Veris Residential Sustainability Profile
Veris Residential, Inc., a prominent player in the real estate investment trust (REIT) sector, is headquartered in the United States. Founded in 2013, the company has established a strong presence in major operational regions, focusing primarily on the multifamily residential market. Veris Residential is dedicated to developing and managing high-quality apartment communities, with a unique emphasis on sustainability and innovative living solutions. With a portfolio that spans key urban markets, Veris Residential has achieved notable milestones, including recognition for its commitment to environmental stewardship. The company’s core services revolve around property management and development, setting it apart through its strategic approach to enhancing resident experiences. As a leader in the industry, Veris Residential continues to shape the future of urban living, positioning itself as a trusted name in multifamily housing.
DitchCarbon Score
How does Veris Residential'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
Veris Residential's score of 68 is higher than 81% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Veris Residential's reported carbon emissions
In 2024, Veris Residential reported total greenhouse gas emissions of approximately 33,000,000 kg CO2e, comprising 5,397,000 kg CO2e from Scope 1, 916,000 kg CO2e from market-based Scope 2, and 23,456,000 kg CO2e from Scope 3 emissions. The previous year, 2023, saw total emissions of about 30,000,000 kg CO2e, with Scope 1 emissions at 4,816,000 kg CO2e, market-based Scope 2 emissions at 4,051,000 kg CO2e, and Scope 3 emissions reaching 25,929,000 kg CO2e. Veris Residential has set ambitious climate commitments, aiming to reduce its Scope 1 and Scope 2 greenhouse gas emissions by 42% by 2030, using 2020 as the baseline year. This target has been validated by the Science Based Targets initiative (SBTi) and is aligned with the goal of limiting global warming to 1.5°C. The company also intends to measure and reduce its Scope 3 emissions, which represent a significant portion of its total emissions. Overall, Veris Residential's emissions data reflects a comprehensive approach to climate accountability, with a clear focus on significant reductions in its operational carbon footprint.
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| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|
| Scope 1 | 3,916,000 | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 | 0,000,000 |
| Scope 2 | 13,374,000 | 00,000,000 | 0,000,000 | 0,000,000 | 0,000,000 | 000,000 |
| Scope 3 | - | - | - | 00,000,000 | 00,000,000 | 00,000,000 |
How Carbon Intensive is Veris Residential's Industry?
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Veris Residential's Scope 3 Categories Breakdown
Veris Residential's Scope 3 emissions, which decreased by 10% last year and decreased by approximately 30% since 2022, demonstrating supply chain emissions tracking. Most of their carbon footprint comes from suppliers and value chain emissions, with Scope 3 emissions accounting for 79% of total emissions under the GHG Protocol, with "Downstream Leased Assets" being the largest emissions source at 38% of Scope 3 emissions.
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Veris Residential'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.
Veris Residential 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 Veris Residential's sustainability data and climate commitments