W. P. Carey Highlights Sustainability Advances in 2024 Corporate Responsibility Report
- W. P. Carey emphasizes sustainability in its 2024 report, aligning with TCFD and GRI standards.
- The company has expanded solar capacity to approximately 30 megawatts and integrated green lease provisions in over 30% of its leases.
- W. P. Carey earned Great Place to Work® certification and maintains a Governance QualityScore Rating of "1" for accountability.
W. P. Carey Advances Sustainability Goals in 2024 Responsibility Report
W. P. Carey, a leader in the net lease Real Estate Investment Trust (REIT) sector, underscores its commitment to sustainability and corporate responsibility in its recently released 2024 Corporate Responsibility Report. This comprehensive document aligns with the Task Force on Climate-related Financial Disclosures (TCFD) and the Global Reporting Initiative (GRI) standards, showcasing the company's dedication to environmental, social, and governance (ESG) principles. The report highlights significant advancements in solar energy initiatives through CareySolar®, which has expanded the company’s solar capacity to approximately 30 megawatts (MW).
In addition to its solar initiatives, W. P. Carey has made strides in integrating green lease provisions into its portfolio, with over 30% of leases now reflecting these environmentally responsible terms. This shift not only enhances tenant engagement but also promotes energy efficiency across its properties. The company has also set its inaugural emissions reduction target for Scope 1 and 2 greenhouse gas emissions, marking a pivotal step toward minimizing its carbon footprint. Furthermore, tenant participation in reporting electricity usage data has surged to cover more than 60% of the company's portfolio square footage, indicating a growing commitment to transparency and sustainability among its tenants.
W. P. Carey’s emphasis on sustainable practices extends beyond its properties to its workplace culture, as the company receives accolades for its employee environment. It earns the Great Place to Work® certification in the U.S. for the third consecutive year and debuts in the Netherlands. Jason Fox, CEO and President of W. P. Carey, articulates that the firm’s sustainability and social impact initiatives are closely intertwined with its core business objectives and long-term stakeholder value. With a Governance QualityScore Rating of "1" from Institutional Shareholder Services, W. P. Carey continues to position itself as a responsible leader in the REIT industry, balancing growth with corporate responsibility.
In the broader context, W. P. Carey's robust approach to ESG principles not only enhances its portfolio but also sets a benchmark for accountability in the real estate sector. With its focus on renewable energy and sustainability, the company exemplifies how REITs can lead the way in addressing pressing environmental challenges while ensuring stakeholder trust and satisfaction. As the industry evolves, W. P. Carey remains committed to integrating sustainable practices that align with its growth strategies and community impact.
