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
Urban Planning | May 31, 2016
The entire Swedish city of Kiruna is being relocated to prevent it from collapsing into underground iron mines
Kiruna, the northernmost city in Sweden, and its 20,000 residents will be moved two miles to the east by 2040.
Green | May 23, 2016
Perkins+Will achieves first Living Building Challenge Certification with Vancouver visitors center
The VanDusen Botanical Garden Visitor Centre was recognized for its use of healthy building materials, on-site renewable resources, and filtered rainwater to meet greywater requirements.
Wood | Apr 29, 2016
Anders Berensson Architects designs 40-story wooden skyscraper for Stockholm
The structure, which will be made entirely out of cross-laminated timber, will rise 436 feet into the air, making it Stockholm’s tallest building.
Sustainability | Apr 20, 2016
5 ways rapid tech growth can drive sustainability leadership in Seattle
Paladino's Nash Emrich writes that Seattle can keep its edge in sustainability by leveraging new energy performance transparency rules, using wellness to attract top tech talent, and embracing innovative commuting options.
Market Data | Mar 30, 2016
10 trends for commercial real estate: JLL report
The report looks at global threats and opportunities, and how CRE firms are managing their expectations for growth.
Sustainability | Mar 17, 2016
New York City releases Design and Construction Excellence 2.0 Guiding Principles
Addresses sustainability, resiliency, healthy living.
High-rise Construction | Feb 25, 2016
Kohn Pedersen Fox wants to build a mile-high tower in Tokyo
The tower would be the centerpiece of Next Tokyo, a mini city in Tokyo Bay adapted to climate change and rising tides.
Museums | Jan 22, 2016
Canadian Canoe Museum selects Heneghan Peng Architects’ design for new location
The single-story structure is designed for sustainability as well as function.
Urban Planning | Jan 21, 2016
Anders Berensson Architects re-imagines Stockholm as a city of skywalks
The Swedish firm’s "Klarastaden" plan connects the city via clear skyways that weave in and around the city’s buildings.
Sustainability | Dec 23, 2015
Hospitality sustainability measurement tool will be an industry game-changer
The Hotel Sustainability Measurement Tool will allow hoteliers to compare energy and water use as well as their carbon footprint in a clear and concise platform.
