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The Impact of New York's Greenhouse Gas Law
Local Law Number 97 of 2019 (as amended by Local Law Number 147 of 2019, "Local Law 97") was enacted by the City of New York to amend the New York City Charter and Administrative Code to achieve reductions in greenhouse gas emissions by 2050 (See, §28-320 and §28-321 of the Administrative Code). The specific goal of Local 97 is to reduce city-wide carbon emissions by forty percent (40%) by 2030 and a total of eighty percent (80%) by 2050. This is accomplished by requiring buildings to retrofit their systems with more energy efficient systems or purchase certain permitted carbon offsets.
Requirements
Local Law 97 includes specific carbon limits depending on a building's size, property type and the compliance year. Starting in the 2024 calendar year, the law assigns emissions limits for sixty (60) different property types that reflect the wide variation in energy use among buildings. Carbon caps become more stringent over a series of compliance periods, so each building will be allowed to emit less carbon over time in the following periods: 2024-2029, 2030-2034, 2035-2039, 2040-2049, and 2050 and thereafter.
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