Carbon Zero City proposes to transform the Financial District into a carbon zero marketing district. A proposed micro, urban world's fair would open with a global tall ships event.
ATMOSPHERIC CO2
Atmospheric CO2 levels are at record highs (Mauna Loa, NASA). Elevated CO2 levels contribute to climate change, leading to severe impacts on urban environments, including rising temperatures, poor air quality, and increased health risks for residents.
RISING AIR TEMPERATURES
CO2 levels are driving temperatures above the 1.5°C threshold (Columbia University). Rising temperatures lead to heatwaves, putting strain on city infrastructure, increasing energy demands for cooling, and exacerbating the urban heat island effect.
SEA LEVEL RISE (SINCE 1994)
Damage infrastructure, disrupt transportation, and cause economic losses. Saltwater intrusion into freshwater systems compromises drinking water. Coastal erosion and loss of natural barriers increase vulnerability to storms and extreme weather.
For cities worldWIDE |
|---|
| Deploy mitigation solutions |
| Deploy adaptation solutions |
FOR NYC |
|---|
| Stimulate economic growth |
| Drive demand for vacant office space |
| Create thousands of jobs |
| Increase local tax revenues |
| Improve surrounding neighborhoods (NYCHA) |
What happens when relentless storms flood the subway network? Carbon Zero can help expand above ground ways to get around.
The climate crisis presents an existential and relentless threat to cities globally, continuously imperiling cities in both developed markets and developing ones. Rising sea levels, extreme weather events, and dwindling resources left unchecked are increasing dangers to the very fabric of urban life. What cities needed, and what Carbon Zero City will offer, is a model on how cities can confront these vulnerabilities. New York City is positioned to lead as a global epicenter of accelerating deployment of solutions. NYC can attract international firms, stimulate economic growth, and generate jobs, turning a critical urban crisis into a beacon of opportunity.
An inexhaustive list of risks cities increasingly face:
| Extreme weather events like heatwaves, floods, hurricanes, and storms increasingly frequent. |
| Coastal cities are at risk of flooding, erosion, and property damage due to rising sea levels. |
| Urban areas experience higher temperatures due to the heat island effect. |
| Water shortages and droughts may limit access to freshwater resources in cities. |
| Damaged infrastructure like roads, bridges, and buildings due to extreme weather. |
| Increased energy demand from extreme heat or cold can strain power grids, leading to blackouts. |
| Air quality deteriorates due to wildfires and vehicle emissions, worsening public health issues. |
| Food supply chains disrupted by droughts, flooding, and extreme weather, causing shortages. |
| Rising temperatures and pollution contribute to respiratory illnesses and vector-borne diseases. |
| Economic losses from property, infrastructure, and industry damage . |
| Displacement and migration, overwhelming city resources and infrastructure. |
| Marginalized communities face disproportionate impacts worsening social inequalities. |
The climate crisis is already incurring staggering costs, set to rise dramatically without significant intervention. Delays intensify the financial strain on cities and global economies, exacerbated by more frequent extreme weather events, resource shortages, and public health emergencies. While there is no silver bullet, Carbon Zero City provides an economically driven, flexible, scalable framework to significantly accelerate the depolment of solutions.This proactive strategy aims to mitigate catastrophic costs and foster more resilient, sustainable urban environments.
| SAMPLE COSTS OF INACTION... |
| Increased infrastructure repair costs |
| Higher Insurance Premiums |
| Disrupted Business Operations |
| Reduced Agricultural Yields pushing up costs. |
| Higher Energy Costs for air conditioning |
| Higher healthcare costs |
The climate crisis is rapidly impacting cities across the globe, from rising sea levels and extreme weather events to air pollution and resource shortages. As these problems escalate, New York City has a unique opportunity to position itself as the global leader in the carbon-zero economy. By becoming the epicenter for existing and innovative climate solutions, NYC could attract businesses and talent from around the world, driving economic growth, creating jobs, and increasing tax revenues. However, this requires a dedicated hub—a clear focal point for addressing the climate crisis. Transforming FiDi into this center would not only bolster NYC's economy but also cement its role as a thought leader in tackling the most pressing issue of our time.
