With mandatory carbon emission caps—and potentially stiff penalties for not meeting them—going into effect in 2024, CRE players with some of the largest footprints in NYC are lining up to join a state initiative that rewards them for taking early action to decarbonize their buildings.
NY Gov. Kathy Hochul announced this week that Tishman Speyer, LeFrak, Brookfield Properties, Boston Properties, Equity Residential, and Amalgamated Housing have signed up for the Empire Building Challenge.
The group has promised to decarbonize eight of its skyscraper assets in a competition that will award $3.1M to the team that does it first.
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