Buy identifies energy efficiency improvements, investments in renewable energy and increasing sustainable product options for customers as strategies that will be key to helping the company achieve carbon neutrality by 2040. Best Buy has already invested in renewables through the creation of the Best Buy Solar Field, which generates the electricity for the equivalent of 260 Best Buy stores each year.
Microsoft launches aggressive plan to remove all carbon emissions since its founding and become carbon negative by 2030. The climate crisis is motivating companies to develop sophisticated approaches for curbing their emissions, including investing in new solutions and rallying their partners to follow suit. Microsoft has committed to be carbon negative by 2030 and to remove its historical emissions--since its founding in 1975--by 2050. The company commits to abate its Scope 1 and 2 emissions by pursuing a number of tactics, including transitioning 100% of its energy use to renewables by 2025 and achieving full electrification of its fleet by 2030. Going beyond its operations to support and incentivize suppliers, Microsoft will cut out more than half of its Scope 3 emissions by 2030 by establishing new procurement processes and expanding the company’s internal carbon price to cover Scope 3 emissions. A key part of this strategy is the launch of a $1B Climate Innovation Fund, which will be used to spur the growth of carbon reduction and capture technologies over the next four years. In addition to its ambitious emissions reduction strategy, Microsoft has set a number of leading corporate sustainability goals, most notably a commitment to address the challenges facing the world’s freshwater supply by achieving net positive water usage in the company’s operations by 2030.
Morgan Stanley becomes the first U.S. bank to commit to net-zero financed emissions. As business practices vary widely by sector, so do the implications for climate risk and action. While many companies’ sustainability goals focus on reducing emissions from their direct operations, leading banks are focused on tackling emissions originating from their portfolio--which is where the largest part of their climate impact lies. Morgan Stanley took a bold step as the first U.S. bank to commit to achieving net-zero financed emissions, which covers Scope 3 emissions originating from its portfolio, by 2050. This announcement was paired with a commitment by the bank to take a leadership role in developing the tools and methods needed to comprehensively measure financed emissions. Through collaboration with the Partnership for Carbon Accounting Financials (PCAF), Morgan Stanley will work to develop a standardized carbon accounting standard to be used across the financial sector. Once developed, the company has committed to set more specific climate targets using the methodologies established through PCAF.
Cisco makes strides to address supplier GHG emissions. At Cisco, as for most technology companies, GHG emissions from the supply chain far outweigh those coming from direct operations. In its 2019 CSR report, the technology conglomerate reported having exceeded its goal of avoiding 1 million metric tonnes of GHG emissions in its supply chain from a 2012 baseline. Propelled by this success, Cisco is taking things further. It has committed to reducing supply chain-related Scope 3 GHG emissions by 30% in absolute terms by 2030 from a 2019 baseline and having 80% of Cisco’s top suppliers (by spend) set an absolute GHG emissions reduction target by 2025. To achieve this, the company plans to further supplier engagement, reduce use of air transportation, collaborate with peers in the electronics industry to increase access to renewable energy and reduce energy consumption. Over the past decade, the company, in collaboration with industry peers, has gained deeper visibility into supplier emissions and continues to rally partners to use the CDP supply chain questionnaire to manage and report relevant data. Cisco also reported in 2019 that 24% of its suppliers are publicly reporting an absolute GHG reduction target.
Walmart announces plan to produce zero carbon emissions throughout its operations by 2040. In 2020, Walmart, the world’s largest retailer, enhanced its sustainability goals with a commitment to achieve zero carbon emissions across the company’s direct operations by 2040. Without using carbon offsets, Walmart intends to reach its goal through procuring 100% of the power needed to run its facilities from renewable sources, eliminating emissions from its vehicles through fleet electrification and transitioning to the use of low impact refrigerants for cooling its stores, clubs and data and distribution centers. Walmart's announcement also includes a robust commitment to invest in land and ocean preservation to address growing nature loss. Key strategies the company will pursue include driving the adoption of regenerative agriculture practices and investing in the preservation of at least one acre of natural habitat for every acre of land developed by Walmart inside of the U.S..