$12.3 trillion is the projected size of the carbon zero economy in 2030. This is in stark contrast to the current GDPs of major economies. For instance, New York City's GDP is approximately $1.7 trillion, Canada's GDP is around $2 trillion, and California's GDP is about $3.4 trillion. Texas, another economic heavyweight, has a GDP of roughly $2 trillion.
These comparisons illustrate that the potential carbon-zero economy by 2030 would significantly surpass the GDPs of these major economies. The shift towards a carbon-zero economy represents a transformative economic opportunity, with potential revenues and benefits that dwarf those of some of the largest sub-national and national economies worldwide (sources: McKinsey & Company, World Resources Institute).
The carbon zero economy is made up of industries that contribute to reducing carbon emissions to net-zero levels. This shift involves not only minimizing carbon output but also implementing sustainable practices across various sectors. Example areas:1
| Renewable Energy replaces fossil fuels with solar, wind, hydro, and geothermal sources for sustainable power. |
| Electric Mobility promotes electric vehicles to significantly cut transportation emissions. |
| Carbon Zero Building utilizes energy-efficient designs and materials to minimize building carbon footprints. |
| Manufacturing reduces waste and energy use by applying circular economy principles. |
| Agriculture employs sustainable practices like organic farming to improve soil and lower emissions. |
| Forestry and Land Use boosts forest management and reforestation to enhance carbon sequestration. |
| Energy Storage uses innovative solutions to balance renewable energy supply and demand. |
| Carbon Capture and Storage captures and stores CO2 underground to prevent atmospheric emissions. |
| Waste Management advances recycling and reuse to reduce greenhouse gas emissions from waste. |
| Water Management cuts energy consumption in water treatment and pumping to reduce emissions. |
| Information Technology leverages big data and AI to boost energy efficiency across sectors. |
1 This is the footnote that provides the necessary clarification. ↩
1International Renewable Energy Agency (IRENA), Intergovernmental Panel on Climate Change (IPCC), U.S. Energy Information Administration (EIA), Environmental Protection Agency (EPA), World Resources Institute (WRI), National Renewable Energy Laboratory (NREL). ↩
The carbon-zero economy thrives on the synergies created by integrating sustainable practices across diverse industries, generating compounded benefits that amplify economic and environmental outcomes. For instance, advancements in renewable energy technologies not only reduce emissions but also lower energy costs for industries like manufacturing and transportation, promoting further innovation and cost savings (source: McKinsey & Company).
An example of possible improvements to FiDi will be many roof gardens. An upcoming roundtable will discuss the reality of turning FiDi into a green zone.
| Dense infrastructure enables large-scale sustainable initiatives. |
| Extensive public transit reduces car dependency and emissions. |
| High office vacancy rates offer spaces for innovative carbon zero exhibits. |
| The city’s status as a global financial hub ensures capital for carbon zero projects. |
| As a major tourist destination, the city accommodates 66 million visitors annually. |
| The innovation ecosystem is anchored by leading tech and research institutions. |
| Institutional support from the UN and top universities bolsters global initiatives. |
| Global influence positions the city as a pivotal economic leader. |
| Proactive coastal resiliency efforts address climate-related challenges. |
| The city's diverse population makes it the world’s second home. |
| Economic prowess and global influence establish the city as an international leader. |
World's most influential cities economically. Source: Fact Institute
Served by 13 subway lines (and Fulton Center), 30 MTA bus routes, 18 ferry lines, the Downtown Alliance Shuttle, and 35 Citibike stations with easy access to the west side and east side greenways. Also has easy access to Javits and the UN, and easy access to JFK, LGA, and EWR airports
High office vacancy is a critical economic problem for NYC as it will ultimately lead to lower valuations and thus tax receipts. Commercial real estate generates significant NYC tax revenues. In fiscal 2021, 54.1% of NYC taxes were from real estate.1 But it also means available space for showrooms and exhibits dedicated toward carbon zero.
OFFICE VACANCIES
FiDi hosts Wall Street and the New York Stock Exchange, which holds the world's largest gold reserves. It is also steeped in American history, being the site of the first U.S. Congress and the inauguration of George Washington.
CULTURE NOW
The Lower Manhattan Coastal Resiliency (LMCR) project is designed to shield Lower Manhattan from rising sea levels and coastal storms, ensuring the area remains a vibrant hub for its residents, workers, and visitors who depend on its extensive transit network.
