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ENVIRONMENTAL
INTRODUCTION
SUSTAINABILITY OBJECTIVES AND STRATEGY
SOCIAL
POLICIES AND TRANSPARENT REPORTING
APPENDICES
Greenhouse Gas Emissions
Net Zero and Carbon Neutrality ESRT defines Net Zero for existing buildings as an 80% reduction of building operational emissions in partnership with a renewably sourced grid that is aligned with the CLCPA and offset residual emissions through validated clean energy generation and accredited initiatives. By 2030 for the Empire State Building and by 2035 for the entire commercial and multifamily portfolio, ESRT targets Net Zero emissions. ESRT includes all owned assets and 100% of commercial and multifamily Scope 1, Scope 2, and Scope 3 downstream leased assets in our Net Zero goals, projects, data, and disclosure. Scope 3 downstream leased assets are defined as the emissions from the operation of assets that are leased by ESRT’s tenants and not already included in Scopes 1 and 2 inventories. Buildings achieve the most significant reductions when energy and emissions reduction measures are implemented at the asset level. Our groundbreaking deep energy retrofit work at the Empire State Building, which began in 2010, has reduced GHG emissions by 57% compared to our benchmark year of 2007. Our initial Version 1.0 work was integrated across our entire commercial portfolio and provided the real estate industry with a blueprint of what was technically and economically possible in the built environment at the time. Since 2009, ESRT’s commercial portfolio has achieved 47% reduction in emissions. In 2022, ESRT announced ESRT 2.0, a re-imagination of the deep energy retrofit that outlines steps to reach Net Zero emissions in balance with healthy buildings and financial returns, and based on work that began in 2010. As we prioritize our efforts to reduce emissions through our building retrofit work, tenant engagement, and sustainability policy work, we will offset our fossil fuel emissions through accredited sources until we reach our goal of 80% operational emissions reduction or Net Zero. The Empire State Building has been 100% powered by renewable energy since 2010, and as of January 2022 we offset 100% of the electricity used in the entire portfolio through Green-e certified wind power RECs. ESRT has partnered with 18 Reserves and ACT to offset 100% of the portfolio’s non-electric usage, which includes all steam, natural gas, and fuel oil energy consumption through the preservation of approximately 9,000 acres of biodiverse forest ecosystem.
SCIENCE BASED TARGETS INITIATIVE In 2022, we achieved target
alignment validation from SBTi, a reporting framework aligned with the latest climate science guidance to meet the goals of the Paris Agreement. ESRT’s targeted reduction for GHG emissions supports reduction pathways to limit global temperature rise to 1.5°C, which was validated by accredited global third- party experts. Few real estate companies have made this most aggressive commitment and even fewer have achieved complete validation approved by SBTi. We intend to demonstrate that these ambitious goals are achievable and economically advantageous in our industry.
EMPIRE STATE REALTY TRUST: 2023 SUSTAINABILITY REPORT
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