spaceswipeselection

BlackRock's2020CarbonFootprintBlackRock,Inc.
OperationalFootprintBuildingbetterfuturesthroughsoundenvironmentalmanagementisimportanttoourstakeholders,includingouremployees,clients,andshareholders,andkeytosecuringourfuture.
Thislong-termvisioncomestolifeinourcommitmenttosaving,protecting,andrestoringournaturalenvironment–andwedothis,together,bybettermanagingourresourcesintheoperationsofourbusinessandpromotingenvironmentalconservationinourcommunities.
Inoperatingourbusiness,BlackRockpursuesasustainabilitystrategythatseekstodecouplecompanygrowthfromourimpactontheenvironment,whileincreasingtheefficiencyandresiliencyofouroperations.
Findinginnovativewaystopowerourbusinesswithrenewableenergy,lowerouremissionsandreducewaste,amongotherefforts,reducesourenvironmentalimpact.
Today,BlackRock'soperationsarecarbonneutral.
ThisachievementincludesScope1,Scope2,andScope3employeebusinesstravel,servicedoffices1andco-locateddatacenteremissions.
Wehaveachievedthismilestonebyemployingenergyefficiencystrategies,achievingour100%renewableenergygoal,andoffsettingemissionswecouldnototherwiseeliminate.
2blackrock.
com/corporate/sustainabilityNote:Targetsareusinga2014baseline.
"By2020"targetsindicatethatthetargetachievementdateiswithintheyear2020.
AlldataisasofDecember31,2019.
Exceptwhereotherwisenoted.
RevenueGrowthv.
GreenhouseGasEmissions(GHG)HeadcountGrowthv.
ElectricityConsumption20,00025,00030,00035,000101112131415201420152016201720182019RevenueScope1&Scope2GHGEmissions60,00065,00070,00075,00080,0001012141618201420152016201720182019HeadcountTotalElectricityConsumedRevenue($Billions)MetricTonsofC02eHeadcount(Thousands)Electricity(MWh)Notethatperemployeeelectricityconsumptiondeclinedbetween2017and2019.
Seepage3.
OurStrategyReduceemissionsTarget:Reduceemissionsperemployeeby45%by2020Progress:44%emissionsreductionperemployeeachievedasofyear-end2019IncreaserenewableenergyTarget:100%renewableenergygloballyby2020Progress:100%renewableenergyasofJune20203Offset&reducetravel-relatedemissionsTarget:Offset100%oftravel-relatedemissionsby2020Progress:100%oftravel-relatedemissionsoffsetsince20172Target:Reduceairtravelperemployeeby20%by2020Progress:Reducedby21%asofyear-end2019Energy-efficientbuildings&officesOurcorporatedesignstandardstrackcloselytogreencertificationscriteriainordertomeetbest-in-classsustainablebuildingstandards.
OurApproachWehavesetemissionsreductiontargetsforourglobaloperationsanddatacentersthatwehavebeenstrivingtoachievein2020.
Thesetargetsreflectourcommitmenttoreducingtheimpactofouroperationsontheenvironment.
Insupportofourcommitmenttotransparency,BlackRockhasbeenarespondenttotheCDPClimateChangesurveysince2013.
Weobtainthird-partyverificationforourScopes1and2emissions,aswellasforourScope3businesstravel,employeeshuttles,fuel-andenergy-relatedactivities(FERA)andwasteGHGemissionsdataandcollectionprocess.
BusinessTravelFortheyear-ended2019andyearsprior,travelwasasignificantsourceofcarbonemissionsforBlackRock.
Since2017wehaveelectedtooffset100%ofourtravel-relatedemissions.
2Wehavealsoreducedairtravelperemployeeby21%asofyear-end2019.
Weattributethisreduction,inpart,toourongoinginvestmentinourvideoconferencingcapabilities,helpingtomakeremotemeetingsbotheffectiveandpractical.
