Vornado Realty Trust Sustainability Profile
Vornado Realty Trust, commonly referred to as Vornado, is a prominent real estate investment trust (REIT) headquartered in the United States. Established in 1982, Vornado has built a strong presence in major markets, particularly in New York City and Washington, D.C. The company focuses on the acquisition, development, and management of high-quality office and retail properties, distinguishing itself through its innovative approach to urban real estate. With a diverse portfolio that includes iconic buildings and mixed-use developments, Vornado has achieved significant milestones, including strategic partnerships and successful redevelopment projects. Renowned for its commitment to sustainability and design excellence, Vornado Realty Trust continues to solidify its position as a leader in the real estate industry, consistently delivering value to its investors and tenants alike.
DitchCarbon Score
How does Vornado Realty Trust's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Real Estate Services industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Vornado Realty Trust's score of 40 is higher than 60% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Vornado Realty Trust's reported carbon emissions
In 2023, Vornado Realty Trust reported total carbon emissions of approximately 233,793,000 kg CO2e globally, with 30,231,000 kg CO2e from Scope 1 emissions, 46,665,000 kg CO2e from Scope 2 (market-based), and 44,506,000 kg CO2e from Scope 3 (downstream leased assets). In the US, their emissions totalled about 1,154,000 kg CO2e, comprising 694,000 kg CO2e from Scope 1 and 445,000 kg CO2e from Scope 2. Vornado has made significant commitments to reduce its carbon footprint. The company has set a target to reduce its Scope 1 and 2 emissions intensity by 64% per square foot by 2030, using 2019 as the baseline year. As of 2023, Vornado has achieved a 66% reduction in its Scope 1 and 2 emissions, amounting to 70,154 metric tons CO2e, compared to the 2019 baseline. These targets are aligned with the Science Based Targets initiative (SBTi) and are consistent with the reductions necessary to limit global warming to 1.5°C. Vornado Realty Trust's commitment reflects its proactive approach to addressing climate change within the real estate sector.
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| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Scope 1 | 28,577,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 177,977,000 | 000,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 65,512,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
How Carbon Intensive is Vornado Realty Trust's Industry?
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Vornado Realty Trust's Scope 3 Categories Breakdown
Vornado Realty Trust's Scope 3 emissions, which increased by 1% last year and decreased by approximately 32% since 2019, demonstrating supply chain emissions tracking. A significant portion of their carbon footprint comes from suppliers and value chain emissions, with Scope 3 emissions accounting for 37% of total emissions under the GHG Protocol, with "Downstream Leased Assets" representing nearly all of their reported Scope 3 footprint.
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Vornado Realty Trust's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Vornado Realty Trust has established climate goals through participation in recognized frameworks and target-setting initiatives. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
Frequently Asked Questions
Common questions about Vornado Realty Trust's sustainability data and climate commitments