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ESG Report: Minto, Gildan, Cushman & Wakefield

Real estate firm Minto Group, clothing company Gildan and CRE giant Cushman & Wakefield announced...


Ottawa real estate company and developer Minto Group managed decreased its carbon emissions in 2021 as part of its sustainability goals. (Courtesy Minto)

Ottawa-based real estate firm Minto Group, Canadian clothing company Gildan and commercial real estate giant Cushman & Wakefield announced their latest ESG targets and achievements.

Minto Group

Minto is a real estate company and developer with presence in Canada and the U.S. It manages 2.4 million square feet of commercial space and a $4.1 billion investment portfolio.

Report highlights: Managed to achieve an eight per cent reduction in carbon intensity and seven per cent lower energy consumption compared to a 2019 level. Approved 19 formalized ESG initiatives under three strategic pillars. Around half (45 per cent to 55 per cent) of incentive compensation is now tied to achieving ESG targets. Almost 1,000 residential units achieved green building verifications.

Emissions goal: N/A

Scope 1 and 2: Emitted 21,225,000 absolute kg of carbon dioxide in 2021 versus 23,285,000 absolute kg of carbon dioxide in 2019, accounting for direct emissions only.

Scope 3: N/A

Certifications: EnerGuide Rating System, ENERGY STAR, Home Energy Rating System (HERS) and/or LEED.

Third-party verifiers: ENERGY STAR, Canadian Home Builders’ Association (CHBA) Net Zero Home Labelling Program, LEED and Toronto Green Standard Tier 2.

Unnamed third-party verifiers for diversity and cybersecurity.

DEI plans: Recruiting from a diverse pool of candidates, including expanding its reach to new and diverse networking channels. Providing inclusiveness training program for employees, managers and senior leadership. Identifying systemic barriers to inclusion and addressing them by embedding diversity and inclusion (D&I) policies, practices and key performance indicators into its performance plans.

ESG strategy: Reducing carbon-intensive building materials like concrete which contribute to embodied carbon in the built environment. Pursuing sustainable homes under the CHBA Net Zero Home Labelling Program. Retrofitting buildings to clamp down on heat loss, improving electric heating systems and installing LED retrofits. Switching its North Oak Towers property in Oakville (Greater Toronto Area) to geothermal energy.

Read the full report here.


A clothing manufacturer with its headquarters in Montreal, Gildan has operations in Central America, the Caribbean Basin, North America and Bangladesh and sales in North America, Europe, Asia-Pacific and Latin America.

Report highlights: Aligning its emissions goals with the Science Based Targets initiative (SBTi) and reducing its Scope 1 and 2 greenhouse gas (GHG) emissions by 30 per cent by 2030, compared to a 2018 baseline. Corporate Knights named Gildan one of the “World’s 100 Most Sustainable Corporations” and The Investor Business Daily named Gildan one of the “Top 100 Best ESG Companies”.

Emissions goal: Reduce its Scope 1 and 2 GHG emissions by 30 per cent by 2030, compared to its 2018 levels.

Scope 1 and 2: Absolute Scope 1 and 2 GHG emissions decreased by 15.8 per cent, to 372,640 tonnes of carbon dioxide equivalent (CO2e) compared to 2018.

Scope 3: N/A. The company says its Scope 3 analysis will progress in 2022, and it plans to increase disclosure over the coming years.

Certifications: The Better Cotton Initiative and the U.S. Cotton Trust Protocol. Gildan plans to attain ISO 45001 certification at all of its owned and operated facilities by 2028.

Third-party verifiers: Aligned with the Sustainability Accounting Standards Board (SASB) framework and prepared in accordance with GRI Standards. Aligned its reporting with the Task Force on Climate-related Financial Disclosures (TCFD). Later in 2022, it will publish its first stand-alone TCFD report.

DEI plans: Gildan formed an ESG subcommittee to develop organizational Diversity, Equity and Inclusion (DEI) targets and discovered that it was above 40 per cent gender parity at the manager level and below. Aiming for gender parity on the director level and above by 2027; currently at 26 per cent. Will look to achieve this through a strategy focusing on attracting, developing and promoting top female talent.

Updated its DEI Policy to ensure relevance and alignment with modern approaches and its Global Anti-Harassment, Anti-Discrimination, & Anti-Violence Policy to ensure the inclusion of DEI principles and the use of inclusive language.

ESG strategy: Added an amendment to its $1 billion revolving credit facility, incorporating sustainability-linked terms into the loan agreement.

Committed to a 20 per cent reduction in water intensity compared to a 2018 baseline. Plans to source 100 per cent sustainable cotton by 2025 by sourcing third-party verified sustainable cotton through the Better Cotton Initiative and the U.S. Cotton Trust Protocol. It will also use 30 per cent recycled polyester or alternative fibres and/or yarns by 2027 and 75 per cent recycled or sustainable packaging and trim materials by 2027.

ESG targets will comprise at least 25 per cent of all Gildan senior executives’ strategic objectives tied to their annual short-term incentive plan.

Read the full report here.

Cushman & Wakefield

Cushman & Wakefield is among the largest commercial real estate services firms with revenue of 9.4 billion in 2021, operations in 60 countries and approximately 50,000 employees. It manages over 4.8 billion square feet of commercial real estate. Installed approximately 610 MW of renewable energy in Australia and Singapore.

Report highlights: Made an 8.6 per cent absolute reduction and 13 per cent reduction per million square feet in Scope 1 and 2 emissions. Over 300 client buildings received sustainability certifications

Emissions goal: Net zero by 2050 across Scope 1, 2 and 3. Reduce absolute Scope 1 and 2 GHG emissions across its corporate offices and operations 50 per cent by 2030 from a 2019 base year.

Engage key clients representing 70 per cent of Scope 3 emissions at managed properties to set SBTi by 2025.

Scope 1 and 2: Emitted 34,183 metric tons of carbon dioxide equivalent (tCO₂e) of Scope 1 and 2 emissions; 8.6 per cent decrease compared to a 2019 baseline year.

Scope 3: Emitted 25,121,532 tCO₂e. A 30 per cent leap compared to its 2019 baseline year. The company credits the jump in Scope 3 emissions to an increase in use of sold products emissions – the emissions associated with tenant occupancy of facilities managed by Cushman & Wakefield.

Certifications: ENERGY STAR, LEED, Fitwel, BREEAM and BOMA360.

Third-party verifiers: Received third-party verification of Scope 1 and 2 and certain Scope 3 GHG emissions by Apex Companies, LLC.

DEI plans: Outlined DEI goals for its executives linked to diverse hiring, performance review completion rates and visible leadership related to DEI.

Reporting the diversity of its workforce by level and race/ethnicity and generation in the U.S.

ESG strategy: Energy efficiency upgrades across its worldwide facilities in Brazil, the U.S., Mexico and Singapore. Increase its renewable electricity portfolio. Bolstering its climate resiliency plans.

Read the full report here.

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