nZero, developer of a real-time carbon accounting and management platform, is offering free carbon emissions assessments for buildings in New York City.
The offer is intended to help building owners prepare for the city’s upcoming Local Law 97 reporting requirements and compliance. This law will soon assess monetary fines for buildings with emissions that are in non-compliance.
Nearly 20% of properties are currently over the Local Law 97 caps set for 2024, while about 76% of properties are over the caps set for 2030, according to a nZero news release. “The Real Estate Board of New York (REBNY) estimates 3,700 properties could initially be out of compliance and face over $200 million per year in penalties—this could exceed $900 million annually by 2030,” the release says.
Local Law 97 introduces GHG emissions requirements on buildings over 25,000 sf, and two or more buildings on the same tax lot with a combined size exceeding 50,000 sf. The non-compliance penalty is $268 per metric ton, with the largest non-compliant buildings estimated to be facing fines greater than $100,000 per year. Initial reporting is due May 2025.
“Every building at a certain size will need to meet the new Local Law 97 emissions regulations, but you can't act on what you can't measure,” says Josh Griffin, co-founder and chief policy officer of nZero. “The key to avoiding penalties in May 2025 is early action. Our free assessment helps buildings benchmark emissions now, see what their footprint will look like under the new reporting standards, and offer a decarbonization roadmap based on their unique needs.”
Related Stories
Sustainability | Feb 26, 2024
GBBN's Inflation Reduction Act Calculator goes live
GBBN has publicly released its IRA Calculator, a tool that helps you understand funding opportunities in the IRA for sustainable design.
MFPRO+ News | Feb 15, 2024
Nine states pledge to transition to heat pumps for residential HVAC and water heating
Nine states have signed a joint agreement to accelerate the transition to residential building electrification by significantly expanding heat pump sales to meet heating, cooling, and water heating demand. The Memorandum of Understanding was signed by directors of environmental agencies from California, Colorado, Maine, Maryland, Massachusetts, New Jersey, New York, Oregon, and Rhode Island.
Green | Feb 15, 2024
FEMA issues guidance on funding for net zero buildings
The Federal Emergency Management Agency (FEMA) recently unveiled new guidance on additional assistance funding for net zero buildings. The funding is available for implementing net-zero energy projects with a tie to disaster recovery or mitigation.
Sustainability | Feb 7, 2024
9 states pledge to accelerate transition to clean residential buildings
States from coast to coast have signed a joint agreement to accelerate the transition to pollution-free residential buildings by significantly expanding heat pump sales to meet heating, cooling, and water heating demand in coming years.
Industry Research | Jan 31, 2024
ASID identifies 11 design trends coming in 2024
The Trends Outlook Report by the American Society of Interior Designers (ASID) is the first of a three-part outlook series on interior design. This design trends report demonstrates the importance of connection and authenticity.
Concrete | Jan 12, 2024
Sustainable concrete reduces carbon emissions by at least 30%
Designed by Holcim, a building materials supplier, ECOPact offers a sustainable concrete alternative that not only meets, but exceeds the properties of standard concrete.
Sustainability | Jan 10, 2024
New passive house partnership allows lower cost financing for developers
The new partnership between PACE Equity and Phius allows commercial passive house projects to be automatically eligible for CIRRUS Low Carbon financing.
Green | Jan 8, 2024
DOE releases RFI on developing national definition for a Zero Emissions Building
The Department of Energy released a Request for Information (RFI) for feedback from industry, academia, research laboratories, government agencies, and other stakeholders on a draft national definition for a Zero Emissions Building.
Sustainability | Jan 2, 2024
Los Angeles has plan to improve stormwater capture and source 80% of water locally
Los Angeles County’s Board of Supervisors voted for a plan to improve stormwater capture with a goal of capturing it for local reuse. The plan aims to increase the local water supply by 580,000 acre-feet per year by 2045.
Sustainability | Dec 22, 2023
WSP unveils scenario-planning online game
WSP has released a scenario-planning online game to help organizations achieve sustainable development goals while expanding awareness about climate change.
