Carbon Zero City proposes to transform the Financial District into a carbon zero marketing district.
Global temperature records continue to be shattered. This spring (2024) atmospheric CO2 levels surpassed 427 ppm, a new record, and are rising rapidly.
Hotter temperatures, rising sea levels, economic turmoil, mass migrations, food scarcities, disrupted ecosystems, ocean acidification, strained infrastructure, increased health risks, heightened energy demands, escalating insurance costs. Projected annual costs will range between $1.7 and $3.1 trillion by 2050 (World Economic Forum).
There are no silver bullets. What is needed is an ability deploy many solutions to specific problems, on a massive scale.
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 |
|---|
| Deployment of mitigation solutions |
| Deployment of adaptation solutions |
FOR NYC |
|---|
| Stimulate economic growth |
| Drive demand for vacant space |
| Create thousands of jobs |
| Increase tax revenues |
| Improve neighborhoods |
What happens when relentless storms flood the subway network? Carbon Zero can help expand above ground ways to get around.
Escalating global temperatures, intensifying extreme weather, and elevating sea levels. These shifts are transforming precipitation patterns and amplifying urban heat islands, which in turn degrade air quality and exacerbate health issues. Many cities now face disrupted water supplies and more frequent, severe flooding, compounding both human and environmental crises. Additionally, the spread of vector-borne diseases and the surge in inbound migration are severely testing our ability to adapt in this swiftly evolving landscape.
This will increasingly driving demand for a variety of approaches to mitigate and adapt. The products and services needed to mitigate and adapt is Carbon Zero's focus.
The price of inaction far outweighs the costs of implementing preventive and adaptive measures today, making immediate action not only environmentally essential but economically prudent.
| Specific costs of inaction... |
| Property Damage |
| Higher Insurance Premiums |
| Disrupted Business Operations |
| Reduced Agricultural Yields |
| Higher Energy Costs |
| Strained Infrastructure |
GDP VS COST
The climate crisis will be exceptionally costly. Although projections vary, all indicate a compelling argument for urgent action. While there is no single solution, Carbon Zero City will enable necessary urgent action.
The increasing problems are everywhere. NYC has the mother of opportunities to become the world's leading hub for the carbon-zero economy. By doing so, NYC would attract companies from around the world. But it needs a center, a focus, a clearly identified hub addressing the climate crisis. It's worth it economically. Taking advantage of this opportunity to ramp up the push back on the climate crisis will generate for NYC significant economic benefits in terms of economic growth, jobs, and tax revenues.
The projected size of the carbon-zero economy by 2030, estimated to generate $12.3 trillion in annual revenues and deliver at least $26 trillion in economic benefits, stands 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 (McKinsey & Company) (World Resources Institute) (McKinsey & Company).
The carbon zero economy is projected to be 8 times the size of NYC's current economy.
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 (McKinsey & Company) .
An example of possible improvements to FiDi will be many roof gardens.
New York City, home to 8.5 million residents and a metropolitan area of 22.5 million, stands as a global hub, often referred to as the world's second home. As the host of iconic institutions like Wall Street, the United Nations, and major media powerhouses including The Wall Street Journal, The New York Times, NBC, ABC, and Fox, NYC commands an influential position in global finance, diplomacy, and communication. This prominence is further amplified by a robust social media presence, making it an ideal candidate for pioneering carbon zero initiatives. The city’s extensive reach and resources position it as a leader in the shift towards sustainable urban living, setting a precedent for cities worldwide as a vibrant, proactive Carbon Zero hub.
FiDi is an ideal candidate for a Carbon Zero hub due to its dense infrastructure, access to public transit, high office vacanty rates, and status as a global financial center. These elements make FiDi perfectly poised to integrate sustainable technologies and sustainable building practices. Its influential position ensures that carbon-neutral initiatives here can set a powerful example for urban sustainability worldwide, attracting significant investment and innovation.
TRANSIT ACCESSIBLE
FiDi is the most transit accessible neighborhood in the US or Canada: 13 subway and 2 PATH lines, 18 ferry routes, 30 bus routes, CitiBike stations, access to Javits and the UN, and easy access to JFK, LGA, and EWR airports.
AVAILABLE SPACE
High office and retail vacancy is a critical economic problem for NYC, but it also means available space for showrooms and exhibits.
INTERNATIONALLY KNOWN
FiDi is a globally recognized hub for tourists and business visitors, which significantly reduces marketing costs.
COASTAL RESILIENCY
FiDi benefits from proximity to one of the world's largest resiliency projects, enhancing its profile and stability.
OVERFLOW CAPACITY
Should demand exceed initial expectations, FiDi's strategic location allows easy ferry access to numerous expansion sites.
BLUE HIGHWAY
Surrounded by water on three sides, FiDi is ideally positioned to leverage waterways for transportation, reducing reliance on trucks and enhancing sustainability.
Pedestrianization of William Street.
Pedestrianization boosts building value by enhancing street appeal and increasing foot traffic. This shift attracts tenants and raises occupancy rates, allowing building owners to command higher rents and elevate property values, particularly in areas with high vacancies.
Pedestrianization of John Street near Broadway.
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 dificult to use for residential. Carbon Zero City will generate demand for 5 million square feet: 2 million directly and 3 million indirectly. It will be able to use space not ideal for conventional offices.
| 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 |
| Total Supply | 72,868,472 sf | 19,561,642 sf |
| Space Needed | ||
|---|---|---|
| Carbon Zero Direct | 2,000,000 sf | |
| Carbon Zero Indirect | 3,000,000 sf | |
| Carbon Zero Total Demand | 5,000,000 sf | |
FiDi's office vacancies are complemented by underutilized assets, both indoor and outdoor, that could benefit from enhancements. Many could be used as pop-ups or temporary structures, inspired by Urban Space Management's seasonal setups in Union Square and Bryant Park. For a comprehensive strategy, see our asset strategy.
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.
Complementing the physical venue will be a virtual one. Includes an app, a website and ultimately a location in the metaverse
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.
Dynamic exhibits patterned off of the 1964 World's Fair Futurama.
Using some of the 12 million square feet of vacant office spase as a trade mart and trade show. This is good.
The core of Carbon Zero's venue is showrooms and exhibits, inspired in part by trade marts and the 1964 World's Fair. These showroom/exhibits will allow startups and industry giants to physically showcase their products. The physical showroom/exhibit will be complemented by virtual online and metaverse components. Physical trade marts Carbon Zero has studied are listed below.
| 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. |
These shows 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.
Improved air quality, better mental well-being, increased safety, and other enhancements offer clear economic benefits. These are included in the overall economic valuation of this proposal. Carbon Zero City will:
BENEFITS FROM REAL ESTATE |
|
|---|---|
| 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 |
BENEFITS FROM TOURISM |
|
|---|---|
| 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 |
Let's be bold.
Global temperature records are being shattered repeatedly. This spring (2024), atmospheric CO2 levels hit a new high of 428 parts per million (ppm), continuing their rapid ascent. We face hotter temperatures, rising sea levels, economic instability, mass migrations, food shortages, disrupted ecosystems, ocean acidification, strained infrastructure, increased health risks, higher energy demands, and soaring insurance costs.
While there are no silver bullets, this proposal introduces an urgent framework for mitigation and adaptation on a large scale. This initiative is not only a necessity for environmental resilience but also a vital opportunity for NYC to boost its economy. Implementing this plan will drive economic expansion, generate jobs, and increase tax revenues—strengthening NYC's role as a global leader in climate and economic solutions.
It's time for decisive action. For NYC. For the planet.
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