In2020,theinvestmentswehavemadeintechnologyprovedbeneficialtoBlackRock'sresilienceduringtheCOVID-19pandemic(seeSustainingBlackRockThroughCOVID-19formoreinformation)andwillalsoservetoreduceemissionsfromemployeebusinesstravel.
Weareevaluatingtheimplicationsforourenvironmentalsustainabilitystrategygoingforward.
ElectricityElectricityisalsoalargesourceofourcarbonemissions.
Sincewebegantrackingelectricityusein2014,ourelectricityconsumptionhasdecreasedby1%despitea15%expansioninsquarefootageanda40%increaseinheadcount.
Weaccomplishedthisthroughtheconsolidationofourdatacenters,retrofittingforLEDlighting,redesigningourofficespaceuseandadjustingourheating,ventilation,andairconditioning(HVAC)systemstomorecloselycorrelatetooccupancy.
RenewableEnergyRenewableenergyhaszerocarbonemissions,whichenablesustoreduceourenergy-relatedemissions.
Wehavemadeitaprioritytonotonlybecomemoreenergyefficient,butalsotoensurethattheenergywepurchasecomesfromcleansourceswhereverpossible.
OursupportforcleanenergygoeshandinhandwithreducingourcarbonfootprintandBlackRock'spositionasoneoftheworld'slargestinvestorsinrenewableenergyassets.
Byincreasingtheefficiencyofouroperationsandbuyingbothrenewablepowerandenvironmentalattributecreditswherewedonothaveoperationalcontroltoprocureourownenergy,wehaveachievedour100%renewableenergygoaltomatch100%ofourglobalelectricityusewithrenewableenergy.
2ProgressTowardsSelect2020GoalsCategoryGoalsProgresstoDatea2020GoalbEmissionsReducefacilitylocation-basedGHGemissions(electricity,stationarycombustion,andrefrigerants)perfull-timeemployee44%45%RenewableEnergyMatchsameamountofrenewableelectricity(inMWh)astheelectricitythatourglobaloperations,includingdatacentersconsumeannually100%100%ElectricityReduceabsoluteglobalelectricityconsumption1%18%AirTravelReduceairtravelperemployee21%20%PaperReduceglobalpaperconsumption44%25%cWasteIncreaseglobalwastediversionfromlandfill48%75%ca.
AsofDecember31,2019unlessotherwisenotedb.
2020goalsareusinga2014baselineunlessotherwisenotedc.
Usesa2017baselineDataCentersDatacentersareintegraltosupportingouroperationsglobally.
Wehaveworkedtomakeourdatacentersamongthemostefficientintheindustrybydesigning,buildingandoperatingthemtomaximizeefficientuseofenergy,waterandmaterials4.
Inaddition,ourdatacentersarepoweredbyhydro-power.
PaperIn2017,weseta2020paperreductiontargetof25%whichweachievedandhavenowsurpassed.
SincewebegantrackingpaperinOctober2017,wehavereducedpaperuseby44%asofDecember2019.
Weattributethisreductiontoaheighteningofawareness,swipetechnologyandstandarddouble-sidedprintsettingsonallcopiers.
WasteBlackRockbegantrackingwastein2017.
Wefacechallengesfromlocalwastepracticesinsomecitiesinwhichweoperatethathavelimitedornowastediversionpractices.
Additionally,asprimarilyatenantinmulti-tenantbuildings,wearereliantondataprovidedbylandlords'wastehaulers,whichistypicallylessrigorousthanourpreferredstandards.
Nonetheless,employeesareencouragedtouselessandrecyclemorethroughtraining,signageandoffice-wide"GreenTeam"initiatives.
Wealsocarefullyconsiderwhatproductsarebroughtintoouroffices.
Asofyear-end2019,wehavereporteda48%diversionrateofwastefromlandfills.
3a.
2015informationreflectsaccountingstandardspriortotheadoptionofthenewrevenuerecognitionstandard.
