W. P. Carey Highlights Sustainability Progress in 2024 Corporate Responsibility Report
- W. P. Carey emphasizes sustainability in its 2024 Corporate Responsibility Report, aligning with TCFD and GRI standards.
- The company expands solar capacity to 30 MW and incorporates green lease provisions in over 30% of its leases.
- W. P. Carey is recognized for its positive workplace culture and maintains a top Governance QualityScore Rating of "1."
W. P. Carey Advances Sustainability Goals in 2024 Corporate Responsibility Report
W. P. Carey, a leading net lease Real Estate Investment Trust (REIT), highlights its commitment to sustainability and corporate responsibility in its recently published 2024 Corporate Responsibility Report. The report aligns with the Task Force on Climate-related Financial Disclosures (TCFD) and Global Reporting Initiative (GRI) standards, demonstrating the company's dedication to transparent and responsible business practices. Among the key initiatives outlined, W. P. Carey expands its solar energy initiatives through CareySolar®, increasing its solar capacity to approximately 30 megawatts (MW). This move not only enhances the company’s renewable energy footprint but also reinforces its position as a responsible corporate citizen in the real estate sector.
In addition to its solar initiatives, W. P. Carey achieves significant milestones in its leasing practices. The company reports that over 30% of its leases now incorporate green lease provisions, which encourage sustainable practices among tenants. This strategic approach aligns with W. P. Carey’s overarching goal to reduce its carbon footprint and contribute to the mitigation of climate change. Furthermore, the company's inaugural emissions reduction target for Scope 1 and 2 greenhouse gas emissions signals a proactive approach to addressing environmental impacts. Tenant engagement is also on the rise, with more than 60% of portfolio square footage participating in electricity usage data reporting, fostering a culture of accountability and sustainability across its properties.
The commitment to corporate responsibility does not stop at environmental concerns. W. P. Carey continues to be recognized for its positive workplace culture, receiving certification as a Great Place to Work® in the U.S. for the third consecutive year and earning recognition in the Netherlands for the first time. This accolade underscores the company's focus on employee welfare and engagement, essential components of its social responsibility strategy. Moreover, W. P. Carey maintains a top Governance QualityScore Rating of "1" from Institutional Shareholder Services, reflecting its strong governance practices. Jason Fox, CEO and President, emphasizes that the company's sustainability and social impact initiatives are integral to its core business goals and long-term stakeholder value.
W. P. Carey’s 2024 Corporate Responsibility Report positions the company as a leader in the net lease REIT sector, balancing growth with a strong commitment to corporate responsibility. The initiatives outlined not only illustrate the company’s dedication to environmental stewardship but also reinforce its reputation as a socially responsible organization in an increasingly conscientious market. As W. P. Carey continues to innovate and expand its sustainability practices, it sets a benchmark for industry peers aiming to enhance their ESG strategies.