NYC Carbon Challenge program adds 56 commercial properties

Dive Brief:

The New York City Carbon Challenge program has expanded to include commercial property owners and tenants in an effort estimated to remove 60,000 metric tons of carbon dioxide from the atmosphere while saving $50 million in energy costs, according to Commercial Property Executive.
Twenty-two commercial property owners and tenants have joined the challenge, bringing 56 buildings and more then 8 million square feet of office space under the program to reduce greenhouse gas emissions over the next decade.
Launched in 2007, the NYC Carbon Challenge now includes 17 universities, 10 hospitals, 24 commercial tenants, 10 commercial owners, 20 residential property management companies and 18 hotels totaling 325 million square feet of space under the program.

Dive Insight:

If New York City is going to reduce its greenhouse gas emissions 80% by 2050, it’s going to need help from the commercial real estate sector, which pump out 30% of the greenhouse gases emitted from the Big Apple. Firms joining the commercial property program expansion include Durst Organization, Forest City, Normandy Real Estate Partners, The Related Cos., Rockefeller Group, Rudin Management Co. Inc., RXR Realty, SL Green Realty Corp., Silverstein Properties Inc. and Vornado Realty Trust.

Buildings contribute the majority of the city’s greenhouse gas emissions, according to Daniel Zarrilli, New York City's senior director of Climate Policy and Programs and chief resilience officer. To reach the goal of reducing emissions, the program needs close cooperation between the city and private sector building owners and tenants.

Employing a public-private partnership between the city government and the Real Estate Board of New York, the NYC Carbon Challenge is expected to cut carbon emissions by ultimately 515,000 tons — or the equivalent of removing 210,000 cars from the roads. The program is also slated to save an estimated $260 million in energy costs. By the end of the program in 2026, participants are expected to spend $180 million in annual construction activity related to energy efficiency measures, creating 650 construction related jobs as a result of the challenge.