Abstract. We develop an equivariant version of the Hirzebruch class for singular varieties. When the group acting is a torus we apply Localization Theorem of Atiyah-Bott and Berline-Vergne. The localized Hirzebruch class is an invariant of a singularity germ. The singularities of toric varieties and Schubert varieties are of special interest. We prove certain positivity results for simplicial toric varieties. The positivity for Schubert varieties is illustrated by many examples, but it remains mysterious.The main goal of the paper is to show how a theory of global invariants can be applied to study local objects equipped with an action of a large group of symmetries. The theory of global invariants we are going to discuss is the theory of characteristic classes, more precisely the Hirzebruch class and χ y -genus. By [Yok94, BSY10] the Hirzebruch class admits a generalization for singular varieties. Let X be an algebraic variety in a compact complex algebraic manifold M . Suppose that X is preserved by a torus T acting on M . For simplicity assume that the fixed point set M T is discrete. Then by Localization Theorem of Atiyah-Bott and Berline-Vergne the χ y -genus of X can be written as a sum of contributions coming from fixed points. The contribution of a fixed point p ∈ M T is equal to the equivariant Hirzebruch class restricted to that point and divided by the Euler class of the tangent space at pThe local contributions to χ y -genus are fairly computable and they are expressed by polynomials in characters of the torus. We will describe all the necessary components of the described construction, give various examples and we will discuss positivity property of the localized Hirzebruch class. A relation with the Bia lynicki-Birula decomposition [BB73] will be given in a subsequent paper [Web14]. The reader can find useful to look at the article [Web13], where an elementary and self-contained introduction to equivariant characteristic classes is given.