NYC Look to Save $50M in Energy & Reduce GHG Emissions

NEW YORK CITY Mayor Bill de Blasio, in partnership with the Real Estate Board of New York announced the official launch of the NYC Carbon Challenge for Commercial Owners and Tenants.

The partnership between New York City and private and institutional sector leaders, who have committed to reduce greenhouse gas (GHG) emissions from their buildings by 30% or more in 10 years.

To achieve these reductions, existing participants as well as new commercial owner and tenant participants have committed to work together to identify strategies for coordinated implementation of energy efficiency projects in their buildings.

The expansion of the NYC Carbon Challenge to 22 commercial owners and tenants adds more than 58 million square feet to the Challenge and is projected to reduce citywide GHG emissions by an additional 60,000 metric tons of carbon dioxide equivalent (tCO2e) – the equivalent of taking almost 13,000 cars off the roads – and result in an estimated $50 million in energy cost savings.

The launch of the NYC Carbon Challenge for Commercial Owners and Tenants marks a major commitment by the city’s commercial real estate community to help New York City achieve its ambitious OneNYC goal of reducing citywide GHG emissions 80 percent by 2050.

“The commitments from these 22 commercial owners and tenants show environmental sustainability and economic sustainability work hand in hand,” said Mayor Bill de Blasio. “These private sector leaders demonstrate that New York City is committed to continuing to move aggressively to protect our residents and our planet.”

“Buildings contribute the majority of the city’s greenhouse gas emissions. Reducing those emissions to reach our target of an 80 percent reduction by 2050 requires close cooperation and partnership between the City and private sector building owners and tenants,” said Daniel Zarrilli, Senior Director of Climate Policy and Programs and Chief Resilience Officer. “Today’s expansion of the NYC Carbon Challenge is a great example of that partnership and ensures that together we continue to build a more sustainable, resilient, and equitable city.”

The expansion builds on the success of the existing NYC Carbon Challenge program, which was launched in 2007 and now includes 17 universities, 10 hospital organisations, 24 commercial tenants, 10 commercial owners, 20 residential property management companies, and 18 hotels.

Current Challenge participants now total over 325 million square feet – or 6% of citywide built square footage. To date, participants have achieved an average of a 20 percent reduction and ten participants have already achieved their full GHG emissions reduction goals, demonstrating that deep reductions are achievable in just a few years. Participants have reduced GHG emissions by over 340,000 metric tons—the equivalent of taking 70,000 cars off the roads – and have saved over $150 million in energy costs.

In total, the Challenge is expected to reduce emissions by 515,000 tCO2e – the equivalent of taking more than 210,000 cars off the roads – and result in an estimated $260 million in energy cost savings that can be reinvested in business operations, students, staff, patients, customers and research. By the end of the program in 2026, participants will have spent roughly $180 million in annual construction activity, creating more than 650 construction-related jobs.

Picture of New York City by by Ibagli - Own work, Public Domain, under CCL.

Monday 30th January 2017

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