BALTIMORE, June 20, 2024 /PRNewswire/ -- T. Rowe Price, a global investment management firm
and a leader in retirement, recently published its 2023
Sustainability Report. The report provides insight into the firm's
progress in its corporate sustainability strategy.
"Advancing our corporate sustainability strategy involves not
only demonstrating progress on our corporate commitments, but also
on improving transparency," says Heather
McDonold, head of Corporate Sustainability. "As voluntary
sustainability reporting frameworks are becoming regulatory
reporting requirements, we have actively worked to enhance our
disclosures. We're pleased to offer a comprehensive summary of how
our firm is embedding sustainability into its business and
progressing our commitments."
T. Rowe Price is a signatory of
the United Nations Global Compact, committing to contribute to the
advancement of the UN's Sustainable Development Goals (SDGs). The
firm's sustainability strategy aligns with advancing the SDGs.
Initiatives highlighted in T. Rowe
Price's 2023 report include:
- Gender equality (SDG 5): In 2023, women represented 44%
of its global workforce and 32.5% of its senior leaders. Current
trends indicate that the firm is on track to increase
representation of women in its global workforce to 46%, with 33% in
senior roles, by 2025.
- Water and Sanitation (SDG 6) and Life Below Water (SDG
14): Launched partnership with the International Finance
Corporation (IFC), part of the World Bank Group, to deliver a
pioneering global blue bond venture that will increase access to
finance for blue projects in emerging markets. Blue projects
support the health, productivity, and resilience of the world's
oceans and resources.
- Reduced Inequalities (SDG 10): In 2023, underrepresented
talent represented 17.5% of its U.S. workforce and 7.9% of its
senior leaders. Current trends indicate that the firm is on track
to increase representation of underrepresented talent in its U.S.
workforce to 19%, with 10% in senior roles, by 2025. Additionally,
the firm fostered economic inclusion for underrepresented suppliers
in the U.S., spending $50 million in
2023.
- Sustainable Cities and Communities (SDG 11): Achieved
48% environmentally certified real estate by square footage by
year-end 2023. The firm is on track to achieve its goal to have 60%
of global real estate square footage environmentally certified by
year-end 2025.
- Climate Action (SDG 13): Developed practical solutions
for clients interested in pursuing climate-related goals for their
portfolios, with the launch of its Net Zero Transition Framework
for global equities and corporate bonds. Additionally, the firm
reduced its Scope 1 and 2 emissions by 4% since its base year in
2021, despite increased energy needs from associates' return to
office during that time frame. The firm remains on track to achieve
a 75% reduction in Scope 1 and 2 emissions by 2030, compared with
its base year, and net zero Scope 1 and 2 emissions by 2040.
The report also includes the firm's Investor Climate Action Plan
and its disclosures aligned to the Sustainability Accounting
Standards Board (SASB) and the Task Force on Climate-Related
Financial Disclosures (TCFD). The firm has been a member of the
IFRS Sustainability Alliance, formerly the SASB Alliance, since
2021 and a supporter of the TCFD since 2020.
ABOUT T. ROWE PRICE
Founded in 1937, T. Rowe Price
(NASDAQ – GS: TROW) helps individuals and institutions around the
world achieve their long-term investment goals. As a large global
asset management company known for investment excellence,
retirement leadership, and independent proprietary research, the
firm is built on a culture of integrity that puts client interests
first. Clients rely on the award-winning firm for its retirement
expertise and active management of equity, fixed income,
alternatives, and multi-asset investment capabilities. T.
Rowe Price has $1.54 trillion in assets under management as of
May 31, 2024, and serves millions of
clients globally. News and other updates can be found on
Facebook, Instagram, LinkedIn,
X, YouTube, and
troweprice.com/newsroom.
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SOURCE T. Rowe Price Associates, Inc.