11.16.21-Green Electricity Could Juice Efforts to Cut NYC Buildings’ Carbon Cloud: Study
'The success of a city law aimed at slashing planet-warming emissions from buildings could depend on executing a state law to green the power grid, according to a new report.
The study, released by NYU’s Guarini Center, found that if the grid de-carbonizes by 2040 — on pace with requirements of the state’s Climate Leadership and Community Protection Act — most office building owners and some apartment managers wouldn’t have to do much to comply with Local Law 97’s emission limits.
The state’s Climate Leadership and Community Protection Act mandates electricity generated from zero-emissions sources by 2040, with the interim goal of 70% of power produced from renewables by 2030. A greener grid means an overall reduction in emissions.
Local Law 97 imposes greenhouse gas emissions caps on buildings, most over 25,000 square feet. Building owners must comply with the caps by 2024 and meet even stricter limits in 2030 — or face fines.
The aim is to chop building emissions 40% by 2030 and 80% by 2050. Buildings are the largest source of greenhouse gas emissions in New York City.
The city law, passed in 2019, called for studying the feasibility of a citywide carbon trading program, which would essentially allow buildings with low carbon emissions to sell credits to ones that exceed limits.'