For more than a decade, the trust that owns the Empire State Building has been working to remake the monument as a model of sustainability. Soon, the rest of New York City will find out whether it can do the same. An ambitious regulation signed into law last year imposes a strict cap on emissions from the city’s big buildings. No place in the world has such aggressive rules for existing structures, and many in the city were skeptical of the law’s goals even before the coronavirus pandemic complicated things.
Today, Urban Green launched the Global Climate Efficiency Trading Initiative, a first-ever collaboration between New York City’s leading building and energy stakeholders, the trading community, and global peer cities—New York, Hong Kong, London, Singapore and Toronto.
The New York City real estate market is expected to take a hit as the result of ambitious legislation designed to push back against climate change, which includes requiring the owners of residential and commercial buildings to cut energy usage and carbon emissions or face significant fines.