Empire State Realty Trust Reaches Carbon Neutrality for Commercial Portfolio
PR98002
NEW YORK, Sept. 23, 2022 /PRNewswire-AsiaNet/ --
--Additional 100% Offset of Non-Electric Usage Through Preservation Support of
9k Acres of Biodiverse Forest
--ESRT previously offset electricity with 100% renewable wind power throughout
the portfolio
Empire State Realty Trust, Inc. ( https://www.esrtreit.com/ ) (NYSE: ESRT)
announced today that it achieved carbon neutrality for its 9.9 million square
foot commercial portfolio through a combination of its industry leadership in
building energy-efficiency retrofit work and a new three-year agreement with 18
Reserves and ACT (
). The new agreement supports the preservation of close to 9,000 acres of
biodiverse forest that will offset 100% of ESRT's non-electric fossil fuel
usage.
ESRT's continued leadership in sustainability and energy efficiency has already
reduced greenhouse gas emissions at the Empire State Building by 54% and the
entire commercial portfolio by 43%. ESRT recently published the "Empire
Building Playbook: An Owner's Guide to Low Carbon Retrofits (
)" -- co-developed with NYSERDA and supported by other NYC-based landlords and
the Clinton Global Initiative -- to guide building owners in the steps to
achieve carbon neutrality through emissions reduction with less dependence on
offsets and a proven return on investment.
"As legislation, market demand, and climate change risk push real estate owners
to meet emissions reduction requirements, companies need to seek out more
advanced ways to offset their current usage while they work to reduce
emissions," said Anthony E. Malkin, chairman, president, and CEO at Empire
State Realty Trust. "ESRT continues to innovate and implement ways to serve as
a destination for high quality tenants and benefit investors with considerable
savings and returns. This partnership with 18 Reserves and ACT supports efforts
to conserve and protect carbon-sequestering forest on behalf of ESRT and our
tenants."
ESRT views offsets as a tool for emissions mitigation as it actively works
towards energy efficiency and reduction in operational emissions within its
portfolio. In partnership with a more renewable grid, ESRT is on track to
achieve its target of net zero emissions with 80% reduction in operational
emissions at the Empire State Building by 2030 and throughout its entire
commercial portfolio by 2035, and the remaining 20% covered by qualified
offsets. ESRT includes 100% of direct emissions (scope one), indirect emissions
(scope two), and indirect downstream leased assets emissions (scope three) as
part of their definition of carbon neutrality and commitments to emissions
reductions, offsets, and disclosure as all these areas are crucial to achieve
carbon neutrality.
The 9,000 acres of preserved, biodiverse forest, owned by the Department of
Forestry and located near Cleveland, Ohio, will fully offset ESRT's steam and
natural gas usage. This initiative complements ESRT's current offset of all
electricity usage with wind renewable energy credits (RECs) at the Empire State
Building since 2011 and throughout the portfolio since January 2021 in a
long-term partnership with Green Mountain Energy. The 2021 contract made ESRT
the nation's largest user of 100% green power in real estate (source (
) ).
"We are focused on our target to reduce operational emissions 80% by 2030 at
ESB and 2035 for the entire commercial portfolio," said Dana Robbins Schneider,
ESRT's SVP, director of energy, sustainability, and ESG. "While we implement
measures to achieve this target in partnership with the grid and through
ROI-driven projects such as our 3.4MW solar canopy, 8.2MW battery, and 80 EV
charging station project in Westchester, NY, we have committed to offset 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 and transparently publicly shares its industry-leading
practices in energy efficiency, emissions reduction, healthy buildings, and
indoor environmental quality.
"Our portfolio remains an attractive offering for tenants whom flight to
quality means healthy, energy efficient buildings at an accessible price
point," Malkin added. More information about ESRT's leadership in
sustainability can be found online (
).
About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a REIT that owns and manages
office, retail and multifamily assets in Manhattan and the greater New York
metropolitan area. ESRT owns the Empire State Building, the World's Most Famous
Building, and Tripadvisor's 2022 Travelers' Choice Best of the Best Awards #1
attraction in the U.S. and #3 attraction in the world, the newly reimagined 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 is comprised
of approximately 9.2 million rentable square feet of office space, 700,000
rentable square feet of retail space and 625 residential units across two
multifamily properties. More information about Empire State Realty Trust can be
found at https://esrtreit.com and by following ESRT on Facebook (
), Instagram (
), Twitter (
) and LinkedIn (
).
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of
the Federal securities laws. You can identify these statements by our use of
words such as "assumes," "believes," "estimates," "expects," "intends,"
"plans," "projects" or the negative of these words or similar words or
expressions that do not relate to historical matters. You should exercise
caution in interpreting and relying on forward-looking statements, because they
involve known and unknown risks, uncertainties and other factors which are, in
some cases, beyond ESRT's control and could materially affect actual results,
performance or achievements. Such factors and risks include, without
limitation, (i) the current public health crisis and economic disruption from
the COVID-19 pandemic, (ii) a failure of conditions or performance regarding
any event or transaction described above, (iii) environmental uncertainties and
risks related to climate change, adverse weather conditions, rising sea levels
and natural disasters; and (iv) accuracy of our methodologies and estimates
regarding ESG metrics and goals, (v) tenant willingness and ability to
collaborate in reporting ESG metrics and meeting ESG goals, (vi) impact of
governmental 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 each of 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 may be required by law, ESRT and ESROP do not undertake a
duty to update any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE: Empire State Realty Trust, Inc.
CONTACT: Empire State Realty Trust: Brock Talbot, +1 347-804-7863,
btalbot@esrtreit.com
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