Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

FeaturesCommercial Leasing Law & StrategyEnvironmental LawLandlord Tenant Law

The Impact of New York's Greenhouse Gas Law

By Matthew Schneid
March 01, 2023

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.

As of Jan. 19, 2023, the New York City Department of Buildings added new rule 103-14 to implement Local Law 97 by establishing the procedures for reporting on complying with annual greenhouse gas emissions limits for buildings. The rules establishes the building emission limits, or emission factors, for different property types and provides the formula for calculating a building's annual emissions limit. The law assigns a "carbon coefficient" to specify the carbon content for each fuel type. A building's annual emissions are determined by combining total energy use for each fuel type multiplied by its corresponding carbon coefficient.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Top 5 Strategies for Managing the End-of-Year Collections Frenzy Image

End of year collections are crucial for law firms because they allow them to maximize their revenue for the year, impacting profitability, partner distributions and bonus calculations by ensuring outstanding invoices are paid before the year closes, which is especially important for meeting financial targets and managing cash flow throughout the firm.

The Self-Service Buyer Is On the Rise Image

Law firms and companies in the professional services space must recognize that clients are conducting extensive online research before making contact. Prospective buyers are no longer waiting for meetings with partners or business development professionals to understand the firm's offerings. Instead, they are seeking out information on their own, and they want to do it quickly and efficiently.

Should Large Law Firms Penalize RTO Rebels or Explore Alternatives? Image

Through a balanced approach that combines incentives with accountability, firms can navigate the complexities of returning to the office while maintaining productivity and morale.

Sink or Swim: The Evolving State of Law Firm Administrative Support Image

The paradigm of legal administrative support within law firms has undergone a remarkable transformation over the last decade. But this begs the question: are the changes to administrative support successful, and do law firms feel they are sufficiently prepared to meet future business needs?

Tax Treatment of Judgments and Settlements Image

Counsel should include in its analysis of a case the taxability of the anticipated and sought after damages as the tax effect could be substantial.