Recognizes Ongoing Commitment to Superior Energy Management
New York, June 9, 2014 – TIAA-CREF, a leading financial services provider, has received the U.S. Environmental Protection Agency’s (EPA’s) 2014 Energy Star Partner of the Year Award for Sustained Excellence, which recognizes the firm’s ongoing commitment to outstanding energy management practices and reductions in greenhouse gas emissions. The 2014 award marks the seventh consecutive year that TIAA-CREF has received recognition as an Energy Star Partner of the Year, and the fifth consecutive year at the Sustained Excellence level.
TIAA-CREF’s energy management program has helped boost the energy efficiency of the firm’s real estate portfolios by approximately 17% since 2007. The energy saved through these efforts is equivalent to $15 million in avoided energy costs and over 54,000 metric tons of greenhouse gas emissions.
“Our improved energy efficiency in 2013 is a testament to the success of our Global Real Estate Sustainability Initiative and our ongoing support of sustainable investment practices in real estate and beyond,” said Tom Garbutt, head of TIAA-CREF Global Real Estate. “Sustainable property management is essential to the success of our clients and portfolios and we aim to support the highest standards of energy and water efficiency in all of our real estate holdings.”
TIAA-CREF benchmarks energy and water use in all of its office, multifamily and wholly owned retail portfolios. The organization works with individual management teams to help meet Energy Star score targets by developing energy and water efficiency measures and providing technical guidance and support for implementation. In addition, TIAA-CREF is participating in several international programs to develop standard benchmarking protocols to drive improved operating efficiency and reduced greenhouse gas emissions.
“We began benchmarking our energy management efforts in 2007 and have been able to make great strides in improving the energy efficiency across all of our portfolios.” said Nicholas Stolatis, senior director of global sustainability and enterprise initiatives for TIAA-CREF Global Real Estate. “This award offers independent validation of our expertise in sustainable operations, which is increasing in importance to our existing third party investors and future clients.”
“We are honored to recognize TIAA-CREF with the 2014 Energy Star Sustained Excellence Award,” said EPA Administrator Lisa P. Jackson. “TIAA-CREF, along with our other Energy Star award winners, is contributing outstanding strategies to help their customers, partners and stakeholders reduce greenhouse gas emissions through energy efficiency.”
TIAA-CREF has earned the Energy Star certification for 476 buildings since 1999, and in 2013 alone, TIAA-CREF received certifications for 55 buildings.
TIAA-CREF (www.tiaa.org) is a national financial services organization with approximately $569 billion in assets under management (as of 03.31.14) and is the leading provider of retirement services in the academic, research, medical and cultural fields.
TIAA-CREF Individual & Institutional Services, LLC and Teachers Personal Investors Services, Inc., members FINRA, distribute securities products.
About Energy Star
Energy Star was introduced by the U.S. Environmental Protection Agency in 1992 as a voluntary, market-based partnership to reduce greenhouse gas emissions through increased energy efficiency. Now celebrating its 20th anniversary, Energy Star offers businesses and consumers energy-efficient solutions to save energy, money and help protect the environment for future generations. About 20,000 organizations are Energy Star partners committed to improving the energy efficiency of products, homes, buildings and businesses. For more information about Energy Star, visit www.energystar.gov or call toll-free 888-STAR-YES (888-782-7937).