Vision 2030 Roadmap*


The road to carbon neutrality is challenging and will foster new technology, stakeholder collaboration that is both broad and deep, and constant re-evaluation. These six critical components are the fundamental steps to get us there.

We are proud of our accomplishments in energy efficiency thus far, with 24% of same-store energy consumption reduced since 2009. We will extend our energy efficiency goal to 50% below 2009 levels by 2030. This goal includes both landlord- and tenant-driven consumption. More information on this effort can be found in the Energy Efficiency Targets section of this report.

In addition to doing more with less energy, we will shift our energy usage to occur during hours when the electric grid uses cleaner sources of generation. In addition to the existing grid benefits provided by our 6.2MW cogeneration plant, we will continue to expand our demand response and curtailment capability, and pursue energy storage where feasible and permissible. We also use building analytics software to more smartly operate our buildings and reduce demand on a permanent basis.

We know that a carbon-neutral building must consume energy from 100% renewable sources. As New York State pursues its plan to secure 70% of electricity from renewable systems by 2030 and 100% clean electricity by 2040, we will evaluate opportunities to convert our steam, gas, and oil- sourced consumption to electricity. We will prioritize electricity as our sole source of building energy in all ground-up new development.

We see a path forward to eliminate or modify all our legacy oil boilers to cleaner sources of energy. We will transition these systems to electricity where economically and technologically feasible.

We will pursue opportunities to source our supply of electricity from 100% renewable sources while we wait for our grid systems to make their own fully renewable transition. We want the solution to be home-grown, so our local communities and economies can benefit from our investment. We will prioritize onsite renewable energy production, as well as sources located close to our buildings and cities.

As we make this transition, we know there will be a remaining balance of energy consumed from fossil fuels. We will augment that balance with carbon offsets until we fully transition to zero-carbon utility consumption.

Vision 2030 is our commitment to reach net zero through a combination of emissions reductions and offsets from our buildings. We will rely on both existing and future technology, as well as meaningful stakeholder collaboration with our tenants, our employees, and our communities. Vornado has committed to aligning its Vision 2030 Plan with the Science Based Targets initiative.

*Any information relating to goals and progress against goals was not subject to Deloitte & Touche LLP’s review and, accordingly, Deloitte & Touche LLP does not express a conclusion, opinion, or any form of assurance on such information.



We have identified IPCC Representative Concentration Pathway (RCP) 2.6 (targeting a 1.5 -to-2-degree scenario) as the primary scenario to assess transitional risk and opportunities over the short-, medium-, and long-term horizon, as informed by the regulatory frameworks in the communities where our properties are located. We identify a “business-as-usual” scenario of RCP 6.0 to assess the physical risks of climate change, due to the possibility of failure of global efforts to mitigate. The impact of such risks informs strategies of our current and future development projects, as well as financial planning for our stabilized assets. More information can be found in our SASB disclosures on climate change risk.


Vornado became a signatory of the TCFD in February 2019, among the first American real estate companies to do so. Our Board’s Corporate Governance and Nominating Committee oversees environmental matters, including climate change risk. The Board is part of the top-down strategy on ESG risk management, which includes execution by our Corporate ESG Team, senior management, divisional leaders, and integration throughout all divisions of our business. Further discussion on our governance around climate-related risks and opportunities can be found in the ESG Governance section of this report.


We identify and assess physical risks through the use of data models and resources that use both historical and forward-looking climate data to determine potential exposure to climate-related events. We identify and assess transitional risk through analyzing our exposure to local climate regulations, which are imposed upon buildings to mitigate their emissions to contribute to climate scenarios aligned with RCP 2.6.

Where acute physical risk for a property is noted, we manage this risk through measures of climate resilience and adaptation. Our primary means of managing transitional risk is through our energy efficiency program, because energy consumption at our properties drives our ability to comply with regulations such as the Climate Mobilization Act (CMA) in New York City. The costs of energy efficiency work, electrification, and other efforts to comply
for each of our buildings are factored into our risk analysis. We will forgo disclosure of these costs until compliance requirements for CMA and other climate regulations are more definitively known, although we do not expect these costs to be material.

Our climate risk assessment informs the risk profiles for our properties and is a component of our annual Enterprise Risk Management process. Further discussion on our climate risk assessment is found in the Resilience and Adaptation section of this report, as well as our SASB disclosures on climate change risk.


