(Photo illustration by The Real Deal)
The year is 2030. New York City landlords, struggling to comply with city-mandated greenhouse gas emission caps, are on the hook for millions of dollars in fines penalties that will only multiply in the coming years. This is the daunting reality that building owners face under Local Law 97.
But there is a possible workaround.
The city is considering a program that will allow building owners to trade carbon emissions. If implemented, landlords who own buildings with high greenhouse gas emissions will be able to buy credits from lower-emitting building owners to reduce overall emissions. It could also give rise to a market for Wall Street to tap into.
Carbon trading could come to New York City under Local Law 97 therealdeal.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from therealdeal.com Daily Mail and Mail on Sunday newspapers.
The Department of Buildings (DOB) today unveiled new digital resources to help building owners comply with building sustainability requirements. A new website, “NYC Sustainable Buildings,” serves as a one-stop shop for owners and property managers of buildings that are covered by Local Law 97. Buildings covered by this law are required to meet stringent greenhouse gas emissions limits and may need to make energy efficiency retrofits to meet those targets.
In addition, new maps allow the public to see the location of all large buildings in the city that must meet new greenhouse gas emission limits, as well as the energy grades of those that are required to provide benchmarking information on their energy and water consumption.
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