"Understanding Local Law 97: How NYC is Reducing its Carbon Footprint"
If you're a resident or business owner in New York City, you may have heard about Local Law 97, also known as the Climate Mobilization Act. Passed in 2019, this legislation aims to reduce carbon emissions from large buildings in the city, with the goal of combating climate change and achieving carbon neutrality by 2050.
So, what exactly does Local Law 97 involve, and how does it aim to reduce carbon emissions in NYC? Here's what you need to know:
The legislation applies to buildings over 25,000 square feet. This includes both commercial and residential buildings, as well as mixed-use buildings with at least 50% of their floor space being used for commercial purposes.
Local Law 97 sets emissions caps for each building, based on the building's size and use. The caps will become more stringent over time, with the goal of reducing emissions by 40% by 2030 and by 80% by 2050.
Building owners must adhere to the emissions caps or face fines. These fines start at $268 per ton of excess emissions, and increase over time.
Building owners have several options for complying with Local Law 97. They can make energy efficiency upgrades to their buildings, switch to renewable energy sources, or offset their emissions by purchasing carbon credits.
The legislation also includes provisions for supporting building owners in their efforts to reduce emissions. This includes grants and financing for energy efficiency upgrades, as well as technical assistance and resources for building owners to help them understand their options for compliance.
Overall, Local Law 97 is a significant step towards reducing carbon emissions in NYC, and will have a significant impact on the city's real estate market and its efforts to combat climate change. If you're a building owner in NYC, it's important to understand the requirements of this legislation and take steps to ensure compliance.