ENVIRONMENTAL
INTRODUCTION
ESG OBJECTIVES AND STRATEGY
SOCIAL
GOVERNANCE
APPENDICES
22
Environmental Impact Goals and Targets
In 2022, ESRT conducted an in-depth goals and targets exercise to ensure that our goals were ambitious and supported by independently verified science-based data. We focused on five categories for our portfolio: GHG emissions, energy, water, waste, and health and well-being. ESRT submits to GRESB annually and is globally recognized in reporting, investor, and science-based categories. To develop and establish these goals, we used 2018 as a baseline year and ensured that goals met or exceeded our existing commitments, such as the NYC Carbon Challenge, U.S. Department of Energy’s Better Climate and Better Buildings Challenges (including Net Zero Emissions and Net Zero Waste Pilots), and the Empire Building Challenge.
SCIENCE BASED TARGETS INITIATIVE In 2022, we received target alignment validation from the 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 aggressive commitment. We intend to demonstrate that these ambitious goals are achievable and economically advantageous in our industry.
Our targets are aligned with industry standards and frameworks, which includes UN SDGs.
2022 PROGRESS: ON TRACK GREENHOUSE GAS EMISSIONS INTENSITY 3 (kgCO 2 e/ft 2 )
GOAL: Net Zero by 2030 for
Climate Action Take urgent action to combat climate change and its impacts
• Target net zero GHG emissions across our entire commercial portfolio by 2035 and for ESB by 2030 • Meet the Empire Building Challenge and commit to leadership at a statewide level to achieve 80% local emissions reduction by 2035 • 100% renewable wind RECs for all electricity in commercial portfolio • 18 Reserves forest preservation offset 100% of steam, natural gas, fuel oil usage for commercial portfolio • Selected to receive a $5 million grant in the first funding round of the Empire Building Challenge, a competitive $50 million state initiative spearheaded by NYSERDA • Publicly announced our commitment to emissions reduction across our entire commercial portfolio by 2035 and publicly report on progress. • Converted fuel oil boilers to natural gas by 2020 with only one remaining to be converted before 2023 heating season to reduce significant air emissions such as nitrogen oxides (NO x ) and sulfur oxides (SO x )
Empire State Building and by 2035 for the commercial portfolio
4.41
2022
GHG
4.77
2021
4.21
2020
5.18
2019
3 ESRT commercial occupancy increased 76% over a 5-day average (Monday – Friday) and 86% over a 3-day average (Tuesday – Thursday) in 2022 compared to 2021. The data above represents the commercial portfolio. 2022 is the baseline year for multifamily properties and ESRT will share year-over-year change in next year’s report.
EMPIRE STATE REALTY TRUST: 2022 SUSTAINABILITY REPORT
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