TIAA-CREF cut greenhouse gas emissions across its real estate portfolios by about 54,500 metric tons last year through improved efficiencies, lowering utility costs by an estimated $15 million, according to the financial services organization’s 2014 Responsible Investment Report.
The report highlights the responsible investment strategies and approaches developed across the firm. TIAA-CREF has more than $15.7 billion in assets under management in its Social Choice strategies, making it one of the largest managers of environmental, social, and governance (ESG) focused options in the US.
Achievements highlighted in the report include:
- TIAA-CREF received the EPA’s 2014 Energy Star Partner of the Year award for the seventh consecutive year and for the fifth consecutive year at the Sustained Excellence level, the program’s highest honor.
- Through TIAA-CREF’s $5 billion farmland platform, the company directed capital to land maintenance and development, and integrated sustainable farming best practices into its investment management process.
The report also highlights TIAA-CREF’s new and ongoing partnerships with leading international investors to promote responsible investing. Examples include:
- Became a founding member of the Investment Leaders Group, a three-year project in which 11 leading global investment institutions work to further shift investments towards responsible, long-term value creation.
- Joined the Global Real Estate Sustainability Benchmark organization, an international initiative that seeks to evaluate and improve sustainability practices in the global real estate sector.
- Continued its work as a signatory to the United Nations Principles for Responsible Investment, the international network of investors seeking to incorporate ESG issues into investment practices. TIAA-CREF has been a UN PRI signatory since 2009.