Ask Our Experts: NYC Local Law 97 Getting Alignment
New York , NY
This is the second segment of our NYC Local Law 97 webinar series, in which we will explore what is required for buildings with commercial spaces and how sub-metering and lease language can assist you in understanding and enforcing compliance with non-residential tenants.
Kelly Dougherty, President, FirstService Energy
Peter Angerame, Vice Presient, utiliVisor
Javid Afzali, Partner, Harris Beach PLLC
NYC LOCAL LAW 97 FAST FACTS:
- Starting in 2024, a carbon emissions cap will be placed on buildings larger than 25,000 sq. ft. The cap will determine the building’s annual emittance of carbon.
- Buildings that exceed their emissions cap will pay a fine of $268/Mt.Co2e
- 2025 fines will be based on 2024 usage
- The emissions cap reduces every 5 years until 2050
- By 2050, the city’s goal is to reach net-zero GHG