American Tower

Retail REITs

AMT

$ 216 (1.7)%

Share price

$ 100 bn

Market Cap

$ 153 bn

Enterprise Value

Carbon footprint

GHG emissions per $ 1 mln investment

0.2x the weighted average for S&P 500

FY2021

Primary Climate Goal

Proj. YOY change in GHG emissions (Scope 1 + 2)

Weaker than the -6.6% weighted average for S&P 500

FY2022

American Tower aims to reduce Scope 1 + 2 by 40% by 2035 from a base year 2019

<2°C

Secondary Climate Goal

Proj. YOY change in GHG emissions (Scope 3)

Weaker than the -6% weighted average for S&P 500

FY2022

American Tower aims to reduce Scope 3 by 40% by 2035 from a base year 2019

<2°C

GHG emissions and Carbon intensity

American Tower reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2021 at 1,123 Kt (-20 /-1.7% y-o-y). Also positively, carbon intensity tumbled to 120 t (-22 /-15.6% y-o-y).

American Tower's Scope 3 emissions plunged to 3,647 Kt (-210 /-5.5% y-o-y). This is a higher rate of decline than over the period since 4Q'19 (-2.9% CAGR).

The company is committed to reducing Scope 1 + 2 by 40% by 2035 from a base year 2019, which translates into the estimated reduction of -29 Kt per annum over the period of FY2022 - FY2035. This science-based target is aligned with Paris Agreement to limit global warming to <2°C above pre-industrial levels.

Also, the company commits to reducing Scope 3 by 40% by 2035 from a base year 2019, which translates into the estimated reduction of -90 Kt per annum over the period of FY2022 - FY2035. This science-based target is aligned with Paris Agreement to limit global warming to <2°C above pre-industrial levels.

Date	Total CO2e emissions (market-based Scope 1 & 2) (Kt)	Scope 1	Scope 2	Scope 3	Revenue (USDm)	Carbon intensity (tons of CO2e) / (USDm)
2021Q4	1,123	636	486	3,647	9,357	120
2020Q4	1,142	635	507	3,858	8,042	142
2019Q4	1,201	680	521	3,984	7,580	158