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Multifamily finance non-profit announces plan to go carbon neutral

The Community Preservation Corporation (CPC), a nonprofit affordable housing and community revitalization finance company, has committed to attaining carbon neutral operations during the 2020 calendar year.

CPC is one of the first real estate nonprofits to set such an ambitious carbon reduction target and continues to push the real estate industry forward in its sustainability efforts.

CPC’s work to achieve carbon neutral operations is a continuation of its nonprofit mission and its commitment to align with City and State goals to reduce carbon emissions 80 percent by 2050.


“The impacts of climate change on the health and stability of our cities are well documented. From global warming to air pollution, drought, and flooding, our communities – especially those that are home to underserved and vulnerable populations – are struggling to adjust and cope with this new reality,” said Rafael E. Cestero, President and CEO of CPC.

“We felt strongly that being good stewards of our neighborhoods meant that we needed to take a critical approach to changing our behavior and tracking our progress to further lessen our environmental impact. Achieving carbon neutral operations is a natural step for CPC that complements our ongoing sustainability initiatives, and will help us create greener, healthier, and more sustainable cities.”

Greg Hale, Senior Advisor for Energy Efficiency Markets and Finance, The New York State Energy Research and Development Authority (NYSERDA) said, “As an advisor on NYSERDA’s Carbon Neutral Buildings Roadmap, the Community Preservation Corporation is already leading by example, and by adopting carbon neutral operations CPC is now positioning itself as an industry leader in New York’s transition to a clean energy economy.”

CPC retained EcoAct, an international sustainability consultancy, to help develop and implement its carbon neutral strategy.

CPC will achieve carbon neutral operations through a three-pronged approach. First, CPC will complete a Greenhouse Gas Assessment (also known as a “carbon footprint”) annually to measure and track total emissions for Scope 1, Scope 2 and select aspects of Scope 3.

Based on the results of the first carbon footprint, completed in 2018, CPC has developed a reduction plan to eliminate 100 percent of emissions associated with the organization’s electricity consumption by purchasing electricity exclusively sourced from renewable sources, and eliminating or mitigating waste produced in day-to-day operations.

CPC has also developed an employee engagement strategy to educate employees about energy conservation measures, composting and recycling, low-carbon commuting and business travel, and waste reduction strategies.

The company is also evaluating strategies to reduce emissions associated with its investment properties.

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