In 2013, BlackRock accepted the NYC Carbon Challenge, committing to reduce its greenhouse gas emissions intensity by 30% from 2011 levels. Over the course of five years, BlackRock achieved its goal by reducing its greenhouse gas emissions per fully-time employee intensity by 36.2%.
To meet the 30% goal, BlackRock:
- Completed a data center server virtualization project that reduced the electricity of the connected load of its 40 East 52nd Street data center by over 100 kW
- Comprehensively upgraded lighting to LED in its three NYC locations, saving over 950,000 kWh annually
- Utilized office space more efficiently by converting underutilized space to denser workplaces and building out new spaces to highly energy efficient standards
- Spearheaded a robust maintenance program to continuously identify opportunities for equipment performance improvement, update operating schedules, and recommission on a routine basis
Total Annual Savings: $300,000
Highlight: Tenant and Landlord Energy Efficiency Partnership
In 2015, BlackRock partnered closely with the owner of 40 East 52nd Street, Rudin Management Company, to reduce the energy consumption of shared building systems within BlackRock’s office space at 40 East 52nd Street. The partnership was aimed at solving for the split incentive issue between BlackRock and their landlord, in which the building owner pays for an efficiency improvement but the tenant reaps the cost-savings.
The two parties split the capital costs and cost savings of installing ten air handling units retrofitted with variable frequency drives (VFDs) and premium efficiency motors for all return and supply fans in the building. VFDs allow for more precision in air flow control, enhance tenant control and comfort, and allow the potential for demand response opportunities. The project is expected to reduce BlackRock’s electricity consumption by 850,000 kWh annually and yield an estimated $160,000 in annual cost savings. This successful collaborative effort has started discussions with BlackRock’s other major New York City landlord to initiate other joint energy efficiency opportunities in its other office building.
Learn more about BlackRock’s sustainability initiatives here.