Write a one paragraph introduction for a article about the following information Local Law 97 aims to reduce greenhouse gas emissions from New York City’s largest buildings, contributing to the city’s goal of achieving carbon neutrality by 2050.
Here’s what you should know:
- Coverage: Applies to buildings over 25,000 square feet, two or more buildings on the same tax lot exceeding 50,000 square feet, or multiple buildings governed by a single condo board exceeding 50,000 square feet.
- Emission Limits: Establishes specific carbon emission limits for covered buildings, starting in 2024, with stricter limits coming into effect in 2030.
- Penalties: Buildings that exceed their annual emissions limits face a financial penalty of $268 per ton of CO2 equivalent over the limit.
- Compliance Deadlines: The first compliance period is 2024-2029, with the second period from 2030-2034, and subsequent periods thereafter.
- Mitigation Measures: The law allows for mitigation of fines if building owners make “Good Faith Efforts” to comply, including meeting other NYC energy regulations and submitting a detailed plan by May 1, 2025.
- Beneficial Electrification Credits: Provides credits for installing high-efficiency heating, cooling, and hot water systems before 2030, which can be applied to future emissions limits.
- Renewable Energy Certificates: Limits the use of renewable energy certificates (RECs) for buildings in the fine mitigation process.
- Special Provisions: Offers reduced penalties and specific guidelines for affordable housing and houses of worship, with a maximum fine of $10,000 over the review period.
- Economic and Health Benefits: Aims to improve air quality, public health, and create jobs through building retrofits and energy efficiency improvements, significantly expanding the retrofit market in NYC.
For more detailed information, you can visit the official NYC Local Law 97 page.
