40
ENVIRONMENTAL
INTRODUCTION
SUSTAINABILITY OBJECTIVES AND STRATEGY
SOCIAL
POLICIES AND TRANSPARENT REPORTING
APPENDICES
The results of each decarbonization study show four to five packages, which build incrementally for increased impact on emissions. Each package includes a specific set of incremental energy and emissions conservation measures that may be implemented in a building over a 10- to 15-year period. The graphs to the right illustrate the Empire State Building’s decarbonization analysis and plan to meet an 80% reduction from a 2007 baseline by 2030. Our key findings at the Empire State Building, and in each of our NYC commercial and multifamily properties, are (i) it is technically and economically viable to achieve Net Zero emissions by 2035, and (ii) this must be done in partnership with the building occupants and the grid. Grid emissions reductions per the CLCPA and building measures each contribute equally to the 80% target. Our analysis includes consideration of embodied carbon. McKinsey & Company states that embodied carbon includes all GHG emissions associated with building construction, which includes those that result from the extraction, transportation, manufacturing, and installation of building materials on site. 12 ESRT follows a simple and impactful program to reuse, retrofit, and modernize existing buildings, many of which are prewar trophy buildings like the Empire State Building, which is also a National Historic Landmark. At ESRT, equipment is retrofitted, and retro commissioned through its useful life, after which it is replaced with the most efficient system for optimal techno- economic balance between emissions reduction towards our Net Zero goal and internal rate of return. This minimizes our embodied carbon impact and is one of the most environmentally responsible decisions we can make. Measures are strategically phased to align with tenant renovations and lease roll, and to optimize tenant comfort and healthy sustainable building performance.
ESRT is on track to achieve our goal of Net Zero emissions at the Empire State Building by 2030 and throughout the commercial and multifamily portfolio by 2035. The graph below displays the Empire State Building’s carbon emissions reduction progress as of December 31, 2023. We have reduced carbon emissions by 57% since 2007. ESRT continues to implement our Net Zero plans at each property and disclose its progress. Each building’s decarbonization study and planned emissions and energy conservation measures to be implemented can be found here. A progress report of ESRT’s portfolio can be found here.
Empire State Building CO 2 Emission Savings
35000
30000
26.8%
25000
32.0%
36.2%
36.0%
36.1% 35.8%
39.6%
40.8% 40.3%
43.5%
20000
46.1%
50.7%
56.0% 57.1%
15000
60.8% 60.9%
10000
5000
0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Retail Gas Steam Broadcast Base Bldg Elec Retail Elec
2021 2022
2023
As of December 31, 2023, the Empire State Building has reduced CO 2 emissions by 13%, compared to a 2019 baseline. Utilizing 2023 operation and expected energy conservation projects, the building is expected to meet its LL97 2030 Limit, LL97 2035 Limit, and 80x30 target. Total CO 2 Emissions vs. LL97 Limits
10,000 12,000 14,000 16,000 18,000 20,000 22,000
0 2,000 4,000 6,000 8,000
2035 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Actual Emissions (CLCPA) 2009 Emissions BAU (Static Grid) Projected Emissions (CLCPA) LL97 2030 Limit LL97 2035 Limit 80x30 Target
12 Data to the rescue: Embodied carbon in buildings and the urgency of now | McKinsey
EMPIRE STATE REALTY TRUST: 2023 SUSTAINABILITY REPORT
Made with FlippingBook - Online magazine maker