Additional 100% offset of non-electric fuel consumption by supporting the conservation of 3,600 hectares of biodiverse forests
ESRT has historically offset electricity with 100% renewable wind energy across its portfolio
Today he gave Empire State Realty Trust, Inc. (NYSE: ESRT) announced that it has achieved carbon neutrality for its 920,000 square foot commercial portfolio through a combination of its industry-leading role in building energy renovation and a new three-year agreement with 18 reserves and ACT has reached. This new agreement supports the preservation of approximately 3,600 hectares of biodiverse forests, offsetting 100% of the ESRT’s non-electric fossil fuel consumption.
ESRT’s continued leadership in sustainability and energy efficiency has already reduced the Empire State Building’s greenhouse gas emissions by 54% and the entire commercial portfolio by 43%. ESRT recently published a guide for owners on low-carbon renovation, which “Empire Building Playbook: An Owner’s Guide to Low Carbon RetrofitsThe playbook was co-developed with NYSERDA and supported by other NYC landlords and the Clinton Global Initiative to guide building owners on the path to carbon neutrality through emissions reductions that are less dependent on offsetting and have a proven payback.
“As legislation, market demand and climate change risks force property owners to meet emissions reduction requirements, businesses must look to more advanced ways to offset their current consumption while working to reduce emissions,” said Anthony E Malkin, Chairman, President and CEO of Empire State Realty Trust “The ESRT continues to innovate and implement actions to be a destination for high-quality tenants and provide investors with significant savings and returns. This 18-reserve partnership and ACT supports efforts to conserve and protect the carbon sequestering forest on behalf of ESRT and our tenants.”
ESRT views offsets as an emissions reduction tool by actively working on energy efficiency and operational emissions reductions across its portfolio. Partnering with a more renewable grid, ESRT is on track to meet its net-zero emissions goal by reducing the Empire State Building’s operational emissions by 80% by 2030 and those of the entire commercial portfolio by 2035 reduced and the remaining 20% covered by qualified compensatory measures. ESRT includes 100% of direct emissions (Scope One), indirect emissions (Scope Two) and indirect emissions from downstream leased facilities (Scope Three) in its carbon neutrality definition and emissions reduction, offsetting and disclosure commitments , as all of these areas are critical to achieving carbon neutrality.
The 3,600 hectares of protected, biodiverse forest owned by the Department of Forests and located near Cleveland, Ohio will fully offset the ESRT’s steam and natural gas consumption. This initiative complements the current offsets for all ESRT electricity consumption – credits for wind-generated renewable energy (RECs) in the Empire State Building since 2011 and across the portfolio since January 2021 through a long-term partnership with Green Mountain Energy. The 2021 deal makes ESRT the nation’s largest user of 100% green electricity in the real estate industry (Those).
“We are focused on our goal of reducing operational emissions by 80% by 2030 at ESB and by 2035 for the entire commercial portfolio,” said Dana Robbins Schneider, ESRT’s SVP, Director of Energy, Sustainability and ESG Implement actions to achieve this goal in partnership with the power grid and through ROI-driven projects such as our 3.4 MW solar roof, 8.2 MW battery and 80 EV charging stations project in Westchester, NY, we are committed to offsetting the remaining fossil fuel emissions associated with our portfolio through accredited and impactful sources.”
ESRT regularly invests in and implements measures to reduce the environmental impact of its portfolio. The company will publicly showcase its industry-leading practices in energy efficiency, emissions reduction, healthy buildings and indoor environmental quality.
“Our portfolio remains an attractive proposition for tenants whose pursuit of quality means healthy, energy-efficient buildings at an affordable price,” added Anthony E. Malkin. For more information on ESRT’s sustainability leadership, visit online.
Information on the Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages office, retail and multifamily properties in Manhattan and the New York metro area. ESRT owns the Empire State Building – the most iconic building in the world – and TripAdvisor’s 2022 Travelers’ Choice Best of the Best Awards #1 Attraction in the US and #3 Attraction in the World, at the newly designed and iconic Empire State Building Observatory. The company is a leader in healthy buildings, energy efficiency and indoor environmental quality and has the lowest greenhouse gas emissions per square foot of any publicly traded REIT portfolio in New York City. As of June 30, 2022, ESRT’s portfolio comprised approximately 850,000 square meters of rentable office space, 65,000 square meters of rentable retail space and 625 units in two apartment buildings. For more information about Empire State Realty Trust, visit esrtreit.com and follow ESRT on Facebook, Instagram, Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws. You can identify these statements by the words “anticipates”, “believes”, “estimates”, “expects”, “intends”, “plans”, “projects” or the negative of these words or similar words or expressions You should exercise caution in interpreting and relying on forward-looking statements, because they involve known and unknown risks, uncertainties and other factors, some of which are beyond ESRT’s control and actual results, performance or achievements.Such factors and risks include, but are not limited to, (i) the current health crisis and economic disruption caused by the COVID-19 pandemic, (ii) a failure of the terms or the performance with respect to an event or transaction described above, (iii) environmental uncertainties and risks related to climate change, unfavorable weather conditions, rising sea levels and natural disasters; (iv) the accuracy of our methods and estimates with respect to ESG metrics and targets, (v) the willingness and ability of tenants to cooperate in reporting on ESG metrics and the achievement of ESG targets, (vi) the Effects 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 discussed 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 undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or as a result other reasons.
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