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.
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.
After a decade of implementation, the Empire State's ambitious retrofit hit a major milestone last year, reducing its carbon emissions by more than 50 percent. By 2030, the goal is to be carbon neutral, said Dana Schneider, the director of energy and sustainability at the Empire State Realty Trust, in a news release.
“The big picture here is there’s no question that COVID-19 has changed how and where we use energy in New York City,” says Urban Green CEO John Mandyck. “For example, many multifamily homes became mixed-use, where people lived and worked. We don’t know if this is a trend or a blip. We need to continue to collect data.”