ENVIRONMENTAL
INTRODUCTION
SUSTAINABILITY OBJECTIVES AND STRATEGY
CORPORATE CITIZENSHIP
GOVERNANCE AND TRANSPARENT REPORTING
APPENDICES
ESRT includes all owned assets Scope 1, Scope 2, and Scope 3 downstream leased assets in our 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. GHG emissions were calculated in accordance with the WRI GHG Protocol, and verification of the data contained herein was conducted in accordance with ISO 14064 Part 3. The sharp increase in 2024 emissions are due to a 19.3% increase in eGRID factors from 2021 to 2023 which are now reflected in our 2024 emissions. Amid the increased emissions eGRID factors, 13% increase in occupancy, 10% spike in Cooling Degree Days (CDDs), and 5% spike in Heating Degree Days (HDDs) - all conditions that commonly drive emissions upwards - when we adjust 2023 emissions retroactively to reflect the updated eGRID emissions factor, 2023 total NYC office building emissions becomes 45,104 MTCO 2 e and a 1.1% emissions reduction is achieved in 2024. ESRT is on target to reach 80% emissions reduction for the Empire State Building by 2030 and by 2035 for the portfolio provided grid reductions occur in this time frame and as justified by economic results. Our groundbreaking deep energy retrofit work at the Empire State Building, which began in 2010, has reduced emissions by 59% 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 office portfolio has achieved a 49% reduction in GHG emissions.
GHG EMISSIONS PERFORMANCE
2024 GHG EMISSIONS 6 (MTCO 2 e)
Scope 3 Category 13: 32,508 Commercial: 28,378 Multifamily: 4,130
Scope 1: 2,309 Commercial: 2,309 Multifamily: 0
increase in emissions compared to 2023 4%
51,641 MTCO 2 e
Scope 2: 16,823 Commercial: 16,819 Multifamily: 5
LIKE-FOR-LIKE GHG EMISSIONS 6 (MTCO 2 e) NYC Commercial Office
25,491
20,600
16,819
16,567 15,580
15,731
15,231
14,046
3,126 2,360
3,013
2,309
2021 2022 2023 2024
2021 2022 2023 2024
2021 2022 2023 2024
Scope 1
Scope 2
Scope 3
6 Occupancy increased by 16.6% at the Empire State Building and 12.9% across the commercial portfolio in 2024 compared to 2023. The NOAA Central Park NYC data center reported Heating Degree Days (HDDs) increased by 5% and Cooling Degree Days (CDDs) increased by 10.3% from 2023 to 2024. This increase in occupancy, HDDs and CDDs contributes to increased energy and water usage and emissions. The 2024 consumption data above represents the utility usage of ESRT’s commercial and multifamily portfolio that was owned for the full calendar year 2024. Data is absolute and is not normalized for weather, occupancy, tenant typology, or other variables that impact utility usage apart from efficiency initiatives. GHG emissions factors used for these calculations are location-based Scope 1, 2 and 3 emissions based on EPA eGRID published data as of January 17, 2025. The reported increase in 2024 emissions is due to increased eGRID factors of 19.3% from 2021 to 2023, which are reflected in the 2024 emissions data reported herein. Like-for-like metrics represent ESRT’s NYC commercial office properties owned for the full calendar years of 2021 to 2024.
22
2024 SUSTAINABILITY REPORT
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