LETTER FROM CEO
Additionally , the substantive impact we have on our clients through our support of their climate challenges further strengthens our ability to create value for our company , our investment partners and our clients .
Our Commitment to Climate Action
It is an exciting time to be at TRC , on the forefront of a rapidly-shifting energy landscape , with changes cascading across the power , transport , industrial , and building sectors to meet the climate challenge . Energy is so embedded in our economic activity that the energy transition literally requires rewiring the way the world works – with careful coordination to ensure appropriate redundancy and resiliency measures are in place . Bold action and transformative investments are necessary to transition a carbon-intensive economy that has evolved over the past two hundred years in just the next three decades . These climate challenges , coupled with recent disruptive shifts in geopolitics and societal attitudes are changing the entire operating context for our clients and requiring a new focus on Environmental , Social , and Governance ( ESG ) principles .
In December 2021 New Mountain Capital exited its investment and Warburg Pincus LLC became our new equity partner . Given the high ESG standards held by Warburg Pincus and the focus of the global financial community in this space , this investment validated the strength of our company and the confidence in our future . Together with our investment partner , embedding and extending ESG practices in our business has become an increasingly important priority for our firm to preserve and create enterprise value .
This year we launched a team focused on our ESG and Climate Advisory , bringing thought leaders together to address the Climate Challenge and Energy Transition , including decarbonization and resiliency strategies and implementation for clients , with cross-connections throughout our Infrastructure , Power , Environmental , and Digital business units . This team is cutting edge in setting strategy , scoping , and scaling-up solutions to help our clients meet their ESG and climate goals through the advancement of decarbonization and resiliency solutions , including clean and resilient energy technologies , the expansion of low- and no-carbon fuels , carbon capture technology , and sustainably designed resilient infrastructure . With our practical approach to the challenges they face , we are proud to partner with our clients to deliver on their Climate Journey .
Net Zero is becoming an organizing principle for many of our clients , to ensure that the rise in the global average temperature does not exceed 1.5⁰C . In April 2022 we announced our own goal to achieve Net Zero for Scope 1 , 2 , and 3 emissions by 2040 . To put our commitment into motion , we have also set interim targets for a 50 % reduction of Scope 1 and 2 by 2030 and a 25 % reduction in Scope 3 emissions by 2030 . These targets align with climate science and reflect our strong commitment to leadership in climate action . We are mobilizing resources and expertise throughout the Company to drive progress toward our goals . Our transition plan is in place , including reducing our real estate footprint , optimizing our fleet , and procuring 100 % renewable energy in the fiscal year 2023 .
Our commitment to accelerate and scale our impact and empower positive change is also reflected in our public commitments to the UN Sustainable Development Goals ( SDGs ) as well as our public support for the Task Force on Climate-related Financial Disclosures ( TCFD ) this year . Our project work
2 2022 Sustainability Report