Further offsetting 100% of non-electric use by supporting the preservation of 9,000 acres of biodiversity-rich forest
ESRT has previously offset its electricity consumption with a portfolio using only renewable wind energy.
NEW YORK, September 25, 2022 /CNW/ – Empire State Realty Trust, Inc. (NYSE: ESRT) today announced that its 9.9 million square foot commercial portfolio has achieved carbon neutrality thanks to its industry leadership in energy-efficient building retrofits and a new three-year agreement with 18 Reservations and ACT. The new agreement supports the preservation of nearly 9,000 acres of biodiversity-rich forests that will offset 100% of ESRT’s non-electric fossil fuel consumption.
ESRT’s continued leadership in sustainability and energy efficiency has already reduced greenhouse gas emissions by 54% at the Empire State Building and 43% across its commercial portfolio . ESRT recently released the “ Empire Building Playbook: An Owner’s Guide to Low Carbon Retrofits – co-developed with NYSERDA and supported by other New York-based owners and the Clinton Global Initiative – to guide building owners through the steps to achieve carbon neutrality through reducing emissions with less reliance to compensation and a proven return on investment.
“As legislation, market demand and climate change risks drive property owners to meet emission reduction requirements, companies must find more advanced ways to offset their current use while striving to reduce emissions, said Anthony E. Malkin, president and CEO of Empire State Realty Trust. ESRT continues to innovate and implement ways to attract high-quality tenants and provide investors with significant savings and returns. This partnership with 18 Reserves and ACT supports efforts to conserve and protect carbon-storing forests on behalf of ESRT and our tenants. »
ESRT views offsets as an emissions mitigation tool because it is actively working toward energy efficiency and operational emissions reductions across its portfolio. In partnership with a more renewable grid, ESRT is on track to achieve its carbon neutral goal with an 80% reduction in operational emissions at the Empire State Building by 2030 and across its commercial portfolio of by 2035. The remaining 20% will be covered by eligible offsets. ESRT includes all direct emissions (“scope 1”), indirect emissions (“scope 2”) and indirect emissions downstream of the leased assets (“scope 3”) in its definition of carbon neutrality and its commitments to reduce emissions, offsets and disclosure, as all of these areas are crucial to achieving carbon neutrality.
The 9,000 acres of preserved biodiversity-rich forests owned by the US Forest Department and located near Clevelandin Ohio, will fully offset ESRT’s use of steam and natural gas. This initiative complements ESRT’s current offset of all electricity consumption with Renewable Wind Energy Credits (RECs) at the Empire State Building since 2011 and across the portfolio since January 2021 as part of a long-term partnership with Green Mountain Energy. The 2021 contract made ESRT the largest user of 100% green energy in real estate (source).
“We are focused on our goal of reducing operational emissions by 80% by 2030 in ESB and by 2035 for the entire commercial portfolio,” said Dana Robbins Schneider, Senior Vice President of ESRT, director of energy, sustainable development and ESG factors. As we implement measures to achieve this goal in partnership with the grid and through ROI-focused projects, such as our 3.4 MW solar canopy, 8.2 MW battery and charging station from 80 EV to Westchesterin the state of New York, we are committed to offsetting the remaining fossil fuel emissions associated with our portfolio through accredited and impactful sources. »
ESRT regularly invests in measures to reduce the impact of its portfolio on the environment and implements measures in this direction. The company also transparently discloses its leading practices in energy efficiency, emission reduction, healthy buildings and indoor environmental quality.
“Our portfolio remains an attractive offering for tenants for whom quality comes down to healthy, energy-efficient buildings at an affordable price,” added Mr. Malkin. More information on ESRT’s sustainability leadership is available at line.
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a real estate investment trust (REIT) that owns and manages office, retail and multi-residential properties in manhattan and in the greater New York metropolitan area. ESRT owns the Empire State Building, the most famous building in the world, and the #1 attraction in the United States and #3 in the world according to Tripadvisor’s 2022 Travelers’ Choice Awards, the Observatory of the newly reimagined and iconic Empire State Building. The company is a leader in healthy buildings, energy efficiency and indoor environmental quality. It has the lowest greenhouse gas emissions per square foot of any New York City listed real estate investment trust portfolio. As of June 30, 2022, ESRT’s portfolio comprised approximately 9.2 million square feet of rental office space, 700,000 square feet of rental retail space and 625 residential units across two multi-family properties. To learn more about Empire State Realty Trust, visit esrtreit.com and follow us on Facebook, instagram, Twitter and LinkedIn.
This press release contains “forward-looking statements” within the meaning of the federal securities laws. These statements are recognizable by words such as “assumes”, “believes”, “estimates”, “expects”, “intends”, “plans”, “projects”, the negative form of these words or similar words or expressions which do not relate to matters of a historical nature. You should exercise caution in interpreting and using forward-looking statements, as they involve known and unknown risks, uncertainties and other factors which, in some cases, are beyond ESRT’s control and could have a material impact on actual results, performance or achievements. These factors and risks include, but are not limited to (i) the current public health crisis and economic disruption caused by the COVID-19 pandemic; (ii) failure of terms or performance with respect to any activity or transaction described above; (iii) environmental risks and uncertainties related to climate change, adverse weather conditions, sea level rise and natural disasters; (iv) the accuracy of our methodologies and estimates regarding ESG metrics and objectives; (v) the willingness and ability of tenants to collaborate in the communication of ESG indicators and the achievement of ESG objectives; (vi) the impact of government regulation on our ESG efforts; (viii) and other risks and uncertainties described, from time to time, in ESRT’s and ESROP’s filings with the SEC, including those set forth in ESRT’s and ESROP’s Annual Report on Form 10-K for the year ended December 31, 2021 under the heading “Risk Factors”. Except as required by law, ESRT and ESROP do not undertake to update any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Empire State Realty Trust, Inc.
For further information: MEDIA CONTACT: Empire State Realty Trust Brock Talbot, 347-804-7863, [email protected]
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Empire State Realty Trust’s Commercial Portfolio Achieves Carbon Neutrality
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