CLEVELAND, May 16, 2018 /PRNewswire/ -- Forest City
Realty Trust, Inc. (NYSE: FCEA) today announced that the company
has become the second U.S.-based real estate investment trust
(REIT) to set a greenhouse gas emissions target approved by the
Science Based Targets initiative (SBTi).
The company has set targets for reducing directly managed
greenhouse gas emissions from its operating portfolio (scope 1 and
2) by 27.5 percent by 2025 from a 2016 baseline, along with a 33
percent reduction in emissions from sources such as tenant and
resident spaces and construction activity (scope 3).
"Our laser-focus on strategic execution and the exceptional
performance of our portfolio enables us to set these
forward-thinking targets, which are grounded in the best climate
science available and align with the goals of our core markets to
reduce greenhouse gas emissions in their cities," said David J. LaRue, Forest City president and chief
executive officer. "We look forward to delivering on these targets
and being joined by more of our real estate industry peers in
taking these important steps to manage our collective impact on the
environment."
Forest City joins some of the country's best-known brands as the
25th U.S.-based company to have a target approved by the SBTi, an
organization that independently assesses and approves companies'
targets. The goal is to ensure that targets are in line with the
level of decarbonization required to keep global temperature
increase below two degrees Celsius, compared to pre-industrial
temperatures, a central aim of the Paris Agreement. SBTi is a
collaboration between CDP (formerly the Carbon Disclosure Project),
World Resources Institute, the World Wide Fund for Nature, and the
United Nations Global Compact and is a commitment of the We Mean
Business Coalition.
In its industry, Forest City is the fourth real estate company
worldwide and the second U.S. REIT to set a science-based target.
In addition, Forest City is the first U.S. real estate company to
set a science-based target for scope 3 emissions.
With a strong sustainability and operations platform already in
place, Forest City expects to achieve its targets by continuing to
focus on key drivers of reduced emissions, including:
- Completing energy efficiency projects within the portfolio
- Developing LEED-certified, high-performance buildings
- Monitoring construction-related emissions and exploring ways to
reduce them
- Transitioning the portfolio to more efficient assets that use
less energy per square foot
- Assessing opportunities to incorporate renewable energy into
the portfolio
In addition to this significant achievement, Forest City was
recently named a 2018 ENERGY STAR Partner of the Year for energy
management and will be publishing its 6th annual corporate
responsibility report in June 2018.
Learn more by visiting
https://www.forestcity.net/corporate-responsibility.
About Forest City
Forest City Realty Trust, Inc. is a
NYSE-listed national real estate company with $8.0 billion in consolidated assets. The Company
is principally engaged in the ownership, development, management
and acquisition of commercial and residential real estate
throughout the United States. For
more information, visit www.forestcity.net.
About Science Based Targets
initiative
The Science Based Targets
initiative champions science-based target setting as a
powerful way of boosting companies' competitive advantage in the
transition to the low-carbon economy. The initiative defines and
promotes best practice in science-based target setting, offers
resources and guidance to reduce barriers to adoption, and
independently assesses and approves companies' targets. It is a
partnership between CDP, WRI, WWF and the UN Global Compact, and
one of the We Mean Business coalition commitments.
Safe Harbor Language
Statements made in this news
release that state the company's or management's intentions, hopes,
beliefs, expectations or predictions of the future are
forward-looking statements. The company's actual results could
differ materially from those expressed or implied in such
forward-looking statements due to various risks, uncertainties and
other factors. Risks and factors that could cause actual results to
differ materially from those in the forward-looking statements
include, but are not limited to future growth and expansion
initiatives, legislative, administrative, regulatory or other
actions affecting REITs, general real estate investment and
development risks, litigation risks, risks associated with
developing and managing properties in partnership with others, the
impact of terrorist acts and other armed conflicts, environmental
liabilities, the ability to recruit and retain key personnel,
compliance with governmental regulations, shareholder activism
efforts, as well as other risks listed from time to time in the
company's SEC filings, including but not limited to, the company's
annual and quarterly reports.
On the Web:
www.forestcity.net
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SOURCE Forest City Realty Trust, Inc.