Office Buildings Could Evade Energy Upgrades Via 'Giant Loophole' in NYC’s Climate Law, Environmentalists Warn
Local Law 97, the most ambitious city-wide building energy law in the world, is coming to New York City in 2024 with the promise of making its building stock more energy efficient.
The goal is to get properties larger than 25,000 square feet to make energy efficiency upgrades to reduce greenhouse emissions 40 percent by 2030 and 80 percent by 2050. But environmentalists say the current rules are too lenient because they allow landlords, especially office property owners, to purchase a certificate known as a Renewable Energy Credit (REC) and simply buy their way out of complying.
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