ENVIRONMENTAL
INTRODUCTION
ESG OBJECTIVES AND STRATEGY
SOCIAL
GOVERNANCE
APPENDICES
19
ESRT’s definition of net zero for existing buildings is that by extreme reduction of building operational emissions, partnership with a renewably sourced grid aligned with the CLCPA, and strategic offsets of residual emissions through clean energy generation and accredited initiatives, net annual building operational carbon emissions are equal to zero. By 2030 for the Empire State Building and by 2035 for the commercial portfolio, ESRT will target net zero carbon emissions through an 80% operational carbon emissions reduction — to be achieved through a combination of energy efficiency measures and a more renewably sourced grid — and a 20% offset through verified renewable energy and conservation projects. ESRT includes all owned assets and 100% of commercial 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 the emissions from the operation of assets that are leased by ESRT and not already included in the scopes 1 and 2 inventories. Commercial property owners, operators, and tenants must work collaboratively to meet the carbon reduction targets outlined in New York City’s LL97. Our research has shown that building interventions, as well as planned major changes in power supply to the grid, are required to meet NYC’s and international long-term targets of GHG emissions reduction of 80% by 2050. Buildings achieve the most significant reductions when energy and emissions reduction measures are implemented at the asset level. Our groundbreaking deep energy retrofit of the Empire State Building, which began in 2010, has reduced GHG emissions by 56% compared to our benchmark year of 2009. This Version 1.0 work was integrated across our entire commercial portfolio and provided the real estate industry with a blueprint of what was then technically and economically possible in the built environment. Since 1.0 implementation, ESRT has achieved 43% reduction in emissions portfolio wide. Net Zero and Carbon Neutrality
EMPIRE STATE REALTY TRUST: 2022 SUSTAINABILITY REPORT
Made with FlippingBook Online newsletter maker