ENVIRONMENTAL
ESG STRATEGY
SOCIAL
GOVERNANCE
APPENDICES
INTRODUCTION
ESRT Version 2.0
INTRODUCTION Since March 2020, we have led a public private partnership with NYSERDA and three other NYC-based property owners to develop a playbook that outlines the step-by-step process for existing commercial buildings to provide a pathway to carbon neutrality with proven returns on investment. We call this work that builds off our groundbreaking work first made public in April 2009, ESRT Version 2.0. New York State and New York City have passed legislation which commits the grid and the built environment to a carbon neutral future. In response to this legislation, we proactively identified the need to understand the business case and possible technical pathways to decarbonize our portfolio in alignment with LL97, CLCPA, SBTi and our decarbonization goals.
Each step is illustrated by real examples and live tools from the Empire State Building 2.0 team’s work.
VERSION 2.0 PLAYBOOK The playbook announced in April 2022 marks a crucial pathway forward for owners to make their buildings compliant with the emissions caps established in NYC’s LL97 and a decarbonized future based on global Science Based Targets. A resource for building owners and operators, their brokers and design and engineering teams, who want to capture the economic benefits of energy efficiency and to decarbonize the operations of their buildings, the playbook allows real estate professionals to learn from the expertise of an industry-leading expert team.
A long-term building decarbonization plan plots a course to cost-effective carbon reduction.
• Gather a team of experts, establish a baseline and goals; • Develop a calibrated model to assess the impact of projected efficiency and emissions reduction; • Thoroughly investigate the technical potential for energy and carbon reduction; • Perform a financial assessment of individual and groups (“packages”) of energy and emissions conservation measures (ECMs) in the context of an evolving thermal and electric grid; and integrate projected energy and maintenance savings, avoided fines and risk (such as LL97 fines), incentives, and refined capital and implementation costs. We have completed this analysis in the majority of our properties including the Empire State Building, and in 2022 we will finish the balance. The playbook is accessible as freeware to support the real estate sector’s transition to a decarbonized future. The playbook can be accessed at nyserda.ny.gov/ebcplaybook.
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