The new law requires commercial buildings to reduce their carbon footprint by as much as 40%. While the city has already imposed some energy efficiency requirements, Local Law 97 will add additional requirements for buildings with higher square footage. By 2024, all commercial buildings over 25,000 square feet and tax lots with two or more such buildings must comply. As a result, over 57,000 commercial buildings will have to take measures to reduce their energy consumption.
New York Local Law 97
According to the New York City Department of Environmental Protection, buildings account for up to 70% of the city’s total carbon emissions. This new regulation will make the city’s commercial buildings more efficient. The new regulations will affect all buildings over 25,000 gross square feet. Multiple buildings on the same tax lot or belonging to the same condominium association will be impacted as well. The goal is to reduce carbon pollution by as much as 80 percent by 2050.
The laws are currently being studied, but many buildings are affected by them. For example, the Champlain Hudson Power Express transmission line would send hydropower from Quebec south to New York City. Offshore wind farms should start replacing the zero-carbon power from the Indian Point nuclear power plant by the mid-2020s. Under a cap-and-trade system, businesses can sell credits that they can later use to finance energy-saving projects. In addition, the new law requires businesses and institutions to meet energy and water-saving standards by 2025.
What Buildings Are Affected by Local Law 97?
While the legislation is generally applicable to commercial and industrial buildings, the law does not apply to residential or multifamily buildings. It only applies to commercial buildings. In New York City, this new law also affects regulated apartments, condominiums, and townhouses. By 2030, all commercial and apartment buildings will be required to cut their greenhouse gas emissions by 40%, and 80 percent by 2050. There will be tough fines for building owners who fail to comply with the rules.
In addition to regulating the energy usage of commercial properties, the legislation also limits the use of fossil fuels. The new law requires buildings to cut down on their emissions by 40% in 2030 and 80 percent by 2050. The city has set a cap on greenhouse gas emissions, and it is important to follow these rules to reduce your carbon footprint. This will help reduce your costs and protect the environment. However, it is not always easy to implement changes as quickly as possible.
The new law will also reduce greenhouse gas emissions. As of today, this law applies to all buildings that are over 25,000 square feet. The law will require building owners to reduce greenhouse gas emissions by 40% by 2030 and 80 percent by 2050. Additionally, this law will increase the value of these properties. By making these changes, the federal government is setting a clear example for the rest of the world. The laws will ensure that these developments do not negatively impact the city’s economy.