2016to2019informationreflectstheadoptionofthenewrevenuerecognitionstandard.
Forfurtherinformation,refertoNote2,SignificantAccountingPolicies,intheconsolidatedfinancialstatementsinour2019Form10-K.
b.
Headcountfiguresincludeallfull-timeemployeesandcontingentworkers.
Wetaketrackheadcountmonthlyandatyearendtaketheaverageacross12monthstomoreaccuratelyreflectofficeoccupancy.
ThesefiguresdifferfromwhatisreportedinourForm10-Kfiling,whichshowsthetotalnumberofemployeesexcludingcontingentworkers.
c.
Includesnaturalgas,distillatefuel,privateaviationandrefrigerants.
d.
Location-basedmethod.
e.
FacilitiesCO2eincludeslocation-basedelectricity,distillatefuel,naturalgas,privateaviationandrefrigerants.
f.
Percentagechangeversus2014.
Calculationsareusingexactfigures,sopercentagechangecalculationsusingtheroundedfiguresabovemaynottie.
GreenTeamNetworkGreenTeamsareemployee-ledorganizationsinBlackRockofficesthatprovideemployeeswithaforumtoconnectaroundasharedinterestandpassionfortheenvironment,createandengageinsustainabilityinitiatives,sharebestpractices,andstewardconservationefforts.
ThemembersoftheGreenTeamNetworkarecriticalinbringingaboutamoresustainablecultureatBlackRockandinourcommunities.
Today,46officeshostGreenTeamswithnearly2,300employeesparticipating.
TheGreenTeamsundertakeinitiativesinpartnershipwithourfacilitiesteamincludingreducingsingle-useplasticinourofficepantries,reducingpaperuseandwaste,andplantingnearly12,000treesduringthe2019-2020plantingseason.
In2020,inlightofaremoteworkenvironmentduetotheCOVID-19pandemic,theGreenTeamNetworkrantwoemployeeengagementcampaignstoencourageconservationathome.
TheDoOneThingcampaignfocusedonsixthingsemployeescoulddotoreducetheirimpactontheenvironmentathome,includingadjustingwaterheatersettings,unpluggingunusedelectronics,gettingeducatedonenvironmentalissues,andreducingmeatconsumption.
Over1,300pledgesweremadetoadoptoneorallofthebehaviors.
TheGreenTeamNetworkalsorana"PlasticNotFantastic"campaignsuggestingeightwaysemployeescouldreducetheirplasticuseathome.
SocialImpactThroughourSocialImpactefforts,wearecommittedtosupportingourcommunities,particularlyasCOVID-19hasexacerbatedsocialinequalitiesandhardshipformillionsofpeople.
InFebruary2020,BlackRockmadeacharitablecontributionofitsremaining20%stakeinPennyMacFinancialServices,Inc.
toTheBlackRockFoundation,anewlyestablishedcorporatefoundation,andtheBlackRockCharitableFund,whichwasestablishedin2013.
Thecontributionwillprovidelong-termfundingforthefirm'sfuturephilanthropicinvestmentsandpartnershipsfocusedonpromotingsustainabilityandeconomicmobility,andbuildingafinancialsafetynetforunderservedandunderemployedpeople.
BlackRockSocialImpactteam'semployeeengagementportfoliosupportsanumberofacceleratorprogramsthatidentifysocialentrepreneurswithdisruptiveandinnovativeideastoaddressglobalsocialchallenges.
Theacceleratorprogramshavesub-portfoliosofclimate-focusedentrepreneurssupportedbyBlackRock'sgranteepartners,including:theEchoingGreenClimateFellowshipandtheDraperRichardsKaplanEnvironment&ClimateFellows(CleanEnergyTrust,CloudtoStreet,GreenWave,OceanMind,BoxPower).