Our metrics and targets that most meaningfully help us to assess our climate- related risks and opportunities are found in the Energy Efficiency Targets and Goals and Progress sections of this report. Greenhouse gas emissions are disclosed in the Environmental Results 2020 section of this report.

*Any information relating to goals and progress against goals was not subject to Deloitte & Touche LLP’s review and, accordingly, Deloitte & Touche LLP does not express a conclusion, opinion, or any form of assurance on such information.




We identify RCP 2.6 as our short-term transitional scenario, due to the regulations in the cities where we do business, as well as our carbon neutrality goal.

Our Vision 2030 roadmap outlines the many components required to transition our portfolio to a climate trajectory that aligns with a 1.5-degree climate scenario.


De-carbonization of grid-supplied energy could lead to increased energy costs and operating expenses for our buildings.

Retrofitting our building systems to consume less energy could lead to increased capital costs.

Fossil fuel consumption, though mitigated through carbon offsets, may be subject to penalties.


Full transition of grid-supplied energy to renewable sources could lead to increased energy costs and operating expenses for our buildings.


Our overall energy consumption could decrease, yielding a reduced operating cost.

Carbon-neutral buildings could be more competitive in the long term and could yield higher value to our business.

Energy storage, onsite renewable energy, and distributed energy resource deployment could yield additional sources of revenue and attract and retain tenants.


Improved air quality could lead to lower HVAC operating and maintenance costs.

Mitigated increases in temperature could lead to reduced costs to adapt our buildings to be resilient to more extreme climate scenarios.

Renewable energy delivered from the grid will reduce source- generated carbon emissions and potentially reduce exposure to climate regulation.

Full transition of grid-supplied energy to renewable sources could lead to decreased energy costs and operating expenses for our buildings.

*Any information relating to goals and progress against goals was not subject to Deloitte & Touche LLP’s review and, accordingly, Deloitte & Touche LLP does not express a conclusion, opinion, or any form of assurance on such information.



  • Stormwater surge, flood risk in vulnerable areas
  • Localized loss of power
  • Degradation of air quality and public health


  • Increase in temperature and humidity extremes
  • Increase in seasonal heating and cooling demand
  • Increase in insurance and disaster relief costs
  • Increase in infrastructure and construction costs
  • Increase in instances of business interruption


  • Heightened extremes in weather conditions and temperatures could lead to significantly higher heating and cooling related energy and maintenance costs.
  • Accelerated increases in land and ocean temperatures could lead to increased climate-related events, including extreme precipitation events, which could yield significantly higher disaster response and flood mitigation costs.
  • Accelerated increases in sea level rise could lead to increased damages from coastal urban floods.

resilience and adaptation

Our properties are located in regions with recent history of climate-related events. As we assess our exposure to climate risk under varying scenarios, we understand that measures in property resilience are measures in adaptation. Our development project at 512 West 22nd Street exemplifies how our new building design is resilient and adaptive to future climate conditions.

At 512 West 22nd Street, we placed all critical mechanical equipment and electrical switchgear above grade to avoid flood damage.

Our new roof landscape systems are designed to absorb and retain stormwater, and slow runoff into the urban landscape and surrounding infrastructure. Green and white roofs also insulate our buildings; reduce current and future demand for heating and cooling; and contribute to heat island reduction, which provides local relief to surface temperature.

At 512 West 22nd Street, excess stormwater is captured in a retention tank and held for irrigation needs, and it is pumped to the rooftop terraces when needed, or to the cooling tower as make-up water.

Our new glazing and envelope systems are designed to withstand heavy wind and ice conditions. They also are designed to reduce solar heat gains and improve insulation values to minimize heating and cooling demand.

When a new building is located in a flood zone, we anchor temporary walls and venting systems inside our building lobbies to accommodate storm surges and floods and their associated water pressure build-up without damaging the building. At our existing buildings, we install temporary exterior barriers to prevent floodwater from touching the building envelope.

We install backup generation to support, at minimum, fire and life safety systems, as well as critical infrastructure. At 512 West 22nd Street, we have connected our elevators, lighting, and HVAC systems to backup generation systems to ensure safe and secure evacuation in the event of an outage.

512 West 22nd Street

Image of Manhattan from the NYC Flood Hazard Mapper, a localized coastal flood hazard mapping tool that assists our climate risk exposure analyses.