The New York Climate Mobilization Act, passed in 2019, is a critical piece of legislation in the fight against climate change, and co-op and condo buildings have an important role to play. Designed to reduce the state’s emissions of greenhouse gasses (GHGs) by 85% by 2050. Building owners who fail to comply face fines of $268 for every ton of emissions above the limit, which could amount to hundreds of thousands of dollars. This Act sets out a number of groundbreaking measures that will help New York achieve this ambitious goal.
New York has also set out specific requirements for co-op and condo buildings in an effort to reduce their GHG emissions. Local Law 97 (LL97), passed in 2019, requires large buildings – those over 25,000 square feet – to reduce their GHG emissions by 40% from 2005 levels by 2030.
To comply with Local Law 97, your building must take steps such as improving insulation and weatherization, retrofitting lighting and plumbing fixtures with more efficient models, incentivizing tenants to conserve energy, investing in distributed generation (e.g., solar power), and utilizing smart building technology. By taking these steps, buildings can reduce their energy consumption, lower operating costs, and become more resilient to climate change.
Venture NY Property Management is taking proactive steps to financially prepare their Co-op Boards for upcoming Local Laws 97 compliance. To avoid potentially crippling cost of upgrades, we are staying on top of new renewable energy credits. Need help? We would love to chat, you can reach us directly at 718.626.8833
