The New York City Council recently passed the Climate Mobilization Act (Local Law 97/2019), which is an ambitious package of legislation to reduce greenhouse gas (GHG) emissions 80% by 2050. This “Green New Deal” will take effect in 2025 and is comprised of eleven pieces of legislation; the centerpiece is the carbon emissions limits law for nearly 60,000 large and medium-sized NYC buildings, which account for nearly a third of all greenhouse gas emissions in the city.
In a nutshell: Before 2030, buildings with more than 25,000 sq. ft. need to reduce their carbon emissions by 40%, and then by 80% by 2050. The very worst performing buildings will actually have to act by 2024 to curb their emissions. Hefty fines will already be enforced starting in 2025 and will only increase until goals are reached. In short, you must act fast and have a plan in place by 2023 at the very latest.
To put things into perspective: Violations include $0.50/square foot/month for non-reporting, and more importantly, $268 per metric ton of emissions over the building’s limit.
As we have been explaining to clients who have been calling with concerns, complying with the Act will take four steps, which need to be managed methodically – and sooner rather than later:
- Analysis of current emissions and overall and expected performance of current equipment
- Proposal for upgrading or replacing equipment to meet standards
- Exploring financing options for this capital expenditure, to minimize cost and maximize time to ROI
- Implementation of the plan and reporting to confirm compliance.
The expert team at EZ Energy Services is here to help guide you through this process so that you are prepared in plenty of time to meet these deadlines without panic, penalties or paying more than absolutely necessary. Please reply to this message or visit our website to request an initial consultation.