Commercial, Energy Efficiency, GHG Emissions - August 29, 2023
T. Rowe Price Sets 2040 Goals
T. Rowe Price Group, Inc., a global investment management firm, announced a new target to reach net zero Scope 1 and 2 GHG emissions by year-end 2040.
The company also set an interim target to reduce Scope 1 and 2 GHG emissions by 75% by year-end 2030 compared with the firm's 2021 baseline, as detailed in its 2022 Environmental, Social and Governance (ESG) Corporate Report.
T. Rowe Price is working toward having 60% of its global real estate by square footage environmentally certified by year-end 2025. The company’s new London office recently achieved an excellent standard in Building Research Establishment Environmental Assessment Methodology (BREEAM), advancing progress toward this goal.
The company will partner with Climate Vault to purchase carbon allowances to address GHG emissions resulting from business travel; established an ESG Enablement team to drive cross-functional consistency and coordination of the ESG strategy in alignment with business strategies and ESG investing capabilities; and established an ESG Oversight Committee as a central and global oversight body to support governance of its ESG activities.
"This report reflects our commitment to transparency and accountability as we advance our ESG initiatives through comprehensive policies, goals, and programs," said Poppy Allonby, head of ESG Enablement at T. Rowe Price, in a statement. "We are proud of our progress and will continue to work toward achieving our corporate commitments."