Shares aggressive carbon neutrality goals and initiatives, and industry leading “Empire Building Playbook: An Owner’s Guide to Low Carbon Retrofits”
NEW YORK (April 29, 2022) – Empire State Realty Trust, Inc. (NYSE: ESRT) today shared its 2021 Sustainability Report – published on Earth Day – that highlights major accomplishments, transparent metrics, and forward-looking goals for energy, sustainability, and DE&I.
ESRT’s aggressive energy reduction goals, detailed in the report, outline plans for carbon neutrality at the Empire State Building and throughout the portfolio. The goals include:
- 2030 carbon neutrality target for the Empire State Building and 2035 carbon neutrality target for the balance of ESRT’s office portfolio,
- and 20% reduction of energy use intensity by 2024 as part of the U.S. Department of Energy’s Better Buildings Challenge.
ESRT’s emissions reduction targets have been accepted by Science-Based Targets Initiative (SBTi) consistent with a 1.5°C climate scenario, the most ambitious goal of the Paris Agreement and a critical limit based on reports published by the Intergovernmental Panel on Climate Change (IPCC) to avoid the most catastrophic impacts of climate change. Public commitment to the SBTi supports reduction pathways to limit the global temperature rise to 1.5°C.
“The annual Sustainability Report is another way for ESRT to chart the course for our industry with transparent reporting of best practices, progress, and significant goals for carbon and greenhouse gas (GHG) emissions, energy use reduction, and diversity, equity, and inclusion (DE&I),” said Anthony E. Malkin, ESRT’s chairman, president, and CEO. “Our forward-looking approach toward carbon neutrality with substantial returns on investment continues to deliver value for our stakeholders.”
The report highlights the company’s recently published “Empire Building Playbook: An Owner’s Guide for Low Carbon Retrofits,” that was announced at a launch event at the Empire State Building with President Bill Clinton, Governor Kathy Hochul, and Mayor Eric Adams on April 21, 2022. Co-developed by NYSERDA and supported by other NYC-based landlords and the Clinton Global Initiative, the playbook outlines the step-by-step process for existing commercial buildings to develop a pathway to carbon reduction with proven returns on investment and is modeled from the industry-leading deep-energy retrofit at the Empire State Building that reduced carbon emissions at the building by 54% within the past decade. The full Empire Building Playbook can be found online.
“We remain transparent with our practices and progress as we work toward our industry-leading goals for sustainability, energy, and ESG,” said Dana Robbins Schneider, senior vice president, director of energy, sustainability, and ESG at ESRT. “We are on track to meet our goals of net zero carbon emissions at the Empire State Building by 2030 and throughout our portfolio by 2035. We will maintain our commitment to healthy buildings for our occupants and employees, to impactful community engagement, and to demonstration of the strong economic case for this important work.”
ESRT announced in the report that it was one of the first in the world to achieve its annual recertification of the WELL Health-Safety Rating. Other major accolades that ESRT received and maintained in 2021 included:
- #1 most efficient REIT in NYC based on kgCO2e per square foot, by Morgan Stanley 2020 research report
- #1 lowest GHG emissions of all NYC-based REITs per Green Street 2021 research report
- Green Lease Leader Gold 2021
- ENERGY STAR Partner of the Year 2021
- Highest-possible GRESB 5 Star Rating and Public Disclosure A-Rating
- LEED Gold Certification for the Empire State Building since 2011
- NYSERDA Empire Building Challenge Partner
The 2021 Sustainability Report also disclosed key DE&I goals and processes, and diversity metrics at all levels, which include significant enhancements to employee benefits, and new DE&I-related policies for hiring and training. The report also highlighted ESRT’s inclusion in the Bloomberg Gender Equality Index in 2022.
More information about ESRT’s ESG targets and initiatives can be found online.
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About Empire State Realty Trust
Empire State Realty Trust, Inc. (NYSE: ESRT) is a NYC-focused REIT that owns and manages a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building, the World’s Most Famous Building, ESRT also owns and operates its iconic, newly reimagined Observatory Experience. 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 March 31, 2022, ESRT’s portfolio is comprised of approximately 9.4 million rentable square feet of office space, 700,000 rentable square feet of retail space and 625 units across two multifamily properties. More information about Empire State Realty Trust can be found at esrtreit.com and by following ESRT on Facebook, Instagram, Twitter and LinkedIn.
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.