E-DeliveryAdvocacyBlackRockhaslongadvocatedfortheelectronicdeliveryoffundandretirementplandocumentsasthedefaultmechanismforcommunicationwithinvestors.
E-deliveryisenvironmentallyfriendly,asitreducestheuseofpaperandrelatedprintingandmailingresources.
Inaddition,e-deliveryprovidescostsavingsforinvestorsandmakesiteasyforindividualstoreceiveinformationinrealtimeontheircomputersormobiledevices.
IntheUS,theSEChastakenpositivestepstofacilitatee-deliveryofmutualfundshareholderreportsthroughtheadoptionofRule30e-3,whichallowsRegisteredInvestmentCompaniestotransmitshareholderreportselectronically(subjecttocertainrequirements).
TheInvestmentCompanyInstituteestimatedthattheadoptionofRule30e-3wouldsave1.
87milliontreesannually.
5WehavebeenencouragingtheDepartmentofLabortotakesimilaractionsforthedeliveryofretirementplandocuments.
InEurope,asnewlegislativeinitiativeshavebeenbroughtin,wehavesoughttomaximizetheopportunitiesfordigitaldissemination.
Forexample,weproducearound50,000UndertakingsfortheCollectiveInvestmentinTransferableSecurities(UCITS)KeyInformationDocuments(KIDs)ayearinmultiplelanguagesandweuseourwebsiteasourprimarydeliverymechanism.
Wehavealsoconsistentlyadvocatedforkeyinformationdisclosuredocuments,includingUCITS,packagedretailinvestmentandinsurance-basedproducts(PRIIPs)andpan-Europeanpersonalpensionproducts(PEPPs)tobedesignedonadigitallyfriendlybasisratherthanonapaper-basis.
Endnotes1.
ServicedOfficesareofficesandco-locateddatacentersforwhichlandlordshavefulloperationalcontrol.
2.
BlackRock'ssupportforthisinitiativeismadeviagrantsrecommendedtoandpaidbytheBlackRockCharitableTrust,adonor-advisedfund.
3.
InJune2020,weachievedour100%renewableenergygoaltomatchthesameamountofrenewableelectricityastheelectricitythatourglobaloperations(includingdatacenters)consumeannuallythroughprocuringrenewableenergydirectlywherepossibleandthroughpurchasingenvironmentalattributecreditswherewedonothaveoperationalcontrolorrenewableenergyisnotavailable.
Wecontractdirectlyforrenewableenergywhereverpossible(approximately50%)andwherewedonothaveoperationalcontroltoprocureourownenergy,wepurchaseenvironmentalattributecreditsasameansofachievingour100%renewablegoal.
4.
Ourdatacentersconsume75%lessenergythanthetypicalenterprisedatacenterdoesforcoolingandelectricalsupport.
OurenterprisedatacentersoperateataPUEof1.
1and1.
2;theindustryaveragedatacenterPUEis1.
8.
5.
InvestmentCompanyInstitute,LettertoSEC,ProposedRule30e-3'sVitalImportancetoFundShareholders(Jul.
8,2016),availableathttps://www.
sec.
gov/comments/s7-08-15/s70815-610.
pdfat4.
2020BlackRock,Inc.
AllRightsReserved.
BlackRockisaregisteredtrademarkofBlackRock,Inc.
oritssubsidiariesintheUnitedStatesandelsewhere.
Allothertrademarksarethoseoftheirrespectiveowners.
ImportantNotesThisdocumentincludesnon-financialmetricsthataresubjecttomeasurementuncertaintiesresultingfromlimitationsinherentinthenatureandthemethodsusedfordeterminingsuchdata.
Theselectionofdifferentbutacceptablemeasurementtechniquescanresultinmateriallydifferentmeasurements.
Theprecisionofdifferentmeasurementtechniquesmayalsovary.
TheinformationsetforthhereinisexpressedasofSeptember2020andBlackRockreservestherighttoupdateitsmeasurementtechniquesandmethodologiesinthefuture.