COASTAL RESILIENCY
Should demand exceed initial expectations, FiDi's strategic location allows easy ferry access to Liberty State Park, Governors Island (and the new climate center), the Brooklyn Army Terminal in Sunset Park and the Brooklyn Navy Yards.
Surrounded by water on three sides, FiDi is ideally positioned to leverage waterways for transportation, reducing reliance on trucks and enhancing sustainability.
STREETBLOG: BLUE HIGHWAYFootnotes:
Pedestrianization of William Street, the Federal Reserve is on the left hand side.
Pedestrianization of John Street near Broadway. The Oculus and 1 World Trade are in the distance.
FiDi has the highest vacancy rate in Manhattan, exceeding 30% in some areas, compared to the historical norm of 5-10% (Cushman Wakefield Q1 2024). At present the area east of Broadway is unattractive for conventional new office tenants, and much of the building stock is difficult to use for residential. Carbon Zero City expects to have direct demand for 2 million square feet, or under 10% of the total vacant space east of Broadway.
| Inventory | Vacant | |
|---|---|---|
| Finance West | 6,211,658 sf | 2,103,351 sf |
| Insurance | 12,587,451 sf | 4,678,003 sf |
| World Trade | 24,144,411 sf | 4,814,215 sf |
| Finance East | 29,924,952 sf | 7,966,073 sf |
| Totals | 72,868,472 sf | 19,561,642 sf |
| Space Needed | |
|---|---|
| Carbon Zero Direct | 2,000,000 sf |
| Carbon Zero Indirect | 3,000,000 sf |
| Totals | 5,000,000 sf |
OFFICE VACANCY RATES
Source: Cushman Wakefield, Q1, 2024
As part of Carbon Zero's improve what existst strategy, the initiative would look to improve existing assets, and create revenue streams to keep them better maintained in the future. Revenue streams could be from providing opportunity for temporary pop-ups. Carbon Zero City would follow the model of Urban Space Management's seasonal setups in Union Square and Bryant Park. For a comprehensive strategy, see our facilities strategy that is in development.
| types of urban assets, many of which have examples that carbon zero could improve |
|---|
Alleyways and Narrow Streets FiDi has unused alleyways, including historic 6 Dutch Street, where Colgate-Palmolive began. |
Public Spaces Historic spaces like Golden Hill Plaza, the site of the first bloodshed of the Revolutionary War. |
Under the FDR (Temporary Structures) Part of the LMCR Project, includes a new park and flood protection. |
Vacant Land and Taxpayer Parking Properties used for parking revenue can be sponsored by corporations. |
Educational Facilities Summer use of facilities like Pace University can be improved with IC-funded projects. |
Privately Owned Public Spaces (POPS) Open to the public but privately maintained, POPS include plazas, atriums, and arcades. |
Cities are already equipped with essential public service infrastructures like police stations, firehouses, and libraries. However, the increasing impacts of climate change are challenging the viability of underground transit systems, compounded by a dramatic rise in package deliveries and persistent waste management issues. To address these problems, an urban hub network is proposed to effectively manage micro cargo, micro transit, waste, and public sanitation. Establishing such a network is crucial for facilitating pedestrianization and hosting significant events like a micro urban world's fair.
Carbon Zero proposes selectively pedestrianizing FiDi to boost value and develop a network of hubs for city operations. Selective pedestrianization of FiDi will increase residential and office demand, enhance property values and thus generate tax revenues. Carbon Zero's pedestrianization plan builds on the Make Way for Lower Manhattan study, but with a stronger economic focus. Below are examples of successful pedestrianizations.
Using some of the 12 million square feet of vacant office space as space for a trade mart and trade show venue.
The battle for sustainability will be won or lost in cities. Ban Ki-moon, Former UN Secretary-General
The core of Carbon Zero's venue is showrooms and exhibits on carbon zero solutions. These showroom/exhibits will allow startups and industry giants to physically showcase their products to prospective customers, governments and the general public. The physical showroom/exhibit will be augmented by a virtual presence in the metaverse.
| TRADE MART EXAMPLES |
|---|
AmericasMart (Atlanta,USA) Wholesale destination with extensive showrooms and exhibits for various markets. |
Merchandise Mart (Chicago, USA) Key center for design and style, featuring premier retail and luxury goods events. |
Frankfurt Messe (Germany) Top trade fair company known for hosting major events like the Frankfurt Book Fair. |
Canton Fair (Guangzhou, China) Largest biannual trade fair in China, showcasing a wide array of products. |
Design Centre, Chelsea Harbour (London) Design hub with luxury showrooms and design-focused events. |
Trade marts are permanent, ongoing facilities primarily for business to business or business to government transactions; trade shows are temporary, event-based exhibitions focused on networking and sales within specific industries.
