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New Report: Fines on NYC Property Owners for Emissions Could…
A report commissioned by the Real Estate Board of New York (REBNY) highlights the potential economic disruption that could arise from recently finalized rules to implement Local Law 97. The law aims to reduce greenhouse gas emissions, but the report suggests that without adequate tools, property owners may face significant fines.
PDF local Law 97 of 2019 – NYC.gov
This document outlines Local Law 97 of 2019, which aims to amend the New York City Charter and Administrative Code to achieve certain reductions in greenhouse gas emissions by 2050.
What boards need to know about Local Law 97S newly finalized rules
New York City has released the final rules for implementing Local Law 97, which mandates buildings to reduce carbon emissions or face fines. The rules offer pathways for buildings to avoid or lower fines through “good faith” efforts at decarbonization. The cost of compliance, such as building electrification, can be significant, with estimates up to $40,000 per apartment. Advocates argue that purchasing Renewable energy Credits (RECs) could be a cheaper alternative.
Table of Contents
New York City’s Local Law 97 sets ambitious goals for reducing emissions from buildings by 2050. But with recently finalized rules,property owners are facing a complex landscape of potential compliance costs and financial penalties. To understand the impact of these new regulations, we spoke with sustainability consultant and expert on Local Law 97, David Chen.
Defining the Scope of Local Law 97
Senior Editor: David, could you give our readers a basic understanding of what Local Law 97 aims to achieve?
David Chen: Sure. Local Law 97 is designed to dramatically reduce greenhouse gas emissions from NYC’s buildings, which are a major contributor to the city’s overall carbon footprint. The law sets specific emission limits for buildings based on their size and type, gradually tightening those limits over time.
Senior Editor: So, it’s not just about reducing emissions in the future, but about reaching concrete targets?
David Chen: Exactly. The law requires buildings to report their emissions annually and demonstrates “good faith” efforts toward decarbonization. Non-compliance can result in hefty fines, which increase over time for repeat offenders.
The Cost of Compliance: A Major Concern
Senior Editor: How are property owners and building managers reacting to these new rules?
david Chen: Many are understandably concerned about the cost of compliance. Implementing energy efficiency measures and transitioning to cleaner energy sources can be expensive,especially for older buildings.
Senior Editor: We’ve heard estimates of up to $40,000 per apartment for some building renovations. Is that realistic?
David Chen: It’s certainly within the realm of possibility for larger, older buildings that require major overhauls. Smaller buildings may see lower costs, but it’s still a significant investment for many.
Renewable Energy Credits: A Potential Solution?
Senior Editor: What options are available for property owners who are struggling to meet the emissions targets?
David Chen: One potential option is purchasing Renewable energy Credits (RECs).RECs represent verified renewable energy generation,and purchasing them can definitely help offset a building’s emissions,though they don’t address the underlying need to reduce energy consumption.
Senior Editor: so, are RECs a viable solution for the long term?
David Chen:They can be a bridge, but they shouldn’t be considered a permanent fix. Ultimately, buildings need to reduce their energy use and transition to cleaner energy sources to achieve true sustainability.
The Road Ahead: Collaboration and Innovation
Senior Editor: What message would you give to property owners and building managers who are navigating these new regulations?
David Chen: Don’t panic. Take the time to understand your building’s specific needs and explore the available options.Engage with the city’s resources and experts, and consider investing in energy-efficient technologies and renewable energy sources. This is a long-term transition, and collaboration and innovation will be key to success.
This interview highlights the significant challenges and opportunities presented by Local Law 97. While the road to carbon neutrality may be complex, the legislation sets a clear direction for the future of NYC’s built environment.