New York City’s Local Law 97 is an ambitious program to reduce greenhouse gas emissions from the City’s 1 million covered buildings. .”Providing that the credit must be recognized and tradable within the national REC trading market or the New York system for tracking renewable energy credits. The law does not specify which offset standards would generate creditable deductions against emission reduction requirements. Furthermore, the law limits the use of such purchased offsets to 10% of a given building’s emissions cap. [1] Local Law 97 applies to most buildings larger than 25,000 square feet, more than half the built square footage in New York City.

Source: New York Times September 20, 2022 19:27 UTC