They are complementary. Both foster connections between innovators, investors, and policymakers. They also raise public awareness and highlight successful projects, making them pivotal in the global fight against climate change.
Trade shows are part of Carbon Zero's portfolio of events that will accelerate the sale and deployment of critical solutions.
| TRADE SHOW EXAMPLES |
|---|
Canton Fair China's largest trade fair, showcasing a broad range of products in Guangzhou. |
Consumer Electronics Show (CES) Annual event in Las Vegas featuring innovations in consumer technologies. |
Hannover Messe One of the world's largest industrial technology fairs, held in Germany. |
Bauma World’s leading trade fair for construction machinery, in Munich, Germany. |
Mobile World Congress (MWC) Largest mobile industry exhibition, based in Barcelona. |
IFA Berlin Major trade show for consumer electronics and home appliances in Germany. |
SIAL Major global food industry marketplace, in Paris, France. |
The defunct International Design Center of New York (IDCNY) illustrates the pitfalls of poor locations. Despite ambitions to create a central design marketplace in Long Island City in the mid-1980s, it failed quickly. In contrast, FiDi excels as a prime location for promoting urban products and services.
Dynamic exhibits patterned off of the 1964 World's Fair Futurama.
| Attract companies to FiDi |
| Increase tax revenues |
| Drive job growth |
| Boost support sectors |
| Create office space demand |
| Enhance tourism |
| Help reduce infrastructure CAPEX |
Long-term office vacancies in FiDi can reduce tax revenue, lower property values, hurt local businesses, lead to job losses, and cause urban decay, all of which negatively impact the city's economic and social health. Keeping office buildings occupied is crucial for sustaining the vitality of one of the world’s leading business districts. A major objective of Carbon Zero is to drive demand for vacant office space.
| TOPIC | AMOUNT |
|---|---|
| Annual Increased Rent to Property Owners | $292,830,000 |
| NPV over 10 years @ 7% (for Property Owners) | $2,350,322,237 |
| Employee Spending from Increased Real Estate Demand | $1,666,666,666 |
| Total Employee Spending from Increased Real Estate Demand | $1,959,496,666 |
| Indirect Employee Spending from Increased Real Estate Demand | $3,626,163,332 |
| Property Taxes from Increased Valuations | $63,000,000 |
| NPV over 10 years @ 7% (Property Tax Improvements) | $503,565,729 |
| Direct Job Creation from Increased Real Estate Demand | 33,333 jobs |
| Indirect and Direct Job Creation from Increased Real Estate Demand | 66,666 jobs |
According to the NYS Comptroler, NYC 62.2 million visitorslast year, down 7% from 2019, but they spent over $48 billion, a 1.3% increase due to rising prices. This uptick is projected to generate a record $4.9 billion in tax revenue for FY 2024, a 16% increase since FY 2020. International tourism, which makes up 20% of visitors, is recovering more slowly. International visitors grew to 11.6 million in 2023, still down 14.1% from 2019, with changes in spending patterns, such as fewer Chinese visitors being replaced by those from the UK. Carbon Zero is designed to attract international visitors.
Carbon Zero is specifically targetting business visitors. Business travel remains slower to recover, and employment in the tourism sector still lags, with 30,000 fewer jobs compared to 2019. Major upcoming events like the 2026 FIFA World Cup and the city’s 400th birthday are expected to drive further tourism growth.
| TOPIC | AMOUNT |
|---|---|
| Job Creation from Annual Tourism | 3,800 jobs |
| Job Creation from a World's Fair (tourism) | 38,000 jobs |
| Operational Job Creation from a World's Fair | N/A |
| Tourist Economic Impact (Annual) | $7,400,000 |
| Tourist Economic Impact (World's Fair) | $74,000,000 |
| NYC Sales Tax from Admissions (Annual) | $50,000,000 |
| NYC Sales Tax from Admissions (World's Fair) | $2,100,000,000 |
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