Global Climate Efficiency Trading Initiative

The Global Climate Efficiency Trading Initiative is a collaboration between New York City’s leading building and energy stakeholders, the trading community, and global peer cities. Together, New York, Hong Kong, London, Singapore and Toronto will create a policy menu for building climate efficiency trading.

Climate efficiency trading can reduce carbon emissions with a mandatory or voluntary cap. Buildings that lower their emissions below the cap are able to trade those energy efficiency or carbon savings with buildings that are unable to meet the cap. While the common terminology is “carbon trading,” we use the broader name “climate efficiency trading” because it encompasses the potential for trading energy efficiency credits and not just a pollutant like carbon.

Starting in summer 2019, Urban Green Council will convene experts to develop parameters that will inform a NYC program. We will identify key program design questions and potential policy approaches. We will be guided by a Global Advisory Board of political leaders, renowned experts and peer cities, and assisted by a Trading Committee.

Beginning in late 2020, our NYC policy menu will be evaluated and refined by the green building councils representing Hong Kong, London, Singapore and Toronto. Each city will convene their own experts to evaluate trading feasibility and considerations.

This project follows Urban Green Council’s Blueprint for Efficiency, which underpins New York City’s Local Law 97 of 2019, a building emissions law. Based on Urban Green’s recommendation, the law requires NYC to produce a carbon trading study and implementation plan by 2021.

To learn more about the initiative, check out our CEO John Mandyck's blog post describing the importance of this initiative, and read our press release. If you have questions, comments or would like more information, please contact


Global Advisory Board (in formation)

Rit Aggarwala, Sidewalk Labs
John Alker, UK Green Building Council
Dr. Joseph Allen, Harvard T.H. Chan School of Public Health
Cary Chan, Hong Kong Green Building Council
Council Member Costa Constantinides, New York City Council
Janet Joseph, New York State Energy Research and Development Authority (NYSERDA)
David Miller, former Mayor of Toronto, C40 Climate Leadership Group
Thomas Mueller, Canada Green Building Council
Yvonne Soh, Singapore Green Building Council

Climate Efficiency Trading Committee (in formation)

Adriana Espinoza, New York League of Conservation Voters
Dickson C. Chin, Jones Day
Cecil Corbin-Mark, WE ACT for Environmental Justice
Donna De Costanzo, Natural Resources Defense Council
Adam Freed, Bloomberg Associates
Carl Hum, Real Estate Board of New York
Laurie Kerr, LK POLICY LAB
Andrew McKeon, Regional Greenhouse Gas Initiative, Inc. (RGGI)
Frank Ricci, Rent Stabilization Association
Alec Saltikoff, JPMorgan Chase & Co.
Maritza Silva-Farrell, ALIGN: The Alliance for a Greater New York
Danielle Spiegel-Feld, Guarini Center on Environmental, Energy & Land Use Law, New York University School of Law
Amy Sugimori, 32BJ SEIU
Dr. Peter Wilcoxen, Syracuse University Maxwell School of Citizenship & Public Affairs