"New York City’s biggest buildings are complying with a landmark emissions law at a much faster rate than the city expected, undermining the real estate sector’s claims that the rules will be too hard to meet.
A preliminary review by the city’s Department of Buildings shows that 11% of New York’s buildings aren’t on track to meet the requirements of Local Law 97, Rohit Aggarwala, commissioner of the New York City Department of Environmental Protection, told Bloomberg Law. That’s a better noncompliance rate than the 20% projection the city forecast for the initial compliance period, which runs from 2024 to 2029.
The law requires structures larger than 25,000 square feet to cut their carbon emissions starting in January 2024. Buildings that don’t comply will have to pay up to $268 per ton of carbon equivalent over their limit. For the worst emitters, that could add up to millions of dollars per year.
“This shows that the law is having its desired effect, that building owners are finding the resources and the technologies to come into compliance, and that they are taking it seriously,” Aggarwala said."
Stephen Lee reports for Bloomberg Environment August 16, 2023.
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