Urban Green Council that if RECs aren’t limited further, then city landlords could purchase offsets on behalf of 50% of expected carbon emissions over 2030 limits, rather than actually reducing emissions. Broken down, that includes 40% of emissions from multifamily properties and a whopping 85% from office buildings.
The NYC Department of Buildings recently released proposed rules for Local Law 97. The rules set strong targets for 2050, help unlock electrification, and align the law with state and local climate policies. With these proposed rules have come questions about how renewable energy credits (RECs) might impact Local Law 97.
With just 16 months until the deadline to meet the first Local Law 97 thresholds—and with the threat of fines that could climb to millions of dollars a year for buildings that do not—landlords are on high alert.