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Empire State Realty Trust Achieves Carbon Neutrality for Commercial Portfolio
Empire State Realty Trust, Inc. (ESRT) said it had achieved carbon neutrality for its 9.9-million-square-foot commercial portfolio through a combination of building energy-efficiency retrofit work and a new three-year agreement with 18 Reserves and ACT. The agreement preserves close to 9,000 acres of biodiverse forest that will offset 100% of ESRT’s non-electric fossil fuel usage.
The REIT has already reduced greenhouse gas emissions at the Empire State Building by 54% and in its 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.
“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 ESRT.
- ◦Financing
