FOOTPRINTS
2021 marked another banner year with progress on our ESG goals and new enhancements to further our leadership in the real estate industry. Below is a selection of highlights over the past year.
SCIENCE BASED TARGETS INITIATIVE PROGRESS (SBTi)
We aligned our goals with the Science Based Targets initiative and have committed to a 64% reduction by 2030 using a 2019 base year to ensure our ongoing emissions reduction contributes to a 1.5-degree climate scenario.
Our progress on this commitment in 2021 is:
20%
LOCATION-BASED SCOPE 1 + 2 GHG EMISSIONS INTENSITY OF 0.0046 MTCO2 PER SQUARE FOOT
44%
MARKET-BASED SCOPE 1 + 2 GHG EMISSIONS INTENSITY OF 0.0032 MTCO2 PER SQUARE FOOT
RENEWABLE ENERGY PROCUREMENT
In 2021 Vornado procured Renewable Energy Credits (RECs) to document our commitment to renewable energy and the environment, sourced from hydro energy facilities located in the State of New York. With an annualized balance of over 215,000 megawatt hours, we lead by example as one of the largest customers to invest in home-grown renewable energy.
EXECUTIVE COMPENSATION
In 2021, the Board updated corporate policy to include ESG as a key performance indicator for executive compensation.
GREEN BONDS
Vornado applied the full $750 milion in bond proceeds to eligible green projects. With our significant investment in sustainable development, all proceeds were spent within the first year of the offering.
PENN 2
THE PENN DISTRICT
Progress is underway with our decarbonization strategy at PENN 1 and PENN 2, with triple-paned glazing systems, electrified cooling systems, and grid-responsive building automation systems among the many
elements installed at both buildings.
Vornado is a proud participant in the Empire Building Challenge and has
partnered with NYSERDA to develop a carbon neutrality roadmap for the PENN District, which will serve as an example for existing buildings across the state to follow.
SUPPLY CHAIN
In addition to maintaining our Vendor Integrity Program and Vendor Code of Conduct, we commenced a comprehensive impact evaluation program with our critical suppliers. The results of this program will contribute to our ongoing inventory of Scope 3 GHG emissions.
theMART is our flagship Chicago asset with over 3.7 million SF of leasable space
EMPLOYEE HEALTH AND WELLNESS
We expanded our health and wellness programs as more employees began to return to the office including: reduced-cost memberships to the new gym at PENN 1, onsite COVID testing and vaccination, and the introduction of app-based resources to help foster healthier lifestyles.
The new gym at PENN 1
CYBERSECURITY GOVERNANCE
In response to cybersecurity threats increasing in frequency and scale, a governance structure was adopted to ensure a process to evaluate and quickly mitigate potential risks.
PROMOTING ECOLOGICAL HEALTH
Building on tenant programs at 770 Broadway and 731 Lexington, Vornado is working to bring beehives to our portfolio to support the local pollinator population. Hives were installed at 1290 Avenue of the Americas, and we are on target to add five additional locations in 2022. The urban beekeeping program is an opportunity to protect these pollinators who are a critical piece of our ongoing food supply as well as to engage with tenants in a unique way by providing educational programs year-round.
ELECTRIC VEHICLE CHARGING
We have installed over 40 EV charging stations at five of our dock-branded parking garages, with additional stations planned in the future.
