Our Commitment to Sustainable Practices

With its sustainability policy, Vornado has fully integrated sustainability into the fabric of the company’s assets, operations and culture. It is our foundation for and guide to maintaining a competitive advantage in sustainability.

Energy

We believe the reduction of our energy consumption is the essential first step on our path to carbon neutrality. Our commitment includes a target to reduce 50% of our energy by 2030, below a 2009 base year, and is supported by a plan to improve energy efficiency from consumption sources that are controlled by both the landlord, as well as our tenants. Through continuous evaluation, we realigned our commitment with climate science and our carbon neutrality roadmap also includes the implementation of onsite renewables where feasible, the elimination of all fuel oil, electrification when and where it makes sense, and sourcing our electricity from renewable sources while our local grid systems make their respective transitions to clean energy. A full description of our energy reduction strategy can be found in our annual ESG Report.

Water

We recognize the right to water as a fundamental human right and recognize the importance of conserving water and commits to reducing water consumption wherever possible. We employ water recycling, re-use and conservation measures as part of our maintenance and operations best practices. We explore opportunities for stormwater management and re-use and employ them where practical. We achieved our corporate wide goal to reduce our overall water consumption 10% by 2020 below a 2016 base year one year ahead of schedule.  This accomplishment encouraged us to reevaluate forward looking goals and make a subsequent commitment to reduce another 10% by 2030 below a 2020 base year. We encourage tenant partnership by submetering tenants whose water use is projected to be above industry standard use for office or retail usage. Our effort will be assessed annually and measured in hundred cubic feet (HCF) per occupied square foot.

Waste

We oversee waste management, not just from the point of disposal, but throughout the entire waste stream cycle. We communicate a consistent policy and that it is followed throughout the entire cycle. Vornado tracks waste diversion metrics monthly and have introduced organic waste recycling programs in over 75% of our New York office locations, with a goal of 100% participation by 2023. Per New York State code, we require separate storage and disposal of hazardous waste in our buildings and utilize third-party vendors to recycle all hazardous waste in the form of electronics and mercury-containing lighting products that are generated. Through strategic partnerships, we are able to facilitate bulk donations for tenants to further reduce waste.

Responsible Procurement

Vornado purchases the majority of its maintenance supplies and equipment through its subsidiary, Building Maintenance Services LLC. Our selection of supplies with reduced environmental impact is critical to providing and maintaining a healthy indoor environment for our tenants, visitors and employees. We have committed to maintaining over 75% of supplies with certifications designated by UL EcoLogo, Green Seal, USDA Certified Biobased, EPA Comprehensive Procurement Guideline program and EPA Safer Choice Standard.

2021 Environmental, Social, & Governance ("ESG") Report

Strategic Application of Sustainable Practices

Vornado relies upon its unique strengths to identify and apply the most effective sustainable practices. We seek opportunities that leverage the scale and diversity of our portfolio, the depth and breadth of our experience, and our operational expertise across all divisions. We test promising sustainable technologies in real-life circumstances in our portfolio to implement innovative products, services and ideas that offer the broadest possible value to our company, our customers, our industry, our communities and the environment.

Relationships

Vornado integrates sustainable practices and thinking into our relationships with tenants, contractors and consultants, incorporating sustainable standards in contractual documents in agreements, including our leases.

 

Our environmental policy applies the same standards to our suppliers and vendors through our Vendor Code of Conduct. This Code applies to all contractors, as well as their employees, subcontractors, agents, members, parents, subsidiaries, successors, assigns or affiliate entities, and anyone hired by contractor to perform work and/or services for Vornado. Our Code addresses the environmental and social impact of our supplier products and services through addressing issues that include, but are not limited to: Environmental Conservation, Emissions, Waste of all types and Recycling, Child Labor and Forced or Compulsory Labor, Collective Bargaining and Freedom of Association.

Where We Stand

Vornado's sustainability and utilities team executes a centrally managed energy management program that is implemented across our portfolio. As a member of the Energy Productivity (EP)100 group, Vornado has also committed to aligning our Energy Management System, including our energy efficiency strategy, with ISO 50001.