The project is part of a larger movement of investors steering money toward sustainable real estate, thanks to new technology and tougher standards that allow for better tracking of a development’s ability to reduce its carbon footprint.
In this special New York Climate Week episode, the ESG Insider podcast explores how the built environment is responsible for nearly 40% of all global carbon dioxide emissions, and what it will take to decarbonize this vast sector.
New York plans to build two new major electricity transmission lines to help the state meet its ambitious climate goals, which include getting 70 percent of its power from renewable sources by the end of the decade.
With mostly small and midsized landlords in some of the hardest-hit areas of New York City left to foot a huge bill to recover from Hurricane Ida, the industry is putting pressure on the government to improve infrastructure and provide incentives, financing options and support to get more buildings where they need to be for the city to withstand climate events.
Addressing our built environment is a critical component of the battle against climate change. According to the Urban Green Council, nearly 70 percent of carbon emissions in New York City are generated by existing buildings, the vast majority of which will still be standing in 2050.