Changes to NYC’s energy code aim to make development greener in the five boroughs.
"The Climate Mobilization Act, which passed last spring, makes sustainability a major priority for New York’s built environment, targeting buildings that are among the biggest contributors to the city’s carbon emissions. One component of that legislation, Local Law 97, requires owners of the city’s largest buildings to meet new emission standards beginning in 2024. But the first major milestone won’t arrive for another decade: By 2030, emissions from large buildings must be slashed by 40 percent from 2005 levels; by 2050, that number must be 80 percent. If owners don’t comply they’ll face substantial fines of as much as $1 million (or more) per year for the largest buildings."
Will buildings be able to afford the upgrades or fines? And where will they get theoney?