In 2024, Veris Residential completed a corporate carbon footprint assessment and publicly disclosed its greenhouse gas (GHG) emissions according to the GHG Protocol, covering Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from purchased energy) and Scope 3 (indirect emissions across the value chain).
Veris Residential has also provided a category-level breakdown for 7 out of 15 Scope 3 emissions categories, offering greater transparency into its value chain emissions.
| Metric (tCO2e) | 2024 | 2023 | 2022 | 2021-2019 |
|---|---|---|---|---|
Total Scope 1 | 5,397a | 4,816a | 4,348a | |
Total Scope 2 | ||||
Market-Based | 916a | 4,051a | 4,339a | |
Location-Based | 7,168a | 10,947a | 10,304a | |
Total Scope 3 | 23,456a | 25,929a | 33,627a | |
Total Scope 1 Revenue Intensity (tCO2e/$M) | 19.9097a | 18.5021a | 18.6251a |
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In 2024, the total operational greenhouse gas (GHG) emissions of Veris Residential amounted to 12,565 metric tons of CO2 equivalent. This figure includes both direct emissions from owned or controlled sources (Scope 1) and indirect emissions from purchased energy (Scope 2).a
Compared to 2023, the total operational greenhouse gas (GHG) emissions of Veris Residential decreased by 20.29%, showing that the company has made progress in taking action to reduce the climate impact of its operations.a
In 2024, the total Scope 1 emissions of Veris Residential were 5,397 metric tons of CO₂ equivalent (tCO₂e).a
Since 2019, Veris Residential's Scope 1 emissions have increased by 37.82%, reflecting a rising long-term trend in Scope 1 emissions over time.a
Compared to the previous year (2023), Veris Residential's Scope 1 emissions increased by 12.06%, suggesting that the company faced challenges in reducing emissions from its directly owned or controlled operations.a
In 2024, Veris Residential reported Scope 2 greenhouse gas (GHG) emissions of 916 tCO₂e using the market-based method and 7,168 tCO₂e using the location-based method.a
Since 2019, Veris Residential's Scope 2 greenhouse gas (GHG) emissions (Location-Based) have decreased by 46.4%, reflecting a declining long-term trend in Scope 2 emissions over time.a
Compared to the previous year (2023), Veris Residential's Scope 2 emissions (Location-Based) fell by 34.52% in 2024, showing that the company has made progress in taking action to reduce the climate impact of its energy consumption.a
In 2024, Veris Residential reported its Scope 2 emissions using the market-based method and using the location-based method.a
In 2024, Veris Residential reported 23,456 metric tons of CO₂ equivalent (tCO₂e) of Scope 3 greenhouse gas (GHG) emissions, representing indirect emissions across its upstream and downstream value chain.a
The 2024 disclosure of Veris Residential includes a breakdown across 7 of the 15 Scope 3 categories defined by the GHG Protocol, matching the level of disclosure in 2023, demonstrating consistent Scope 3 emissions reporting coverage year over year.a
In 2024, Veris Residential reported total Scope 3 emissions of 23,456 metric tons of CO₂ equivalent (tCO₂e).a
Approximately 62.07% of these emissions originated from upstream activities such as purchased goods and capital goods, while 37.93% came from downstream activities like product use, distribution, and end-of-life treatment.a
Compared to the previous year (2023), Veris Residential's Scope 3 emissions remained relatively stable, indicating that Veris Residential's emissions have plateaued with no significant change in its value chain footprint.a
In 2024, Veris Residential reported emissions for 7 out of the 15 Scope 3 categories defined by the GHG Protocol.a
This partial disclosure allows for some insight into the company's indirect impacts.
In 2024, the largest contributors to Veris Residential's Scope 3 emissions were:a
In 2024, Veris Residential reported Scope 1 greenhouse gas (GHG) emissions of 5,397 tCO₂e and total revenues of USD 271 millions. This translates into an emissions intensity of 19.91 tCO₂e per millions USD.a
In 2024, Veris Residential reported a Scope 1 emissions intensity of 19.91 tCO₂e per millions USD. Compared to the peer group median of 9.17, this places the company above its industry benchmark, indicating it is less carbon-efficient than most competitors.a
In 2024, Veris Residential ranked 15 out of 19 companies in its industry peer group, based on Scope 1 emissions intensity (measured in tCO₂e per millions USD).a
This places Veris Residential among the least efficient performers, with one of the highest emissions intensities in its sector.a
In 2024, Veris Residential reported a total carbon footprint of 36,021 metric tons of CO₂ equivalent (tCO₂e) across Scope 1, Scope 2, and Scope 3 emissions. This represents a 13.6% decrease compared to 2023, indicating progress in reducing its overall greenhouse gas output.a
The largest contributor to Veris Residential's total carbon footprint was Scope 3 emissions, accounting for 65.12% of the company's total carbon footprint, followed by Scope 2 emissions at 19.9%.a